Topic: Bank’s failure - page 2. (Read 373 times)
The traditional banking system has had the luxury of decades and millennia to develop procedures to protect the public and the flow of money through the various economies. There exist many checks and balances that do not exist in decentralized financial systems. One of the mechanisms to protect the financial system and combat illegal money flows is through freezing of assets. This can only be done because of the centralized nature of the financial system. Banks will not willy-nilly freeze accounts or assets, only if it can be linked to illegal money flows, crime or if required by legislation. The traditional safety and protection of the public includes other advantages like the return of funds. These protection measures do not exist for crypto. I do think however that in future such mechanisms of protection may be developed for crypto but is still far off. For the short to medium term banks will continue to exist and will freeze accounts if required.
The problems the bank is having have been complained about a lot before. We have looked for solutions from crypto BTC, but it has never been easy. The more I believe the banks will have satisfactory solutions, after each time the market goes up, we will all find the direction it is going. Transforming something in life will always take time for people to know and understand.
It's not easy because banks are a big part of a country and we can't really change or replace them entirely, they're going to cause a power black hole which is much worse than a vacuum, economies will collapse and the recovery might take decades because we are going to replace a mechanism that's vital to our economy so the best approach is integration and then slowly taking over the system implemented with added improvements. 
Today we have witnessed how easy is for the banks to freeze all assets that people rely on. The economy across the globe will change, trading will be much more difficult given the current situation. Over the last few years a lot of people have been affected by disrupting events and virus outbreak being unable to work and earn to support their families. It comes to the point where trusting the banks will no longer apply. Even there is war or not, the population still needs to work, travel and move money where needed. Other people have to travel from one country to another and if credit/debit cards are suspended, there will be no trade. The problem occurred in 2008 is just around the corner waiting to burst again but this time is different. We have to look at alternative ways to produce and distribute energy.
That's have been the case way before the advent of crypto, and this could be one motivation for Satoshi to create his bitcoin as an alternative to the banking system. Take note that I said alternative and not a replacement because there are still some people who wanted crypto to replacement the banking system. I don't think it will happen in the future, banks will still be here and will stay here for the next centuries. Maybe there will be more people going full crypto, but it doesn't mean that banks will be obsolete.
Today we have witnessed how easy is for the banks to freeze all assets that people rely on. The economy across the globe will change, trading will be much more difficult given the current situation. Over the last few years a lot of people have been affected by disrupting events and virus outbreak being unable to work and earn to support their families. It comes to the point where trusting the banks will no longer apply. Even there is war or not, the population still needs to work, travel and move money where needed. Other people have to travel from one country to another and if credit/debit cards are suspended, there will be no trade. The problem occurred in 2008 is just around the corner waiting to burst again but this time is different. We have to look at alternative ways to produce and distribute energy.
Bank failure will affect the government and economy more than the actual people because if there is no money is in circulation government will suffer to generate revenue especially the countries with consumer based economies. But that is the only possible solution as of now, when everyone realize that the money in the bank is actually safe and can be used as we want the things will change.
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Bank’s failure
I don't want to blame any organization because in this situation, our relationship creates problems in life. And the story to please everyone is never easy, especially at the present time when competition takes place among individuals, organizations, and countries who all want their own benefits. 
It's easy to see that Fiat isn't going away any time soon, only those who are into crypto will understand that the world is craving for decentralization but millions of people still find FIAT as a easier way of spending than crypto this is why I believe that crypto still have a long way to go if truly it's going to be a better easier means of making payments in future, all we have to do is keep supporting this technology and hope for the best, since the government will always be in our world centralisation will keep ruling.
Even if crypto is accepted as a means of payment, the possibility of fiat will not disappear. There is a lot of backlog in the banking and fiat sectors, which is more evident in the war between Russia and Ukraine, they were almost unable to use their services and cash when the war broke out. But the government will always control us no matter what, fiat is the best means by which they can continue to centralize with us, so it is hard to see the end of fiat and banking. It's easy to see that Fiat isn't going away any time soon, only those who are into crypto will understand that the world is craving for decentralization but millions of people still find FIAT as a easier way of spending than crypto this is why I believe that crypto still have a long way to go if truly it's going to be a better easier means of making payments in future, all we have to do is keep supporting this technology and hope for the best, since the government will always be in our world centralisation will keep ruling.
Yeah there could be a long way to go for cryptocurrency because of access to control and the government won't sleep over giving up control of currency whether fiat or crypto as that generate power for them. However cryptocurrency is finding ways into the fibres of financial importance and recognition to the world stage, take example with Ukraine that is requesting for donation through cryptocurrency to execute the war with Russia.
We will indeed see crypto increasingly in demand, because crypto has started to prove to have many benefits. Like when the pandemic started,
a lot of people lost their income, but crypto shows that in a pandemic situation can provide income to many people. Because crypto is different
from other assets, crypto performance is amazing in a pandemic situation, even in 2021 some coins managed to break records and provide
huge profits. Then now in a war situation, we can make donations to victims in Ukraine through crypto, which is a much faster process than
making a donation through a bank. So the future of crypto is definitely bright, although today there are still countries that reject crypto.
