Hong Kong Activist Leader Calls For A Run On Chinese Banks Tomorrow (Friday)

merchantofzeny

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Another HK news that I never saw on my social media. Google it up and it seems to have not have pushed through. Even if they were successful though I'm not sure if they'd just flock to bitcoin and crypto. That's like jumping from the pan to the flame. Should the price suddenly crash then they'll lose a lot. Banks still do have some purpose for now.

Quote from: Lucius on August 16, 2019, 09:06:29 AM

I doubt this can have any big effect on banks or the overall situation in Hong Kong. People can try to withdraw money from ATMs until they become empty, but banks can always close doors and stop the business under any pretext. I am sure money will not go in Bitcoin even if most of citzens there manage to withdraw their fiat, we see that situation there is have zero impacts on Bitcoin price.

Reminded me of that time Greece declared bankruptcy. They shut down the banks to prevent people from withdrawing their cash. Senior citizens were out on the streets lining up the few working ATMs to get their pension. Government basically took their money hostage.

I don't doubt the Chinese government is capable of this. Even if the massive withdrawal won't ruin the economy, the might block the bank-run just out of spite. Grin

Quote from: Lucius on August 20, 2019, 06:53:42 AM

Quote from: yoseph on August 19, 2019, 12:54:23 PM

I am actually starting to think that these protestors have been hired by the Chinese government so that they will have a perfect excuse when they start to brutally crackdown on the protests just as they did during the tiananmen square massacre and took full and total control of the entire region.

I do not think they are hired by in the true sense of the word, but that they may have been deliberately misled to do what they do now. China wants more control on HK, and citizens have two options : to accept that they are part of China and adopt its laws, or to protest and thus provoke China into military action.

In any case, this is a win-win situation for China, they will get what they want one way or another.

I remember seeing claims from protesters that Beijing is "seeding" the protest with their own people to cause more violence. Beijing might not have started this but they'll definitely try to shape it into something that will benefit them.

Theb

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Well that would be a dumb move if you are considering ways to protest. Basically Hong Kong is at war right now and if the locals decided to unite and withdraw their money they will be moving targets by the Chinese, civil wars like these especially when the police are not on their side will make crimes easier to happen if the other side knows that they have withdrew all their money they could take advantage and steal it from them. There are a lot of ways to do protest against them and I don't think this is one of it as it involves the locals risking their own money.

Schirer

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This is not a " new call" to action, there already was such call few weeks ago.
This is not a decisive tool but can be good way to protest , I support them.

In general I dont see this Honk Kong problem going away soon, Chinese are not use to listen to masses. Today red that Twitter is blocking protesters acounts, if this is true shame on Twitter they are as bad as Chinese government,

RealMalatesta

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Quote from: audaciousbeing on August 19, 2019, 11:42:02 AM

The surrounding issues around Hong Kong is somthing that is continue to gather attention worldwide and no one ever thought it would amount to what it is today neither did I personally think it would be dragged to this level. That aside, instructing people to move their money out of the banking system does in other to have effect on China to me is not a strategic economic moves because as much as the Chinese government are borrowing money from the banks so also are Hong Kong businesses are doing and banks being a strategic sector of the economy, a collapse of the system with not enough money to provide credit facilities means the economy might crumble to the disadvantage of the common man. And again, moving money away from the banks does not translate to moving to crypto or bitcoin.

China is too big for Hong Kong to have any effect on its economy, even if the whole people in Hong Kong move their money, no single penny of their money in china bank will make the system of china government down which I even think that it would be impossible for them to have access to it.

It was just like when Binance was hacked of the $41 million dollars, the first step that Binance took was to first stop withdrawal of money knowing full well that such event could lead to panic of investors and then crack down their system till they were able to resolve it, and I think if it is an issue that china is willing to resolve, they will simply just block their fund which they would not even be able to move out, but I believe that whatever the issue is between them both, it would be resolved before then.

Lucius

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Quote from: yoseph on August 19, 2019, 12:54:23 PM

I am actually starting to think that these protestors have been hired by the Chinese government so that they will have a perfect excuse when they start to brutally crackdown on the protests just as they did during the tiananmen square massacre and took full and total control of the entire region.

