WHY TOMORROW IS SO EXCITING AND SCARY? AND SO IMPORTANT FOR CRYPTO?

5개월 전
1234.jpgI'm sure many of you follow the news coming from France, where for the past several weeks the so called ...

INTRODUCTION

line2.png

... "yellow vests" are protesting against their ruling party. I found those events very fascinating and important but at the same time I'm staying away from making any judgements or sharing my own opinion.

Generally I'm doing my best not to talk or write about politics, religion and migration as I see those topic as very sensitive. And this is not going to be a political post and my wish is to avoid publishing any sensitive comments in our discussion today.

What I would like to focus on is quite straight forward: how events that are currently unfolding in france can affect the global financial system and attract more interests of regular people towards crypto?

TOMORROW A NEW ERA BEGINS

line2.png

Personally, Im highly impressed with the level of creativity of all those communities in france, which are involved in the yellow vest protest.

The new idea shocked me as something so very simple and yet ... noone ever thought about it.

Please allow me to quote www.rt.com:

Yellow Vest protesters are hoping to trigger a bank run with a nationwide coordinated cash withdrawal. By threatening the French financial system, protesters say, they want to peacefully force the government to pass their reforms.

I hope I'm not acting like an excited teenager, but I do believe that this movement and this particular action is able open "doors" which we never tried to open before. That can put tremendous amount of pressure which may result with heavy financial consequences. And my question is: who would pay all those consequences at the end of this turmoil?

WHAT MAY HAPPEN NEXT?

line2.png

So what may happen tomorrow? In simple words: banks do not have enough reserves to provide customers enough with money when many people are trying to withdraw at the same time. They may introduce limits and find ways to deal with the problem, but that would most likely escalate the current tension to another level. And could potentially bring the french banking system to it's knees. Or perhaps Im wrong and we should also consider different scenarios?

I'm wondering what are the possible consequences for everyone involved. General population, current goverment and french banks. And can in your opinion this turmoil affect the EURO currency? I would love to know what you guys think.

HOW CAN THIS AFFECT CRYPTO?

line2.png

Perhaps Im too optimistic, but I do believe that this event will benefit crypto greately. Not with the huge amount of people moving their wealth from traditional banking system to crypto. That will most likely not happen right away.

I forsee that more people will start being aware of the current financial problems and threats. Micro and macro scale. And we need it in order to bring mass adoption to masses. We need them the be willing to look for alternatives and learn about their options.

SHARE YOUR VIEW WITH ME

line2.png

I wonder how many of you do follow those protests and can remotely predict how things can play out tomorrow.

And guys, PLEASE REMEMBER: no direct political comments. Im sure we all don't want some of our opinions to be on blockchain forever. Completly public. So share with me your opinion on mentioned issue with that in mind.

Link to full article: https://www.rt.com/news/448426-yellow-vests-financial-bank-protest/

Yours
Piotr

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
STEEMKR.COM IS SPONSORED BY
ADVERTISEMENT
Sort Order:  trending

The way that I see this whole financial problems this world been having for eons is. to not panic.always try to be wise with your resources.spend, save and invest wisely.and never put all of your eggs in one basket.this way of living will give you no need to ever panic.
i don’t really trust banks.its there business to make money.given people the illusion that they have your best interest when they really don’t. Knowledge Is power. Educate Yourself when it comes to important matters such as money.then there would be no cause for panic.money is a very powerful tool.and it should be treated as such.
(I hope you all can understand me?)I often have to ask that question)😊
Athena

·

I'm afraid we need centralisation and power structures and borders and limits. However... public crypto blockchains can be for the individual, for liberty and help create a balance where structures fail.
Do we want the Yellow Vests to succeed? No. France needs to adapt to climate change, but it's painful.

·
·

Great comment @ade-greenwise

Indeed we do need some aspects of our life to be centralized. Decentralization is not a solution for all our problems.

Cheers
Piotr

·

you are wise and I agree with you and that is my motto. diversify and be smart. so why is everyone running around like chicken little thinking the sky is going to fall.

·
·

People act in that manner do to lack of knowledge .

·

Thank you for this genuine and amazing comment @originalathena

Loved it!

·
·

Your welcome. Thank you for the kind words @crypto.piotr 😊

·

You got a 25.11% upvote from @brupvoter courtesy of @originalathena!

·
·

Thank you 😊

Thats an ordinary situation for any financial system. In such case central bank usually buy extra commercial bank bond on its balance sheet providing needed liquidity. Also it could suspend some of its own normatives and restrictions.

Bank run is a known danger, everyone knows how to fight it.8

Posted using Partiko Android

·

I dont think we ever had a chance to get to know each other. Great comment @cryptoheroes

Bank run is a known danger, everyone knows how to fight it

How? I guess Im not everyone as I really dont know how to fight with bank runs (limiting withdrawal is not a solution as it will only give more ammo to protesters).

I was also wondering how come banks seem to struggle financially quite often as well and goverments had to rescue many of them already in the past.

It seem that most people (including majority of yellow vests) believe that they are getting poorer and banks are only getting richer.

But if reality is that we're having less money (or our money has less power) and also banks struggle with lack of resources, then ... WTF. Then something is really wrong with this system.

I don't get it. Because it does look like entire world wealth does not exist really. Everyone has debts and banks also struggle. Insane.

Cheers

·
·

How? I guess Im not everyone as I really dont know how to fight with bank runs (limiting withdrawal is not a solution as it will only give more ammo to protesters).

How banks work essentially.

There are banks and there is a central banks which surpervises them.Lets assume that CB only need to preserve mandatory reserve ratio. Imagine you put 1000 usd at deposit ant mandatory reserve ratio is 10%, so the bank needs to put 100$ to a special account in CB and could issue credits on the rest. The deposits come and go and credits come and go and what a bank must preserve is that his reserves in CB be no less than 10% of his credits. Okay.

Now yellow wests come and start to massively withdraw their funds from a bank, so that bank is dangerously closing to 10% treshold. What next?

I see 2 options for a commercial bank.

  1. Call to CB: «Guys, we have a problem here. These yellow wests make us close to 10% mandatory reserve ratio. Could we pause these ratio restrictions for a while please?» And CB answers Yes, just because he doesn’t want problem to emerge.
  2. Same as first, but CB answers «No. But if you issue short-term bonds for recharging your capital balance, we will buy them.» A little paperwork and problem is solved.

So there is no real problem here for a bank.

·
·
·

Dear @cryptoheroes

Thank you for your amazing comment. I appreciate your time and effort.

So there is no real problem here for a bank.

Thank you for sharing your knowledge with me. I wonder if it will all really play out the way you said. I think that current events will not bring any bank down, but as result most of those banks will lose their money flow.

And having difficulties with money flow = very difficult time for company. So it is sort of a big problem as well.

ps.
I was just wondering lately, why you didn't ever post anything on Steemit. Your comments are very mature and valuable, and yet you're not publishing any of your own work? Unique.

Yours
Piotr

@crypto.piotr has set 5.000 STEEM bounty on this post!
logo_for-light-bg_1000.png

Bounties are a new way you can earn rewards irrespective of you Steem Power. Go here to learn how bounties work.

Earn the bounty by commenting what you think the bounty creator wants to know from you.

Find more bounties here and become a bounty hunter.

Happy Rewards Hunting!

·

Congratulations to the following winner(s) of the bounty!

·
·

Thanks to all that participates.
Let us keep the steem blockchain hot and rolling!

Posted using Partiko iOS

People fear change. It is always much easier to just accept things as they are. Thanks for the heads up. I will be watching tomorrow with great interest. Hoping for the best for the French people.

