Topic: Banks are the cause of millions of crypto project failures - page 3. (Read 461 times)

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.

I couldn't understand most of the nonsense you have posted. Money printing creates deflation? Really?
Anyway, I just have a few questions.
Bitcoin/Crypto is supposed to be anti-bank. Why do you think that the crypto projects should rely on the banks for their own success?
Most of the crypto projects were doomed to fail(with or without banks). NFTs, ICOs, pump-and-dump shitcoins, memecoins, shady crypto exchanges, De-Fi, etc. Do you really believe that any bank could help financially a crypto project, that is doomed to fail?
Why do you expect that the banks are supposed to help an industry, that claims to be anti-bank(or the biggest alternative to banks)?
This doesn't make any sense.

Banks are not main contributors for cryptocurrency projects' failures. They as projects have to be responsible for their success or failure. Banks if have problems like in 2023 with many bankruptcies can cause big problems for global economics so cryptocurrency projects will not be exceptions and can not avoid bad effects from bank collapses.

However, blaming everything on banks is not true because cryptocurrency projects (altcoins) can be created easily and mostly from scammers. With projects launched by scammers, failures will be those project's endings. Banks don't engage with those failures.

Dead Coins: How Many Cryptocurrencies have Failed?


In 2021, no big issues with banks globally.

I personally have other thoughts about Banks. And I really don't understand the train of thought conveyed by the OP. Because you should know that nowadays, even many beginners are enthusiastic about investing in crypto by taking loans from banks. And many have succeeded in getting benefits from these loans. I remember in this forum there was a user who made a topic or post about himself taking a loan from the bank to invest in Bitcoin and he bought it for under 30k dollars of course. maybe around 22k or 25k. I forgot the details. But I'm sure that now he has made a lot of profit thanks to the help of the money he borrowed from the bank. However, this is indeed risky. But for that person the Bank loan must have made him a profit now. But that's not the crux of the problem. What I mean is that even though we may not like the centralized system used by banks. But actually, directly and indirectly, we have been helped by the current world banking and financial system, especially digitally. Maybe the emergence of Bitcoin is much more helpful and now I prefer not to save money in the bank. Except for my daily needs in using debit and credit cards. So I think we can't expect much from the Bank. But we also have to remember that the previous bull run of liquidity filling the crypto market was also the result of Central Banks printing money around the world to help people affected by the pandemic and quarantined. and many people used it to invest in crypto at that time.

OP, what are you even saying???

This is just the opposite, I don't know why you are mixing the world of banks/fiat with that of cryptocurrency. As a bank is a business, crypto projects are businesses for many others too. Now tell me, why would banks leave their own business to poke noses into the businesses of another? Of course, if those behind the crypto project have the necessary collateral, they could be helped by banks for loans and others. But you don't expect banks to be fully involved in the projects/businesses that is not theirs or have interest in, and neither should you expect them to market their projects for them.

I urge you to start from the basis by learning about this to see the difference in these sectors, maybe you will be able to retract your claims here because I can't imagine why they could have been conceived by you in the first place. And I believe that as with any other projects, if the government did not prevent banks from providing support, nothing is stopping them, however, they must be partners or have an interest in such projects.

Economically also, central banks and governments are not so interested in cryptocurrency if that is what you want, and you can't blame them because they can't oversight it, so it's not their fault. But you can't expect the central government and central banks to be so particular about cryptocurrency. The reason is clear, they can't just do that for non-centralized entities.

You need to divide your topic into several paragraphs and address each paragraph separately so that we can understand what you want, what is the strange connection between banks, cryptocurrencies, Pump Dump, and the failure of these projects.
The relationship between banks and governments arises from the government’s need for banks because they are considered like arteries in the body that pump liquidity into the market in exchange for central control over the decisions of those banks and general direction of policies, directly or indirectly.
Even the relationship between the government and the central bank must be separate from subordination.
All of these relationships are generally separate from cryptocurrencies and from Pump Dump, which is considered a scam and has failed since day0.

