2019 is already shaping up to be a very interesting year for crypto as several global economic events are creating problems that (to my mind) all have the same solution.
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Having new users enter the market and buy for an app should have a positive impact on price. It’s like when Binance used BNB coin to provide discounts on fees. People flocked to buy it. Then they gave higher referral commissions to anyone who held 500 BNB or more - again, resulted in people rushing to buy (significant amounts this time) and new people coming to the market who have money frequently will start with a decent stake in BNB.
Re: organizing a bank run - maybe Proof of Keys was the opening salvo?
Sociologically an organised bank run would be intriguing to watch unfold and the potential ramifications are enormous, dare I even say profoundly stupendous.
More ominous albeit not too surprising is the fact that the 'Britain is broken' protest march against austerity this weekend (organised by the left-wing 'People's Assembly') is proudly waving the hashtag 'yellowvests' whilst on the right brexit supporting activists are voicing their intent to hold demonstrations in British cities under the banner 'hashtag yellowvestsUK'.
I for one am not so overjoyed about these demonstrations but the question has to be asked "are we reaching the point where populations are starting to see huge non-plastic straws breaking the backs of dromedaries?" Not the smoothest path to mass adoption but a definite jolt in that direction. I wonder.
I've edited the post to stop the hashtags being live links. Apologies for meandering onto a slight tangent there.
"Don't blame Bitcoin of being useful!"
:)
If they bank run in France..... How long before that spreads like wildfire??? 🙄
Wow. If we get a wide spread bank run, we would be in serious trouble. It would be much better, to have a different establishing trigger than such a catastrophe.
Great point raised. This is fascinating to say the least. It seems as if the payment processors are (without realizing it) doing the very thing they're trying to avoid by censoring people, which is to push them harder into Bitcoin.
And, I think anyone viewing this video know where BTC is going in reference to these central banks and world markets lol.
Another great show, thanks Chris!! Haha, have to love the fact that Gab is now eventually having to allow btc payments!!! Surely they should have known better what was going to happen.
It seem like every disgruntled group is gravitating toward bitcoin.
Is it bad that I want a run on all the major banks, I want the EU to collapse, I want the dollar to collapse, I want the gold market to collapse (for a short period to flush out the corruption), I want vast amounts of money to flow into crypto, gold and silver to bounce back and then for wealth and power to be redistributed. Distributed more evenly to people who deserve it. To people who want to do good in the world and work towards a sustainable way of living that benefits us all. I want the redistibuted wealth to be used to advance humanity collectively rather than for war and destruction that ultimately kills humanity and wreaks havoc on our amazing planet.
I hope, I sincerely hope that this is the beginning of the crypto revolution. Please please please let us see this happen 🙏🏻
Excellent work Chris 👍
That would be one epic domino effect if say the top economies all put in 1% and test the water with BTC we would really give BTC confidence and invididual investors back into the market. People are still very much sheeple, you can give them all the info but they just want to see someone they trust or value do it first
We need to allow ourselves to voice out the necessities in a more effective and cultural manner. Any aggressive and violent activities are too extremal for an outcome we hope to get.
The case for bitcoin as a reserve currency continues to be made but it will still take time as those in that position today will do all they can to not lose it given the debt bubble they created and supported by its reserve position.
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The bad thing about a yellow vest bank run is that it will only help cement the idea in gov that crypto is very bad stuff for bad people along with the alleged use by paedos, launderers, organized crime, tax dodgers, cybercriminals, sanction evaders, and last but not least, terrorists. Who else have I left off the list? :-)
So while I always welcome more people buying bitcoin and crypto, it would be preferable under another context. This kinda campaign only plays into the hands of the folks who think there are not enough regulation already i.e. like the Winklevoss Bros who have been running the much maligned advertising campaign recently on buses in NYC, you know, that guff about crypto needing rulez - OK!
Under another context the motivation is too weak IMO
Even crypto is prone to "bank" runs in the form of exchange runs. If everyone decides to do a mass exit of an exchange, they will not have the liquidity to process the orders timely and will need to start the process of bringing in assets from cold storage.
I guess the difference is - assuming the exchange has all the assets stored, they could be paid within days/weeks, but the banks can never produce enough physical cash to satisfy all the deposit. -