It's really a controversial post. Why don't you believe in bank.? Perhaps you faced any negative incident from general banking system.?. But one thing you have to consider that without banking system how we can save or deposit in a secured way.
I think you don't have any answer.?
Topic: You should never trust banks - page 38. (Read 60784 times)
My bank closed my account last year for no reason, and all money in my account was gone. I argued with the bank, even contacted the local government, no use. I contacted all banking lawyers online, and they were all representing the bank, not the customers. The money I lost can buy a new Mercedes. However, banks around the world now are too powerful. They are too big to fail. When you open an account in the United States, and probably also many other countries, you voluntarily give up the rights to sue the bank under their arbitrage clause. Even worse, they define the financial laws and enforce them. They can close your account, freeze and steal your property and evict you from your house. The more money you deposit into your bank account, the more you helped the evil. I'm glad to see Bitcoin is changing all of these. Let banks die!
This is why we all support bitcoin.
I don`t trust banks, but unfortunately they are too powerful and sometimes you don`t have choice and
you need their service.
Bitcoin will change all this.
Bitcoin can never take over bank's place. Bitcoin is a currency whereas banks are institutions. We can argue that bitcoin can become more powerful than fiat but how can we expect it to perform institution functions like bank!! How will capital market work? Banks are too necessary for country's economic development.
that's true banks are already up with their huge empire which is spread over whole world. its still surprises me that many people still now didn't realized about it they where just helping those evil banks with their all properties and those loans. People nowadays can stand against us if they found that we hate banks. Its not that we hate banks in true sense we just love this new monetary system which gives us freedom to do anything
And yet more than 90% of all bitcoin purchases are made by using banking services.
Kind of funny right?
Would bitcoin survive in it's current state without banks? I doubt it.
Just take a look at the price tanking when an exchange has problem with its bank accounts or deposits/withdraws.
Take a look in the other threads where people are cheering a bitcoin bank.
And they have cheered a lot in the past for a few so called "bitcoin banks" and we know how a few of them went... missing
Right on. Bitcoin has value because there is already a robust international banking system. People think Bitcoin steals value from or competes with banks, but it's actually the reverse- the banking system allows Bitcoin to have value. When the next international financial crisis happens, people will flee Bitcoin for safer assets, and the price will crash hard. Nobody is going to run to a more speculative assets when money is disappearing from the international system. That expectation is crazy
I strongly disagree with this point
And you will have a hard time defending it. Since you will have to explain not some obscure theory but harsh reality. I've been always claiming myself that ideas that the banking system (or, more specifically, the US dollar as many here assert) somehow gives Bitcoin value is outright bullshit, but that was mostly all theory. Now we see this theory proved in practice. Namely, the largest Bitcoin exchange, Bitfinex, has issues with USD deposits as well as withdrawals. In fact, you can neither deposit nor withdraw the US dollar altogether. According to your theory, Bitcoin should crash there since it is no longer supported by the US dollar, right? But we somehow see quite a different picture with Bitcoin steadily conquering new ATH's
In fact, today banks are very trusted in the community, even, every day, always come people who save money, or open new accounts. Well, I am also currently still trusting the bank, that it is the best storage place.
My bank closed my account last year for no reason, and all money in my account was gone. I argued with the bank, even contacted the local government, no use. My bank just stated that "Pursuant to the CMA Disclosure and Agreement, 'THE BANK, at its discretion, may elect not to accept an account, terminate the account agreement and the account agreements of any related parties'. Both parties to the agreements have the right to end the relationship at any time and neither is obliged to provide a basis for such a decision to terminate". No single word explaing the termination was given to me. I contacted all banking lawyers online, and they were all representing the bank, not the customers. The money I lost can buy a new Mercedes. However, banks around the world now are too powerful. They are too big to fail. When you open an account in the United States, and probably also many other countries, you voluntarily give up the rights to sue the bank under their arbitrage clause. Even worse, they define the financial laws and enforce them. They can close your account, freeze and steal your property and evict you from your house. The more money you deposit into your bank account, the more you are helping the evil. I'm glad to see Bitcoin is changing all of these. Let banks die!
