They said they have technical problems and that was the reason for not being able to log-in the bank account, use any e-banking in general and there have even been withdrawal problems at ATMs. There is a long list of unjustified and shabby criticism against blockchains, they were too slow or not scalable, but if a bank denies you access to your own money, the only way out is crypto. One of these infamous badmouth pieces I read recently came from Dirk Songuer in Berlin, when he writes:
Made a typo during online banking? Call your bank and sort it out.
So let's take his advise for yesterday's fiasco case and see what banks answered:
"You can only withdraw money up to 400 Euros, if at all. But most self-service counters are closed or out of service anyway."
Obviously, we in Central Europe are heading for situations like in Greece. I am very optimistic that crypto will play an important if silent role in the individual portfolio diversification. The minority will want to talk openly about it, which is due to the secrecy and taboo of the subject of money in our society. On social media, I noticed that very few people reacted to my post that they are at the bitter mercy of the banking system, with many laziness has won and they have simply waited until the problems were fixed again Tuesday night by their emperors.
What do you think was behind those "technical problems"? If you had nothing to do with crypto until now, would you take such an event as an opportunity to educate yourself in crypto?
Bank runs can be dangerous. People need to be mindful of the financial status of their country's banking system.
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I think there's not much to cash out as I see how lavishly people here in Vienna are behaving with their money which in many cases is more based on debts than assets. Being mindful about consumption and overleverage is also advisable.