Topic: You should never trust banks - page 30. (Read 60784 times)

My own father is old and he from birth never keep money in the bank. Although today everyone is using and needing a bank
But my father proves that he can live and do transactions without the bank. I myself can not do that lol

Exactly, this is how bitcoin make advantage with bank transaction fastest and secure system of bitcoin. But i cannot deny the fact that bank is really needed by the whole world because that is the way of government know how much money circulates in one country. In the current situation one cannot think on how the country will run with banks but in future i know there will be only bitcoins and no banks.

We all did not get a decent return in putting our money in the bank, our only interest is just to make our money safe as most banks have an insurance policy when you entrusted your money to them. I have a different way of making money and that is by investing, not in a single moment I think bank interest income is worth for my money, what I can earn in a year can be achieve in day in trading.

If you are not getting any decent returns on interest, why keep excess funds in the bank??? 

The government will bail out and buttress most foundational businesses, including banks and keep them afloat in almost any situation, for the purpose of maintaining the appearance to the public that everything is ok and will be ok.  This is fine and it keeps panic selling and panic financial behavior down while giving people the confidence to buy and sell with ease.

The government decided a while back that stability was less important than public confidence.  This is something that can actually protect most consumers for a while

Yes I am agree with you without any reason bank can't close our account. To me I think he was transfer in high amount of money in your account due to this bank was closed your account. So in next time he have a lot money you need to save in bitcoin because bitcoin is also a bank your money will be very secure and also increasing in its amount.

you should read the terms with the bank before trusting them with your money. im sure the reason for closing your account is there and also they will send notice before closing any account if they are legal.

I trust in bank to some extent, because even private banks were under the control of the government. Their service might make people feel bad about it, but in reality the country and the money management would have been highly risky if banks were not there.

Not all the times, the banks are trustworthy because there is some banks that will freeze your account even they don't have valid reason and they just think suspiciously about your bank because for an example, you have a lot of money and they think that it is from illegal activities so they will just freeze your account without seeking for your permission and that is why i never trust banks.

Unless the bank you choose is an aborted bank that is not protected by the government. I'm sure government-owned or under government banks will not commit fraud such as freezing accounts or closing accounts for their benefit. Banks are still as trustworthy as ever

Exactly bank will not closed your account without any balid reason. Maybe you did something wrong in your account. Not just because your bank got closed banks is not trusted now.

Thats true, without the bank you can not do the transaction quickly and instantly. Without a bank you can only do traditional transactions that may take a long time to several days. Even bitcoin still depend on the bank? There is no reason to hate the bank

Indeed bank does not give us extra income like bitcoin but the bank can guarantee your money is safe, that's the reason why people still believe put their money in the bank. I agree bitcoin has the ability to fight the bank but we still need time for it to happen.

It is not me who should address anything (in the first place)

It is you who said that "Bitcoin has value because there is already a robust international banking system" (as can be seen above). This is what I disagree with and which I made clear in my reply. Now you flip-flop and start claiming that "when the next international financial crisis happens..." and so on. I don't think you can jump from your first claim to the other as easily as you do (since this is not what my point is about). For example, it is like claiming that stocks derive their value from fiat (while it should be clear that their value comes from the success of the companies behind these stocks) and then proceeding to claim that when a crisis happens, the stocks will plummet. They will certainly do (and Bitcoin will likely crash too), but this, first, doesn't in the least prove that their value all of a sudden depends on "a robust international banking system" (at least, not in any meaningful degree). Second, fiat itself will likely get heavily wasted in such circumstances (in terms of its purchasing power) with the "international banking system" disintegrating (in the extreme case). And, finally, this is not what I challenge. Anyway, stocks had existed long before there was any international banking system (or just banking system, for that matter), so there is no reason to claim that "Bitcoin has value because there is already a robust international banking system". This is what you should prove, not that Bitcoin will crash in case of an economic meltdown. Hope this helps

Yes mate, I won't argrue with your idea about banking and as per observations I did; bank is 100% secure due to it's security compliance. The evidence is not concrete from those who speculates and I think they're not certain with their thought of not trusting banks, despite of lots of investors who entrusted their wealth in  banking deposits. For me that's a good evidence to prove how secure bank is, and to those who are negative about it; then it's the time to change your own visions about bank and start to build good trust on banking.

I see your point, any bank is secure at 100%, but it seems like you were playing with fire somehow. If you have evidence you should have won.

Well of course, nobody with money is going to lend it to you out of the goodness of their own heart. Lending involves risk that you won't pay them back, and they can reduce this risk by demanding collateral.  Interest is the "penalty" you pay for consuming something in the present you don't have the money to consume. Houses are expensive, so it's common for people to use loans to purchase them. For anything else, you ought to consider if paying interest to consume it now is a better option than waiting until you have the money to afford it.

You didn't address anything of substance. You simply continued on without addressing the fact that you are claiming that trouble at bitfinex should tank bitcoin under my theory, which flat out isn't close to what I wrote. I said specifically, "when the next international financial crisis happens, people will flee bitcoin for safer assets, and the price will crash hard." You responded with 'but bitfiniex and price appreciation.'  So would you like to continue propagating the delusion that bitfinex constitutes a global financial crisis so you can try to conclude me theory to be inaccurate, or would you like to let a little more reality color your views?

you are right now many people trust on bitcoin more than banks because banks can be hack and can suffer robbing any time but bitcoin has safe and secure wallets to be use for it. bitcoin is common and well used term it is now more famous than banks and draws.