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You are under the impression that most folks are investing money somehow? Nope. Most folks are pretty poor, and realistically the money at the banks isn't coll
by Broken_Hippo 5y ago
You are under the impression that most folks are investing money somehow?
Nope. Most folks are pretty poor, and realistically the money at the banks isn't collecting interest at all. The banks provide a service: Somewhere fairly safe to stick your money, where it will be available to pay for food and rent and utilities.
What most folks actually save for - when they can - is emergencies. We are talking less than a month's income at a possibly average salary. This money needs to be easily accessible. you know, in case your car breaks down. You might save for a down payment, but realistically you aren't going to be much better off by investing in anything long term. And when you are at these income levels, investing in anything that could mean you lose your money is too devastating to deal with, even if you supposedly can get "up to a 20 percent yield". Not to mention that you can't use that money for anything without planning.
- blisterpeanuts 5y agoIf "de-banking" gains popularity as a way to suppress and punish dissident populations[1][2], crypto stands to gain. There are still issues with traceability and privacy but the basic technology seems pretty sound as an alternative to a state-run currency. 1. https://townhall.com/columnists/johnrlottjr/2022/02/23/canada-isnt-alone-in-using-debanking-as-a-weapon-against-political-opponents-n2603647 https://townhall.com/columnists/johnrlottjr/2022/02/23/canad... 2. https://www.businessinsider.com/mypillow-ceo-mike-lindells-bank-cuts-ties-with-him-2022-2 https://www.businessinsider.com/mypillow-ceo-mike-lindells-b...
- Ekaros 5y agoWouldn't those doing the "de-banking" also make it impossible for anyone to provide service to the "de-banked" or punish those who allow it to happen? After all they still need to live in physical world and ignoring some customers is easier than being hit for bigger fine than the gains or outright stopped from operating.