·

Thank you for your comment @clayrawlings

Have a great upcoming weekend
Piotr

Creating a non profit bank is a great idea, but for making it a reality a vast starting capital is required. So how can the yellow vest protesters collect that amount of money? Unfortunately I think crowfunding would not be enough.

·

Thank you for being so responsive and for your kind comment @ropaga

Creating a non profit bank is a great idea, but for making it a reality a vast starting capital is required.

That is interesting and unique idea. Just wonder how if it would be even possible?

Yours
Piotr

·
·

The idea of non-profit bank is not new. However, most of the non-profit banks were created by the government, so they are part of the establishment.

In Spain for example those entities, called savings bank, existed during over 150 years. They spent at least 50% of profits in their foundations and the remaining profit was used to increase their reserves. However, as political parties and trade unions started to control those banks, corruption started to spread.

Starting by 2010, most savings banks in Spain were sold (or gifted) to private entities. Some of them are still owned by the government but they will be sold as well to private entities when the economic situation gets better.

Savings bank in Spain

The Bank of Spain figures in 64,349 million euros the cost of aid to the bank

·
·
·

Dear @ropaga

Thank you for your amazing comment. I appreciate your time and effort.

The idea of non-profit bank is not new.

Oh seriously? Thank you for telling me. I will learn more about this idea.

thx for those liks.

Yours
Piotr

Should this Idea be carried out, it going to bring down the banking and financial system of France.

They may introduce limits and find ways to deal with the problem, but that would most likely escalate the current tension to another level.

Of course this will happen and some local banks might even shutdown.

In a way, this move is good for Crypto and some extent their protest or anger to the point of never having anything to do with banks. As such, they might look for other alternatives and it is at this point that Cryptocurrency comes in to play.

·

Thank you for your mature and wise comment @akomoajong

I really wonder how will it play out.

Hi @crypto.piotr,

Thanks for always finding new interesting topics to discuss ;-).

I'm living in the french speaking part of Switzerland and here all the kids are singing the song of "the gilets jaunes"

This wasn't so funny when we last went to Euroairport in Basel which is on French Teritory and my son was singing this song next to some french militaries... :-)

This movement is against the system and the political class

Macron was seen as a new force that would be better than the old political forces. Truth is that these problems have been building up over many years and many administrations. It would be wrong to make Macron solely responsable for the problems of France.

This movement could spread to other countries quite easily

What is special about France is that their taxes are really high and people are litteraly squeezed at every corner. Even if in other countries the middle class isn't pressed as much as in France yet, we can clearly see that this class is getting poorer and poorer. What can you do when you work full time but don't manage to pay the bills? In democratic countries you can go to the street like in France. In many countries this is unfortunately not possible because it would put you in real danger.

The truth is that we live in a time where the proportion of poor people is increasing every day. It is only a matter of time till we see people go to the street in other countries.

Is a bank run a good idea?

I understand the motivation of the "gilets jaunes" and also that they want to change the system. I believe however that by trying to provoque a bank run things could go out of hand.

Or perhaps Im wrong and we should also consider different scenarios?

To put the financial system into danger might have a direct impact on businesses and jobs and there would be several categories of people all with different interests. The state won't simply stay put and let a bank run happen. The tension will increase and I believe that there will be more violence.

Solutions are found in communication not in confrontation

When I look at the shutdown in the USA because the president and the parlement are having a pi.... contest. Or the situation in France where each party wants to impose its ideas to the other, I truely believe that we have to restart to bring reason to people. If you impose a solution by force, you will always have somebody that resents this solution and will do everything to fight it. Solutions have to be found by listening to each other and by finding compromises.

How will tomorrow be?

Unfortunately I believe that this demonstration will become more and more violent. On the other hand something has to be done to change the impovrishment of the middle class world wide. The system how we know it has to be renovated and the power has to go to the people not to the politicians. At the same time the money has to become democratic. Central banks have too much power at the moment. Maybe tomorrow will be the time of cryptocurrencies and real direct democraties where people vote for everything thanks to blockchain technolgy. This would make the politicial class not necessary anymore. There would be just a governement that puts the decisions of the people into reality...

Best regards,
Achim

·

I appreciate your comment a lot dear @achim03

Again it is the most amazing reply I've read today. LOVE IT.

Even if in other countries the middle class isn't pressed as much as in France yet, we can clearly see that this class is getting poorer and poorer.

Sometimes I wonder if problem is banking and our financial system? Or maybe problem is elsewhere? I see main issue with property developing companies, which are manipulating this market heavily.

If people can hardly afford to pay rent, then they have very little left to cover other expenses. And France not only has huge taxes but their properies are super expensive already.

The truth is that we live in a time where the proportion of poor people is increasing every day. It is only a matter of time till we see people go to the street in other countries.

Funny thing is that when I look back 10 years then almost everyone I know was poorer than they are right now. Is that my silly impression? I feel that the only thing that changed is the fact that with social media people can express themself the way they never could.

Solutions are found in communication not in confrontation

Communication with some people like Macron or Ned is just .... not possible and hardly exist. And that is also a major problem.

At least in Us there is some sort of communication. That's a great advantage.

Yours
Piotr

Interesting report about the "gillets jaunes", although I understand to have some reticences when we publish some opinions about politics in the blockchain my impression is that we shoudn't censor our own.

In fact this is an important factor to promote the blockchain as a place of freedom against the traditional social media where the opinions can be censured by the owners criteria.

Sadly nowadays the politic discussion isn't very accepted by many people, arguing that is impolite or inconvenient etc... I wish that this weren't the case of Steemit.

Talk between us, with people that don't share our same opinions is a key to understand the others pow.

My thoughts about this phenomena the "gillet jaunes" are that they're very favorable to the development of this kind decentralized technologies, as a force opposed to the centralization of the goverments and the increasing power of the private companies.

Have a nice day :).

·

I appreciate your comment a lot dear @palasatenea

Sadly nowadays the politic discussion isn't very accepted by many people, arguing that is impolite or inconvenient etc... I wish that this weren't the case of Steemit.

It's just to scary to discuss politics. Especially on blockchain.

My thoughts about this phenomena the "gillet jaunes" are that they're very favorable to the development of this kind decentralized technologie

We're on the same page here.

ps.
I was also wondering how come banks seem to struggle financially quite often as well and goverments had to rescue many of them already in the past.

It seem that most people (including majority of yellow vests) believe that they are getting poorer and banks are only getting richer.

But if reality is that we're having less money (or our money has less power) and also banks struggle with lack of resources, then ... WTF. Then something is really wrong with this system.

I don't get it. Because it does look like entire world wealth does not exist really. Everyone has debts and banks also struggle. Insane.

Cheers
Piotr

I think that banks are international. So if the people from one country withdraw funds they get it from other country's. And there are the businesses with more moneymoneys multinationals they don't withdraw their money. The gaspumps etc and ... who are demonstrating the normal people the workforce they don't have 20k on the bank they are in debt mostly because of the nifty underwater trick all country's pull keep people working keep them in debt... So I say let them and you see that banks will just go on.

·

Great comment @hans001

I dont think we ever had a chance to get to know each other.

I think that banks are international. So if the people from one country withdraw funds they get it from other country

Banks can help each other, but it is not happening automatically. Those things need time to organize, approve etc. And banks may not be willing to loan money to french banks, knowing that those money will be most likely lost.

So I say let them and you see that banks will just go on.

Im not so sure. It really depends on scale of this behaviour. Banks will not collapse. That's for sure. But they may lose their money flow and generally will receive heavy financial blow.

Have a great upcoming weekend
Piotr

I love this idea for its sheer inventiveness and originality. Though I think when it comes down to a monetary fight between the banksters the ordinary folks, the banksters are gonna win hands down. They have more resources AND they have the government on their side.

