Banks are the cause of millions of crypto project failures - page 2.

btc78

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Quote from: DashingAgent on December 04, 2023, 11:06:33 PM

the banks are not paying attention to the millions of cryptocurrency projects that have failed,

why would they? banks don’t care about cryptocurrency in fact they probably would prefer if cryptocurrency projects fail people are putting their money into crypto instead of in banks which means they are losing clients

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The saddest part is that banks are not providing any services to list cryptocurrency projects on centralized exchanges, For which banks can issue new loans as well as create their own exchanges, These loans can help many failed projects, pump and dump tokens to list on cryptocurrency exchanges, For which no verification is required and people remain anonymous, Because banks can take their share in the form of tokens while issuing loans, the share portion can be equivalent to the loans they issue to such projects along with this to help them to get listed on exchanges, banks can support economies by providing liquidity to such projects by continuously issuing loans too.

i don’t know if you are aware but most people are still using fiat which is regulated by banks and the government fiat money is still and the only currency that the banks will care about most users of cryptocurrencies use it for the purpose of being anonymous making banks involved will go against this very sentiment

jacafbiz

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No, this is not true, banks do not cause Crypto projects to fail, and again we do not have up to a million Crypto project out there. What is causing Crypto projects to fail is greed on the part of developers, there are many examples and has nothing to do with banks. I can also argue that banks is what helps Crypto to reach this current status it reached. The free money from banks is what is used to pump our bags

Bananington

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Despite the horrid tales of how and why banks caused the failure of millions of crypto projects, they still remain the main financial issuing and holding institution for every country in the world that still uses fiat as a legal tender.

We just can't do without these banks as it may seem, why should we think the banks would want their loyal customers of many years, probably since birth leave or adopt a new kind of currency that is of course Crypto with the potential to in coming years, diminish their value and importance?
Hence, why they instead discredit the use of cryptocurrency, don't support its purchase through their banking mediums and try as much with the introduction of CBDC, to show the competition in this case, that they can do or serve better than and are more sufficient than crypto currency.

harapan

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First, try to space your post by using paragraphs so it becomes easy for people to read.

You don't expect banks to give loans to every crypto project that they come across. They're not a charity organization, they're there to make profit.
Also, how do you know that banks did not give loans to some crypto projects? Where does the funding of thise project come from?
Not every coins that collapses was due to lack of funding. Some of the coins are just shit and no amount of funding can save it. Some where created for that purpose because they're scam coins.
I know the kind of institution the banks are but they can't just go about giving loans to every project they see.

Fortify

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Quote from: DashingAgent on December 04, 2023, 11:06:33 PM

Banks are the cause of millions of crypto project failures

Banks are the enemies of governments and the main actors in wasting government capital, Banks are fools who only increase their capital and people get poorer, Dollar competes only with Euro, Yuan, Yen etc whose market value is fixed the reason for this is bonds/bills and unsound financial structure, While on the other hand, the banks are not paying attention to the millions of cryptocurrency projects that have failed, It is surprising that banks only consider it necessary to prefer dollars against euros or fiat currencies against fiat like pound, yen, yuan or other currencies, While each currency created on the blockchain is a counterpart to another currency, Which means it is an exchange of Euros and Dollars along with other fiat currencies, Banks can print new USDs/Euros to exchange them against the cryptocurrencies, furthermore banks can provide liquidity services to new projects whether it is a Meme or Pump Dump token. This service of banks could have saved millions of failed projects from failure, Due to which common people are losing hundreds of billions of dollars every year, While cryptocurrency exchanges have become alligators to support cryptocurrency projects, Banks are well aware that printing dollars or euros creates deflation rather than inflation against the cryptocurrency projects on the Blockchain platform, Because it reduces the volume of dollars or euros in public circulation to support cryptocurrencies, On the other hand, trading in cryptocurrency increases public benefit, The saddest part is that banks are not providing any services to list cryptocurrency projects on centralized exchanges, For which banks can issue new loans as well as create their own exchanges, These loans can help many failed projects, pump and dump tokens to list on cryptocurrency exchanges, For which no verification is required and people remain anonymous, Because banks can take their share in the form of tokens while issuing loans, the share portion can be equivalent to the loans they issue to such projects along with this to help them to get listed on exchanges, banks can support economies by providing liquidity to such projects by continuously issuing loans too.

You seem quite confused and angry, to come up with a wall of text like that - it's hard to decipher what you are rambling on about. I wonder if you know that most banks are in actual fact publicly listed on the stock market and anyone is free to buy up shares in them, to take a cut of the profits? They also have large portions owned by pension funds, which can make up most of the population, so we all indirectly own shares in them in that manner. But then, are you talking about the central banks of nations or private sector banks, because you have gone on such a rant it is hard to figure out what you're trying to say. Central banks can create more currency, but generally want to keep it stable, and private banks are able to leverage deposits at a ratio defined by the government.

kentrolla

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Millions of failed crypto projects? Doesn't make sense I mean it can be in thousands but millions are way too much exaggerated number and what's evenmore surprise is that how can one expect banks to support crypto currency when banks are against it. Even I am being a crypto enthusiast I won't support these meme coins or pump and dump shit coins how can you expect bank to support them and why would they support shit coins? We shouldn't mix centralized and regulated things like bank with unregulated and decentralised cryptos.

iv4n

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Quote from: DashingAgent on December 04, 2023, 11:06:33 PM

Banks are the enemies of governments and the main actors in wasting government capital, Banks are fools who only increase their capital and people get poorer...

