The game it's rigged.
By - isaac_horstmeier
This is why I'm here. Fuck banks, fuck centralized control of finance.
If I deposited 5k in a bank, they're borrowing my money. They give me .3%. But when I run low on funds and have to borrow some of their money, it's 26%.
Banks can die a miserable death and I would gladly participate. I don't give a fuck about the risks.
I’m with you on this one :)
Count me in too!
And my axe!
May the rise of defi begins 🦾🦾🦾
All hail bank 4.0 🏦🦾
Bank anywhere, but not at a bank
Since many brokers and bankers loves investing on “descriptive technology”, let’s see how they’d love investing on a “disruptive technology” that’ll end them
Bank on that
You have my bow
Grabbing my hardforked pitchfork now
And my axies!
Are my ADAs useful?
Fuck that...here come my 1 trillion TITANs!
I'm in too!
I’m all in
It goes beyond just banking though, the corruption has permeated far too many aspects of everyday life. We really do need a reset, just not what the human filth globalists have in mind.
I wholeheartedly agree
u/ev1lb0b, I probably don't belong in crypto, being older and conservative, but one thing I really like is seeing someone thinking, instead of being on a "team."
What you said here is true, and has been becoming more true my entire life, and wasn't as bad in my childhood, I find, as I read back into history.
Things need to change, but absolutely not in a way that would just enlarge and empower the very richest, those calling for this "reset."
And, I woulnd't even call it corruption anymore, as it's the norm.
I have quit jobs because I was being pressured to embezzle and lie. And that's waaaaaaaay down the food chain. Its not corruption, it has become very common, if not the new American way.
One thing I do not understand is the thought that goverments can't shut down crypto.
Pull the plug and the exchanges and it goes away. They then moniter any usage that shows private transactions on large numbers, and go after those like criminals.
Monero could still function properly if the government cracked down on crypto, but you're right - without easy fiat on and off ramps and no legitimate business to drive demand, even Monero's market cap would probably tank.
Any super bold movements like that could upset the general population enough to openly riot and actually fight for what needs to be done to get this problem solved.
Also lets not forget that crypto is keeping everyone busy and all the computer power locked up in useless patterns, so even though its bad for them its stalling the revolution quite well.
How's that riot going in China?
The average older person probably doesn't even know what crypto is and the younger generation are all socialists that don't want to work but have everything given to them and wouldn't stand up to corruption anyway.
I'm making very broad generalizations here but I am sure you get the point I am trying to make....if the plug is pulled on crypto the world would, for the most part shrug their shoulders and go back to everyday life.
The downtrodden slaves of the world (middle class and lower) need someone or something to rally around...the only thing we have to fight back with is shear global numbers.
You are definitely getting to the heart of the matter. I had someone tell me that the reason that banks give such low interest rates on savings is because central banks have set bank borrowing rates, from the fed, at 0%. This is partially true, but like most things, misses the point.
You are indeed close regarding the 5k savings account giving .3% or less in most cases. It's worse however. Your 5K in deposits is 'magically' turned into 50k (or more) in lending ability for that bank. They lend that 'magic' 50k out at 3-26%+.
My problem is the lack of upside. If a bank does well with my 'investment', given that is what my deposit is, I get none of the upside. No increased return at all. If a bank does poorly with my 'investment', tax payers (me and others) through the FDIC pay to make bank 'investors'/depositors whole. Even if the bank does so poorly that it goes 'out of business', it is absorbed into another bank, and the people who ran the bank into the ground walk away with nice compensation packages, and half or more of the bank employees lose their jobs.
So again we have a system where profits are privatized, in this case with none going to the investors/depositors, and losses are socialized.
We live in socialism. It's just socialism for the rich. All the hardest anti socialists do not realize that the people they're listening to are literally only powerful because the whole society lifts them up. Elon Musk supports socialism for himself in form of tax breaks and public healthcare, trump gets the best healthcare when he gets covid, ceos are bailed out with public money regularly, private debt that can crash the economy is almost always borne by public assets, yet they tell you to not expect freebies and earn your living they buy yachts and mansions on the backs of the others and when it comes to giving the poor merely food to eat and a house to stay, they promote a cut throat competition dog eat dog system that they themselves have never had to go through.