·

Thank you for your comment @natubat

the banksters are gonna win hands down

Question is: what would it means that they will win? I think both sides will lose. Entire event will make huge financial damage and banks will surely try to find a way to push it on people. But it's hard to take away money from those who have already nothing.

Have a great upcoming weekend
Piotr

The 'yellow-vests' movement is active here too, but it is not going as strong as in France,

I like the idea of a bank-run, lol. I've been saying for years this could cause quite some trouble. But meanwhile, I don't really believe that anymore.
If they go through with it, the banks will simply close their doors, just like they did a couple of years ago - I don't remember in which European country it was.

I hope it will be different, but I'm afraid it won't be.

I do admire how this movement has grown over the last few weeks. It has united people, and finally, people are showing they care.

I don't know what will happen, and whether it will have its effect on crypto or not, but I'm keeping my fingers crossed. :0)

·

hi @simplymike

Thx for your amazing comment. Where is "here" if you dont mind me asking?

I like the idea of a bank-run, lol. I've been saying for years this could cause quite some trouble. But meanwhile, I don't really believe that anymore.

If they go through with it, the banks will simply close their doors, just like they did a couple of years ago - I don't remember in which European country it was.

That's what they want to achieve, right?. Of course banks will close their doors and that will bring new spark of unhappiness and anger across the country. This could simply result with support for Yellow Vest growing. Plus look at their exposure in media.

This movement will most likely not drive to collapse of any major banks anytime right away.

But imagine that constant financial pressure on banks that will be only adding to their current problems. They will struggle with money flow. And this can be a huge problem.

This movement will most likely not drive to collapse of any major banks anytime right away.

I strongly believe that those events are worth to follow and Im super exited to see what will be an outcome.

Yours
Piotr

·
·

Csorry, 'here' is Belgium, the tiny spoy on the world map vetween The Netherlands, France and Germany.

·
·
·

I love Belgium. Got robbed there once (the first day I visited many years ago).

I was tired walking around and somehow I felt asleep while seating inside some beautiful Cathedral. Woke up several minutes later without wallet ahhahahahaha :)

But then I managed to meet many wonderful people and for 10 days every day someone would offer to host me. I ended up visiting 3 towns and Brussels and I loved people.

But that was like 10 years ago. Im sure everything is very different now.

Yours
Piotr

·
·
·
·

Or maybe not. I would still not suggest falling asleep in the middle f a big city if you don't want to get robbed, lol

I have been watching the protest with interest. Tomorrow excites me because it is the first time the people have really chalenged a western government for years. At this point know one knows what will happen but Im sure if the Bankers have taken this seriously they will have tried to minimize the effect. If they have been sensible the money will be available to withdraw if not the French will up the anti. France has been at a standstill now for many weeks and there is no end in sight. Will it effect the Euro? Sure it will by how much who knows. Will it effect Crypto? Thats is the interesting question its not a safe haven but maybe we will see what happens when a fiat currency comes under attack. Remember Greece is still in turmoil after the Govenment stole from the peoples savings, this could spur them on in their attempt to bring down the Greek Govenment. Europe is in interesting times just as the UK is attempting to leave the euro zone.
Power to the people. 😁

Posted using Partiko Android

·

Hi @andyjem

Tomorrow excites me because it is the first time the people have really chalenged a western government for years.

Mass media seem to be very quiet about this banks run. I wonder how is it playing out so far.

Will it effect Crypto? Thats is the interesting question its not a safe haven but maybe we will see what happens when a fiat currency comes under attack.

Im sure entire event will bring also more awareness to common people about other financial options they may have. And that's another step required for mass adoption.

But surely nothing BIG will happen right away.

Cheers
Piotr

·

gulp.. you sound like a politician. Or better still a banker. yikes

·
·

Very observant of you Marion. I have a strong grounding in politics although not a politician and never aspired to be. Politics controls the lives of everyone of us. From cleaning our teeth in the morning and climbing into bed at night every decision we make during the day involves politics. I am and will always stand up for the worker as a very strong union person. People seem to forget buisness is very symbiotic. Neither company nor worker can excist without the other. The sytem has become very onesided and needs redressing. What is happening in France maybe the beginning of the workers fight back. And I for one am whole heartedly behind it. Hope that leaves nothing out lol. Still laughing about the Banker bit. It rhymes with the W word for a reason lol.😁😁

Posted using Partiko Android

·
·
·

General Motors here in Canada is going bankrupt because the Union and its workers got so very greedy. Thought they should be paid the salary of a surgeon for standing in line making a car. Not to mention that no one can afford a car because of it. They have or had one of the best pensions and health care around. Now they are closing plant after plant after plant. Firing thousands of workers. Whole towns and cities that relied on the plants. The Union that Craig worked for (dealt with Direct Energy) got so disgusting and the greed became rampant. That he could not stand anymore the politics between the company and the union. Took a package and got the hell out. Same for our postal workers. No one can afford to send xmas cards and sending a package is outrageous. Cuz the postal union thinks its mail carriers are supposed to be paid a kings ransom for delivering mail. Any idiot can deliver mail. The world is fucked. Greed has taken over

·
·
·
·

A CEO, an employee, and a union rep are sitting at a table. On the table are 10 cookies. The CEO takes 9 of them and says to the employee, "watch out for that union guy, he wants your cookie".

·
·
·
·
·
·
·
·
·
·

Hi @andyjem, @marionbowes, @redpossum

Whan an amazing debate you're having here.

ps. love that joke buddy :) good one

Yours,
Piotr

·
·
·
·

hi @marionbowes

IS GM going really down? Is Canada gov trying to support them? I didn't hear that story so far.

Cheers
Piotr

·
·
·
·
·

Hello Piotr. No GM is not going down per say, but it has closed quite a few plants in Ontario, Canada. It is closing its largest plant ever in Oshawa. This has been a huge outcry. The plant has been there for years and it actually is two plants. A north and a south. It is what made the city and the people that live there have made that plant what it is. The government has already bailed GM out once before. All this information is available to read on google. GM was part of my household as my mother worked there for years and years. It put food on our table and a roof over our heads. As time went on and the economy boomed and North Americans became greedy it provided luxuries that most people only dream of. Trips and outings and jewellery and fine dining. The cars became more and more expensive to purchase. We all knew one day everything would go bust.

·
·
·
·
·
·

Dear @marionbowes

I love how responsive you are. Seriously big thx!

The government has already bailed GM out once before.

I wonder if they would ever do it again.

Yours
Piotr

·
·
·

I dont agree that every decision we make involves politics. I hate politics, politician, and unions. yuk for all of them. they make me gag. Tomorrow will be no different than today. Someone will die, someone will be born and someone will get shot. The dollar goes up and down and so does the Euro. Just another day. As the World Turns. Crypto will not overthrow the bankers. It will be just more stuff and more people talking at us. If you spend so much time on all this, you have not escaped anything at all.

·
·
·
·

Hi @marionbowes, @andyjem

Thank you guys for your amazing comments.

Crypto will not overthrow the bankers

Of course it will never happen. Collapse of banking system would mean real collapse of world economy and millions people dying, millions losing houses and even more losing jobs.

If we don't challenge the system nothing changes.

This is also very true. Challenging is good. Destroying ... maybe not.

ps.

I was also wondering how come banks seem to struggle financially quite often as well and goverments had to rescue many of them already in the past.

It seem that most people (including majority of yellow vests) believe that they are getting poorer and banks are only getting richer.

But if reality is that we're having less money (or our money has less power) and also banks struggle with lack of resources, then ... WTF. Then something is really wrong with this system.

I don't get it. Because it does look like entire world wealth does not exist really. Everyone has debts and banks also struggle. Insane.

