Crypto to trigger a global bank run? - page 3.

BitHodler

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Quote from: magneto on May 30, 2019, 12:11:50 AM

Nope. I simply do not think that bitcoin is in direct competition with banks per se, nor is it going to replace a lot of the functions that the banking system offers.

I don't think that people even realize what they are wishing for. They just jump on the anti bank--government bandwagon because they think it's cool to rehash the words of a bunch of crypto maximalists.

Another thing is that they hope the price will go up a lot, but as foolish as people are, they aim at an increase in fiat value, which you only benefit from when you cash out to your bank account. How ironic is that, right?

There is no shortage of fools here. Banks will stay here and can easily adapt to the changed climate by offering crypto related services, where some banks have already started doing so.

jrrsparkles

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Quote from: pinkpanther03 on May 29, 2019, 08:00:49 PM

Quote from: Broly46 on May 14, 2019, 10:10:21 PM

I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

If you consider US dollar as one of the fake money you're talking about, why do bitcoin and other altcoins being analyze based on US dollar. Cryptocurrency won't elimnate the current currency. They'll exist together at the same time because they have different purpose in our system.

The real value if crypto currency will be measured on satoshis and only the people using USD as common reference but even USD is not a stable coin.The chances of replacing is less based on the current scenario but if people uses cryptocurrency for payments then we are not in need of banks.

magneto

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Quote from: Broly46 on May 14, 2019, 10:10:21 PM

I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

Nope. I simply do not think that bitcoin is in direct competition with banks per se, nor is it going to replace a lot of the functions that the banking system offers.

Especially when you consider the fact that bitcoin exchange with fiat mostly does not involve cash at all, but rather in essence just exchanging electronic balances at banks - it is extremely unlikely that a spark in demand will all of a sudden lead to a cash crunch in a nation.

Unless of course, you're talking about an economy that is already experiencing hyperinflation or an economic crisis, like Zimbabwe or Venezuela. In that case, the government of these respective nations will most likely try to avoid capital flight through banning the use of BTC, but even then it is not enforceable, and not the cause of their economic issues.

CryptoBry

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Quote from: pinkpanther03 on May 29, 2019, 08:00:49 PM

Quote from: Broly46 on May 14, 2019, 10:10:21 PM

I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

If you consider US dollar as one of the fake money you're talking about, why do bitcoin and other altcoins being analyze based on US dollar. Cryptocurrency won't elimnate the current currency. They'll exist together at the same time because they have different purpose in our system.

While there are many bitcoin believers who seems to be basing their perception on wishes and speculations, we have to remember that we are still living in a real world where control of the financial system is on the hands of the banking and financial sector and not so much with the people. Granted that this is the same system that bitcoin and the blockchain wanted to change but we are not there yet...and it can surely take many, many years before this can happen. In the next few decades I myself don't see the fiat money to be gone for good as that seems to be impossible -- what can happen is that fiat money and cryptocurrency can co-exist and I see no problem with that.

Ozero

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Quote from: avikz on May 14, 2019, 10:38:05 PM

Firstly, come down to the ground because you are currently sitting on an imaginary issue which doesn't exist!

Understand the below facts,

1. crypto is not a magic wand.
2. Crypto is not created to bring economic overhaul
3. Crypto doesn't have the power to become global currency
4. Cryptos are literally a piece of code

Now, lets look at the possibilities,

1. Virtual currencies will take over the world economy which will be created and circulated by the central banks
2. Banks will have to bring in major technological changes in their operating structure to cope up with the changes
3. World will never move to "one world one currency" regime
4. Banks will still control the economy
5. The parallel economy created by cryptos, will get merged with mainstream economy after banks and governments realize that it's impossible to stop them
6. Crypto enthusiasts will keep the revolutionary ideas in heart but continue to live in reality

Constructive criticisms are welcome!

