The imminent death of banks. And why I'm moving entirely to Bitcoin.

5년 전

Everyone agrees that the traditional banking industry is dying.

What was once "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money," is now a withered husk.1 It appears that the vampire squid of traditional banking has made a fatal mistake. It stuck its blood funnel into so many aspects of civilisation that it is now feasting on its own body. Like a kidney dialysis machine with its output pipe fed directly back into its input pipe. Soon everything will explode.

Ilustration showing the banking industry and its relationship with society.

Two very recent events strike me as significant in portending the imminent death of what we once knew as banks.

The first is India's public demonstration that its government was able to abolish 86 percent of cash in circulation in the country on a whim. This made something clear to anyone who was uncertain about things: All paper money (fiat currency) is owned by governments; not by the citizens who appear to hold the banknotes.

Suddenly, all over India, the 500 and 1,000 rupee notes were abolished in a process the government called (sarcastically, perhaps) 'demonetization'.

The second interesting event portending the end of traditional banking was the recent freezing of multiple Bitcoin exchanges in China.

As the French philosopher Jean Baudrillard observed in The Agony of Power, "A wall is always suicidal: As soon as communism raised the Berlin Wall, it was virtually lost. It could only crumble in the end like the wall that it erected against itself". In other words, China's constructions of defensive walls against Bitcoin is evidence of the imminent collapse of the thing that is being defended: Fiat currency and The Banks.

These events, both of them instigated by governments under the auspices of preventing 'fraud', are just two examples among hundreds that history will reflect on as the tiny cracks in the dam before it burst. There is now an accelerated understanding growing across our planet. We are beginning to understand that the corrupt financial industries are the life-blood of the corrupt power systems. In short: Money feeds the vampire squid. And the vampire squid feeds the corrupt and 'powerful'.

So, how do we accelerate the vampire squid's death? How do we exit the blood-funnel cycle on a personal level?

On one level, we don't have to exit. The system is exiting us. It's on the edge of total collapse.

But, if we want to accelerate this change, or avoid being dragged down with the squid in its death throes, then first we must recognise that fiat currencies are actually debt-vouchers dispensed by the vampire squid and its masters.

So, we can choose to stop using debt-vouchers with the vampire squid's logo on it.

Slowly, people are beginning to realise that public protest, political debate, and voting systems are all distractions. All relatively hopeless sideshow stalls designed to lead us on a pathway to self-exhaustion. Now, many eyes are turning to probe the true vulnerability of abusive power-structures: Monetary systems.

Many eyes now are looking curiously at the big power-cable that runs from the neon fairground of what we call "Mainstream Media", looping down into the vampire squid's feeding chambers, and then down into the towns and villages. This power cable appears to have a logo printed along its plastic sheath.

Let's take a look at what the logo is. My god, it's the Dollar! And the Pound! And the Euro!

And so, in the spirit of many things I've done this year, I personally can no longer support this vampire squid. I'm leaving the banks and their perverse debt-creation systems.

I claimed to be for gender-equality, the well-being of spaceship Earth, the rights of the disadvantaged, and the welfare of children. But all this time I was pouring fresh fluid into the blood-funnel of the vampire squid. Well, no fucking more. I quit the banks and I'm moving almost entirely into cryptocurrencies like Bitcoin.

I can no longer protest power with one hand while endorsing it with the other.

For me, to use a traditional bank is to support the circulatory system of everything I object to in the world. So, I'm unplugging myself from this horrible machine just before it explodes.

1 Rolling Stone magazine's famous description of Goldman Sachs.

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What a potent title and article following in its steps! thank you for sharing such information as we are in deed living in a crucial time in our human history. Maybe the most prominent part of it being a reestablishment resources toward the people per mean of cryptocurrencies, bankruptcies and the literal rupture of the bank system itself. Earlier the better for everyone's sake.

Though I wouldn't put all my eggs in the same basket in relation to investing, Bitcoins is a very decent bet, especially for the next little while... I wish you sincere good luck with this.

All for one and one for all! Namaste :)


Thanks @eric-bouche

I'm also hopeful that a strategic mass-movement away from traditional banking will cut off the blood supply to the debt-creation industries.

Nice post. Recommend any bitcoin wallets?


copay is a good secure one to use. I just started using myself, still pretty new to the hole crypto currency thing, but all I can do from here is learn!


I would reccomend using Breadwallet for your phone, or electrum for your computer.
Check out this post of mine to learn more about Bitcoin for newcomers:


I agree, although not as "pretty looking" as Jaxx for example, Electrum is a really great wallet in termns of stability, speed and functionality. Once you get used to it, sending and receiving bitcoin using Electrum is a great experience. If you own bitcoin, also check out my guide on how to get free Byteball.


Thanks @riskdebonair

I'm looking to get hold of a Trezor hardware wallet. Or a Keepkey.

Both appear to be sold out at the moment. Another sign that something very intriguing is happening with Bitcoin's popularity...

As for an online wallet. I don't have a particular recommendation.


Exodus is good

What a very gripping analogy and presentation. Well done!

I couldn't agree more that, to the extent we withdraw our support from the existing parasitic system, we can simultaneously hasten its self-destruction.

Thanks for an engaging article. 😄😇😄



Thanks @creatr.

Yes, I feel that exiting a system is sometimes the best form of protest.

