Insider look at the current banking system

Ucy

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Quote from: Mauser on July 01, 2021, 05:33:59 AM

That is scary, but doesn't come as a surprise. Once banks become too large they are system relevant and can't go bankrupt anymore. If there are financial troubles the government just has to step in and bail out the banksters, we have seen so in the past. And this adverse selection of risks is what makes banks such attractive for many people to work in. It's all about taking large risks to increase your returns. Because if you are right you get a huge bonus and no one knows about it, and if you are wrong it's not your money and the government will step in.

Interesting. I wonder how true the bolded part is. Sounds like gambling to me.
I remember a popular News on BBC over 7years ago about a bank worker(working in a foreign country) or something getting charged or arrested for betting in forex trading with huge amount of investors funds and probably lost alot of money. Seems they allow workers who are abit smart to take alot of financial risk for them, and probably face the consequences alone if something bad happens , like the forex guy who was also threatened with deportation. I wonder if that still happens today.

Mauser

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Activity: 1974

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That is scary, but doesn't come as a surprise. Once banks become too large they are system relevant and can't go bankrupt anymore. If there are financial troubles the government just has to step in and bail out the banksters, we have seen so in the past. And this adverse selection of risks is what makes banks such attractive for many people to work in. It's all about taking large risks to increase your returns. Because if you are right you get a huge bonus and no one knows about it, and if you are wrong it's not your money and the government will step in.

Mickeyb

hero member

Activity: 798

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Move On !!!!!!

Current banking system is terrible. Loaded with bureaucracy, slow decision making and looking just after their asses. I mean they are in the perfect position, they are regulatory authority that makes all of the decisions and they can really steal as much as they want. To get a million in cash for themselves, all they need to do is steal a $1from million of their customers which is nothing through the banking fees, fines etc. I mean I pay 60 Euros if I forget to sign a check before cashing it out. 60 Euros folks, this is outrageous and the list is going on and on.

Bitcoin needs to help stop this nonsense!

maku

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Quote from: pereira4 on July 22, 2015, 09:57:09 AM

All of that will get automated by Bitcoin and it's blockchain, but it will come with a price, you and them will probably go unemployed because the blockchain will be more effective than all of you, but the good news is BTC price will go so high by then that you'll be able retire if you are holding any decent amount.

I would not count on it that much. Banks and financial institutions will find a way to grab your money no matter what - their survival is at stake here.
Blockchain will simplify everything, but I bet Banks will hire even more people to help 'service' this new tech and will require new fees just for that.

coinpr0n

hero member

Activity: 910

Merit: 1000

I constantly hear similar "horror stories" from a friend who works at Western Union. He says they're extremely incompetent when it comes to tech and is why they spend so much time and money having to fight fraud. Throwing money at a problem isn't always the solution but that's all these big and old companies know how to do.

Kakmakr

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Just when I thought it was only in my country. The banks here still use dot-matrix printers! I think they cut corners on IT related stuff, because everything is centralized in their Head Offices. They only need dumb terminals to conect to a central database via a Telnet interface. The old mainframe systems.

This makes sense in a way, because you have less software maintenance. You can basically boot up with a pre-configured OS and App developed to access the mainframe, and you are set to go.
Employees cannot add software with virusses or have the option or the need to access the USB or external ports.

You also do not need to have high spec computers, because these sessions can be done with below entry level computers. It's a huge cost saving for the bank and it reduces the security risks.

HCLivess

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=== NODE IS OK! ==

Quote from: pereira4 on July 22, 2015, 09:57:09 AM

Quote from: HCLivess on July 22, 2015, 07:10:15 AM

So I've been working in a tech company for 4 years now and my experience is horrible. The management is completely incompetent, the documentation is missing - nobody knows what to do when you ask them to do something. We have been also using a software from HP, which is a crystal nightmare. A NIGHTMARE. You cannot possibly imagine how bugged it is. They bought it in 1990s from Mercury Interactive, sacked the dev crew and stuffed it with some amateur programmers from Kolkata.

This could never possibly survive under the free market and in competition. But there is none, guess why? BANKS. Yes, our major contractors are banking and insurance companies, the older the worse. Communication with them is terrible, they can't speak english, they have 10 subcontractors. This is doom.

But guess what? They can print money, they don't need to be successful for that.

Let the cancer puppet show end, Bitcoin, I beg you!

All of that will get automated by Bitcoin and it's blockchain, but it will come with a price, you and them will probably go unemployed because the blockchain will be more effective than all of you, but the good news is BTC price will go so high by then that you'll be able retire if you are holding any decent amount.

Yes, this will inevitably happen. So far there are billions of € floating around for petty mutual services of elites to elites. Please spread BTC quicker so it can all come down earlier. As for me, I quit in 2 months.

pereira4

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Quote from: HCLivess on July 22, 2015, 07:10:15 AM

So I've been working in a tech company for 4 years now and my experience is horrible. The management is completely incompetent, the documentation is missing - nobody knows what to do when you ask them to do something. We have been also using a software from HP, which is a crystal nightmare. A NIGHTMARE. You cannot possibly imagine how bugged it is. They bought it in 1990s from Mercury Interactive, sacked the dev crew and stuffed it with some amateur programmers from Kolkata.

This could never possibly survive under the free market and in competition. But there is none, guess why? BANKS. Yes, our major contractors are banking and insurance companies, the older the worse. Communication with them is terrible, they can't speak english, they have 10 subcontractors. This is doom.

But guess what? They can print money, they don't need to be successful for that.

Let the cancer puppet show end, Bitcoin, I beg you!

All of that will get automated by Bitcoin and it's blockchain, but it will come with a price, you and them will probably go unemployed because the blockchain will be more effective than all of you, but the good news is BTC price will go so high by then that you'll be able retire if you are holding any decent amount.

shorena

copper member

Activity: 1498

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No I dont escrow anymore.

Maybe you should do your part[1]?

[1] http://wlupld3ptjvsgwqw.onion/

HCLivess

legendary

Activity: 2114

Merit: 1090

=== NODE IS OK! ==

So I've been working in a tech company for 4 years now and my experience is horrible. The management is completely incompetent, the documentation is missing - nobody knows what to do when you ask them to do something. We have been also using a software from HP, which is a crystal nightmare. A NIGHTMARE. You cannot possibly imagine how bugged it is. They bought it in 1990s from Mercury Interactive, sacked the dev crew and stuffed it with some amateur programmers from Kolkata.

This could never possibly survive under the free market and in competition. But there is none, guess why? BANKS. Yes, our major contractors are banking and insurance companies, the older the worse. Communication with them is terrible, they can't speak english, they have 10 subcontractors. This is doom.

But guess what? They can print money, they don't need to be successful for that.

Let the cancer puppet show end, Bitcoin, I beg you!

Topic: Insider look at the current banking system (Read 390 times)