But with the passage of time, circumstances can change, a country that used to reject crypto, may turn into supporting crypto.
People have seen the benefits of crypto market particularly during this pandemic crisis. Many people have lost their sources of income. And they discovered crypto market as potential source of additional income. However, it depends on how people are getting on board here. Are they using their programming or other technical skills or just joining these bounty campaigns? Either way, it depends on the person how he will use his knowledge and skills to generate income from this market. They are also discovering that in crypto, you can be your own bank but you should know your responsibilities to take care of your assets.
It's easy to see that Fiat isn't going away any time soon, only those who are into crypto will understand that the world is craving for decentralization but millions of people still find FIAT as a easier way of spending than crypto this is why I believe that crypto still have a long way to go if truly it's going to be a better easier means of making payments in future, all we have to do is keep supporting this technology and hope for the best, since the government will always be in our world centralisation will keep ruling.
Yeah there could be a long way to go for cryptocurrency because of access to control and the government won't sleep over giving up control of currency whether fiat or crypto as that generate power for them. However cryptocurrency is finding ways into the fibres of financial importance and recognition to the world stage, take example with Ukraine that is requesting for donation through cryptocurrency to execute the war with Russia.
We will indeed see crypto increasingly in demand, because crypto has started to prove to have many benefits. Like when the pandemic started,
a lot of people lost their income, but crypto shows that in a pandemic situation can provide income to many people. Because crypto is different
from other assets, crypto performance is amazing in a pandemic situation, even in 2021 some coins managed to break records and provide
huge profits. Then now in a war situation, we can make donations to victims in Ukraine through crypto, which is a much faster process than
making a donation through a bank. So the future of crypto is definitely bright, although today there are still countries that reject crypto.
But with the passage of time, circumstances can change, a country that used to reject crypto, may turn into supporting crypto.
It's easy to see that Fiat isn't going away any time soon, only those who are into crypto will understand that the world is craving for decentralization but millions of people still find FIAT as a easier way of spending than crypto this is why I believe that crypto still have a long way to go if truly it's going to be a better easier means of making payments in future, all we have to do is keep supporting this technology and hope for the best, since the government will always be in our world centralisation will keep ruling.
Yeah there could be a long way to go for cryptocurrency because of access to control and the government won't sleep over giving up control of currency whether fiat or crypto as that generate power for them. However cryptocurrency is finding ways into the fibres of financial importance and recognition to the world stage, take example with Ukraine that is requesting for donation through cryptocurrency to execute the war with Russia.
A few years ago I worked at a bank in my area and it sounded pretty bad at it but we can't forget one important thing here.
The influence of the bank is still very large and even though what you say is true, many people still believe in the bank because they do not feel the effect at this time, it is only temporary.
There are still many benefits that are felt by those who believe in banks and that is proof because they are still quite strong in terms of support
The banking system is much followed, because one can reach the respective bank and request support. This works good with a common person who isn't much into technology. The same can't be expected to happen with cryptocurrency, because we don't have physical support centres. Maybe in future this could get implemented depending on the massive adoption taking place.The influence of the bank is still very large and even though what you say is true, many people still believe in the bank because they do not feel the effect at this time, it is only temporary.
There are still many benefits that are felt by those who believe in banks and that is proof because they are still quite strong in terms of support
Their mindset is only limited to previous thoughts that should have been changed, but they seem to reject something new because they feel they have benefited from the old system.
It's easy to see that Fiat isn't going away any time soon, only those who are into crypto will understand that the world is craving for decentralization but millions of people still find FIAT as a easier way of spending than crypto this is why I believe that crypto still have a long way to go if truly it's going to be a better easier means of making payments in future, all we have to do is keep supporting this technology and hope for the best, since the government will always be in our world centralisation will keep ruling.
everything takes time and rest assured that one day the dominance of fiat will be replaced by crypto. Paper money destroys nature and fiat can be printed as much as anything....BTCitcoin fixed it
Banks are one of the important points or arteries in the body of the global economy, you can withdraw your money in the form of cash and stay away from using banks but you are still linked to this economy.
Devaluation of the local value of your currency, printing money, inflation and other problems you will face even if you do not deposit your money in the bank or support the banking sector.
Therefore, the use of alternative systems, such as the return to gold, silver and other metals, which gain its value and purchasing power in all countries.
Or try to buy bitcoin and experiment with digital decentralized systems.
Other type of investment is linked directly to Fiat money.
Devaluation of the local value of your currency, printing money, inflation and other problems you will face even if you do not deposit your money in the bank or support the banking sector.
Therefore, the use of alternative systems, such as the return to gold, silver and other metals, which gain its value and purchasing power in all countries.
Or try to buy bitcoin and experiment with digital decentralized systems.
Other type of investment is linked directly to Fiat money.