I do not think they are hired by in the true sense of the word, but that they may have been deliberately misled to do what they do now. China wants more control on HK, and citizens have two options : to accept that they are part of China and adopt its laws, or to protest and thus provoke China into military action.

In any case, this is a win-win situation for China, they will get what they want one way or another.

SirLancelot

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Crypto will cover most of the "savings" assets but not the everyday spending one, how are these people gonna go to a cafe and buy food and have a dinner what not with cyrpto, you need a crypto debit card which is a big hassle to handle to make sure you are fine wherever you go.

Even if banks do not close but you just personally decide not to use banks there is no way you can actually live a fully cash life because some people doesn't earn that much and spend credit cards instead of some people want to buy a car or a house and use banks for it. Basically, banks cover a lot of our lives people do not realize, you think going full crypto is easy but I have been trying that for 3 years and haven't managed to do it at all, its a lot harder than people think it is.

dothebeats

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The situation in Hong Kong is getting worse every day, though I doubt that this plan for the banks would seriously make a dent on the unrelenting stubbornness of the Chinese officials for the welfare of the Hong Kong activists. Idk why the issue on the said state isn't that much reported in major news outlets all over the world but seriously, HK protests are slowly mirroring the events that lead to the Tiananmen Square massacre. I just hope that it does not end like that.

yoseph

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Quote from: Lucius on August 16, 2019, 09:06:29 AM

I doubt this can have any big effect on banks or the overall situation in Hong Kong. People can try to withdraw money from ATMs until they become empty, but banks can always close doors and stop the business under any pretext. I am sure money will not go in Bitcoin even if most of citzens there manage to withdraw their fiat, we see that situation there is have zero impacts on Bitcoin price.

They can protest as much as they want, but they are thus damaging their economy which ultimately suits China perfectly as they prepare some more serious actions in the background. I read that HK real estate stock is lost $50 billion until now, and some of of the richest people there are practically asking the protesters to stop causing them financial loss day by day.

Quote from: https://edition.cnn.com/2019/08/16/business/li-ka-shing-hong-kong-protests/index.html

"In the name of love, please turn away from anger," read an advertisement published by Li Ka-shing in several local newspapers in Hong Kong on Friday. Li's appeal comes as the protests begin to weigh heavily on Hong Kong's economy, and as businesses — mostly notably the city's top airline Cathay Pacific — struggle to deal with the fallout. "The road to Hell is often paved with good intentions," Li added in a statement provided to CNN Business by his spokesperson.About $8.8 billion has been wiped off the market value of Li's CK Asset since its recent peak in early April.

I am actually starting to think that these protestors have been hired by the Chinese government so that they will have a perfect excuse when they start to brutally crackdown on the protests just as they did during the tiananmen square massacre and took full and total control of the entire region.

audaciousbeing

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The surrounding issues around Hong Kong is somthing that is continue to gather attention worldwide and no one ever thought it would amount to what it is today neither did I personally think it would be dragged to this level. That aside, instructing people to move their money out of the banking system does in other to have effect on China to me is not a strategic economic moves because as much as the Chinese government are borrowing money from the banks so also are Hong Kong businesses are doing and banks being a strategic sector of the economy, a collapse of the system with not enough money to provide credit facilities means the economy might crumble to the disadvantage of the common man. And again, moving money away from the banks does not translate to moving to crypto or bitcoin.

guoyu78

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If they like, they should close down all their banks, the citizens needs to know that cryptocurrency has got them covered, and If I were them, I would seriously be considering out the money in cryptocurrency, especially that of bitcoin.

I don’t know the level of corruption in their country, but if they all withdraw their money, they will have no choice than to keep it at home, and this could be an easy target for them by thieves, but if they transfer their coin to bitcoin market, they can always pull it out anytime that their crisis is over, at least before the crisis is over, the market of bitcoin would have increased and also increased in value for them to even get more profit from keeping their money into banks.

veleten

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Quote from: coolcoinz on August 18, 2019, 11:49:27 AM

Quote from: ?? on ??

I don't think such withdrawal order will affect the Chinese bank rather it is a very big risk on the HK who are pushing their resources into bitcoin. If bitcoin drops, it means a big loss to them. This is better not to withdraw everything into bitcoin.