Cheers
Piotr

·
·
·
·
·

Yes @crypto.piotr Money is really a myth every country seems to be in debt. Its worth nothing really. The way I look at it is a country that can produce enough food for its people is really wealthy because when it comes down to it you cant eat gold or diamonds. So in the end Crypto is as valuable as Fiat as a trading medium.

Posted using Partiko Android

·
·
·
·
·
·

Thx @andyjem for your comment.

·
·
·
·
·

Much of what you say is true. I am not sure where you live and what Banks needed a rescue. Here in Canada Banks are old, stable and intensely rich. Many people have debt but much is from their own doing and demise. The western culture seem to think that more is better and western society has developed a need for shopping and having more. Bigger and better and faster and on and on. Most of the Canadians in debt have put themselves in that position, just because they want to keep up the the neighbour and they all live beyond their means. Living in Canda is wonderful and it is expensive to eat and purchase cars and homes. However, all the other nonsense is not important and many Canadians have lost their way. So lets keep things in perspective and not cause an outcry. Crypto is here to stay. It will never overthrow an old system. One day we will have a choice and can decide for ourselves. In the meantime the old way is still serving me on a greater scale than the new way, but I am open.

·
·
·
·
·
·

Dear @sthitaprajna

Thank you for your amazing comment. I appreciate your time and effort.

I am not sure where you live and what Banks needed a rescue. Here in Canada Banks are old, stable and intensely rich.

I'm Polish living in Asia, so quite far from my homecountry. Anyway I've learned recently that even Deutche Bank (one of the biggest and strongest in europe) is already in huge financial trouble.

In 2008 many banks across the world were rescued as well.

ps. would you consider using enter sometimes to separate blocks of text? it would make reading much easier :)

Yours
Piotr

·
·
·
·

I have never been a defeatist. If we don't challenge the system nothing changes. The reason I say that politics dominates our daily lives is because everything you buy and your banking choices involve huge multinational companies which control the politicians even countries do this. I point to the USA and the Saudi's.
Your toothpast unless you make your own is made probably by unileaver a huge world dominating concern. Of course I use Bicarbonate of soda to clean my teeth but as I cant make that I have to buy it. So do you see my point it is difficult not to support a politician who is backed by money donated by people who wish to influence his decisions. I know both you and me are doing our best to live outside the norm. But it is difficult. 😎 There is no way out of the system you are born into.

Posted using Partiko Android

·
·
·
·
·

ok. if you walk away from an argument are you not a defeatist? Unions are nothing but a bunch of ego driven powerhouses that support the greed of the worker, who think that everyone and everything owes them a living. Yet they took that job in the first place. They started out with such good intentions to take care of workers being exploited. But now they are huge and powerful and no different than a corporation.

·
·
·
·
·
·

Well if the factory bosses stoped taking huge salaries and large undeserved bonuses. And there were no share holders to feed. Cars would be cheaper and there would be more.money for the workers.

Posted using Partiko Android

·
·
·
·
·
·
·

you clearly have not read everything I wrote

·
·
·
·
·

I am done. I rest my case.

Thanks for asking these questions Piotr. I don't want to be specific or disruptive, so I will just say I'm pleased to see something being attempted! I am waiting eagerly to hear what happens in regards to the coordinated attack on the banks. It's exciting and very interesting from a monetary-theory-standpoint.
Have a great day.

·

Thank you for your comment @drutter

Appreciate it a lot.

I am waiting eagerly to hear what happens in regards to the coordinated attack on the banks. It's exciting and very interesting from a monetary-theory-standpoint.

Exciting, isn't it? :) Have a great upcoming weekend
Piotr

Good post thank you. I think the French Yellow Vests nailed it perfectly on how to create pressure against the financial establishment. If they want to have a change in the way our money system works, than they need to withdraw their fundings from the bank and invest it in precious metals or cryptos.
So, in case off an economical crisis most people are better off, if they take control over there money back and prevent that governments can't get a hold on your wealth. If the Bank run will be successful, than people have to live thru some hard economical times, because most of the state and company structures run thru banks. So, there is no easy Win here for the society. The banking collapse must happen in order to establish a new financial system, there seems to be no way around it.

Posted using Partiko Android

·

Dear @masterthematrix

I love your reply. Appreciate!

Im wondering how things may play out in the nearest future. This movement will most likely not drive to collapse of any major banks anytime right away.

But imagine that constant financial pressure on banks that will be only adding to their current problems. They will struggle with money flow. And this can be a huge problem.

Can you imagine if every day stream of people will be withdrawing their funds? Banks will not have enough reserves. No way. If on top of everything panic would start spreading then we may experience huge turmoil. Wouldn't you agree?

And it's worth to remember, that those who will withdraw money will most likely not deposit them back anytime soon. Wouldn't you agree? So banks will deal with growing pressure pretty much every day.

I strongly believe that those events are worth to follow and Im super exited to see what will be an outcome.

Thanks for your great comment buddy.

Cheers,
Piotr

Do you have a article where you got this information from my friend?....

·

Hi @shepz1

Thx for that question. I realized that I should add link in my post. Appreciate.

Link to full article: https://www.rt.com/news/448426-yellow-vests-financial-bank-protest/

Yours
Piotr

·
·

Cheers my friend, I found a few other links also, nice work bro.

I believe this is not realistic for this to succeed. Those guys might be loud, but even for french measures, they are just a minority, so i doubt they will have sufficient leverage to affect a single french bank. Of course even if they crashed one, this is still far from affecting the euro as a whole.
More importantly why i believe this is likely to fail is, because the idea is going against their own incentive. If this bank run was inn fact to crash the euro system, it would render the assets of everyone involved worthless, so there is a counter-incentive to that.
This also should be a call to us crypt-enthousiasts, to be humble about what we wish for, and think about if a ten- or maybe even hundred fold increase of ones crypto will outweigh joblessness or loss of all other holdings, and even if it would save ourselves, what about that of our friends and families. I for myself would strongly prefer as soft transition.

·

Dear @conceptskip

Those guys might be loud, but even for french measures, they are just a minority, so i doubt they will have sufficient leverage to affect a single french bank.

I truly wonder how things will play out. It may not work out right away, but imagine that constant financial pressure on banks that will be only adding to their current problems.

I dont think we will experience any bank collapsing, but they will struggle with money flow. And this can be a huge problem.

Can you imagine if every day stream of people will be withdrawing their funds? Banks will not have enough reserves. No way. If on top of everything panic would start spreading then we may experience huge turmoil. Wouldn't you agree?

And it's worth to remember, that those who will withdraw money will most likely not deposit them back anytime soon.

Either way I believe it's exciting time and those events are worth to follow.

Yours
Piotr

To add more to this:

The citizen should be airing their voice more to their leaders, making them more accountable to the people, more transparent on their plans of governance, or else, the people's wrath will be upon them.

·

Thank you for sharing your opinion with me @guruvaj

Cheers, Piotr

Hmmm i am not following these happenings in franch. Maybe i should but right now i have much more bigger issues to solve. That is true that some people are afraid to write down here they political views but that is also not a solution. If it stay on the blockchaim than it will stay. Imagine how many contents the FB or the youtube delete or block. Thats why here you can share what ever you want. You can be yourself. If some flags are comming than they come but also the supporters of your view they will make that reward back.
By the way until now i also try to stay far from politics, but maybe it will change in few days. Really depend on the news from our embassy.😊
If negative news will come than maybe i will open my mouth and not just here on steemit😊

Posted using Partiko Android

·

Dear @gabbynhice

have much more bigger issues to solve

Are you okey? What issues do bother you if you dont mind me asking?

That is true that some people are afraid to write down here they political views but that is also not a solution.
Thats why here you can share what ever you want.

