Topic: Do you want to be a hero? (maybe not) - page 2. (Read 559 times)

in a way, banks are still essential to us, bitcoin and banks have their own functions and use cases
it is not safe to put all your assets in bitcoin, the risks in the crypto industry are also many, being hacked by hackers, losing private keys...
all of these will also make your assets not 100% safe and you cannot sue anyone if your property is lost, better way is we should divide our assets and put them in different points

This has always been with the banks, even in countries that are not in the middle of a severe crisis. It seems they don't just easily release your own money. I myself have been through such hassles. The case in Lebanon is much different, of course.

Regardless, the point is that it is not really convenient to keep your money in banks. Shit could happen anytime. China isn't in the middle of a Lebanon-like crisis but look at those tanks.

Anyway, I also don't recommend to just "put their money on bitcoin or crypto." It helps to keep some cash. Otherwise, that $210,000 would have already fallen to less than $100,000 now had it been converted to Bitcoin around the time of its peak.

Depositing your savings in bitcoin is still not a better solution, mate. Bitcoin is volatile and let's say you put all your savings in bitcoin and we are in a bear market. If bitcoin drops more than 75% value means your wealth will also lose 75%, if you need money immediately bitcoin will not help you but on the contrary, you become more and more desperate.

Bitcoin is a risky investment, it is suitable for long-term investment and only uses idle money to invest, not money to solve daily emergencies to invest.

Yes you are right, in my country banks do give companies loan and their interest is always high, so they do business with the money you save in the bank and they take the profit. I can't really remember the last time I left hug amount in my bank account, since I started cryptocurrency, I always keep the amount I will be needing for that moment in my bank and my main money is always in my wallet address, when I need money, I will withdraw the amount I need to my bank account. I don't really trust those banks with my fund.

Every action requires the right tool. Bank account, cash or bitcoin - each financial tool is good in certain situations, has its own characteristics and disadvantages. It is wiser to take this into account and use it for your own good than to be influenced by emotions. But I understand you perfectly, because I share your contempt for banks and cash because of their shortcomings.

I believe that banks can be used if you store only a certain amount in them, which is not needed here and now, but will be stored for a long time.

The same applies to cash (keep only part of the money in them), because it is subject to inflation, but it has a wide circulation and you can pay with it everywhere. The best way to keep the "value" in the short term and the ideal solution for ongoing expenses, as well as unforeseen and sudden.

Bitcoin is very volatile, so should consider it as a long-term reserve. Use in emergency situations is fraught with losses, because if you sell now bitcoin for the sake of paying in the hospital, then this is a bad decision (especially if bought during a bull run at 2-3 times the current price).

As a result, I can assure you that the best solution would be to distribute your money among these three instruments (or not only among them). In what proportions - this is already a decision for each individual.

because banks use customer money to lend to company owners which of course the BANK itself can get interest from the loan proceeds, that's why they sometimes don't keep the customer's money full in their bank, what's worried is that when everyone simultaneously withdraws their money, the BANK will have a strange reason like the above incident, I don't have a bank account because I'm also worried about this problem 90% of the money I have is in crypto now

Just because Bitcoin doesn't have this problem, doesn't mean that it's perfect or even more suitable than banks. Users can lose their seeds and as the result lose their entire savings forever with zero chance of recovery. Users can fall victim of malware that will steal all their money, but with banks it's less likely and less dramatic, because of the procedures like described in your story.

And if some banks have bad user experience, doesn't mean all of them do. I have been sending sums in range of $20,000 through online banking and my transactions were processed in less than 20 minutes with minimal obstacles.

People will go great lengths for their family and friends. I would have asked if he was the only customer who faced this issue with the bank but that is not the point of the topic. Back to the topic, in my country people are running to crypto to save their money already. Many many years ago our money was ours but now I feel that when we save our money in the bank it doesn't belong to us anymore but the bank and the government because they can decide to restrict our access to it for whatever reason they deem fit just as the case of the man in the story. I think that centralized exchanges also work like banks to an extent . If you want to have full control of your coins, decentralized exchange is the way to go.

I think the same way, and act the same way in fact. Having everything in Bitcoin, or everything in cash, seems crazy to me.

Just as it is good to diversify your sources of income, it is good to diversify what you accumulate. Some cash, bitcoin, RE, something invested in the Stock Market and something else gives you much more security than if you have it all in the bank, or all in Bitcoin.

I don't know what percentage it may be on average, but I am 100% sure that at least one person in life as a client has had some problem of the type "I can't freely access my funds".