Yep, I thought freezing account is only for serious crime, but then I see more than enough case where an authoritarian government freeze people's account simply because of politics. I don't think banks can detach from the government, and be more neutral/outside the system. Perhaps only Swiss Bank can serve this purpose, i.e. to save money and be rather free of politics, but it won't be practical for average joe. Therefore, we need Bitcoin more than ever, and now its value proposition become clear as day. Bitcoin is bigger than banks.
I don't trust banks. But, not going through them will get you in trouble and trusting them will do the same. So what do you do? Just let it be
Institutions are hard to trust but also difficult for us not to use, even when transacting with cryptocurrencies we still need banks to be able to withdraw our fiat and transact normally for daily needs. For now it even looks impossible to replace banks with other financial systems but who knows there will be a replacement even though it still looks impossible.
As CEX rules over our assets so do banks that must be done carefully in using them. I don't think it's a bank failure but it's a system they have to run in accordance with every country's regulations.
No matter what, banks are still indispensable to our lives. BTC has opened up a decentralized future where everyone can be their own bank but using bitcoin sometimes requires you to have some tech knowledge, if we accidentally transfer money to someone by mistake, the possibility of us getting it back is almost zero. And with banks, they provide a variety of user support services. We may need to borrow money, claim when there is a dispute, complaints when disputes arise...They will be the ones to help us out, obviously banking is a necessity.
Yes and this is why I am surprised Bitcoin isn’t going up when all the evidence is present. Banks can and have frozen assets on a whim. So if people hold Bitcoin they are free from this happening.
Look at what is happening in Russia now. There is a bank run and there is a limit on the amount of money you can withdraw. Basically not enough physical money inside a bank to process withdraws.
Bitcoin fixes all of this and the fact that it’s not leading and rising is surprising.
Look at what is happening in Russia now. There is a bank run and there is a limit on the amount of money you can withdraw. Basically not enough physical money inside a bank to process withdraws.
Bitcoin fixes all of this and the fact that it’s not leading and rising is surprising.
It is not a failure, it's a known mechanism from the banks because they are centralized and they're in full control of money deposited into them. If you're using a banking service then you expect them to be showy that you're at their mercy and you can't do anything with every decision they make.
Good thing that we have bitcoin where we can transfer our wealth and hold it within our hands. Unlike putting your wealth in the bank, they might even give you hard time claiming your own money and wealth if it's sums of amount.
Good thing that we have bitcoin where we can transfer our wealth and hold it within our hands. Unlike putting your wealth in the bank, they might even give you hard time claiming your own money and wealth if it's sums of amount.
A few years ago I worked at a bank in my area and it sounded pretty bad at it but we can't forget one important thing here.
The influence of the bank is still very large and even though what you say is true, many people still believe in the bank because they do not feel the effect at this time, it is only temporary.
There are still many benefits that are felt by those who believe in banks and that is proof because they are still quite strong in terms of support
The banking system is much followed, because one can reach the respective bank and request support. This works good with a common person who isn't much into technology. The same can't be expected to happen with cryptocurrency, because we don't have physical support centres. Maybe in future this could get implemented depending on the massive adoption taking place. The influence of the bank is still very large and even though what you say is true, many people still believe in the bank because they do not feel the effect at this time, it is only temporary.
There are still many benefits that are felt by those who believe in banks and that is proof because they are still quite strong in terms of support
A few years ago I worked at a bank in my area and it sounded pretty bad at it but we can't forget one important thing here.
The influence of the bank is still very large and even though what you say is true, many people still believe in the bank because they do not feel the effect at this time, it is only temporary.
There are still many benefits that are felt by those who believe in banks and that is proof because they are still quite strong in terms of support
The influence of the bank is still very large and even though what you say is true, many people still believe in the bank because they do not feel the effect at this time, it is only temporary.
There are still many benefits that are felt by those who believe in banks and that is proof because they are still quite strong in terms of support
Exchanges may still seize your money as banks can but the chances of it happening with them is less as you know most exchanges are owned by individuals of other Nationalities not necessarily your own, and they may not directly be under the influence of the government of your country.
The chances of it happening depends on the level of KYC, in a fully verified exchange account like Binance, everything needed is for any governmental organization responsible for crime and investigation to seek for freezing of a customer's account from Binance, Binance will immediately comply. But there are still some exchanges that people can still withdraw without KYC required, exchange like OKX and Kucoin, the chance of freezing a customer's account will be low, but it can still happen in fraud cases linked to the customer's account which can be traced on blockchain.in centralised exchanges where kyc is compulsory, freezing of the account is still very possible to happen esp under the government's mandate. however, it would take more time to put into effect unlike with traditional banking sector. because the traditional banks are directly tied to the government, they can easily implement the mandate. whereas, if the crypto-exchange is not under their jurisdiction, they will need strong reason and documentation why they need to freeze the acct of their customer.
if you are just a small crypto user who doesn't want your govt to interrupt your crypto txs, you can opt using nonkyc exchanges like kucoin.
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