That's not true. I do not share my opionions not because I do not want my channel to be banned. I simply don't want to get into trouble in real-life. simple as that.

No offcence, but advice to share whatever we want is the worst advice one can give to others. Because it's blockchain - we need to think twice before we publish anything since it cannot be removed.

By the way until now i also try to stay far from politics, but maybe it will change in few days. Really depend on the news from our embassy.😊

Which country embassy is "your"? :) Are you from Hungary and Philipines? How come 2 different countries?

Cheers
Piotr

·
·

Hmm mate in short in the last 2 years 2 super typhoon hit us here in ph. All my savings went to a hispital bill of one young girl who is a family member of my partner. Than this week i found out that my dad have a cancer. And the Hungarian gov. ( I am a hungarian ) change the visa rules so even me and my doughter are hungaians but i cant bring my partner to my place and here we will dont survive too long. Because all what we built is the farm example is not working so no income. Do to a floods and typhoons. And our online sellling is not enought for nothing. Plus the main thing is that i want my parents to met my doughter before it will be too late.
I ask te help of our embassy here but until now they didnt give us any good option.
But they made many other stuff that i disagree and for sure the people at home also dont pay they tax for those project but right now i dont wanna share it here. Maybe later. Even it will stay on the blockchain forever i dont mind. I have already enought trouble so i if there will be no change i am not afraid to share the truth😉

Posted using Partiko Android

·
·
·

Hi @gabbynhice

Thank you for your super fast reply. I appreciate it a lot.

Im very sorry to hear about your father. It's such an awful news.

change the visa rules so even me and my doughter are hungaians but i cant bring my partner to my place and here we will dont survive too long.

What do you mean? Is your partner your wife? She cannot come to Hungary?

Could you also tell me what are current visa rules in Hungary and how does it affect you?

ps. would you consider using enter sometimes to separate blocks of text? it would make reading much easier :)

Yours
Piotr

·
·
·
·

Yeah the situation is difficult.

I was married already once in philippines. In philippines there is no divorce.

So i get my divorce abroad but to make it official here is still 4k Eur estimated so that is not my priority.

I met my new gf and actually we are already living together here in ph.
And we have also a 1 year 3 months old baby.
So actually even we are "not officially" related but because of our baby she should get a family visa.
( My baby is half half nationality )

But this year from jan. 1 they change the visa rules in Hungary. Now there is no more family visa but like a family reunion visa. So i should be at home with my child, have a work that pays quiet lot and than my live in partner can apply for visa from the ph.

But there is still a small chance but i will need a help of some gov. officials and now i am waiting for that. Just i am angry lil bit.

There is some other part that make me angry but right now as we talk this is a blockchain so i wait the results what will happen. If positive reply and we can go home than my mouth will be shut😊

Posted using Partiko Android

·
·
·
·
·

Hi @gabbynhice

Thank you for your kind reply.

I was married already once in philippines. In philippines there is no divorce.

OMG. Seriously? I never knew about it. That's a big game changer for those dating Philippino ladies.

So i should be at home with my child, have a work that pays quiet lot and than my live in partner can apply for visa from the ph.

That's very difficult situaiton.

Just i am angry lil bit.

I understand. Anger is normal part of our life. Still, please remember that anger will not help you. Try to be as much goal orientated as you possibly can.

I hope you will do fine.
Yours
Piotr

·
·
·
·
·
·

Thanks mate!😉
Yeah right now actually i am sitting here at the embassy and trying to find a solution😉
Looks like there are still possible options.

Posted using Partiko Android

·
·
·
·
·
·
·

Dear @gabbynhice

I keep my fingers crossed. Let me know how did it go today at the embassy.

Yours
Piotr

It is very difficult to predict the future and know with certainty what will happen. What we live now and past experiences give us data to interpret the behavior of different actors (market, currencies, people, etc.) at specific times or situations, which gives an idea of ​​what might happen.

Those who have wealth will seek the options that guarantee, greater security, efficiency and growth for what they have.

If we see it from that point of view, the possibility grows that many more people migrate their wealth to crypto looking for all the above mentioned, which would be ideal for those who are directly participating in this technology, since it would represent growth in confidence and participation in the blockchain.

It is my opinion on this subject, thanks dear @crypto.piotr for sharing such an interesting topic.

·

I appreciate your comment a lot dear @fucho80

I was also wondering how come banks seem to struggle financially quite often as well and goverments had to rescue many of them already in the past.

It seem that most people (including majority of yellow vests) believe that they are getting poorer and banks are only getting richer.

But if reality is that we're having less money (or our money has less power) and also banks struggle with lack of resources, then ... WTF. Then something is really wrong with this system.

Cheers
Piotr

Most revolutions and changes did start in France. The Frenchmen are famous for their strikes, etc and chauvinists. If a Dutchmen is a chauvenist he is a racist.
Untill so far nothing did happen. If it is just France nobody cares and it might be the government will be kicked out (for sure the EU will help where possible with their armed police beating up people) because they need Macron.

If it comes to the ATM, there is always a limit if it comes to the amount you can take. Since it is euro you can also cross the border, stay for some days and use the ATM over there or open an account via internet and transfer your money or drive with your car into the ATM. No big deal.
The euro will not be infected, even if only 3 countries use it, it is still money and can be used or changed into something else.

To be honest I doubt it will influence the value or use of cryptocurrencies Fact is at this moment you cannot even buy a bread for it. Not even if you shop online unless you buy cannabis (well in Holland this is the case).

Who is in need wants to eat and that is the reason for the yellow revolution. The only ones eating now are the rich ones and they clearly do not care, but they are the ones who rule everything.

What is in the news are just speculations and by now there is way more fake news as real news.
If Great-Britain will not leave the EU there is reason to worry for sure.

Saw @dobartim his post about the destruction of paper money?

Posted using Partiko Android

·

Dear @wakeupkitty

Thank you for your great comment.

The Frenchmen are famous for their strikes,

Oh indeed they are famous for that :)

Untill so far nothing did happen.

Im wondering how things may play out in the nearest future. This movement will most likely not drive to collapse of any major banks anytime right away.

But imagine that constant financial pressure on banks that will be only adding to their current problems. They will struggle with money flow. And this can be a huge problem.

Can you imagine if every day stream of people will be withdrawing their funds? Banks will not have enough reserves. No way. If on top of everything panic would start spreading then we may experience huge turmoil. Wouldn't you agree?

And it's worth to remember, that those who will withdraw money will most likely not deposit them back anytime soon. Wouldn't you agree? So banks will deal with growing pressure pretty much every day.

I strongly believe that those events are worth to follow and Im super exited to see what will be an outcome.

To be honest I doubt it will influence the value or use of cryptocurrencies

You are most likely right. I dont think value will increase overnight. But current events will bring more awareness and with awareness and knowledge comes usually adoption. It's a slow process.

ps. I looked at @dobartim but he produce to much content to go through his work :(

Cheers,
Piotr

The truth I think it would be very positive what happens now if you could actually achieve the goal, but in fact a dispute between banks and ordinary people, I think banks would win by the great power and influence they have in the economy , and that without saying that they have the support of the governments of the world, although the truth in the union is the strength too, hopefully and really is a positive factor to finally strengthen the crypto and take away the power and control over us the banks.

·

Dear @heidiwo

Thank you for your great comment.

Im not sure if banks or people or government can win right now. I think it's a lose-lose scenario for everyone involved.

This movement will most likely not drive to collapse of any major banks anytime right away.

But imagine that constant financial pressure on banks that will be only adding to their current problems. They will struggle with money flow. And this can be a huge problem.

Can you imagine if every day stream of people will be withdrawing their funds? Banks will not have enough reserves. No way. If on top of everything panic would start spreading then we may experience huge turmoil. Wouldn't you agree?

