This won't simply be taken in good light by the government , it simply is a problem considering they cannot influence each and every person and as far as I know in the fear of the Chinese government most people won't withdraw the money , I mean if people are capable of making such decisions then so can the government.
The government can simply issue a warning against anyone who tries to do things complying to this ..
But now not only the government , even the people have the power to actually stand off against anyone...
I think this is a breakthrough.
Topic: Hong Kong Activist Leader Calls For A Run On Chinese Banks Tomorrow (Friday) - page 2. (Read 269 times)
August 17, 2019, 04:17:46 AM
August 17, 2019, 03:13:02 AM
How much fiat is available to be withdrawn through ATM or any mode of drawing? We would not say this will not affect banks but the positive effect of it on crypto currency or bitcoin will be very minimal! The bank will always find there way around this as the role there plays in China may be different from what happened in other countries and if customers withdrawal are going to affect Chinese economy I think the government is going to intervening through monetary policy.
August 17, 2019, 12:57:08 AM
Quote
This bank-run call is like the people in Seattle trying to bankrupt the US by withdrawing cash from an ATM.
Sounds about right, such a thing would make no dent in the monetary base because the vast majority of cash is not physically contained but described as debt on balance sheets. Apparently China is no different and has large amounts of debt owed between various government controlled institutions. Its not a position Hong Kong residents can break because its not entirely capitalist based, the issuance of money is newly produced and credited to those largest operations that would favour the stability of the government.
Almost the world over, similar setups are true in every nations economy. I wish capitalism were present and available in such a way to Hong Kong. Its a noble idea but I think the population are being slightly short term in their thinking in defeating the menace of communist China vs HK. Its hard to criticise a necessary fight but I'd be lying if I said I was especially optimistic on their chances against a much larger opponent.
August 16, 2019, 11:24:42 PM
Putting a significant part of your saving into BTC is a crazy move, especially if you are a beginner.
Indeed. If I were in the midst of a currency devaluation, hyperinflation, or some other sort of crisis I'd probably turn to Canadian dollars or another stable foreign currency. No way would I convert all my money to bitcoin or anything else with its level of volatility.They would only realize that the move they had made is a big mistake is when they do already lost up money.Even myself wont consider this as an option
to put up 100% all of your funding converted to crypto just to avoid some inflation etc.
They are going in great lengths here, however, the effect won't be very significant though. People needs to bring food in the table and the longer this goes, the high chance that the movement will fall.
August 16, 2019, 03:21:37 PM
Putting a significant part of your saving into BTC is a crazy move, especially if you are a beginner.
Indeed. If I were in the midst of a currency devaluation, hyperinflation, or some other sort of crisis I'd probably turn to Canadian dollars or another stable foreign currency. No way would I convert all my money to bitcoin or anything else with its level of volatility.They would only realize that the move they had made is a big mistake is when they do already lost up money.Even myself wont consider this as an option
to put up 100% all of your funding converted to crypto just to avoid some inflation etc.
August 16, 2019, 02:09:47 PM
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.
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.
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.
Banks hold very little cash. If people would do this in any country they would tell them to come back next day after 10 minutes of withdrawals. Money people have in banks exist only as a number on a ledger. What they could really do is to deposit it to an exchange and buy bitcoin. that would make sense. But that will not happen.
What will happen is that world will lose two financial metropolis in few years time and funny is that not because of Bitcoin. Hong Kong and London will both lost its place as a financial metropolis in only few years time .
August 16, 2019, 11:52:41 AM
*Sigh* Zerohedge.
OK, so an activist called for a run on the banks, big deal. I highly doubt the citizens of Hong Kong are going to follow his call to arms, as I don't think it would be in their own best interests. But hey, I could be wrong--I don't really follow politics, much less foreign politics.
OK, so an activist called for a run on the banks, big deal. I highly doubt the citizens of Hong Kong are going to follow his call to arms, as I don't think it would be in their own best interests. But hey, I could be wrong--I don't really follow politics, much less foreign politics.
withdraw all their money and then go to BTC and leverage their wealth, I think that's the best option for them.
You think people would rush out to buy bitcoin even if the average person would know how to? I doubt that. If there's a currency crisis, regardless of what country it happens in, people usually flock to other stable currencies and not cryptocurrency. It might sound like a great idea for a crypto supporter, but it's not reality.Putting a significant part of your saving into BTC is a crazy move, especially if you are a beginner.
Indeed. If I were in the midst of a currency devaluation, hyperinflation, or some other sort of crisis I'd probably turn to Canadian dollars or another stable foreign currency. No way would I convert all my money to bitcoin or anything else with its level of volatility. August 16, 2019, 11:40:02 AM
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.
Putting a significant part of your saving into BTC is a crazy move, especially if you are a beginner. Bitcoin is too volatile and unpredictable, some people will lose their money and will be in a very tough situation. Some people like to cheer when there's a disaster in the world, because they think it's an opportunity for Bitcoin to shine, but reality shows that it doesn't happen on any note-worthy scale, and this time it will be the same - even if a bank run will happen, Bitcoin will not be affected.
August 16, 2019, 09:21:28 AM
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.
China's Central Bank has 3.2 trillion in reserves alone.
With a population of 7 million in HK, they could lend the banks half a million $ for every person.
This bank-run call is like the people in Seattle trying to bankrupt the US by withdrawing cash from an ATM.
A naruto run would be more effective than this bank run.
But, let's see them do it, I mean, what could go wrong when banks shut down and all the money gets locked, there is no way of paying for goods, commerce dies down and you end up like Somalia?
I'm amazed how people come up with plans that involve cutting your leg and throwing it at the enemy.
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.
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.
"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.
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.
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.
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.
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