I fully support your point of view. Bitcoin and cryptocurrency in general is not a magic wand and will not lead to too much change in financial relations in society. In any case, in the near foreseeable future. Recently, the European Central Bank announced that cryptocurrency does not yet have any serious impact on the global financial system. Therefore, I concluded that while cryptocurrency should not be paid special attention.
Of course, the cryptocurrency will be distributed in society, but most likely it will be another type of non-cash means of payment, which will go along with their other types.

armarsterling7

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Quote from: Broly46 on May 14, 2019, 10:10:21 PM

I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

Electronic money is an asset that helps banks operate more efficiently. In fact, we cannot cancel the fiat money being circulated to use a new common currency. because that will create a barrier between countries when exchanging goods or fiat money. It is impossible for every country to agree to use a common currency.
I still appreciate cryptocurrency but it will be great and appreciated when fiat money is still there. Because fiat money is inflation and crypto is deflation, both combinations will create balance and it is desirable in many countries.

wahyu wida

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Quote from: pinkpanther03 on May 29, 2019, 08:00:49 PM

Quote from: Broly46 on May 14, 2019, 10:10:21 PM

I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

If you consider US dollar as one of the fake money you're talking about, why do bitcoin and other altcoins being analyze based on US dollar. Cryptocurrency won't elimnate the current currency. They'll exist together at the same time because they have different purpose in our system.

right, I think the best achievement that can be achieved by cryptocurrency is as an alternative payment that accompanies fiat currencies. of course the government has considered to maintain economic stability in the country

pinkpanther03

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Quote from: Broly46 on May 14, 2019, 10:10:21 PM

I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

If you consider US dollar as one of the fake money you're talking about, why do bitcoin and other altcoins being analyze based on US dollar. Cryptocurrency won't elimnate the current currency. They'll exist together at the same time because they have different purpose in our system.

shinharu10282016

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Your statement actually be taken, as crypto vice versa. You do believe the transaction costs can actually help with the mass adoption? If I were a non crypto person, I would like my money whole given to me. The same goes for the non crypto business people. Plus the value of your precious crypto is pegged on your hated fiat in case you forget.

Palmaper

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I believe that we are still at a very early stage of adoption of the cryptos, so it seems to me that for a long time people will continue to be fooled by this archaic financial-banking system that only impoverishes the population and destroys the planet. Even so, I firmly believe that cryptos are also a stage of transition towards a more solid response to come, because unfortunately we have been able to confirm over these years that the banking system and savage capitalism have taken over the control of the crypto market, and seem to be manipulating the price at convenience to turn it into a pump and dump scheme, more sophisticated but just one more option to make money.

TheCoinGrabber

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Will only trigger a bank run if the banks allow it. I suppose people might start rushing when we see prices reach the 2017 levels again. I don't think it would be easy to withdraw a lot of money during a bull run though. Of course I'm assuming you meant a literal bank run.

In the long term, I do see banks seeing reduced savings in them as people set aside part of their assets in crypto. Not counting on banks disappearing though, they'll just coopt it.

Botnake

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Quote from: Kimonoe on May 15, 2019, 10:35:20 PM

I think it still takes a long time for crypto to replace fiat.

It will take forever because I believe it will not happen.

Quote from: Kimonoe on May 15, 2019, 10:35:20 PM

for the time being recognized as an alternative currency is good. and the government I think will not turn off the bank, of course the government will make policies

Crypto is a good alternative but will only remain as an alternative since the main money in this world will always be fiat.
There are people who believe on the possibility that crypto will replace fiat, but are we big enough to replace them or do we have the support from the government to make it happen, whether we like it or not, we are all under the control of the government.

Kimonoe

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Quote from: Shenzou on May 15, 2019, 04:45:41 PM

Quote from: Broly46 on May 14, 2019, 10:10:21 PM

I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

I do think that crypto will be the downfall of fiat, but i don't think that it will lead to banks's downfall, because first by the time crypto starts making a significant impact or comes close to that government will have a back up plan by creating an alternative digital currency that they will backing it up, and that is one of the reason they are not accepting or at least acknowledging currencies like bitcoin, and by that time surely banks will transition from banking fiat to bank whatever digital currency used.

I think it still takes a long time for crypto to replace fiat. for the time being recognized as an alternative currency is good. and the government I think will not turn off the bank, of course the government will make policies

traderethereum

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Quote from: stomachgrowls on May 15, 2019, 04:46:57 PM

Quote from: avikz on May 14, 2019, 10:38:05 PM

1. Virtual currencies will take over the world economy which will be created and circulated by the central banks
2. Banks will have to bring in major technological changes in their operating structure to cope up with the changes
3. World will never move to "one world one currency" regime
4. Banks will still control the economy
5. The parallel economy created by cryptos, will get merged with mainstream economy after banks and governments realize that it's impossible to stop them
6. Crypto enthusiasts will keep the revolutionary ideas in heart but continue to live in reality
!