I hear you, and thats what Bitcoin was invented for after all, no more smoke screens or black boxes, we can all see if a wallet has funds. And no more magicing money into existence either, a system that is fixed and inflexible, where you know what you have will be tomorrow, as it is today.
The irony of course, is when you tell the un-initiated about crypto-currency, they see it as 'imaginary money from nothing', not realising the 'real' fiat in their pocket is backed by nothing more than mass delusion; a promisary note where the promise is nothing.
I dont want to see the heartache and suffering a banking collapse will cause, I hope for a peaceful transition to real money asap.


Thanks @scalextrix.

You made a really important point that resonated with me:

"I don't want to see the heartache and suffering a banking collapse will cause, I hope for a peaceful transition to real money asap."

This made me realise that I will find little joy in moving to the castle-on-the-hill of Bitcoin to then look down at the flaming towns all around me, the villagers weeping. It's important to me that society as a whole benefits from these technologies, and that the transition is peaceful, for everyone.

Do you think there is some way to avoid a collapse, and to transition the world population to real money?


Well that is quite a question, if I knew the answer I probably would be the most powerful person alive (and I wouldnt be tellin' you, ha ha).
I think for the change to occur nicely, for the average person it has to be almost invisible, by that I mean they dont even notice they are receiving and spending a new kind of money. No-one is threatened by Air Miles or supermarket loyalty cards and I guess crypto needs to be just like that, slowly expanding into more facets of life until fiat just becomes like your cheque book; you have some blank cheques in a drawer, but you cant remember the last time you wanted to use them.
Of course fiat has to allow that kind of transition to occur, but provided the majority of people prefer dealing in crypto, I think it will gain acceptance for governments. UK government are already experimenting with providing benefits payments on the block-chain.
Clearly there will be winners and losers as there always are, but provided we make sure the majority are winners not just the 1% then I think it will be OK.
I especially like projects that get 3rd world people involved, people who traditionally couldnt have bank accounts. Im a bit involved in Solarcoin and some of the projects are trying to install solar power to off grid villages, the people there can then get electric rather than using dangrous kerosene, save money and earn Solarcoin.
Crypto is decentralized, lets make it reach the edges.

UPvoted, rEsteemed and followed. Great points! I did the same about 2 years back. It wasn't easy, which is exactly why I did it!


Thanks @frankbacon

I'm glad to hear others have made the same journey :)

Awesome post @matrjoschka!!! Upvoted, followed, and resteemed.

There's no panacea, no magic pill, no absolute remedy


Thanks @valiozzi.

Yes, the system is complex and multi-faceted. I tried focusing on psychological rehabilitation of people for a while, but now, I feel like I'm wondering if other, less direct, methods of bettering society are as effective. Whether through architecture, food, or transition to cryptocurrencies. It seems like there are many ways to improve our situation on the planet, and not all of them are obvious.

A wizard of knowledge and truth! Upvoted followed and resteemed!!!


Thank you @riosparada.
Glad you enjoyed reading.

Growing up in liberal San Francisco, in hindsight I can see that the Left has never understood (or cared) that one needs to focus on the roots of money creation its flows if one is to truly drain the swamp. Once the ultra-multi-disciplinary nature of Bitcoin opened my eyes to so many things, I left the Left behind. I'm not sure what our civilization needs to truly thrive, but I'm willing to bet it will be mathematical, trustless, and open.


Thanks for your interesting thoughts, @the-ivor.

I have been thinking more and more about how currency, and the systems that control it, shape our world. I have a lot of hope in Bitcoin. I wonder how much more effective it might be if political protestors focused their energy on advocating Bitcoin –– ie, instead of shouting at the robots's angry face, simply unplugging it from the wall.

It's just an idea, but if fiat currency is the 'robot's' blood-supply, then maybe exiting fiat currency is the most politically dramatic step a person can take away from a current world system they disagree with.

Real interesting take here 🙂


Thanks for reading @personz :)

The core banking families who own and/or control the issuing of fiat and have practiced the fraud of fractional reserve banking repeatedly throughout the history of civilizations probably know at least as much about their business as you do, wouldn't you think?

They assuredly know that their nefarious practices are parasitic upon the host civilization and cause its destruction. They have, in the past, abandoned a dying civilization in its death throes and moved on to a younger and vibrant new area, still free of their machinations, to begin again their parasitic extraction of wealth and vitality. Babylon to Athens to Rome to Venice to Amsterdam to London and to the whole world.

What is different this time is that the money power is world wide, and the world civilization will collapse almost simultaneously everywhere because everyone has succumbed to fiat fraud as voters and rulers opted for what they thought were "free lunches".

But the banking elites most assuredly know this.

So we should now be looking for evidence (some of which has already been supplied by Catherine Austin Fitts) of the breakaway civilization which they have empowered with the wealth extracted from the whole world. There are trillions of dollars unaccounted for from the Pentagon budget alone in the past few years.

Be looking for ways to co-opt their plans of escape as they attempt to abandon the rest of humanity to suffer through the staggering debt loads and the economic collapse of fiat.

Or find yourself your own safe place and watch it all unfold from a comfortable distance :-)


Thanks for this @onceuponatime.

I agree that the debt-creation industries are parasitic. I think a complex psychology lies underneath the actions of the banking elites, and they would, secretly, like to be re-connected with humanity's common goals. They are just very lost. Being 'in power' is a desperate and vulnerable position stemming from fear.

I'm interested in the plans of escape you mentioned. Do you think there's a way to smooth a gentle transition from fiat to cryptocurrencies for the world population, or do you think there will inevitably be another crash?