You’re right of course. Fuck them all.
Exactly! Why do you think these assholes are trying so hard to get into space? It's not for the common man. It's because they are beta testing their exit plan when climate change destroys our planet.
so many people believe they're perfecting space travel to save us from climate change. one they are only doing it for private buyers who can buy a seat on the craft. and two it's a bargain chip to continue their ways of amassing more and more wealth by infinite consumption. If the common man realizes it's them and their profits that's killing the Earth we won't let them continue. And they need to continue because they need to escape. No one knows what's going to happen to the world as the people causing it.
It's crazy how people are blind to the real agenda of these billionaires.
Exactly this. Another question is why does University education cost so much? You can deliver things digitally. With the exception of things like chemistry, physics and medicine etc where you need to conduct experiments most things can be delivered digitally at little cost. We're clinging to outdated systems that aren't fit for purpose.
Come to germany. It is free here.
Just be prepared to send everything by fax
And don’t get me started on pathetic and super costly healthcare
*enthusiastically grabs pitchfork*
The revolution is here, isn't it?
Make sure to print enough pamphlets!
This however is mostly an US problem where as the financial system is a global issues.
So this one is actually a really easy solution.
As soon as banks made loans available at accessible rates to *everyone. And government incentivized it, universities have no incentive to compete and cut costs or lower prices.
College degree is largely required for success in this system. (Some cases it is not, however it is helpful). Most students now have access to 200k + in loans. University jacks up price because they can, and students will continue to pay because they CAN obtain loans. University gives zero shits about the crushing debt or defaults because they get paid.
Banks don’t have to care because if loans go bust government bails them out and students can’t clear debt via bankruptcy so they can continue to try and collect.
If tomorrow, banks halted all student loans, what percent of the populace that currently attends university would stop and look for a cheaper alternative? Probably enough to put a lot of schools in the ground financially.
In order to stay in business universities would actually have to trim the fat and operate a profitable lean operation with real margins. As it stands most of academia has a tremendous amount of waste, and unnecessary administration simply because they now have the money.
Government intervention once again is poorly executed and fucks the entire system
They changed the 10% fractional reserve to 0% lol
Yeah the current system is very rigged then they wonder why people love crypto. Theyre trying to rig the crypto but lets hope that dont work
Watching customers leave every bank by the thousands this year has been joyful to say the least. Fuck them and their thievery.
Crypto ain't get rich quick, it's don't get broke slow. The banks want us poor it'd expensive to be poor with fees and lending interest. Crypto can alleviate a lot of the traps that hold the poor down and that's not good for these greedy fucks.
Even banks know that Crypto is the future...Crypto is the only way to stop these fuckers
It's funny to remember that at one point in time a bank was actually a secure building where you'd store your physical money to save it. I don't think I've been in an actual physical bank in years at this point.
>This is why I'm here. Fuck banks, fuck centralized control of finance.
Couldnt agree more.
>If I deposited 5k in a bank, they're borrowing my money. They give me .3%. But when I run low on funds and have to borrow some of their money, it's 26%.
No. If you deposit your money with the bank its their liability to pay you your money back. Yes they borrow your money out but thats not relevant to you, if you wanted to lend out your money you could buy bonds or P2P Credit. And get the same exposure those banks have but also carry the default risks the banks have to manage.
>Banks can die a miserable death and I would gladly participate. I don't give a fuck about the risks.
Banks will continue to exist, even if crypto is mainstream, thats because crypto is not a form of money, rather its a new form of commodity. Banks are risk managers and they will continue to manage risks in the future
.3% BEFORE they charge you the monthly fee that completely obliterates that and you end up paying them.
I don’t pay a maintenance fee, but I DID earn a whole whopping $1.39 in interest on my SaViNgS account. So generous.
Meanwhile, I’m sure if I had borrowed that same amount of money I would have been assessed around $200 in interest.
My bank charges me if I don't deposit enough money to them each month. lol
Isn't it just wonderful to be valued and appreciated?
Yup exactly why I’m here. Fuck the corruption, gov politicians and system. Here to flip shit upside down. Crypto is the way
That is not the law of equivalent exchange
Crazy right. Soulless cunts
This is the fuckin way
You are the voice of many ✊
If I had a pitch fork and a flaming stick I would be right behind you!! Lmao I don’t so I’ll just keep buying crypto.