In today's world, it is difficult for someone to trust, but without banks there is practically no way. Therefore, you do not need to put all your funds there, you need to distribute your money to different cells.
I don't think think your account was closed with no reason along with your money. There are rules and regulations in every bank national or international. If you don't use your account for long time,they will let you know before doing anything. Hope you will get a solution.
Trusting anyone with your money is a bad idea, when you put your money in a bank you must never trust that it will be there you need to always be careful about what you do since banks can easily confiscate your money by just making a few clicks on a screen.
banks will only do that if you are doing an illegal transaction, if not, there is nothing to worry as all banks are govern with the law of the state and if they violate you can already file a complaint against them.
banks has been more established than bitcoin itself , hard to compare both actually. bitcoin just the next generation of money while banks aren't.
The word "never" I think is overrated. I agree with you @EdenHazard as long as you follow the law, nothing to worry. Also just deposit in your account an amount covered by insurance
whenever what happens you will be refunded. Trusting anyone with your money is a bad idea, when you put your money in a bank you must never trust that it will be there you need to always be careful about what you do since banks can easily confiscate your money by just making a few clicks on a screen.
banks will only do that if you are doing an illegal transaction, if not, there is nothing to worry as all banks are govern with the law of the state and if they violate you can already file a complaint against them.
That's a real problem for certain
Some people can't believe that but it happened many times in the past. In fact, it is quite common in underdeveloped countries where the government quite regularly confiscates the savings of their citizens under various covers or right in the open (e.g. by carrying out confiscatory monetary reforms), but it remains true even in respect to (more or less) developed countries. I guess the Cyprus haircut should have disillusioned everyone on this matter
Trusting anyone with your money is a bad idea, when you put your money in a bank you must never trust that it will be there you need to always be careful about what you do since banks can easily confiscate your money by just making a few clicks on a screen.
banks will only do that if you are doing an illegal transaction, if not, there is nothing to worry as all banks are govern with the law of the state and if they violate you can already file a complaint against them.
banks has been more established than bitcoin itself , hard to compare both actually. bitcoin just the next generation of money while banks aren't.
Trusting anyone with your money is a bad idea, when you put your money in a bank you must never trust that it will be there you need to always be careful about what you do since banks can easily confiscate your money by just making a few clicks on a screen.
banks will only do that if you are doing an illegal transaction, if not, there is nothing to worry as all banks are govern with the law of the state and if they violate you can already file a complaint against them.
If bank takes your money it is an illegal so you can file a case on the bank .fees make them your so the return is the safety of the money you save .
Trusting anyone with your money is a bad idea, when you put your money in a bank you must never trust that it will be there you need to always be careful about what you do since banks can easily confiscate your money by just making a few clicks on a screen.
banks will only do that if you are doing an illegal transaction, if not, there is nothing to worry as all banks are govern with the law of the state and if they violate you can already file a complaint against them.
Agree they have big Fees. even for platinum card. funny tough 
That's how banks operates, it is the lifeblood of their business, they live with the fees because they have a biggeroperating expense to pay all the employees and other big expenses just to run the business.
At least you have to trust banks, they are covered by the law and they will in prison if they will violate our right as depositor or users of their services.
Agree they have big Fees. even for platinum card. funny tough
Trusting anyone with your money is a bad idea, when you put your money in a bank you must never trust that it will be there you need to always be careful about what you do since banks can easily confiscate your money by just making a few clicks on a screen.
banks will only do that if you are doing an illegal transaction, if not, there is nothing to worry as all banks are govern with the law of the state and if they violate you can already file a complaint against them.
Hence, they are guided with the rules and regulations that will be issued by the central bank from time to time.
Since birth we are accustomed to trusting the conventional banking world, so there is no reason not to use it, I applaud people who have never saved and used bank services throughout their lives (I do not think there is a human being like this in developed and developing countries). I support if one day the bank adopts P2P system and will automatically accommodate bitcoin as an integrated service center in government.
