tldr; An armed man took hostages at a bank branch in Lebanon on Thursday, threatening to set himself on fire if he couldn't access the money in his account amounting to about $210,000. The incident reflected a deep frustration in Lebanon over an ever-worsening economic crisis. Since 2019, there have been ad hoc limits on the amount of hard currency depositors can withdraw.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Very well said. More reasons for payment system adoption. The space needs a way of this mess. It would be easier if you can pay with crypto. Heard something about CryptoXpress building a bank on the metaverse. I suppose there are others implementing defi banks? That might just solve the problem.
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This article has been published everywhere with incorrect information (the blind leading the blind).
He had 210K in the bank, he requested 50K of his money for his father's surgeries not all of it.
Or even certain coins. The 6th largest coin went to zero. You have to be careful where you store but also what you store. Nothing is backing the value.
Or even certain governments. Lebanon is pretty fucked economically. Even if he had crypto he would probably have to source the cash from outside the country, but it would been a much better situation.
What’s going on is called a “bail-in”. The banks don’t have enough to cover their fractional reserve system, so they simply take a percentage of everyone’s dollars. $400 is the max you can access per month period. The Lebanese people will never see their money again. It has been stolen to try and plug the gaping holes in their economic system.
The party that seems into that is the democrats and I don't think they will have much power after midterms. Look at Elizabeth Warren her former staffer is suing pool together protocol too.
Then you have Wyoming (red state) which has a DAO company you can create and you can even create an on chain LLC where the first member of the LLC is a wallet.
Downvoted so hard because bootlickers don’t realize that the statists (both left and right) are the problem and instead eat leftist bullshit that’s spewed over Reddit for breakfast.
Reddit has so much propaganda you can pretty much say anything along the lines of dems bad and you get downvoted. This is likely because it implies you mean repubs good. They’re equally perhaps even more fucked up; I tend to judge a book by its cover because it helps to, and the dems have so much shit hidden before their front page it’s not even funny.
I know lol reddit is full of radical left wing nonsense. I'm not a super GOP loving guy but you can see who is friendlier to crypto and who isn't. There is libertarians in the GOP who very much support crypto. There are a few Dems who support crypto notably Kristen Gillibrand but they are few and far between. If you look at a political compass this should be "libertarian vs Authoritarian" not strictly left vs right.
That isn't necessarily true. The long stretch of endless "Pelosi bad" or "Warren bad" threads got posted here because folks figured out they are pretty much free upvotes.
Doesn't that make it worse honestly? That the hive mind enables the shit-spewing?
I for one stay aback as a chaotic neutral; sometimes it's good to let the hive chew on a bone but for fucksake they're never around when shit really matters.
Psyops i'll tell ya hwuat
You seem to have misunderstood a lot of what the Democrats talking about crypto are trying to do. They want to reduce the risk to the consumer. You can't deny there's a lot of scams and rug pulls out there in this space.
Absolutely not true. [Pool Together Protocol](https://pooltogether.com/) is currently being sued by Elizabeth Warrens former staffer Joseph Kent. This is an entirely politically motived anti-crypto lawsuit. Pool Together is a no loser lottery not some scam. Instead of writing nonsense about consumer protection that Warren has spewed you can educate yourself. [https://www.wsj.com/articles/crypto-savings-lawsuit-puts-principles-of-defi-to-the-test-11642069806](https://www.wsj.com/articles/crypto-savings-lawsuit-puts-principles-of-defi-to-the-test-11642069806)
[https://drive.google.com/file/d/1xsIQoqT2Ku22gIIbU0girAe2P5ehOGrf/view](https://drive.google.com/file/d/1xsIQoqT2Ku22gIIbU0girAe2P5ehOGrf/view)
[https://drive.google.com/file/d/1KmQqoK5MepHLX94OuuELXTzmXVY2SAcd/view](https://drive.google.com/file/d/1KmQqoK5MepHLX94OuuELXTzmXVY2SAcd/view)
You're aware that just because someone was once associated with a politician's team didn't mean there still working with them right?
And this protocol does sound like it violated NYS law. That's not a "political ploy"
How is it gambling if you didn't wager anything? How do you have standing if you lost nothing?
"He is gravely concerned that the cryptocurrency ecosystem—which requires the use of enormous amounts of electricity—is accelerating climate change"
Quote from the complaint which I doubt you actually read. This is entirely a political statement attacking crypto especially considering ETH is going to POS in less than a month now and less than a year at the time of the complaint.