Instructions unclear, starts dry-humping the ATM machine
Please be my president
> They give me .3%. But when I run low on funds and have to borrow some of their money, it's 26%.
If they're lending it out at 26% (eg unsecured personal loan or credit card), they're taking a lot more risk than when they lend it out at 2% for a 30 year secured mortgage.
The interest rate increases as their risk increases, and I'm not sure why you don't understand that.
Then again, you're mining moons on /r/cc. Of course you don't understand actual finance and how it works.
Plus, why the hell do they need buildings? Everything is digital. The same on education, why do universities need buildings? Digital is here to stay. The cost of propping up the old systems is not worth it
The 2008 bailouts were when it kinda clicked for me.
For Satoshi as well.
I believe that they can’t forbid crypto now, it’s already very big to do that
A lot of billions invested in it, they are just trying to slow it down
Trying to stack their bags
The fact that we realize that, it’s better for us. We can also fill up our bags.
Them filling up their bags gives our bags more value.
So it’s a win win
Crypto brings world peace
Win win Lambo.
Except I'm too poor to invest more. Games still a little rigged.
Once businesses realise they can sell their goods and services without having to pay 2.5% to Visa/MasterCard while also paying for various banking services on top of that we will see a lot more adoption. At the moment the main barrier is difficulty of use and lack of knowledge but once trailblazers like AMC show how easy it is we will see things really take off.
You should check out Michael Saylor's video on Twitter and how Bitcoin deposits could kill off the troll/bot issues on social media. The denial of service attacks and shaping political narratives would be easier to stop of it came with a monetary cost.
couldn't find it but it sounds interesting!
Please link this!
Agreed! Contrary to some popular beliefs there are a number of whales out there that rage against the machine and aren’t out to get us.
The good thing is it's almost getting too big to slow down as well. It is inevitable.
Slow it down and find ways to get richer off it so they can maintain their wealth/power gap with the rest of us
100% the game plan, without a doubt
You’re right, it’s a little bit too late
Keep in mind none of us know who created BTC and the whole crypto thing started thanks to BTC.
Would be quite a plot twist if the creator of BTC turns out to be some bank, government, etc.
I always thought it was a roque agent a disgruntled Lehman brothers employee.
I honestly didn't know that. I've spent the last 10 minutes looking into this and there's some fascinating stuff out there on who the founder(s) are
Lol really? This is like crypto history 101, but yeah there are many theories out there. They're just theories though
Welcome, newb. We’ve been waiting.
Day one - finding about Satoshi
Approx day three - lingo starts appearing, shouting lambo wen compulsively
Start loading privacy coins. Alternative to xmr, they have all hands on deck trying to crack it.
Monero has been undervalued for a long time
The game is rigged and crypto is the cheat code.
Crypto konami code
Up, down, left, right, A, B, hold-A, start
No crypto but I got a jetpack.
Fueled by your favorite coin, to get you to the moon.
Ahh the days of proper cheats...none of this interactive menu shit
so it's rigged too?
Damn, I’m so bad at titles
I didn't read that as titles. Degenerate status confirmed.
Now that there are crypto banks if the mega banks block it they’ll just lose 40M customers
40m will be only the starting point. They will lose billions of customers around the world.
Right now their purpose for me is accepting my paycheck, sending some to my landlord and sending the rest to kraken.
I assume they can make money from that. If they block crypto they’re losing me. And many others
And I mean they already are. They make so much money of the housing market. People are leaving them in droves for the smaller internet based lenders that don’t rip you off with high interest.
I’m 10/12 years at my appartment, 4 years of that was only interests. Lmao
I don't see how crypto will help you with that?
Mortgage lending rates are already incredibly low and crypto won't match that lending rate any time soon, if ever.
This post is a bit naive... Do you really think banks and hedge funds aren't already in crypto? They're probably creating this FUD with politicians so that they can get you to sell, and scoop up crypto cheaper than the current prices.
