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Warning: Dont Put All Your Eggs In The Digital Basket...
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<blockquote data-quote="Greenhornet_au" data-source="post: 605754" data-attributes="member: 8767"><p>I also agree, during the Covid 2020 year there were significant $ withdrawn from Banks, as people wanted 'cash on hand'.</p><p></p><p>A forced digital banking system is dangerous, I had this debate with a Bank Manager recently, nice lady, but she lost the debate when I asked her what would happen to my 'digital funds' in her Bank if the Bank was bankrupted.... (long pause)</p><p></p><p>"That would never happen, our Bank is VERY large !"</p><p></p><p>But what would happen to all my funds ???</p><p>My understanding is the Bank would convert them to 'Shares' and they would be worth nothing as the Bank would lose it to Creditors pockets.</p><p>My funds are essentially 'unsecured loans' to the Bank, arent they ? That is why I am paid interest ?</p><p></p><p>She thought about it and said - "Yes"</p><p></p><p>It was a civil discussion, but she was quite comfortable in the knowledge we would all lose our money if things went sour with the Bank(s) or the digital systems we use.</p><p></p><p>I dont have much cash, my 16yr old ( Kato ) has more than me, but it is a serious thing to be aware of.</p><p></p><p>My mattress needs more padding.....</p><p></p><p> :lol: :lol: :lol:</p></blockquote><p></p>
[QUOTE="Greenhornet_au, post: 605754, member: 8767"] I also agree, during the Covid 2020 year there were significant $ withdrawn from Banks, as people wanted 'cash on hand'. A forced digital banking system is dangerous, I had this debate with a Bank Manager recently, nice lady, but she lost the debate when I asked her what would happen to my 'digital funds' in her Bank if the Bank was bankrupted.... (long pause) "That would never happen, our Bank is VERY large !" But what would happen to all my funds ??? My understanding is the Bank would convert them to 'Shares' and they would be worth nothing as the Bank would lose it to Creditors pockets. My funds are essentially 'unsecured loans' to the Bank, arent they ? That is why I am paid interest ? She thought about it and said - "Yes" It was a civil discussion, but she was quite comfortable in the knowledge we would all lose our money if things went sour with the Bank(s) or the digital systems we use. I dont have much cash, my 16yr old ( Kato ) has more than me, but it is a serious thing to be aware of. My mattress needs more padding..... :lol: :lol: :lol: [/QUOTE]
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Warning: Dont Put All Your Eggs In The Digital Basket...
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