Topic: It's Time To Get Painfully Honest: Banks Are Evil - page 2. (Read 4046 times)

It is hard for me to agree with you, even if not impossible.

Banks all over the world are exploiting both their customers, and the financial law.
I never could grasp the idea of why banks can borrow the money to someone else if they dont own it?

It is not logical at all, giving credits should be allowed only if the bank really has the money, not only numbers right?

That is why we should never let the financial system to create companies where you can deposit the money, but in case of all customers would try to get their money, bank would simply go bankrupt.

We should stop government help for banks, it is not fair at all to the rest of the community.

basically, its purely business. banks have their own standard operating procedures and internal control to follow. banks are established to earn profit not to.help people. with the current existing market interest rates, lenders dont have a choice but to.pay the interest to the banks.

tell that to the folks in cyprus.

https://en.wikipedia.org/wiki/2012%E2%80%9313_Cypriot_financial_crisis

I think not all banks are evil. Only the top 10 or 12 banks because this banks don't care about ethics and doing financial tactics such credit default swaps, slapping high interest if you are late in your payment and other strategy to milk this customers. A few years ago, I read that a bank has allegedly used tactics to lead homeowners into foreclosures and denied eligible homeowners for loan modifications to even lied to them about the status of their payments.

banks are not really evil, the bank makes storage safe money, the bank also provides transaction services, fast course with a fee, this is almost the same with bitcoin, bitcoin has blockchain as general ledger transactions and finance that can be accessed, and the transaction fee with bitcoin for miner blok , this scheme is called desentrilisasi. I think banks are not really evil, but also many private banks that assist crime.

I partly agree with your statement. What really happens in a bank is that you don't actually deposit here. Your relationship with the bank is that of a lender and borrower. The bank being the borrower and you the lender. They owe you that money and they have the obligation to pay it back to you.

When you deposit money in the bank, it does not become the bank's money. You retain ownership and the bank must return it to you on demand. Having custody of something is not the same as owning it. The bank has custody of your money, they do not own it.

How can someone or something not be evil but been able to do evil things? If banks do evil things then by definition they are evil, it is not any surprise that most people hate banks since they keep taking decisions that benefit only themselves and no one else.

I will agree that banks are evil in as much as they have serve as a tool to drive development, they are also the ones that have made sure businesses dont survive by even disrupting the social system with killing interest rates that will make the business continue to struggle whereas the bank will live fat and their owners. When it comes to individual they just make sure its too difficult to obtain loan. In short they have caused more harm than good.

Yes, AXA has a big share in blockstream, and blockstream s actively stalling bitcoin development.   

You can see with your own eyes the result of blockstreams stalling tactics and how they tear the community apart.

bank are worse than those scammers that make altcoin each day in altcoin section, at least those have these new altcoin that propose something which can be good or bad, but bank just scam you money and you don't even know that they are scamming you, on crypto you are perfectly aware of your money, i think this is why many people are choosing crypto over bank

The root of this is fractional reserve lending. It caused goldsmiths to go bankrupt, and banks today can face the same fate too.
It is not the bank as an institution, but its practices which have made its business risky.

true root of understanding of the bank, but the bank began to shift into a means of financial  the transaction, bank converted into a commercial and take payments market,example, house payments, loans, electricity and payments balances telephone with a fee. Bank bookkeeping system is a example for technology blockchain this applied in bitcoin . fee for payment at a bank is profits bank, while the fee transaction bitcoin, used to pay miners working bitcoin for mining block, nakamato satoshi apply decentralization economy for proyek bitcoin, users may have access blockchain , management self and get a fee if the conduct of mining blocks.

This is very true.  What is the fundamental purpose of banking, and how did banks get started?

One major purpose was to protect you from theft.  Thieves could steal your gold and silver, but they could never change the information that you had this much money in an account.  Goldsmith banks were born because goldsmiths knew how to protect precious metals, and used that expertise to offer to safeguard people's money.

Of course, once banks got hold of your money, they had the incentives to commit a wholly different kind of theft, in the next few centuries!

Since Bitcoin runs a distributed software protocol to maintain account information, it replaces this major function of banks.

(Although, we have to admit, Bitcoin doesn't address another key function of banks, i.e. to match savers with investments, although it does help make capital markets fundamentally healthier, if it ever manages to take the power of money creation from central banks and governments.)

I guess there's always two side on a story. But me personally, I don't have any negative experience with the banking system. I have deal with multiple banks and its always smooth. From credit cards to personal loans, banks have always been a positive thing for me. Of course, sometimes you wonder for the fees and interest you have incurred and pay to the them. But for me, its your duty and obligation to settle it and have a good financial record in the banking industry.

Regardless of the quoted article* in the first post, all I can say is don't generalize bank as evil one. Believe me, it would be a downfall to the economy if all banks will be gone. What do you think of the solution? It's a shit if you think bitcoin or any other cryptocurrency can replaced what banks can do. People are just unlucky that they goes to the banks that turns into the shit.

I have been in the banking industry for years that's why I've witnessed how helpful banks is. Compare to their past performance, today have been upgraded and giving much comfortable ways to it's clients and merchants. Not just that, banking industry is so big here that makes employment rate blooms for up to 70%. Imagine that numbers? Aside from that, employees are getting a quarterly decent bonus + benefits + allowances + holiday pays for up to 300% + Sunday works aside from their decent monthly income.

About services, there are banks here that offers a low interest (don't expect for no interest as any services, even a bitcoin related company will have a interest) and electronic banking (just like bitcoin) that works anytime. With thousands of ATM's stationed here, it can save us even when there is no internet connection.

Don't just be blinded that banks are evil just because some of their branches turned into fraud. Open for wild comments.

I just finished some reading materials last month and I realized that banking system is not really focused in giving services but rather making profit. As long as it guarantees them huge income they need to create more services and offer it to the public. That is why that banks are called evil since their intention is no longer customer oriented but profit oriented.

I know how they try to make money. They milk as much money as possible from their customers by introducing not-really necessary services and life insurance. They try to attract you with their promos. I just opened my account last week.  To be safe, I only open an account on top banks renowned worldwide.

And what responsibility to do people have to make sure they aren't using money foolishly? Borrowing too much money? Spending beyond their means.

By your logic any company that sells something could potentially be misused or abused is evil.



Which colleges/universities? Trump University?

Banks aren't evil by themselves.
What is really the root of evil here isn't money. It is fractional reserve.

When you deposit $1 into the bank, guess what happens to the money?
1. The bank takes out 90% of that money.
2. The bank lends it to someone else that you don't even know about.
3. The bank charges them like 4% interest for that loan, and only gives you 1 or 2%.
4. That person goes and buys a house, driving the house bubble even more upwards.
5. You decide that you want to own a house as well.
6. You go to the auction and win. Guess what, you have successfully purchased a house that was purchased with the money you loaned to the bank in the first place!!!

And this is why houses are so damn expensive these days.
But all bubbles will burst, and when it bursts all people who have invested their life savings into housing will be crying.

That's why you don't have fractional reserve, and switch to bitcoin.