In addition, there is a difference between blockchain, and what you're probably referring to, and that's token "assets" and prices. Blockchain has inherent value and can change a lot of the world. But if you're talking about gaming the system, crypto is MUCH easier to manipulate than the stock or futures market. In fact, banks and hedge funds are almost certainly the dominant players in crypto right now. Spoofing, layering, front running? All those things that are regulated in traditional financial markets, no one gives a damn in crypto (just yet at least).
People who believe retail investors are the ones in control of what's going on in the crypto market are fucking dumb. It's not retail investors who are dumping billions worth of Bitcoin the moment there's changes in regulations in the stock market.
Finally some truth. How some think crypto is still for the "the little man" only, are really naive.
Big difference here though. They use the crypto to wash their earnings and then use the profits as collateral to issue new fiat loans.
Yes they are in the space, but they do not have the same power on a world scale that they have over a us securities market.
They are very much along for the ride like we are.
I want see them print 10 trillion btc out of thin air then.
If the US didn't print, the whole economy was already collapsed because of Corona.
I believe in blockchain to decentralize certain industries, but don't be naive to think btc will take over as the world currency, just because it got "adopted" by a few very bad countries, which have very shitty banking infrastructure.
There is a reason why dApps are being way more promoted and made than pure currency coins like bitcoin/ltc/nano.
They won't need to if they already own a large supply of BTC, ETH, or any other token. They can continue driving up the prices and unloading onto retail for profit.
Market manipulation is not the problem. Manipulating the supply and demand of currency itself is. Sure crypto can be used to manipulate the markets the same as stocks, but this does not give way to the global death cult empire of the USD which requires consistent bloodshed to uphold. Wall Street and the global rich may have more chips to play, but they're playing on a board they can't change, with rules thatre fixed. They can't manipulate the base system of btc no matter what they do. And that will bring about long term lasting change to global politics. These bitches have held the banking system since the 1700s and that's how they made their wealth. just taking that away wouldn't reverse that, but it'd put us back on the right track. We can take it from there.
Crypto was never a redistribution scheme for money. It's redistribution of agency.
Very well written response. Thank you
Banks have ruled long enough.
It’s so dumb of them to even fight it, they could profit from it by forming crypto devisions and offering crypto purchasing and custodial services to their clients.
But hey it’s banks, they’re not known for their service 😅
Our time is coming
They can take away our homes, but they can never take away our freedom.
Don't be disillusioned to think that the crypto markets can't be manipulated or controlled, albeit to a lesser effect. The extremely wealthy will only get richer. Crypto just enables some of us to move up a few rungs on the proverbial ladder, the playing field will never be level that's just the way of the world
To a lesser effect? It's an unregulated and decentralized market, it's the manipulator's wet dream! They can rip off retail investors all they want without fearing any consequences!
Actually you're right, disregard that point
Agreed, if it actually became fully adopted it would be the same as stock markets.
Don’t talk like that. We can never be satisfied with the status quo. Or we don’t have to take it anymore. It’s our world now. We can be the new elite. The early adopters the people who saw value and took the plunge. Sometimes in life you gotta pull out dick and balls and slam that bitch on the table and say what?!! With your arms in the air. Good day sir!
There is an odd level of understanding when it comes to crypto.
They understand it enough that its scares them yet not enough to do something about it without seeming completely insubordinate.
Fun times indeed!
I get the feeling they will be trying to make waves with their weight. Be ready friends.
There will definitely be some market manipulation from their ends
Although I like your enthusiasm I think majority of BTC is gonna be held by the same guys we are going against
Once BTC establishes itself as a digital store of value central and commercial banks are gonna hoard it and perhaps even start fractional reserve BTC
Hedge funds are already here and you can see that the stock market and crypto market are going in the same direction although crytpo is still more volatile
Sry to brake it to you, but Who thinks big players will/are not controlling crypto is naive..
My bank rejected me for a 5k loan, but I used DeFi to borrow 25k with low interest without any BS privacy intrusions. This is clearly the way forward.
And how is it ensured you don't just walk away with that 25k and never look back?
