Topic: I, Guru is aware of bank and fiat evil and use BTC where alternative is possible (Read 198 times)

Banks are controlled by their top personnels, they are not many others only follow. This is not the cause of the excesses of banks, the more hands in bank is division of labour and only a few set what to do. The few powerful of them could be dangerous and make decisions as they like. This decision may favour you or not they don't care, all they care about is their money, plenty of it must be made yearly.

You got it, banks don't care and your money is not safe with them. I had a failed POS transaction but was debitted. Since January, they claim they do not know where the money is. It's likely they want to steal my money, it can't be new to them. Bitcoin will never do this.

I didn't bash bank unjustly, they are not clean of what I claimed. For them to have stayed long doesn't give them the right not to be transparent and give such services that will make us appreciate them. Their internal politics is too much and I don't expect anyone to support their schemes.

The more you think about it the dumber it becomes.

Joe deposits money in the bank, the bank lends it to a company, the company goes bankrupt, bank is out of money.
The bank realizes it's in trouble because Joe sees his balance but doesn't really have it, but the bank has some time before Joe comes to withdraw, so it asks the government for help and the government issues bonds.
Joe sees bonds as an investment opportunity so he buys them using the bank balance he doesn't have, but the government agrees to take bank's word for it and gives bonds to Joe.
This way bank sells liability to the government and the government buys time by selling 10 year bonds. Maybe Joe dies in an accident in 10 years and the debt disappears?

Joe is happy, he thinks he'll get more money in 10 years, the government is happy because in 10 years someone else will be in charge, bank is happy because it lost Joe's money and nothing happened.

You have chosen the best option my friend. With Bitcoin no one will ask you to pay for maintenance and other fees. You're the boss and you can decide when and where to spend your bitcoins. I agree that in current economy structure we are highly dependent on the banking system but in future Bitcoin and other cryptocurrencies will definitely be the option for all payments.

You should stick to Bitcoin, it's in fact far better option when available, and soon it's going to be available as a payment option in many sectors. That's our firm belief and trust that one day Bitcoin and other valuable cryptocurrencies will take over the fiat or at least work as secondary payment option along the fiat.

That's how the banking system works, it makes no sense to me. In my country, banks here only need to deposit 10% of the amount deposited by the public to the central bank, and the rest they can use freely. Very funny.

That is, if they are not fractionally reserved and as long as they can stave off a (periodic) bank run.

I have been reading many posts bashing the banking services due to its high fees and slowness and blah blah blah. I too am a Bitcoin enthusiast but that does mean I will be complaining about a century-old system deeply rooted in our society. Also, it seems that the banking sector needs an overhaul in many countries including some developed ones. let me present the current banking scenario in my country,

• I can send and receive money free of cost through the banking channel in my country. In some cases, I pay transaction fees of 0.085 USD. Transactions can be done 24/7. No downtime.
• I can just carry my smartphone and pay for anything by just scanning a QR code. Free of cost. Nothing is charged either at the sender's end or the receiver's end. I can do it in high shopping malls and also with street vendors.
• I don't need to carry a debit card if I need to withdraw money from my banking account through an ATM. A smartphone is more than enough.
• I do not need to visit my bank branch anymore. Anything and everything related to banking can be done through a smartphone and through video calling the banking associates

The only downside here is, everything is regulated by the government. The debate here should progress towards that angle only. Banking services are exceeding expectations and no crypto can beat that. It's the financial privacy where nothing can beat Bitcoin. That's the truth!

You are right mate, it is also annoying that when a transaction is done and the receiver didn't receive the money,they will waste your time and make you feel like a fool to them,all in the disguise of keeping your money safe for you. I have come to realize that these banks takes us a their slaves in the sense that,you work hard to earn your funds,because the banks and government have made us to believe in fiat and the banks for safety of funds. We all run to keep our money save with them,and they use the money to generate profits for themselves without considering the  owner of the money. Looking at the mess the government and banks has done to its citizens through fiat currency, bitcoin has come to end the slavery entrapment of banks and government to citizens.

Indeed, I love the way you poured out your mind mate, we have dwelled in the mountain called fiat for so long, it is time to move forward, and bitcoin is our way forward.
Bitcoin is financial freedom, financial freedom is not all about making money and becoming rich, financial freedom also means, being in charge of your finances, having your money in your custody without any third party interference, being able to send money to who ever and where ever pleases one without being forced to fill out some documents, pay huge fees, at the same time, wait for days or weeks before the money finally arrive where it's sent.. With bitcoin, all of this are now in the past, we are truly free to do with our finances, as it pleases us.

We hear you oh GURU,  the banking system has been an entrapment to many people around the world and the invention of bitcoin is starting to make that more clearer everyday, before now people actually worshiped bank as their messiah that saves all their funds, holding it from arm robbers and so many other obstacles but nowadays the banks itself are those robbers because the bank can position your own money in a way that you will have no choice but to succum to their overrated charges and rules. But thank God for bitcoin we now have an alternative option to this financial issue.

You are right friend, think that many have not understood how Bitcoin works and will never understand it. Banks enslave people through their loans and lies and I'd be curious to know how they will repay all those debts they have, because maybe not everyone can know but the loans are all money which at the moment are hypothetical, I really have a lot of hope in bitcoins.

That's the definition of fractional reserve banking.