1. I would rather believe that government would create their own e-currency thats why crypto situation wont really be possible to take place.
2. They would really surely adopt yet they arent blind on whats on the demand or people do prefer.
3. True
4. Banks =Fiat /They do have all the control.
4. Not totally.It might have some diversion but government wont accept defeat into some sort of codes.
6. This is on point.We do love crypto but we are still living mainly with Fiat.

1. So we might see a transition from fiat into e-fiat because the government will create a new currency so they can take control of the circulation.
2. Before they are fully adopted cryptocurrency, they will launch their own cryptocurrency to the public (maybe each country will do that), so they can take control of the currency from the manipulation or anything else.
3. That could happen if there is a massive explosion or big crushing in all country and make populations in all countries will reduce so people will unite into one big league and they will have one currency to unite them all.
4. But they cannot control the economy when it gets decentralized, and they will only watch the transaction.
5. To prevent the losing trust from their people, the government will give support to the cryptocurrency, and they will use their currency to prove to their people that they are integrated their system with cryptocurrency.
6. The existing crypto will have a chance to open the bank's mind that the presence of cryptocurrency will not only help people, but it also will help the economy of the country.

But that could be wrong because I am not an expert in this field.
I only think about what I can do as we don't know what will happen in the future.

stomachgrowls

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Quote from: avikz on May 14, 2019, 10:38:05 PM

1. Virtual currencies will take over the world economy which will be created and circulated by the central banks
2. Banks will have to bring in major technological changes in their operating structure to cope up with the changes
3. World will never move to "one world one currency" regime
4. Banks will still control the economy
5. The parallel economy created by cryptos, will get merged with mainstream economy after banks and governments realize that it's impossible to stop them
6. Crypto enthusiasts will keep the revolutionary ideas in heart but continue to live in reality
!

1. I would rather believe that government would create their own e-currency thats why crypto situation wont really be possible to take place.
2. They would really surely adopt yet they arent blind on whats on the demand or people do prefer.
3. True
4. Banks =Fiat /They do have all the control.
4. Not totally.It might have some diversion but government wont accept defeat into some sort of codes.
6. This is on point.We do love crypto but we are still living mainly with Fiat.

Shenzou

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Quote from: Broly46 on May 14, 2019, 10:10:21 PM

I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

I do think that crypto will be the downfall of fiat, but i don't think that it will lead to banks's downfall, because first by the time crypto starts making a significant impact or comes close to that government will have a back up plan by creating an alternative digital currency that they will backing it up, and that is one of the reason they are not accepting or at least acknowledging currencies like bitcoin, and by that time surely banks will transition from banking fiat to bank whatever digital currency used.

klaaas

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Quote from: Broly46 on May 14, 2019, 10:10:21 PM

I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

It would be amazing to see people dont want fiat any more and/or funneling it towards crypto. From that moment all price tags will be with 8 numbers behind the digit.

zidanw

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Quote from: emmybd on May 15, 2019, 10:54:11 AM

As cryptos have gradually been adopted all over the world, banks would have a very tough time in future, but despite that i believe they would continue to function well, as they have got the support of their governments.

surely the difficulty will be there, the world of cryptocurrency needs to be regulated and realigned to make it more secure from the word theft and other online crimes because this is what often happens and is feared by everyone. I am sure that as technology advances, crypto will surely be glimpsed by the government.

rijaljun

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This can't be happen for now, but later perhaps Bitcoin will make it happen when people prefer to use crypto for their daily expense than fiat currency. However, bank could just swap their system from centralize to decentralize, from using fiat in their operation to use crypto for any operations. Crypto basically is not a threat, it's an option to replace an obsolete centralize system.

MakeMoneyBtc

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Banks and governments have control over the economy and people's money since they were created and there is not much you can do to change that because it would take mass action from a high population of this world. It's possible that one day crypto will become so used that banks will have to take some preventing actions but don't imagine it would be something that big that could completely change this world's economy. Crypto is strong but it cannot defeat fiat

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