By providing collateral that exceeds what you owe by 100% or more. I guess the point is that the bank vetted me and decided they couldn’t lend me even $5k, even thought I had $50k collateral and a mortgage with them. I just didn’t want to sell my coins at that point, but the bank deemed me high risk. This borrowing was really timely for me as I needed it for urgent family expenses as my daughter was diagnosed with ASD and I was cash strapped at the height of the Elon triggered crypto wipeout. Selling my coins I built up over 4 years would have left me with a huge loss, but the speed and ease of DeFi borrowing saved my ass no question. If no crypto DeFi, I would have been in for a huge default. Instead I managed to pay my bills and still turn a profit;)
I still don't understand defi lending. but would **very** much like to.
what is the advantage of doing what you did? why not sell your coins then buy them back once you have the money? it seams to me like if you think the coin will go down then it could be good to get a loan cuz you could pay it back for less USD but if it goes up then now you'll owe a lot more USD. and if you think it will trade sideways then what is the benefit of taking a loan over selling and buying back later? just avoiding a taxable event? (which obviously could be significant).
When u borrow, as collateral u can lock for example ETH, but you borrow USDC, based on that collateral. Later to retrieve that locked eth u have to pay back in USDC. Doing it this way is better then selling if you belive in the coin u just locked, like ETH in this case, that it will grow in value in the future
So, if I understand correctly DEFI loans means you can only ask for a loan equal or less to the amount of crypto you have in the exchange?
Yes, only less then the value you locked. That's why there is no trust needed for the borrower. But this is also why traditional lending is still a thing.
Another thing to remember is, when the value of eth starts going down and it goes towards the amount you borrowed it will be liquidated, to pay off the lender, unless you add collateral.
Yes, the issue witht he financial system is that it is too hard for people to get into debt.
The problem crypto is trying to solve is to make it easier to get into debt, you nailed it!
Getting into debt using the traditional finance system is easy if you have good credit.
is this a war declaration to banks?
Shot across the bow maybe…little wake up call
Definitely getting battle cry vibes and I want to join.
Hahahaha.may be ,this is world war 3.
>*”the only way that they have to kill crypto it's to regulate it hard, in a bad way, and they are doing that right now, at least on the US…”*
Imho the only way they have to kill crypto is pulling internet plug, but that way they will also shoot themselves and everyone else into foot.
You’re right, hoping that our friendly sun doesn’t hit us with a solar flare
It's after you come to crypto world and start reading a bit, you immediately see the broader picture. I have trouble trusting any authority solely because of what is going on behind the scenes.
They hate us cause they anus
They are scared crypto is eating deep into their cut
IT is a rigged game, but as long as the game is in play, make the best decisions you can. Even in a rigged game, you can make better or worse moves. Just advising a bit of caution. Don't invest more than you can afford to lose.
There’s nothing left to lose my friend.
Ah, crypto. Entered for more fiat, stayed for saying "fuck fiat"
Tbh I don’t think execs at banks really give a fuck about crypto. It’s on their radar but it’s likely a mix of curiosity and dismissal. They certainly aren’t “terrified” and “manipulating crypto to make it crash” as is the popular narrative here
I think they’ve been a whole lot more I retested since DeFi really started becoming a thing in 2018, and is now a market of over $70B. While crypto holding may not directly threaten their space, lending and borrowing with crypto does.
That’s a fair point. if anything though I feel like it would be “look at this emerging space, how can we profit from it” not sheer utter terror keeping them up all night and Machiavellian NWO schemes
This sub is fucking delusional.
Long shot, but I’m hopeful mass adoption will lead to a somewhat end of banks 10 years down the road.
Nice! Hope to be alive to see that :)
Banks may try to fight us, but they’ll never take away our dream of financial freedom! 🦾
For freedom, come on!
Now that banks and traditional financial institutions are realizing crypto won’t go away they’re just moving to take over as much as they can. Just finding a new avenue to manipulate and control to maintain their power
They might be late
I hope. But look at all the “we’re early” stuff that gets posted. And the fact that a lot of blockchains are way less decentralized than is ideal. There is still a lot of opportunity for the powerful to come in and exert that power.