I strongly believe that those events are worth to follow and Im super exited to see what will be an outcome.

Cheers,
Piotr

Sup Crypto.piotr

Hit em where it hurts, France has had a long history of Revolution thanks to Napoleon and is probably why it has a good level of prosperity as the people are willing to take the streets to get it.

Macron/the current administration pretty much asked them to do it when he said "I will never bow to pressure from the street"

I agree with budget cuts but the arrogance shown is unbelievable and it should start with the Politicians especially the President. I don't get to have a wage for life so why should they.

https://en.wikipedia.org/wiki/Salaries_of_elected_offices_in_France

·

Dear @safetony

Indeed france has very unique history.

Im wondering how things may play out in the nearest future. This movement will most likely not drive to collapse of any major banks anytime right away.

But imagine that constant financial pressure on banks that will be only adding to their current problems. They will struggle with money flow. And this can be a huge problem.

Can you imagine if every day stream of people will be withdrawing their funds? Banks will not have enough reserves. No way. If on top of everything panic would start spreading then we may experience huge turmoil. Wouldn't you agree?

And it's worth to remember, that those who will withdraw money will most likely not deposit them back anytime soon. Wouldn't you agree? So banks will deal with growing pressure pretty much every day.

I strongly believe that those events are worth to follow and Im super exited to see what will be an outcome.

Thanks for your great comment buddy and for that link.

Cheers,
Piotr

I don't see the point of playing with fire just for fun. It is not news to most that we have a fractional banking system.
Blockchain technology has to stand up to scrutiny and offer a solution that is X times better than the current system. If that is the case, change will happen.
If not, nothing but externalities will happen and we might end up in a situation that is worse.
Don't hope for failure of others to succeed. Just be better.

Posted using Partiko Android

·

I appreciate your comment a lot dear @bluerobo

I was also wondering how come banks seem to struggle financially quite often as well and goverments had to rescue many of them already in the past.

It seem that most people (including majority of yellow vests) believe that they are getting poorer and banks are only getting richer.

But if reality is that we're having less money (or our money has less power) and also banks struggle with lack of resources, then ... WTF. Then something is really wrong with this system.

If not, nothing but externalities will happen and we might end up in a situation that is worse.

That's very true.

Cheers
Piotr

Hey Crypto.piotr,

Great post my friend! Firstly I will highlight the points I shared in my own comment section.

I feel that the bank run is good idea in theory, in practice if it's done on a single day I think the banks can legally close and declare bank holidays for subsequent days .. which could throw fuel onto the fire, best of all researching a decent bank (there are still a few left .. I think lol) from the comfort of our homes (while sipping a cup of tea) and on masse move accounts .. you could have organised (viral) account moving days taking place throughout social media. :D You could call it #beatthebanker ;)

I'll elaborate on the last point, if someone was that way inclined they could research all the banks and draw up a list (highlighting banking practices) of both good & bad banks .. detailing your research and reasoning behind each of those decisions. That post could then go viral on the internet, where you could organise mass account switching days, that way you could live your life as normal .. still have an account to pay rent etc .. but at the same time send a message and make a difference. There are still some good institutions out there and they should be supported .. no violence, no rioting and if it's cold, no reason to leave your house or impede upon your lifestyle .. win-win :)

I'm not in a position to be able to do this myself at the moment, but as an idea I think it has some merit and with the right direction, gather steem .. if you pardon the pun :D

Now is the time to be the change you want to happen and lead by example; wisdom, empathy and compassion are true strength/power .. whilst violence is a perceptual, emotional and intellectual dead end.

·

Dear @perceptualflaws

I feel that the bank run is good idea in theory, in practice if it's done on a single day I think the banks can legally close and declare bank holidays for subsequent days .. which could throw fuel onto the fire

Im wondering how things may play out in the nearest future. This movement will most likely not drive to collapse of any major banks anytime right away.

But imagine that constant financial pressure on banks that will be only adding to their current problems. They will struggle with money flow. And this can be a huge problem.

Can you imagine if every day stream of people will be withdrawing their funds? Banks will not have enough reserves. No way. If on top of everything panic would start spreading then we may experience huge turmoil. Wouldn't you agree?

And it's worth to remember, that those who will withdraw money will most likely not deposit them back anytime soon. Wouldn't you agree? So banks will deal with growing pressure pretty much every day.

I strongly believe that those events are worth to follow and Im super exited to see what will be an outcome.

Thanks for your great comment buddy.

Cheers,
Piotr

·

It's me again @perceptualflaws

I was also wondering how come banks seem to struggle financially quite often as well and goverments had to rescue many of them already in the past.

It seem that most people (including majority of yellow vests) believe that they are getting poorer and banks are only getting richer.

But if reality is that we're having less money (or our money has less power) and also banks struggle with lack of resources, then ... WTF. Then something is really wrong with this system.

I don't get it. Because it does look like entire world wealth does not exist really. Everyone has debts and banks also struggle. Insane.

Cheers
Piotr

To Eff The Ineffable

Piotr, good buddy, I do admire and respect you very much, and I am most grateful for the assistance you have given me here on Steemit, but this is a tough request. You want us to discuss this intensely political issue without "direct political comments". That's like asking us to discuss a volcano without mentioning lava.

But I will do my best, just for you, as much as I hate censoring myself.

J'accuse!

Fine, let's start with a simple link to Wikipedia...
https://en.wikipedia.org/wiki/Emmanuel_Macron#Investment_banker
...that should take you right to the part of Macaroni's Wiki page which talks about his time as an investment banker. As you can see, he worked for Rothschild & Cie Banque, the very epitome of predatory capitalism. Now, given that important datum, how do you think his government will react to a popular action which threatens to begin a bank run? Of course his government will immediately leap to the defense of the bankers, anything less would be unthinkable.

L'audace, Encore De L'audace, Toujours De L'audace

The only real question here is how the yellow vests will respond, and how the rest of France will respond. I think those behind this know the withdrawals will be sharply limited, and that their goal is not to force a bank run immediately. Rather, I suspect, their realistic hope is to force the government to issue those limits and thereby demonstrate the weakness of the system. That when Msr and Mdm Pierre Publique have their noses rubbed in the fact that the banks cannot return their money when asked to do so, the ripple effect will bring down their current grannybanger government, perhaps even bring an end to the Fifth Republic.

Quo Vadis?

The problem being, of course, that unlike the fall of the Fourth Republic amid the crisis of the Algerian Mutiny in 1958, there is no Charles De Gaulle to step in and rescue the situation. But there is his spiritual successor, the daughter of one of his trusted lieutenants. Make no mistake, Marine Le Pen is not an evil woman, but she can be hard as nails, and this could be her hour.

·

What an amazing comment @redpossum. WOW. I appreciate it a lot.

You want us to discuss this intensely political issue without "direct political comments"

Not really. I wanted to focus on economic consequences and perhaps general political remarks. Nothing heavily addressed towards any particular group or party.

That's like asking us to discuss a volcano without mentioning lava.

hehehe. Imagine that someone would ask you "Let's not talk about Lava, but what could be consequences of erupting of volcano for local community living near by"?

I think it's possible and you (and many others) did just fine.

think those behind this know the withdrawals will be sharply limited, and that their goal is not to force a bank run immediately.

That was also my impression and perhaps that's the reason why it all started on day where banks are closed (sat). who knows.

Rather, I suspect, their realistic hope is to force the government to issue those limits and thereby demonstrate the weakness of the system.

Well said. And you see? You can share your views without turning this convesation into "danger zone" :)

ps.
I was also wondering how come banks seem to struggle financially quite often as well and goverments had to rescue many of them already in the past.