Trusting anyone with your money is a bad idea, when you put your money in a bank you must never trust that it will be there you need to always be careful about what you do since banks can easily confiscate your money by just making a few clicks on a screen.
banks will only do that if you are doing an illegal transaction, if not, there is nothing to worry as all banks are govern with the law of the state and if they violate you can already file a complaint against them.
Hence, they are guided with the rules and regulations that will be issued by the central bank from time to time.
that's true banks are already up with their huge empire which is spread over whole world. its still surprises me that many people still now didn't realized about it they where just helping those evil banks with their all properties and those loans. People nowadays can stand against us if they found that we hate banks. Its not that we hate banks in true sense we just love this new monetary system which gives us freedom to do anything
And yet more than 90% of all bitcoin purchases are made by using banking services.
Kind of funny right?
Would bitcoin survive in it's current state without banks? I doubt it.
Just take a look at the price tanking when an exchange has problem with its bank accounts or deposits/withdraws.
Take a look in the other threads where people are cheering a bitcoin bank.
And they have cheered a lot in the past for a few so called "bitcoin banks" and we know how a few of them went... missing.
Right on. Bitcoin has value because there is already a robust international banking system. People think Bitcoin steals value from or competes with banks, but it's actually the reverse- the banking system allows Bitcoin to have value. When the next international financial crisis happens, people will flee Bitcoin for safer assets, and the price will crash hard. Nobody is going to run to a more speculative assets when money is disappearing from the international system. That expectation is crazy.
Banks are out to make money, and as long as that is true I will never fully 100% trust a bank in good will.
Trusting anyone with your money is a bad idea, when you put your money in a bank you must never trust that it will be there you need to always be careful about what you do since banks can easily confiscate your money by just making a few clicks on a screen.
banks will only do that if you are doing an illegal transaction, if not, there is nothing to worry as all banks are govern with the law of the state and if they violate you can already file a complaint against them.
Hence, they are guided with the rules and regulations that will be issued by the central bank from time to time.
that's true banks are already up with their huge empire which is spread over whole world. its still surprises me that many people still now didn't realized about it they where just helping those evil banks with their all properties and those loans. People nowadays can stand against us if they found that we hate banks. Its not that we hate banks in true sense we just love this new monetary system which gives us freedom to do anything
And yet more than 90% of all bitcoin purchases are made by using banking services.
Kind of funny right?
Would bitcoin survive in it's current state without banks? I doubt it.
Just take a look at the price tanking when an exchange has problem with its bank accounts or deposits/withdraws.
Take a look in the other threads where people are cheering a bitcoin bank.
And they have cheered a lot in the past for a few so called "bitcoin banks" and we know how a few of them went... missing.
Right on. Bitcoin has value because there is already a robust international banking system. People think Bitcoin steals value from or competes with banks, but it's actually the reverse- the banking system allows Bitcoin to have value. When the next international financial crisis happens, people will flee Bitcoin for safer assets, and the price will crash hard. Nobody is going to run to a more speculative assets when money is disappearing from the international system. That expectation is crazy.
When a bank closes an account, they don't just get to keep the money. That would set up a perverted incentive structure to find as many reasons to close accounts as they can so they can just confiscate any funds in the bank. Allowing such a policy would lead to a lack of confidence in the banks. A bank doesn't have to open an account for you, but they can't steal your money either.
Exactly , first if you going to deposit your money you must check the background and authorized papers of respective bank.second they cant close your account without proper reason and documentation and they should give prior notice.if they dont then you have full right to complain or ask about bank through government.I think here the same rule in the bitcoin/altcoin exchange , I heared once in this forum a exchange freeze the account of the person when he didn't log for some years .
Well here we have the option of the bitcoin where you will never loss or freez or any close of your account , the money in your bitcoin wallet is only your and no one can access and no one can steal and also no one can ban to use , whether there is even any reason exists .
If you deposit your coins in an exchange though, it's no longer in your wallet, it's in the exhange's wallet. So you've essentially given up control of your coins. Unless you're trading actively or otherwise have a reason to kee coins on deposit with an exchange, there's no benefit to doing so. The longer you let someone else control your coins, the greater the possibility something will go wrong and you won't get your coins back.
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