The bank run was supposed to be a protest like the ones in France and they weren't planning to buy bitcoin. The idea is to use ATMs to withdraw and if you are holding your money anyway, exchange it to foreign currency. Buying Bitcoin doesn't mean a great loss to them. It's a growing asset so you have much greater chance of earning on it than not.

Quote from: veleten on August 18, 2019, 07:35:03 AM

but I highly doubt there will be any reaction from the common folk ,except for some fellow "activists"

The reaction was pretty big. People around the world are getting fed up with monetary policies of their governments. Hard to say if it was meant to destabilize the country or just show them the point of view of the common folk, but it wasn't a small protest made by a group of fanatics.
https://www.youtube.com/watch?v=LOb6J8-GpN4

to be fair I don't believe in spontaneous public protests that are self organized
behind every protest there is a motivator or even a sponsor and an organizer
read Gene Sharp's book " From Dictatorship to Democracy" for example , he describes nearly 200 methods of "nonviolent resistance"
if you look closely , you can find the key points that are written there in every single protest, starting from protests in France and Hong Kong and any coup-d'etat
that are many in the recent years
the problem is that people who will go and withdraw their money achieve nothing but hurt themselves in the long run ( if they live in China )
crowds and meetings are not the right places to try and change something , for that one has to become a part of the system and change it from inside
that is if we are talking not about slogans but real changes in legislation and policies

coolcoinz

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Quote from: ?? on ??

I don't think such withdrawal order will affect the Chinese bank rather it is a very big risk on the HK who are pushing their resources into bitcoin. If bitcoin drops, it means a big loss to them. This is better not to withdraw everything into bitcoin.

The bank run was supposed to be a protest like the ones in France and they weren't planning to buy bitcoin. The idea is to use ATMs to withdraw and if you are holding your money anyway, exchange it to foreign currency. Buying Bitcoin doesn't mean a great loss to them. It's a growing asset so you have much greater chance of earning on it than not.

Quote from: veleten on August 18, 2019, 07:35:03 AM

but I highly doubt there will be any reaction from the common folk ,except for some fellow "activists"

The reaction was pretty big. People around the world are getting fed up with monetary policies of their governments. Hard to say if it was meant to destabilize the country or just show them the point of view of the common folk, but it wasn't a small protest made by a group of fanatics.
https://www.youtube.com/watch?v=LOb6J8-GpN4

beerlover

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I think the problem will not go on as much as people think it will continue. The good part about Hong Kong is that it is not a one party regime like china, which means if people are really against the president then they can vote him out next term, if he doesn't lose and still gets many votes then the protests we are seeing doesn't mean anything and only a vocal minority that doesn't mean it is what the whole country wants.

Of course, the police brutality part is bad but there was movements all around the world some of which made changes in the government but at the same time there were few who didn't counted to anything and government got voted back to rule which meant it was actually vocal minority that was making the scene. Lets wait until the next elections and we will know whats going on for real.

veleten

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the "activist" is nothing more than a paid loudspeaker of the western elites trying to harm China in any way possible
and what could be better than to undermine their financial system creating artificial panic and try to get people to withdraw money from banks
it is well known that banks do not hold enough funds to pay all of the customers if they come to withdraw at the same time
but I highly doubt there will be any reaction from the common folk ,except for some fellow "activists"
given the recent trade wars between the US and China I think it is obvious who is behind the Hong Kong protests
and Op , what kind of domestic problems you mean ? China is doing exceptionally well economically and sponsored protests are not going to affect it
China will go its own way however weird it may look to us , also they had been vaccinated in 1989 , Tiananmen square anyone?

avikz

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Taking out bank deposits and hold it via cryptos can not solve such a big problem like this! But yes, it can probably leave some dent on their liquidity but nothing else! The root of the Hong Kong issue goes much deeper in their socio-economic structure! The population of Hong Kong is just 7.3 million and the population of mainland China is 1.38 billion. So even if every single citizen takes out their deposits from Chinese banks, it won't do much bad for them, just a temporary liquidity crisis may arise!