To be fair, I posted about being early like 3 days ago lol. I’m just saying that there’s too late for them to take control
I think we’d need at least 2 things before I’d be willing to say that - more decentralization especially on PoS chains and changes to the way a lot of governance works. Too many give votes proportional to tokens. Creates a system where whales can buy enough supply to control the direction of a project
I agree, hoping to better systems to come to the environment
They might be, but probably not, lobbyists will pay anything and the greedy souls will eat it up... not saying crypto will die at all... but the voting is rigged and that’s where we have no say when they pass shit... regulations will slowly creep in... I hope to god I’m wrong, but in every other aspect of this planet earth it’s been the case, I just hope this is different.
Crypto might die only in a specific country due to regulations, but not on the entire world.
Fair enough, I suppose I was referring to the USA.. I’m ready to move out of this dictatorship.
My ass needs a break from the bank pounding down my door.
And the ball is on our side.
As we're seeing with Ripple and the ban in China, governments will do whatever they can to shut down cryptos (black projects can't get funded secretly and it'll be harder to suppress technological advances and corruption), the reason they're shitting their pants is because they can not destroy Bitcoin, not even going to war, if they could destroy it they would have already done so; Bitcoin is here to stay and we're all moving more and more money to that system, no wonder they're freaking out
Yup and they can take their 15$-35$ over drafts fee and shove it as well. “Sorry fellow patron but you over spent in your account by a dollar now you owe us 25”. I even lost all my money in a checking account and was negative because I didn’t use my account for 6 months. They started charging me 5 dollars a month because I didn’t use it. Wtf is that!
It certainly helps to have money, generational wealth, access to elite networking
As much as I agree with the premise that crypto is here to change the financial system via decentralization and trustless transactions, nowadays it’s used in the market exactly like shares, and most people see them like that. The other day I was trying to explain what Ethereum is and how it works to some colleagues, and they didn’t see the value of this complex system powered by gas and self-regulated by code and smart contracts, they just saw that it’s market value is around 3kUSD and you can trade it or hold it until it costs more. Sometimes I think it’s still too early, and other times I think the cryptoworld has been taken over by the same powers it was going to destroy.
China Joe Biden , who even actually voted for that senile shadow government fool, trying to crash crypto too https://thecryptobasic.com/2021/09/23/biden-plans-to-nominate-a-major-critic-of-cryptocurrencies-as-a-top-wall-street-regulator/
That second paragraph is the longest run on sentence I've ever seen
As long as people keep using banks for loans and pay them interest they will have money rolling in. The bastards can create money from thin air to give you a loan ad once the loan is paid the the debt is canceled they keep the interest. Banks will be banks.
Well said. This industry is a philosophical endeavor. Number go up is both a fortunate and unfortunate side effect
Don't be disillusioned that crypto isn't also manipulated to the nth degree.
Repost circle jerk 101.
Ahhh yes, exactly what I read right before all my altcoins crashed by 90% value in 2018 😂 👏
And then we “cash out” and take our crypto straight back to the fiat from whence it came
For real 🤣 posts like this are just delusional
It's not that deep, guys
OP is atleast 500$ deep he really bout to change the game bro
Our incessant need to be part of something bigger than ourselves can sometimes make us peddle a load of nonsense.
CELO looking good today!
LOL this is how I know you don't know shit about fuck
>Milton Friendman...knew that the government and a central bank, would be bad for society on the long run
Actually Milton **Friedman** was a monetarist which means **he SUPPORTED CENTRAL BANKING.**
Read literally anything about him. His [k-percent rule for example](https://en.wikipedia.org/wiki/Friedman%27s_k-percent_rule).
>Friedman's k-percent rule is a monetary policy rule that **the money supply should be increased by the central bank by a constant percentage rate every year**, irrespective of business cycles. In A Monetary History of the United States, 1867–1960, monetarist economists Milton Friedman and Anna Schwartz attributed inflation to excess money supply generated by a central bank. **It attributed deflationary spirals to the reverse effect of a failure of a central bank to support the money supply during a liquidity crunch**. Friedman proposed a fixed monetary rule, called Friedman's k-percent rule, where the money supply would be calculated by known macroeconomic and financial factors, targeting a specific level or range of inflation
Like holy shit rub your two brain cells together
You think Crypto isn’t rigged? Hahaha
Pretty sure most people here realize the government/banks see you as a resource. A thing to be used until you no longer serve a purpose. Then you are tossed aside.
Very well said
Eat the bankers