To be honest, I stopped reading after the first sentence. I don't see a difference between governments and banks, almost the same people (guys in suits) are doing to make rich people richer. Before everything, banks wouldn't be able to move a finger if there were no laws that protect them. What we saw is that when banks make a mistake governments bail them out. So there is no difference between banks and governments, one wouldn't exist without the other.

And many crypto projects fail because they are designed to be a scam, or they have some flaw in design... I don't blame banks & governments for many crypto fails, people who create them are the ones who need to be blamed.

JayTrain

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Let's start with the fact that the bank is a direct competitor to cryptocurrencies. And under no circumstances will banks allow cryptocurrency, because this will hit the banking system and turn everything upside down. I noticed that banks often become the main headache for crypto projects.

franky1

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Quote from: jaberwock on December 05, 2023, 01:01:09 PM

And speaking of goals. Maybe one of it is asking assistance to the banks? And there is a reason on why banks reject them. You already said it actually. If a project or company want something badly, they need to work hard on it and try their best. Banks main purpose must be for other things and not to support a project, and I think many project owners already knows this.

many project managers of crapcoin ICO and pump&dumps are not legit businesses.. silly people think they can go to a bank and ask for a personal loan and not say how they want to repay it. or if they do find out they are describing a business which trigger banks to require business standards of applications, which scammer and schemers to not want to do. thus they will blame the bank for not handing over funds freely..

even fiat based project managers know. if all you have is an idea/prototype/plan but not yet a business. you dont go to a bank. you go to venture capital and promote the idea. not the "business". the venture capital then helps to put a board/chairman inplace to help organise the project into a legit business.

jaberwock

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Quote from: NotATether on December 05, 2023, 07:45:33 AM

Misleading.

Banks might contribute in a significant number of project failures by refusing to provide financing or by deplatforming the project because its doing something they don't like, but ultimately the number 1 reason why projects fail is because they do not achieve their goals. When that happens, you get a bunch of zombie protocols and coins wandering around on CoinMarketCap.

And speaking of goals. Maybe one of it is asking assistance to the banks? And there is a reason on why banks reject them. You already said it actually. If a project or company want something badly, they need to work hard on it and try their best. Banks main purpose must be for other things and not to support a project, and I think many project owners already knows this.

Therefore they should save money as much as they can, so that they can support their project on their own or if all fails. But in case they don't have it or they lack in budget and they are lucky that the bank allows to baby sit them, it's also better if they can ask them first about the moves that they will do.

tjtonmoy

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Quote from: DashingAgent on December 04, 2023, 11:06:33 PM

Banks are the enemies of governments

I lost interest reading this right here. But I continued reading. Banks are not the of the government. They are allies. They have been plotting scams for a long time now. Together they do corruptions and rob people. What do you think happens when a bank goes bankrupt? They file the bankruptcy and the government prints more money out of thin air and starts inflation.

Now about the crypto project's failure. It's not about funds. It's about use cases, background, trust, faith etc. If you can create a safe environment where investors can have faith in and trust the project, it will become a success. Otherwise, people will think of it as a Ponzi scam and never look back at it. It's not about banks and they are not obligated to give out money for these things. And remember, as I said, the government and the banks are all related and the governments are against cryptocurrency. That's why they will never let that happen.

Lida93

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Quote from: DashingAgent on December 04, 2023, 11:06:33 PM

Op a whole lot of things you say are antagonistic.

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Banks are the enemies of governments and the main actors in wasting government capital,

How are banks enemies to the same government they work for and with? I'm the modern world the banks and it's policies are a pure reflection of the mind of the government itself so am baffled by your argument. If you had said the banks are enemies of cryptocurrency that would have made a sense as the evidence are obvious to see and not what you are gibbering about.

What relationship has decentralization have to do with centralized systems that you expect that banks should support and finance crypto projects. Either way, altcoins are a pump and dump projects and banks as financial institutions wouldn't want to finance projects they are not certain about it's future.

franky1

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again banks dont just create money for themselves and then invest it.. they cant.. so OP's premiss is wrong

however project managers do not go to banks for loans either.. most project managers go to the private sector for funding
things like crowdfunding and seed rounds

the reason crapcoin pump dumps cant get investment is because:
a. project sounds scammy
b. project manager thinks they are jesus and disciples will flock to them
c. project managers do not go out to the private sector and pitch for seed funding

moneystery

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why are you blaming the banks when it was the project managers' fault for not developing their projects properly which resulted in many of these crypto projects ending in bankruptcy?

banks are simply institutions that provide financial services to individuals or companies that need their help. it is not their responsibility to pay attention to these crypto projects because they have other responsibilities which are more important. they had a lot of customers and there was no way they would pay attention to things like that.

