Can the French Yellow Vests pull off a bank run? How does debt, fractional reserve banking, fiat, and more fit into the picture, and what can Bitcoin do?
Sources
https://news.bitcoin.com/french-atm-glitches-and-bank-closures-reported-after-scheduled-bank-run/
https://toshitimes.com/jimmy-song-bitcoin-is-a-tool-for-peaceful-revolution/
https://www.coindesk.com/im-as-certain-as-ever-bitcoins-revolution-is-only-just-beginning
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Thank you @larksongbird, I am French expatriate in Thailand. The Bank run from the Yellow Vests have no chance to win since the announce of the bank run ATM in France have some glitches not allowing the withdraw. Also, I have to tell you about the French Bank dictatorship, ATM by default allow you to withdraw only 500 Euros a week and if you need some more money you have to ask the cashier of the bank 2 days in advance. The bank will ask the reason and in some case proof of what it is for, in many cases, people want to buy a second-hand car have been said "no" by the banksters, not allowing them to get the cash-out. Also, regarding taxes, they have now taxes taken directly from their salary before the salary reach the people. Believe me, France is a dictatorship country today. I have waited a long time for my fellow citizen to wake up but it comes very late, personally I have quit France 20 Years ago because of the dictatorship and most Yellow Vests have a low education about the causes of the problem. Keep the good work Lark!
Mabe we should start a revolution against the banks called Proof of Cash )))
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Exciting times we live in. The next decade is practically certain to be an epic political shitshow. Hopefully people figure out that bitcoin can keep them from getting hurt in this next revolution. The French (and others) are doing it the hard way.
At this point though, bitcoin hasn't scaled enough, and LN isn't user friendly enough for the average person to use. There are other crypto's that have solved the scaling issue, but have never achieved scale which means that we don't know what happens should they overtake bitcoin on a mass adoption run.
My worry is that many of these projects are too centralized to begin with. How difficult would it be for a nation such as the US to buy up 15 block producers (in DPoS) and take control of the network? Hopefully, if this happens, governments and banks of the world will not be in a position to afford to do so, or we could end up with book of revelations consequences.
Thanks for all the awesome content you are consistently coming out with! I've been watching your youtube channel for months and have got a ton of value from it, Glad to see you are posting on steem too! Keep crushing it Lark!
The world is in a full blown QE mode whether we like it or not. As the global debt level continues to rise, all the major banks are heading towards illiquidity. Once this happens, we should expect bank run and bail-in to come into play.
mabe they will not succeed with the bank run, but its a start and slowly the cryptocurrencys are taking over. wonderful video as always. I like the way you explain things. this post deserve a resteem.👍
I like the sound of plan Bitcoin myself! Viva la Bitcoin revolution