It seem that most people (including majority of yellow vests) believe that they are getting poorer and banks are only getting richer.

But if reality is that we're having less money (or our money has less power) and also banks struggle with lack of resources, then ... WTF. Then something is really wrong with this system.

I don't get it. Because it does look like entire world wealth does not exist really. Everyone has debts and banks also struggle. Insane.

Cheers
Piotr

Interesting thoughts and respect for not starting a political debate!

The first thing I think of when I picture FIAT moving around is about how it should be moving into Crypto in order to power the various blockchains and disrupt the current capitalistic banking system. Obviously this movement is from most people outside of Crypto so you are right in pointing out that probably wont happen to a large regard.

The secondary effect is probably the most important to crypto as there is more awareness and activism against the banking system, and crypto is indeed a good alternative. Maybe not to completely kill the banking industry, just give consumers an alternative and keep them fair and competitive rather than lose all customers.

I had JUST heard about the yellow vests but this post is the first real intro and details. I will have to look into it more.

I have followed you for more great posts. Thanks!

·

I appreciate your comment a lot dear @zekepickleman

Interesting thoughts and respect for not starting a political debate!

Thanks :)

I had JUST heard about the yellow vests but this post is the first real intro and details. I will have to look into it more.

Oh wow. You never heard about this movement so far? It seem to be the biggest movement in history (when it comes to numbers of people and police involved).

I presume in "Canadia" they do not talk much about europe :)

ps.
I was also wondering how come banks seem to struggle financially quite often as well and goverments had to rescue many of them already in the past.

It seem that most people (including majority of yellow vests) believe that they are getting poorer and banks are only getting richer.

But if reality is that we're having less money (or our money has less power) and also banks struggle with lack of resources, then ... WTF. Then something is really wrong with this system.

I don't get it. Because it does look like entire world wealth does not exist really. Everyone has debts and banks also struggle. Insane.

Cheers
Piotr

·
·

We talk about Europe quite a bit and keep up on global affairs. The one that caught my attention was the labour strike in India and that cheetoh to the south of us shutting government. Down to get hi way. I had heard about it but I personally try not to worry too much about the details I can’t control.

I always take the time if people I follow take the time to report on it and I really enjoy your content and the incredible discussions that take place.

Awesome!

Posted using Partiko iOS

·
·
·

Dear @zekepickleman

Your words put such a huge smile on my face :) BIG THX :)

Yours
Piotr

@crypto.piotr Thank for the memo
My view on this is that;
Firstly, the massive cash withdrawal is a great ideal from the people in which all most all the expenses will fall on the government but looking from another perspective it will fall partly on the individuals too in the sense some of the bank workers may eventually lose their if the banks has no means of pay, in general the situation will disrupt the financial system stability entirely and it will be tough for the system to recover.
Secondly, for crypto, this is a good news indeed which will see many people into cryptocurrency but also has a negative effort in the sense that crypto will be less profitable for existing crypto members.
Finally, the general public will probably still suffer for instance theft and other social vices.
Once again thanks for the memo,looking forward to more from you. My friend.

·

Dear @oclinton

Thank you for your amazing comment. I appreciate your time and effort.

Finally, the general public will probably still suffer for instance theft and other social vices.

Definetly. Good point.

Yours
Piotr

·
·

Thanks for always remembering me.
I appreciate

I do not keep up with your latest news. Yesterday was the last holiday. And I'm back at Steemit. So I am waiting for your new posts.

·

Welcome back @carbodexkim :)

Where have you been on your holiday?

Cheers, Piotr

If I remember correctly, there have been various attempts at these bank runs in the past. Erik Cantona was the figurehead of the last Bankrun.
But as soon as something like this is considered to be successful, banks take countermeasures at an early stage, in case of doubt they would not allow any more transactions.

·

Dear @sifondeseltz

Thank you for your amazing comment. I appreciate your time and effort.

If I remember correctly, there have been various attempts at these bank runs in the past.

Oh, I didn't know that. Big thx for sharing.

Yours
Piotr

Greetings @crypto.piotr , I think these financial changes are interesting, denote a weakening of the banking system because you have lost confidence in the power of saving and feel that your bank supports you. This could lead to the massive use of cryptocurrencies. For example, in Venezuela the use of cryptocurrencies and savings in virtual wallets was seen as an exit, many places accept payments with cryptocurrencies and crypto trading has become the work of thousands of people regardless of age or sex. Providing many financial freedom. I think that to take such a step in France there must be a previous weakening in the banking system. Already people do not see banks as the good friends they used to be.
(I use a translator)

·

Dear @mariita52

Thank you for your amazing comment. I appreciate your time and effort.

ps. would you consider using enter sometimes to separate blocks of text? it would make reading much easier :)

Yours
Piotr

·
·

Oh, sorry the translator automatically puts your comment in Spanish
and comments in Spanish.

Thanks piotr for the writing advice.
I write like crazy at the speed of thought. Affection.

·
·
·
·
·

Gracias piotr por el consejo de escritura.
Escribo como loca a la velocidad del pensamiento. Cariños.

@crypto.poitr
I am just trying to understand what effect it can have.

  1. Bank will not be able to give money to everybody.
  2. Few who get their money how they are going to store.

Anyway it is interesting to see what will happen and how much it will impact.

·

Absolutely. Im so very thrilled @r1s2g3 :)

the bank system has been create to manipulate the money systems since long time ago.

change has been done from batter system , money based on gold and silver value , fiat money system , then crypto to manage the value of money . Its has been control from some organisation.

In my opinion , those yellow vest has been plan to control those money systems and i ll not be surprise if the next type of system will occur to change everything that we have now .

Knowing we cant control them who control those event , but by the knowledge from the history we can learn and make those event for our benefit in future

Posted using Partiko iOS

·

Thx for your kind reply @tommyl33. I appreciate it a lot. Always.

When most members go to a bank and ask for withdrawal, the bank will refuse to pay, and the member can't get the bank.... if a large number of members, want to transfer her crypto coins from an exchange. The money, the exchange will not pay.... So when your money is in the hands of others, if you encounter a refusal to pay, you have not power....

·

Thank you for your comment @cloudblade

This can be scary. Wi keep an eye on tomorrow's news to know more about it. Thanks

Posted using Partiko Android

·

Thank you for your comment @alokkumar121

Indeed it can be scary.

Have a great upcoming weekend
Piotr

I will tell you what I can see from Paris. Hoping the robbers and anti-fascists extremists will stay home and not break everything in the city of love...

Take care

Posted using Partiko iOS

·

Are you french or visiting Paris just now @vlemon?

thank you

I say take the money from the banks they can't be trusted look at the recession and nobody was charged! However crypto might struggle with the super rich pumping and dumping would you agree mate?

Posted using Partiko Android

·

It's really hard to tell @steemingmark ...

·
·

Yes true

Posted using Partiko Android

While I think it is interesting. Tomorrow is Saturday.

My guess is they will run the ATMs out of cash and that is about all that will happen. :)

·

Hi @whatsup

I do not think that it's a one day event. I would rather see it as a constant withdrawing pressure, day by day. After all there surely will be more people joining and if panic will spread then many others will run to ATMs and banks at any following day.

Also could you potentially imagine that anyone who would withdraw money would come back with them again anytime soon to deposit it back? I cannot see it happening.

So there will be constant, most likely growing pressure on french financial system and I really wonder how will they handle it. We surely must assume that none of those banks have reserves enough to satisfy those needs.

That's how I see it anyway :) Thx for your comment

Yours
Piotr

If not this time then next time, as we are starting to see a shift in power thanks to Bitcoin advent... Also we have Russia hoping to avoid US sanctions etc... But people need power structures and centralisation. We need a bit of both, to create a balance.