 It is absolutely nonsense and it may be that many here when they access the banking system already had the crypto option as an alternative, but it is a nonsense that we had to endure for years and that, far from improving in service over the years, gets worse.

alot of people cry many things. like because i dont live in fantasy land(unlike some) of: "do what you like and use a gun if you dont get what you like.. "
and instead i do my research, whereby sometimes that means i am quoting laws and highlighting the things that can get people into trouble must, which in crybabies eyes mean that i must be on the side of the fiat elite..

they get it all wrong. actually doing research means you learn the rules of the fiat elite to then learn how to find the loop holes and avoid their headaches

EG learning some tax laws means you can learn the loop holes.. for instance giving a 'personal loan(tax exempt)
means that if yougive yourself a personalloan(many UK ministers and businesmen do this all he time)
EG from your online persona to your reallife then is a tax exempt transfer,thus not hit by income or capital gains tax

...
the guy that held a bank hostage is obviously going to get into legal trouble

the key is not to tell everyone to hold a bank hostage as that will just get you in more trouble later.

the reality is this
realise fiat is not your property. you may posses it but you dont own it (there is a difference)
its the banks invention, their patent. they just allow you usage of it if you follow their rules. they can set the rules on withdrawal limits. they can set laws that make you forfeit possession of it if you cross a boarder, they can take bank notes out of circulation and they can even set a new ratio thats not 1:1 swap on new bank notes(research hyperinflation)

so the solution is not to hoard lots of value in fiat where they set the rules. but to avoid handing them cash into a bank. because once they have it.. its not in your control. and you have to play to their whims and their rules.

its the same basic mindset of "not your key not your coin"

The guy can be called rich since minimum wage in Lebanon is around 6k USD a year, so having over 30 years of minimum wage as savings is pretty neat. At least he thought he was rich because he had a statement from the bank saying so.

It's funny how we rely on others to survive. We trust the bank will give us our money, we trust the power company will keep sending power, we trust the government will honor our rights and that our property will still belong to us in 20 years. we should learn to be independent.

Have to strongly disagree with your point about 'Bitcoin or crypto' because only Bitcoin has a proven track record & even seems reliable for the time scales you need if you are trying to protect your wealth from state rats. If you put $210K in some random not-really-decentralized altcoin then you are asking for trouble.

And to go deep on this OP about heroism, it seems like it belongs to a flawed kind of binary thinking. To be a hero you have to have a problem to solve, maybe an enemy, an anti-hero or super villain, you can't really be a hero without such a thing right? Again you have to be asking for trouble just my two sats

It is also very convenient in most cases to just buy with your bank card in the store. Also it is very safe, since you dont need to keep all your cash at home, what would be insane to me. Still to put it in the bank is not the best option for large sums.

Because, for most countries it's a requirement to have a bank account. Either to receive your money from your job, or as proof of earnings. If you want to buy a house for example, you have to show proof of where your deposit came from, that means bank statements. You can do it with Bitcoin, but Bitcoin can't be used to purchase most houses, and a lot of mortgages class Bitcoin as a risky investment, and therefore you wouldn't be able to get the same amount that you could with fiat.

So, I do get it. Banks are something that we want to avoid using, but in a lot of countries it's a requirement, that people can't avoid. I guess it depends on your living circumstances, if you have already paid off your house or you don't mind just putting the bare minimum into fiat, then that's alright, but the reality is a lot of people that aren't over 40/50 aren't going to be in a position to do that.

This story proofs again that you should never just rely on one source. You should put your money in Bitcoin, Bank account and maybe some other assets. If you only have one, even if it is bitcoin you can get in huge trouble. This was always the same, even before bitcoin did exist.

That's right, if he got some bitcoins instead, he could try P2P with Binance or any other exchanges and have all his needs at once. If people really ponder on what's going on here they will consider bitcoin as a good option for saving your money without worrying about such problems occurring. Many companies already realized that now that's why we read in the crypto news that they already bought some bitcoins with their company reserved funds in order to keep in long term and release it when people are rushing to buy bitcoins all around the world.

That's right, storing Bitcoin or some altcoins on CEX carries with it even greater risks than storing fiat in a bank, given that at least in the EU there is state insurance for deposits up to EUR 100 000. If someone hacks CEX or makes an exit scam, in most cases the client will not get anything, or will wait for years to be compensated.


In most cases, banks cannot be avoided when selling cryptocurrencies, but in some countries there are physical crypto exchanges or people sell and buy cryptocurrencies in person. The latter is not really something that is recommended because it carries certain risks, but people can always manage if they want to bypass banks when it comes to trading cryptocurrencies.

I personally feel much safer when I have Bitcoin in my possession, than when I give my trust to banks, regardless of their reputation and the insurance that the state offers on savings deposits. However, such an attitude towards saving comes from where you live, because if you have Bitcoin with which you cannot buy anything or exchange it for fiat, then you really have nothing.

For what reason can banks not give money to their customers, except here the bank suffers losses or financial problems can be said to be bankrupt, because customer savings are full rights at any time and can be withdrawn when needed,


I think the idea of diverting financial assets to btc or stablecoins is better than saving in the bank for now, because the bank system will drive customers crazy if this happens again.

Not all countries have credit or debit card payments allowed at hospitals.  I definitely know some countries around the world that do not, especially the less developed ones.

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Regards,
PrivacyG