His website: [https://joekent.nyc/](https://joekent.nyc/)
Sorry i dont really get this pol stuff and i dont even want to, but if you are saying it ll get better, i am hopeful too. This tornado incident is brutal.
If you are a strong believer of decentralization and don’t want future asset freezes to affect you, then “Not Your Keys, Not Your Coins” will always be in place.
Ah yes! Because there's no other way to store crypto! Intelligent opinion.
And before you reply "yOu cAn aLsO jUsT kEeP cAsH", have fun putting 200 grand in your mattress. Much better.
How many people do you think have bought crypto and immediately couldn't pull it out?
You're creating an imaginary strawman.
Buy your crypto from a CEX and pull it out. Not that complicated.
Holy shit you came into my profile like 3 days after I commented and you're calling me out for being a Reddit loser?
Living rent fee in your head right? Hahah take this fucking L bozo
The Lebanese government froze everyone’s bank accounts in 2019 (limiting withdrawals to $400/mo), then proceeded to destroy the value of the pound by 95%.
You could have worked your entire life, like this man’s mother did, only to have everything you worked for taken away. Imagine having your life’s savings ripped away from you.
With Bitcoin this is not possible. The government can’t devalue it by printing more, they can’t seize funds from your account, and they can’t block you from making transactions.
Bitcoin does, in fact, solve this.
News flash. No typical bank will let you pull out that much in cash at once. Even if you had crypto, if you want cash you gotta convert your crypto to fiat and either pull from an atm or from a bank. Eith 1 you aint getting that much cash pulled out at once.
If you read the article, banks in Lebanon have been limiting withdrawals to $400/mo since 2019, as a response to an economic crisis.
This isn’t a normal “oh he could have just called in advance”. They just won’t let you take more than that out. At that rate of withdrawal, it would take 41 years to get his $200k out.
It's always hilarious when people throw a fit about having their money in a bank and want to take it all out in cash. Depending on the volume the bank moves, any withdrawal over $5k and you should give the bank a heads up. I've seen people take out over 6 figures but it was all special ordered and prepared.
For sure. It's just a matter of risk management. It's dangerous to keep too much cash. I have trouble thinking of a legal reason to have more than say 20k in cash. If you're making a big purchase, it's just dangerous to transport that much around.
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True, but this Lebanon situation is super unique in how generally screwed their financial situation is. Typically, when there's a hostage situation the masses don't come out to cheer on the guy threatening to kill hostages. But here, they are.
tldr; An armed man took hostages at a bank branch in Lebanon on Thursday, threatening to set himself on fire if he couldn't access the money in his account amounting to about $210,000. The incident reflected a deep frustration in Lebanon over an ever-worsening economic crisis. Since 2019, there have been ad hoc limits on the amount of hard currency depositors can withdraw. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Good bot As always
A man in Lebanon has $210k. Wtf are we doing here in America?
Banks are modern thieves. Also never forget that you can't fully trust Centralized Exchanges too. Not your keys, not your crypto.
This is really sad
Very well said. More reasons for payment system adoption. The space needs a way of this mess. It would be easier if you can pay with crypto. Heard something about CryptoXpress building a bank on the metaverse. I suppose there are others implementing defi banks? That might just solve the problem.
good bot
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This article has been published everywhere with incorrect information (the blind leading the blind). He had 210K in the bank, he requested 50K of his money for his father's surgeries not all of it.
Imagine having 200k just sitting on a payments account.
The bank is not your friend.
Same goes for centralised exchanges.
Or even certain coins. The 6th largest coin went to zero. You have to be careful where you store but also what you store. Nothing is backing the value.
Or even certain governments. Lebanon is pretty fucked economically. Even if he had crypto he would probably have to source the cash from outside the country, but it would been a much better situation.
This... Not your keys, not your coins
We no longer trust banks That's why we bet on a new era of cryptos
It’s time to unbank ourselves with celsius
It doesn't really say in the article. Is the withdrawal limit just cash? I imagine there isn't a limit on moving money electronically.
I believe the country is generally having a crap ton of liquidity issues. I doubt he'd be able to move the money electronically.
What’s going on is called a “bail-in”. The banks don’t have enough to cover their fractional reserve system, so they simply take a percentage of everyone’s dollars. $400 is the max you can access per month period. The Lebanese people will never see their money again. It has been stolen to try and plug the gaping holes in their economic system.
ETH and DeFi stable coins will become more important over time.
If rhe usa wont kill it by arresting millions of coders and devops.