·

Hi @ade-greenwise

Thank you for your comment :)

Also we have Russia hoping to avoid US sanctions

I didn't hear about it. What are those sanctions related to?

Yours
Piotr

Since it has been few days now, I'd like to ask you to search about the topic on any search engine and go to the "news" section. You won't see much at all. You'll see about their planning. But you won't see anything about the aftermath of or the effects of the bank run.

It's only @informationwar type groups, some right wingers and crypto websites that are actually doing the reporting. In one way it's cool that crypto is at the forefront of a real revolution. On the other hand, why are we the ones who are most vocal and reporting on this?

This is an important question we should ask and in it has a lot of details to be uncovered.

·

Dear @vimukthi

Indeed I tried to find any informations about it and mass media are super quiet. You can only read some bits and pieces and it's hard to know what's really happening.

It's like a mass-media-blackout related to this topic.

On the other hand, why are we the ones who are most vocal and reporting on this?

Perhaps because we're more aware about those particular issues and about censorship and mass fake news?

Common people do not really know much about any of it.

Yours
Piotr

Probably the traditional banking system has to come to an end as I explained in one of my posts a few days ago ..

I sincerely think that it only remains in a myth. It may be that the banking system continues for decades and can only decrease its potential.

The banks will no longer have the power, they will not have the vote, and the citizens will be free to do with their money what they want. Instead of decreasing, all people can increase their profits.

Invest in the new blockchain systems that at this moment are the future for the new generations.

Maybe at this moment people know that the banking system is the basis of a country in a world of globalization and international business.

Yes I agree with you @crypto.piotr ...!!! This possibly helps the increase of the crypto ..

Thanks a lot

·

Dear @edgarare1

Probably the traditional banking system has to come to an end as I explained in one of my posts a few days ago ..

I truly wonder how things will play out. It may not work out right away, but imagine that constant financial pressure on banks that will be only adding to their current problems.

I dont think we will experience any bank collapsing, but they will struggle with money flow. And this can be a huge problem.

Can you imagine if every day stream of people will be withdrawing their funds? Banks will not have enough reserves. No way. If on top of everything panic would start spreading then we may experience huge turmoil. Wouldn't you agree?

And it's worth to remember, that those who will withdraw money will most likely not deposit them back anytime soon.

Either way I believe it's exciting time and those events are worth to follow.

Yours
Piotr

·
·

I agree with you,

Everything is realated and if this continues it is likely to suffer economic consequences, as in all resources of first necessity ...

If this were to happen, we must be prepared because we remember that also in the area of the blockchain there is the power of Bitcoin and Ripple ...

Yeah, It´s true..!! all the issues that have to do with this world, and where we are all going to suffer the consequences ... !!! Of course we should be aware ...

·
·
·

Thx @edgarare1 for your reply :) Appreciate.

have a great week ahead,
Piotr

"Yellow Vest protesters are hoping to trigger a bank run with a nationwide coordinated cash withdrawal" - This is more dangerous than playing with fire like they were doing weeks ago.

As you mentioned, it is important to have in mind that everything we right here will be public forever, and we don´t want mere opinions to ruin our life and most of the times misinformed opinions. (Take Kevin Hart as an example)

I do understand what they ask, but greed never took anyone further than they were before.

·

Dear @diogosantos

I appreciate your amazing comment.

This is more dangerous than playing with fire like they were doing weeks ago.

Indeed you're 100% right. it's not a joke any more.

I truly wonder how things will play out. It may not work out right away, but imagine that constant financial pressure on banks that will be only adding to their current problems.

I dont think we will experience any bank collapsing, but they will struggle with money flow. And this can be a huge problem.

Can you imagine if every day stream of people will be withdrawing their funds? Banks will not have enough reserves. No way. If on top of everything panic would start spreading then we may experience huge turmoil. Wouldn't you agree?

And it's worth to remember, that those who will withdraw money will most likely not deposit them back anytime soon.

Either way I believe it's exciting time and those events are worth to follow.

Yours
Piotr

Hi @crypto.piotr,

Great post again. I always find the topics you cover to be very important.

"..........when many people are trying to withdraw at the same time."

This bank run is in retaliation to the government's new eco-tax on fuel and i see it as a constructive one indeed.

"Still, fiat bank runs have contributed to the appeal of Bitcoin before, with Cyprus’s financial crisis in 2013 appearing to boost the price of the cryptocurrency.

This article was found in the link given below, which proves that the earlier protest of fiat bank runs was a thumping success.

https://www.google.co.in/amp/s/cointelegraph.com/news/what-we-know-about-yellow-vests-bank-run-and-how-crypto-could-help-it/amp

Moreover this is what fears me most in regards to the cryptocurrency

"France has delivered mixed messages on cryptocurrency at the state level, mostly calling for international regulatory efforts. On the other hand, the head of French government’s cryptocurrency working group, Jean-Pierre Landau, has argued that over regulation would deliver a “three-pronged danger.”

Otherwise it is an "All is well* situation for crypto.

·

Dear @marvyinnovation

It's very kind to hear that you enjoy all my publications. Im simply very curious person and I like to know what other people think :)

Thank you for being so supportive and big thx for that link

Yours
Piotr

·
·

My reply is also very much the same Mr. Piotr.....

Thank you for being so supportive and big thanks Sir.....

I'm sad to hear that people feel so stressed by the current legal/financial system that they feel the need for the protests. However, they are doing a great job at helping the world see the issues in the world that need to be addressed.

I love the idea of all the people pulling their money out of the banks, simply because it keeps them honest about what supply they have. Similarly, the Proof of Keys event was meant to keep the crypto exchanges honest.

That event in France, combined with many nations such as Russia frustrated with sanctions all are likely to boost the adoption of cryptocurrencies. It solves an important problem.

Very nice post Piotr!

·

Dear @hobo.media

I appreciate your amazing comment.

I love the idea of all the people pulling their money out of the banks, simply because it keeps them honest about what supply they have. Similarly, the Proof of Keys event was meant to keep the crypto exchanges honest.

Hahahaha that's true. It's almost like Proov of Keys. BTW how did this Proof of Keys played out?

Yours
Piotr

·
·

The POK event was rather uneventful. Nothing really exciting or scary happened. But I would still think it would be a healthy tradition to keep up, because it teaches the exchanges not to do anything goofy with the numbers.

·
·
·

Very good point @hobo.media

ps. I noticed you've changed your profile picture? I kind of liked previous one better lol :)

  1. This will not save crypto. Right now most crypto can only be earned by trading in fiat. Who has the ability to create fiat money? The government. Therefore, they can control the entire space without anyone knowing. They may already planted their seeds in crypto.

  2. This has more to do with the French people fighting for their rights in a system rigged against them. I am disappointed that this movement is starting in France and not the US. Makes me believe that we are actually afraid of the government unlike the French.

·

Thank you for your valuable comment @snoreball

And for sharing your thoughts. I appreciate it a lot.

Yours, Piotr

·

I dont really understand this comment @red-rose

@crypto.piotr Oh no! This was the last resteem of your Resteem Subscription! Please consider extending your subscription if you enjoy my service! (or delegate 20 SP and reply to this message) Thanks!   =) Reply OFF to turn off notifications

Congratulations @crypto.piotr! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You got more than 7000 replies. Your next target is to reach 7250 replies.

Click here to view your Board
If you no longer want to receive notifications, reply to this comment with the word STOP

Do not miss the last post from @steemitboard:

SteemWhales has officially moved to SteemitBoard Ranking
SteemitBoard - Witness Update

Support SteemitBoard's project! Vote for its witness and get one more award!

Congratulations @crypto.piotr!
Your post was mentioned in the Steem Hit Parade in the following category:

  • Comments - Ranked 8 with 78 comments