This is the first time I have witnessed an individual's opinion condemning and criticizing baseless things for the main subject "Banks". The problem is that whatever exists cannot satisfy everyone, either you have to prove your ability to influence and change things that you feel are wrong, or you should like to think that things that are wrong with you are.

The banking system has many limitations, but to be more frank, we are not completely opposed. Let's know the balance between traditional tools and new things. And don't overemphasize the issue of crypto investment by borrowing through banks, because the main bridge is the person using the service. So instead of blaming anything, consider your own mistakes, and in the crypto space, we also have negative/positive things that are all created by ourselves.

What nonsense is this, since when did banks become enemies of the government? and how is it a waste of government money? And it's true that banks continue to increase their capital, but what does that have to do with people getting poorer? I don't understand what you're saying anymore.



Why also do banks need to pay attention to these scam projects? Isn't it the responsibility of the CEOs to be able to pay attention to their projects and arrange their own financing, why should banks pay attention to them?
There is also no benefit for banks paying attention to these half-baked projects because banks are also businesses and they need profit and clarity from the money they invest in a project. And since many crypto projects have no clear economics and are just following trends, there is no point in paying attention to them, especially as banks are restricted by regulations that do not allow them to deal with crypto.

That's normal and rational if we see Maybe the OP's response is just to express frustration at the many negative problems that often happen to banks which are detrimental to many investors and customers. So in my opinion it is normal if you look at the banking system itself and they are not immune to fraudulent practices or detrimental behavior.

its simple OP has no money but wished he could create a crapcoin. market buy it for pennies using a loan(his bank obviously said no to him).
try and then give it some fame and viral FOMO fluff.. where he hoped to pump his dream and sell at a profit. leaving a bag of crap on victims

so reality of rejection hit him, so he cant pump and dump his own crap coin to profit.. and he wants to blame the banks for not fronting him the money to scam others in a pump and dump

---

economics lessons 1,2,3

1. dont invest more the you fear to lose
2. dont use debt
3. dont invest time/labour/emotion or money in a coin/project that doesnt have longevity

So the shitcoins, which you yourself acknowledge to be:


They do not fail because they are shitty projects designed to enrich very quickly those who create them by trapping a mass of unwary people who think they are going to get rich with the money they invest, and in the end end up losing it, no, the fault lies with the banks because they do not give them more money to finance projects that are one step away from bankruptcy.

There is no sense in what you are saying, no matter if you use a wall of text to express it.

the OP is wrong about two main things
firstly. banks cannot "just print" and spend.. they have contracts that allow them certain reasons to print. they cant just magic money out of nothing and buy an asset. its actually created via loans.. even a bond is a loan

secondly it wont create deflation because buying into a project or buying a coin does not burn the fiat.. instead the project manager/coin seller gets the fiat. so fiat still ends up in circulation so its still inflation

Where's the law banks need to funds, give loan, and helping shitcoins?
Banks will not accept shitcoin as the collateral since they don't have any value, why should the banks need to risk themselves?

Both banks and shitcoins are definitely scam, but they're not working together except the shitcoins' issuers are the government.

Banks aren't the cause, but those projects were created with an intention to exit scam when they're successfully earn some money from the investors.

Say that you're right about that, but there's about a hundreds of thousands if not millions of crypto projects over the years that are offering the same solution to the same problem, you wouldn't think that some of them aren't going to fail? If they all do the same thing then it's bound to happen that the project that's going to have more people using it will have more survivability because compared to their other competition that's offering almost the same thing, that's one of the reasons why a lot of crypto projects failed, they were destroyed by their competition and there's really not a lot of stuff that they're offering besides the same solution, now if only they're creative and are dedicated to their works, they might be an industry standard right now.

Another reason for a lot of failures is that there's a lot of rug pull and scam crypto projects out there and the people that run this projects are making bank which makes it lucrative for them to just do scam projects instead of a legitimate one.

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.