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?
Topic: Crypto to trigger a global bank run? - page 4. (Read 1049 times)
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 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 think that crypto cut leads to a new kind of bank run, there will be no lines of angry people outside their banks demanding to empty their bank accounts, but the customers will sit in front of their computers and send a lot of their fiat bank deposit into crypto exchanges to buy crypto.
People will still be needing their banks, but to keep their funds save from inflation, people cut place some of their wealth in crypto.
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?
Banking is the worst main stream economy tool since 1780. This changed the world completely and scamming since the year I mentioned in the legal way. In some places we can see the scammers who can act like they are legit and running the business.
Similar way world banks also have launched some acts in many countries bill and they were trigger the gold long back ago now bitcoin has trigger the banks and wash it out of the world. Then this world will be clean with the communism.
Similar way world banks also have launched some acts in many countries bill and they were trigger the gold long back ago now bitcoin has trigger the banks and wash it out of the world. Then this world will be clean with the communism.
Banks know that they can't stop crypto from revolutionizing the financial scene though they know that they can control the interest of the people, and that's why using bitcoin (especially the word 'blockchain') on their offerings and words somehow mitigates the negative perception of people to the banks. Also, note that cryptocurrencies aren't great financial tools and cannot function in a complex economic environment where money supply should be regulated, hence bitcoin would be an ineffective currency and banks would still reign supreme no matter how hard the situation gets for them.
Actually, I think you're giving quite a bit of undue credit to banks. As I've become more and more acquainted with them, I'm realising that the vast majority of first and second line bankers actually understand very little beyond what they're taught. And you know what's the thought leading the line at their levels? That they actually can stop (and should) stop crypto. At least at the higher levels they probably understand that this is all beyond them and so have decided to join the game. But believe me, this isn't them becoming friendly, this is them wanting to beat crypto by changing it into something they understand, something they can manipulate, just the way they do the current system.
Good you recognise that crypto and blockchain aren't the universal panacea to everything. Crypto can't trigger bank runs. Banks trigger bank runs
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 don't understand why you only mentioned these points. Fact #3, for example, is true for now, but it's not like it is in principle impossible for cryptocurrencies to replace fiat currencies in the long run. As for #4, one could respond that money is literally a piece of fabric or paper with numbers on it. Code seems more reliable.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!
Now to possibilities. I don't think it will be just one of them. They can get combined in various ways. And it's not necessary that either banks will make their own "cryptos" that will dominate the world or two economies will merge because the banks won't have any choice.
For one, fiat could indeed become a thing of the past. And banks could find a way to benefit enough from actual cryptocurrencies, and thus change their policy towards them willingly.
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.
Banks are attached to their solutions, because they know them and they know how to make money from them. It's would cost them a lot to adapt to new conditions and new environment which are cryptocurrencies. Cryptos still aren't stable enough to be considered as an element that banks could adapt to their actions.
Banks know that they can't stop crypto from revolutionizing the financial scene though they know that they can control the interest of the people, and that's why using bitcoin (especially the word 'blockchain') on their offerings and words somehow mitigates the negative perception of people to the banks. Also, note that cryptocurrencies aren't great financial tools and cannot function in a complex economic environment where money supply should be regulated, hence bitcoin would be an ineffective currency and banks would still reign supreme no matter how hard the situation gets for them.
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?
Though others may disagree, I doubt cryptocurrencies will trigger a bank run. A bank run will be triggered by self-inflicted instability and uncertainty within the banking industry. In this scenario, money would pour into cryptocurrencies, but I believe cryptocurrencies and fiat currencies will coexist in the long run.
Well, it is just my opinion, economics is certainly not my cup of coffee, I actually had very limited understanding itself, but I can feel something itself is changing, it could be the crypto is the source of that change. However I may be as dumb as the government who is always hostile toward the change.
Excellent reply! Here I would not contradict with you because no one really knows what is going to happen! So lets keep the revolution alive within our heart and soul. But when it comes change, I want to quote a great philosopher and freedom fighter of my country, Mahatma Gandhi.
First they ignore you,
Then they laugh at you,
Then they fight you,
Then you win.
I have quoted his statement previously as well because this is what is going to happen in crypto space as well! No other quote can describe the future of crypto in any better way!
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!
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 agree with you. Sometimes, people interprets and define Crypto in a wrong way that they expect too much out of it and sometimes, it exceeds more than it's normal and natural function. Government couldn't stop cryptocurrency but cryptocurrency couldn't control the economy alone.
In the near future, I don't think it will be a trigger because now there is no definite legal clarity in some countries and there are even countries that prohibit the use of crypto currencies because they are considered to be detrimental to users because they consider crypto currencies do not have a clear legal basis while in the laws of some countries mean that money or means of payment are legal objects of a legal state. Whereas crypto currency?
I think there will be any legal clarity for the use of cryptocurrency, and I think right now, the government still discuss the legality of the cryptocurrency, and once they can get one vote about the legality, they will share it to the public, so the public will know that cryptocurrency has legality in the law.But when it happens?
Only time will tell.
Besides that, I think crypto can trigger a global bank to run or integrate the bank system, so it will make them better than before.
Banks controls governments. So it will be expected that if anything close to this happen, governments will use their power to stop this.
What I think it could happen, is that we will see in some small countries people start to use more crypto than Fiat. Especially in turism destination. But in big and stable countries something like this would be not possible.
What I think it could happen, is that we will see in some small countries people start to use more crypto than Fiat. Especially in turism destination. But in big and stable countries something like this would be not possible.
In the near future, I don't think it will be a trigger because now there is no definite legal clarity in some countries and there are even countries that prohibit the use of crypto currencies because they are considered to be detrimental to users because they consider crypto currencies do not have a clear legal basis while in the laws of some countries mean that money or means of payment are legal objects of a legal state. Whereas crypto currency?
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?
There's no sign of this actually happening, the whole world uses banks and only a tiny minority distrusts them and discusses it on the Internet, while the mainstream platforms almost never cover this topic - you won't read much FUD about banks in mainstream media or big social sites like reddit, and this is not because of censorship or some conspiracy, people simply don't care.
To me the idea of some crypto revolution sounds as utopian as communism, anarchism and other revolutionary ideas - they are popular among small groups of people while the majority, that is supposed to carry out those revolutions, is absolutely not interested.
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?
So how can you say that cryptocurrencies are safe?
I also agree with avikz that banks still control the economy even if we have a lot of crypto and even if a lot of people will use governments and banks will still control the economy.
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 really think that fiat money is really garbage and fake,why don't you just throw some fiat money in the thrash.
I believe you wouldn't do that,right.Some people don't realize how small the crypto industry is.The global market is 200 bln USD which under 1% of the global GDP.The banks simply don't care about crypto,because it's too small.
Of course we have seen people throwing cash from the high rise into the busy town street while everybody else pick it up and the next thing is the cops go and arrest the guy and send him into the prison, it is not legal to litter everywhere, but throwing at the crypto seem safe to do so, it may not sound like throwing to you, but it is perfectly worrying, and banks/government/economists certainly aware of crypto, they’re trying hard to ban it, shut it down, stop people from throwing their money into crypto, whatever they may tell you something deceiving, it is our job to tell who is telling lies/fake news.
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?
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