so instead of blaming banks, you need to find out the reasons why thousands of these crypto projects went bankrupt (that's not millions, but only thousands), then you can see that most of these projects were created just to scam people or just to get lucky from the trend in the crypto market .

icalical

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Quote from: DashingAgent on December 04, 2023, 11:06:33 PM

Banks are the enemies of governments and the main actors in wasting government capital,

I don't know where do you live, but from where I came from, most of the bank is government owned, so they work under the government, it's kinda impossible that those banks is the enemies of the governments. And seems like in here in your thread you are portraying bank as a very evil entity. Tho I do agree that they are slowing down crypto development (which is understandable because one of their job is to keep fiat stability) but they also has helping so many people starting their business, getting proper education, .etc, with interest of course because they need to make some profit.

bettercrypto

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I don't get the point of what you are saying in this title. Do you mean that many cryptocurrency projects do not succeed because banks do not support new campaign projects here in the crypto space?

How will that happen? The bank is regulated and the cryptocurrency is not, and there seem to be only a few centralized cryptocurrencies as far as I know in this field. So I haven't seen a single bank that has supported a new project campaign in the crypto space; does anyone know OP?

uneng

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Quote from: DashingAgent on December 04, 2023, 11:06:33 PM

Banks are the enemies of governments and the main actors in wasting government capital, Banks are fools who only increase their capital and people get poorer,

Banks are the main partners of governments, as both of them work together to increase their own capital (profitability for banks and raise on wages, benefits and jobs spots for government's members), while average citizens get poorer due to losing purchasing power through a weak local currency and accelerated inflation.

Quote from: DashingAgent on December 04, 2023, 11:06:33 PM

Banks can print new USDs/Euros to exchange them against the cryptocurrencies, furthermore banks can provide liquidity services to new projects whether it is a Meme or Pump Dump token. This service of banks could have saved millions of failed projects from failure, Due to which common people are losing hundreds of billions of dollars every year,

Why would they do this? And why would central banks allow them to do this? As you said earlier, banks are only concerned about increasing their own capital. They would never risk their capital in something so volatile, unstable and potentially scammy like providing liquidity to a pump and dump meme token scheme. And actually, common people are losing money because they are fool, greedy or naive for investing in such tokens. It's not even bank's fault in this case.

Quote from: DashingAgent on December 04, 2023, 11:06:33 PM

On the other hand, trading in cryptocurrency increases public benefit, The saddest part is that banks are not providing any services to list cryptocurrency projects on centralized exchanges, For which banks can issue new loans as well as create their own exchanges,

So, the whole point is that you want to borrow money from banks to venture yourself into cryptocurrency trading world? It really seems you are looking for capital to invest, but in no ways it's advisable to borrow money to trade or gamble, because these are very risky activities which don't guarantee you any returns in counterpart, what means you are likely to end without any money and a big debt to be paid to the bank. Better to not mix those things for your own good...

Doan9269

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Quote from: DashingAgent on December 04, 2023, 11:06:33 PM

The saddest part is that banks are not providing any services to list cryptocurrency projects on centralized exchanges, For which banks can issue new loans as well as create their own exchanges, These loans can help many failed projects, pump and dump tokens to list on cryptocurrency exchanges, For which no verification is required and people remain anonymous, Because banks can take their share in the form of tokens while issuing loans, the share portion can be equivalent to the loans they issue to such projects along with this to help them to get listed on exchanges, banks can support economies by providing liquidity to such projects by continuously issuing loans too.

Don't let's assume that banks are tge cause of many failed crypto projects, there are billionaires Investors among them who also move in money to make an Investment in them, if some of them get money from banks i think that's strictly for making business, the banks may be less concerned on what project they are embarking as well, just as you can also use your own reputation to get loan from the bank to engage doing any business of your choice, some projects developers are scammers right from time and were only taking the avenue for a new crypto launch to raise funds and pump the market then leave everything vulnerable all of a sudden.

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Quote from: DashingAgent on December 04, 2023, 11:06:33 PM

Banks are the cause of millions of crypto project failures

No they are not. The real culprit are those greedy team behind a crypto project that abandoned the development after spending all the funds gathered during ICO then slowly rugged all the investors. Bank doesn’t about about crypto projects because they are just giving liquidity to those who will ask for financial help.

The team itself is the one who do the decision making so they are responsible to the project failure. Most of crypto project that failed are planned to be short term and move on once there’s no more liquidity available for the team to drain. This is the sad reality on crypto investment.

Kakmakr

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I am actually amazed that there has not been a single attempt to create a Bank for Crypto currency supporters, by large companies that are currently running huge Crypto companies? I know "Circle" did this in their early days, but they quickly stop supporting Crypto.. when they hooked enough clients for their business to run on it's own. (They did a complete 180 on their Bitcoin supporters)

Banks are slowly losing more and more customers, with their misuse of their power and their greedy behavior. Crypto currencies has given them some competition and it opened some people's eyes, by providing an alternative. Grin

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