Banks are Toast. 8 Month Old Binance Crypto Exchange Makes More $ Than 148 Year Old Deutsche Bank of Germany
Binance Crypto exchange opened for business in fall of 2017. Binance is an international multi-language cryptocurrency exchange. The service raised 15 million dollars in a July 2017 Initial Coin Offering for its ERC20 BNB token. They have offices in Taiwan and now Malta (beautiful small island in the Mediterranean) which is crypto friendly. After 8 months of operation, Binance, made more money the 1st quarter of 2018, than the 148 year old Deutsche Bank of Germany (the largest Germany Bank if you include all of its derivative holdings). Here is what is happening quickly in the international finance market.
Banks are close to extinction. The Fiat paper money system has run its course. The global banking empire is experiencing a massive "Brain Drain" with key talent fleeing banks and going to work for crypto currency corporations and or crypto start ups. Explain to me how Binance, with 100 employees out performed Deutsche Bank with over 100,000 employees? There is no way banks can compete with the speed, efficiency and costs of crypto currencies. Remember, history was made on April 21st when $99 million dollars was transferred in seconds for a cost of just $0.44 cents using Litecoin. Try doing this at any global banking center. You can't, period. The banking system is dead. Get out of it now.
I do not feel safe depositing money at any bank and becoming an instant unsecured creditor to that bank. One of these days, we will go to sleep on a Friday night and come Monday morning the banks will not be open. Sorry, the news will say, we are closed due to a cyber security attack. Funds are not accessible until further notice. This scenario can not happen with crypto currencies. With cryptos, you own and control your digital money. There is no 3rd party between you and your money. You are not holding a debt note that is someone else liability. Cryptos can be used anywhere in the world at the speed of the internet.
image from: cryptoobase.com
reference articles; https://www.ccn.com/binance-surpassed-germanys-biggest-bank-deutsche-in-profitability/
https://www.tecnologia.press/en/2018/04/22/someone-moved-99-million-dollars-in-litecoin-with-a-cost-of-just-0-40-cents/id=rusbell/
Deutsch Bank is guaranteed to stay.
Binance is not.
And since you chose to pick Binance as an example, this quarter's results which will be reported in the next quarter will not be as good for it.
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I think that since Binance holds the worlds largest supply of cryptocurrencies that they are going to be here for a while... until a legit decentralized exchange is created imo
so how do you suggest we cash out our cryptos now that there is not YET wide spread adoption of cryptos. if we want to buy food from a grocery store, what would you say is the best idea? a simple withdrawal of our money from an exchange like GDAX for Americans?
Rogue Money (on You Tube) has a brand new program to enable anyone around the world to cash out of cryptos with over 24 currencies available, tax free and legal.
thank you!
You are welcome. I view having crypto currencies as insurance in case the global banking system tanks.
Very interesting figures. It is hard to predict what comes out of all that rapid changing in the finance sector as long as crypto is not really usable for a layman.
I think in 2019 we will see an explosion of real life use cases for crypto for the layman.
Lets hope so and see! Have a nice day @jetblake
I have not had a bank account of any kind, no credit or debit cards, for almost ten years. As a result of fraud by Citi, I learned that there is no recourse to the courts when predators with deep enough pockets take your property. When I spoke to a lawyer, I was told the truth: Citi has an army of lawyers, and will keep you in court for at least a decade. In order to fight them you will need to pay me the whole time, and then you might win, because even though they committed a crime by defrauding you, the courts are often corrupt.
So, I moved on. I no longer am vulnerable to such fraud, because I have no property in their control they can take. It's about time more folks do as I did, and you recommend, and do the same.
This is only true on the internet. Given the control of the internet by forces beyond our control, cryptos are utterly vulnerable to that control. Further, as cryptos are almost exclusively stakebased, acquiring controlling stake in them potentiates control of them directly.
Unlike silver, gold, and your labor and skills, which cannot be controlled by predators except they first control you.
I believe BTC particularly is extremely vulnerable to such control. Do give that thought in your investment strategy.
Thanks!
So true, but if you don't want go to banks, where than do you keep your values like gold or silver (if it is more than two silverspoons and some coins)?
I have a locked trailer where I keep my valuables.
There was a time in my life when I left my flat completly unlocked. Everything depends of the right circumstances. If we life amongst Armish People it might still work. In an other comment I wrote about GLS Bank in Germany. Such bank might be an alternative if you still have to participate in our modern society.
I haven't heard of GLS bank. I am quite distrustful of banks. Cash has never defrauded me.
Good points. Thank you for sharing your story. Yes I will consider your suggestions