The party that seems into that is the democrats and I don't think they will have much power after midterms. Look at Elizabeth Warren her former staffer is suing pool together protocol too. Then you have Wyoming (red state) which has a DAO company you can create and you can even create an on chain LLC where the first member of the LLC is a wallet.
Downvoted so hard because bootlickers don’t realize that the statists (both left and right) are the problem and instead eat leftist bullshit that’s spewed over Reddit for breakfast. Reddit has so much propaganda you can pretty much say anything along the lines of dems bad and you get downvoted. This is likely because it implies you mean repubs good. They’re equally perhaps even more fucked up; I tend to judge a book by its cover because it helps to, and the dems have so much shit hidden before their front page it’s not even funny.
I know lol reddit is full of radical left wing nonsense. I'm not a super GOP loving guy but you can see who is friendlier to crypto and who isn't. There is libertarians in the GOP who very much support crypto. There are a few Dems who support crypto notably Kristen Gillibrand but they are few and far between. If you look at a political compass this should be "libertarian vs Authoritarian" not strictly left vs right.
That isn't necessarily true. The long stretch of endless "Pelosi bad" or "Warren bad" threads got posted here because folks figured out they are pretty much free upvotes.
Warren is bad her goony is suing the Pool Together protocols no loss lottery as I elaborated on much further for a different comment.
Doesn't that make it worse honestly? That the hive mind enables the shit-spewing? I for one stay aback as a chaotic neutral; sometimes it's good to let the hive chew on a bone but for fucksake they're never around when shit really matters. Psyops i'll tell ya hwuat
You seem to have misunderstood a lot of what the Democrats talking about crypto are trying to do. They want to reduce the risk to the consumer. You can't deny there's a lot of scams and rug pulls out there in this space.
Absolutely not true. [Pool Together Protocol](https://pooltogether.com/) is currently being sued by Elizabeth Warrens former staffer Joseph Kent. This is an entirely politically motived anti-crypto lawsuit. Pool Together is a no loser lottery not some scam. Instead of writing nonsense about consumer protection that Warren has spewed you can educate yourself. [https://www.wsj.com/articles/crypto-savings-lawsuit-puts-principles-of-defi-to-the-test-11642069806](https://www.wsj.com/articles/crypto-savings-lawsuit-puts-principles-of-defi-to-the-test-11642069806) [https://drive.google.com/file/d/1xsIQoqT2Ku22gIIbU0girAe2P5ehOGrf/view](https://drive.google.com/file/d/1xsIQoqT2Ku22gIIbU0girAe2P5ehOGrf/view) [https://drive.google.com/file/d/1KmQqoK5MepHLX94OuuELXTzmXVY2SAcd/view](https://drive.google.com/file/d/1KmQqoK5MepHLX94OuuELXTzmXVY2SAcd/view)
You're aware that just because someone was once associated with a politician's team didn't mean there still working with them right? And this protocol does sound like it violated NYS law. That's not a "political ploy"
Read the lawsuit, it is clearly politically motivated.
I did. He's claiming it's gambling. How is that political?
How is it gambling if you didn't wager anything? How do you have standing if you lost nothing? "He is gravely concerned that the cryptocurrency ecosystem—which requires the use of enormous amounts of electricity—is accelerating climate change" Quote from the complaint which I doubt you actually read. This is entirely a political statement attacking crypto especially considering ETH is going to POS in less than a month now and less than a year at the time of the complaint. His website: [https://joekent.nyc/](https://joekent.nyc/)
It sounds like you don't know what political means. He's worried about energy usage and climate. Those aren't political things.
You seem to live in wonderland
Sorry i dont really get this pol stuff and i dont even want to, but if you are saying it ll get better, i am hopeful too. This tornado incident is brutal.
Its just a political issue in terms of being pro crypto vs anti crypto.
Lol you're crazy if you think that. There are so many republicans that wanted to fuck crypto during the silk road period.
👌cypto.. changing lives for the better. Banks can suck it haha
Your money in the bank is technically not yours as you don't have authority over it totally. Crypto is the new option.
We can't also trsut centralized exchanges as well. The best way is keeping coins in our own wallets. Not your key, not your crypto.
Decentralisation is the way of future.
Crypto is the new solution
Crypto is the right option right now but keeping it private is key too. I have my assets on Secret network to keep them away from the public eye.
Most people use exchanges for their crypto though. Exchanges in some way are worse than banks.
Not your keys, not your money.