Banks weren't good or bad. They used to be a tool, a means to an end. The idea was good because it allowed people to loan money from an institution that should be unbiased. Before banks, you had to go to someone rich, like a lord and borrow from him, but that lord wouldn't have uniform rules. If he knew you had a beautiful daughter, he could demand her in return for the money. If he didn't like you, he could deny you the loan, and so on. So banks were an improvement. Unfortunately, they became more and more corrupt and now they fake statements, lend money they don't have,. hide the fact they're heavily in debt, they also trade on the stock market using money of their clients, they trade in debt, buying and selling debt of other banks, they run repo businesses...
We should somehow reset the banking system and go back to what it used to be 100 years ago.

I think it's getting clearer the more we advance in technology, basically in a digitalized economy. I myself have always seen bank as the major fraudster (threat) who keeps enriching themselves with our hard earned money and give us peanut as the interest rate equivalent to ~5 to 10 percentage of every of our total asset or amount in our bank account, this same bank or government charges 1 percent for every single deposit and 0.9 percentage for service charge includes: sms charge, mail charge and monthly statement of account charge.

And also about 3$ for ATM card collection which in every 3 to 4 years after expiration, to sum it up we have 0 interest left at the ending of the month or year yet, we still go back to borrow money in bank same people who used our money for loan will still use your money and loan back to you with interest, and must be with a collateral otherwise the loan will be denied.
So for this reason I hardly store a reasonable amount in bank all less for immediate conversion of USD to my local currency for immediate usage otherwise I would be that last man to store my money in the bank due to their none being transparent enough.

Most government are killing the banking system in their country by frustrating the citizens, they also find ways to make bitcoin transaction very difficult.

I will give an instance -
Nigeria is currently suffering from the cashless policy that was introduced few months back, and local banks in the country don't accept bitcoin transactions which has made life of citizens hard.

Bank transfer don't even work, most people bank transactions take 1 to 2 months to reflect, some money are not even reversed. So i think Bitcoin has come to save man from the hands of bad government.

The bank acts badly simply because it is controlled by too many hands. There is a diversion of funds, people who do not return their money, bad investments and a etcetera of problems.
The paradox is that knowing all these problems, the majority continue to invest in those places.
Big governments use a large part of the collection to inject them so that they do not go bankrupt. Why does a bank go bankrupt? - Because a bank is an example of doing things wrong.

At this point I do not limit myself to talking about only banks. I dimension a problem in society: ease, mediocrity.
The problem of poverty and misinformation is terrifying, that's why btc is not popular.
The banks are shit, the government with its taxes is shit.

I have been waiting to discuss something like this.

The government keeps taking advantage of us by creating an atmosphere where we do what they say.
Thank goodness for platforms like Bitcoin that has elevated so many people out of poverty. Bitcoin has now made people take control over their own asset.

Some Banks limit average citizens with the amount of withdrawer, while the rich can gain access to massive amount, but with bitcoin coming into the picture, every man can easily and accessibly get their asset.

Inclusion, there are still some greedy government that are not ready to make Bitcoin a legal tender asset, but poor citizens will find way to access Bitcoin and make it out of poverty.

nice one bro, like you definitely nailed it. banks actually works with a fractional reserve system, that means they only keep a fraction of all the money deposited by their customers in the banks and loans out the rest to companies who then returns interest for them.

   This is possible because they have  records on how much would be withdrawn by the total number of customers they have using historical data and with this,  we know that not all customer will withdraw at the same time interval.
    
   nevertheless, if this happens, they have access to variety of tools, such as borrowing money for the central banks to quickly raise funds incase of unexpected withdrawals. but definitely, the banking system cannot change and will continue like this even though Bitcoin becomes a legal tender all over the world.

If you're familiar with Bitcoin and other cryptocurrencies, it may not make sense to keep a large sum of money in a bank account. Banks are becoming increasingly problematic, and it's frustrating to face numerous questions when attempting to withdraw funds. It's a helpless feeling to have someone else control your finances. Despite the high volatility of cryptocurrencies, people still use banks because it's not easy to transition to a fiat-free ecosystem for Bitcoin users. It will likely take more time for the banking system to adapt to the needs of cryptocurrency users.

This is my first post here but pardon me if I am so blunt, that is so me. The love I have for BTC made me open this account and I wouldn't consider bank an option if I had my way, it's a cheating business where one's money is under custody of those that can use it as they like without saying Thank You.

I'm happy a bitcoin forum like this is available, it will help me pour my mind once in a while and show my appreciation where BTC has helped me.

I got to realise that people are just in the dark, the government, politicians and banks are like cult running a scheme they labelled bank. Banking bsuiness is planned on cheating people and they said to believe is the place where money is safely kept and vital to countries economy. I also agree. But can it also explains why they will mismanage funds and the government will quickly come to their aid? They launder money for politicians for both benefits and use an unexplainable scheme to perpetrate their operations.

But bitcoin is not like that, it is fair, decentralized, plain and give you control of what you own. I love it.

It drives me crazy when it rings in my head that my deposits waste in banks as they give me a little interest after using 90% of my deposit for business. More curiosity is when I thought about Mr A, Mr B and Mr C depositing a total of $250,000 and their account balances are showing Mr A=$75,000, Mr B=$150,000 and Mr C=$25,000 but the bank still loan John Smith company the $225,000 from the deposit of those men even when the three depositors still have acess to their money at any time. The banks will do a mere paper work and create figures in favor of John Smith company. Now, the company has access to the money of Mr A, B and C just as the three men also have access to their money. How do they do this?

You keep your money with them, they charge you for maintainance and other unexplainable fees, they loan your money out without your permission and they still charge you high when you withdraw or transfer electronically. It drives me insane.

No one can do without bank and fiat due to the way it has been structured with the economy but anywhere bitcoin can work in place of them without putting myself at risk, I will defintely stick to it.

-Just pouring out my mind, hope is not too loud?-