The Chinese government is creating such kind of problems since a long time with Hong Kong, Taiwan, Tibet as well as with India! A global decree should be implemented by United Nations which will effectively ban every Chinese nationals from travelling and doing business in foreign land. Also boycotting Chinese products will have severe impact on China's economy. Only then China will face the heat and probably re-think their aggressive stance on their greed of foreign land. Running on banks will have small/no impact in the entire issue!

Muzika

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Quote from: Baofeng on August 16, 2019, 07:07:20 AM

Quote

Prominent Hong Kong pro-independence political activist Chen Haotian has called for a run on Chinese banks, asking that everyone withdraw their money on the same day.

Arguing that large scale protests have only led to injuries and escalating police brutality, Haotian believes another method could be used to severely undermine China’s influence – a good old fashioned run on the bank.

He suggested that another method could be used, namely, impacting the financial system,” reports China Press.

“He called on Friday (August 16) that Hong Kong citizens take out all bank deposits. The primary goal is Chinese banks, but he said other banks should also be targeted, otherwise Chinese banks can borrow money from other banks to solve problems.”

Hong Kong has been rocked by weeks of violent protests by pro-independence campaigners. Earlier this week, riot police stormed Hong Kong International Airport to clear them out.

https://www.zerohedge.com/news/2019-08-15/hong-kong-activist-leader-calls-run-bank

I'm telling you, the Hong Kong drama is getting worst by the day, withdraw all their money and then go to BTC and leverage their wealth, I think that's the best option for them. Grin

Seriously, I don't know if this is going to be a good method to force the Chinese government to have an effective solution to their domestic problems. China would bulge an inch we all know that, and the only victims here are the common and casual people inside Hong Kong.

They are boycotting chinese banks and with regards to the domestic problem they are anticipating the possibility of dropping the value of HKD due to the protest but this is just a protest and not a war for them to think that they should follow the call. The good thing that I can see is that they are looking for the crypto as alternative on their banking industry to save their money.

BitHodler

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Regardless of how I dislike China, I would never order anyone to participate in a bank run. It's literally similar to digging your own grave because of how integrated banks are in the economy.

I would just stick to recommending people to put a portion of their savings into Bitcoin, which is similar to saying 'fuck you bank', but without the drama that comes with a bank run. Be careful what you wish for.

More realistically speaking, it's very unlikely that we'll see people participate in a bank run aside from a few who think withdrawing their money will lead to anything. You still have to pay your bills, receive your salary, etc.

STT

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China dominates the entire region, HK has suffered kidnappings of its citizens where people disappear and are found to be in 'discussions' on mainland China with the central party on their use of wealth or whatever policy in HK. It was already a problem before these riots, unfortunately not much can stop China stomping over HK and the elements that have made it great for so long.

Taiwan which really is a separate country for over fifty years is also threatened by the expanding influence of China communism. They will not be feeling any better for these recent events, I believe many countries are alarmed by the China rhetoric ongoing.

I find the only likely resistance to this problem is going to be the wealth destruction that results from sending troops into a Financial area as if anything can be forced to be true by violence and threats alone. I also think the protesters has mis-stepped by allowing any excuse for themselves to be labelled destructive, I'm aware some of this is false flag operatives.

el kaka22

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I didn't really realize that Hong Kong was so much tied to China, I mean we all know their situation but I thought that was a separate country with separate ideals and citizens acting all differently, apparently the government is not so separate, for weeks now (maybe months) there has been the same talk over and over again and it is getting more dangerous for the people who live there, they literally ceased a regular citizen who was walking down the road where protests was happening, it is literally risky to walk in the same place as the protesters let alone becoming a protester yourself.

Withdrawing all your money from banks would work in theory because it would really make it difficult for Chinese banks to keep operating but lets not forget that China can fund it as long as they want because its a really huge economy.

Vishnu.Reang

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Hong Kong activists should not try to bite off more than they can chew. The economy of Hong Kong may collapse without China, while the latter may not face any long-term consequences even if the economic ties with HK are damaged. But it is still unclear about the popular sentiment in HK. I would not trust foreign agencies such as BBC and CNN too much to measure the mood of the people there.

Topic: Hong Kong Activist Leader Calls For A Run On Chinese Banks Tomorrow (Friday) (Read 269 times)