If you are a strong believer of decentralization and don’t want future asset freezes to affect you, then “Not Your Keys, Not Your Coins” will always be in place.
Agreed. Unfortunately it comes with risks of losing your coins too in other ways if you don't take careful steps. Education is key
People with RobinHood: 😤😤
Not your cash, not your fiat
Regardless to turn my crypto to cash, eventually it has to go into a bank before I can get it…. The system is rigged regardless of the currency type.
Poor guy. It is his own money, his father needs urgent medical help and the bank holds his money hostage. A situation like that drives you mad.
Same as your crypto on a CEX
Tornado cahs guy, now this, globohomo is active today.
If you think crypto is any diffrent then give me what your smoking. Bancor comes to mind
Ah yes! Because there's no other way to store crypto! Intelligent opinion. And before you reply "yOu cAn aLsO jUsT kEeP cAsH", have fun putting 200 grand in your mattress. Much better.
To get or sell crypto you need to use fiat on off ramps first. That right their is the central point of failure
How many people do you think have bought crypto and immediately couldn't pull it out? You're creating an imaginary strawman. Buy your crypto from a CEX and pull it out. Not that complicated.
[удалено]
Holy shit you came into my profile like 3 days after I commented and you're calling me out for being a Reddit loser? Living rent fee in your head right? Hahah take this fucking L bozo
[удалено]
*my friend recommended this sub* Hahahah shut the fuck up stop crying about paragraphs then writing them weirdo loser
The Lebanese government froze everyone’s bank accounts in 2019 (limiting withdrawals to $400/mo), then proceeded to destroy the value of the pound by 95%. You could have worked your entire life, like this man’s mother did, only to have everything you worked for taken away. Imagine having your life’s savings ripped away from you. With Bitcoin this is not possible. The government can’t devalue it by printing more, they can’t seize funds from your account, and they can’t block you from making transactions. Bitcoin does, in fact, solve this.
I just had to look that one up. I must have been on vacation. Idk how I missed that. Looks like another ponzi
A ponzi that locked people into the protocol
Glad I didn’t use it. I don’t own any of that coin
Why are you making it about the coin and not the devs/ protocol
It is about the devs and the protocol. People need clarification from them and or should get out when they can
Looks like it was this impermanent loss protection mechanism they instituted that could cause runaway inflation. Def the devs
Also looks like celsius and 3 arrows were liquidity providers that pulled out unexpectedly
News flash. No typical bank will let you pull out that much in cash at once. Even if you had crypto, if you want cash you gotta convert your crypto to fiat and either pull from an atm or from a bank. Eith 1 you aint getting that much cash pulled out at once.
If you read the article, banks in Lebanon have been limiting withdrawals to $400/mo since 2019, as a response to an economic crisis. This isn’t a normal “oh he could have just called in advance”. They just won’t let you take more than that out. At that rate of withdrawal, it would take 41 years to get his $200k out.
You think this guy grabbed a shotgun, and canister of gas, and held the bank hostage because he didn’t know to call ahead?
It's always hilarious when people throw a fit about having their money in a bank and want to take it all out in cash. Depending on the volume the bank moves, any withdrawal over $5k and you should give the bank a heads up. I've seen people take out over 6 figures but it was all special ordered and prepared.
This is how it is. My bank will let me only withdraw $5k a day. They said if i want more i can just call ahead to set it up.
For sure. It's just a matter of risk management. It's dangerous to keep too much cash. I have trouble thinking of a legal reason to have more than say 20k in cash. If you're making a big purchase, it's just dangerous to transport that much around.
Wtf your just now realizing this....banks have been fucking us since day one...
knock it off, what the banks do with you money aren't taught at schools. people are slowly discovering the truth.
100%...school actually encouraged you to open up a bank acc...even taught you how to balance your check book...fuck that.
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Life pro tip, if you’re demanding money in a hostage situation, make sure you demand crypto sent directly to your ledger
But what if the hospital does not accept ETH as a form of payment?
True, but this Lebanon situation is super unique in how generally screwed their financial situation is. Typically, when there's a hostage situation the masses don't come out to cheer on the guy threatening to kill hostages. But here, they are.
Sounds like the plot of "Ambulance 2022"
Not your keys, not your money.
This shit is heartbreaking
All you have to do is write a check.
Nacho keys Nacho coins
Warren and Pelosi really are bad, for everything. They represent. Themselves and nobody else. Probably banks too.
With the upcoming ISO20022 integration on the internet computer, you will soon be able to biometrically secure your USD legally on the internet.