Charlie Munger: Running a bank comes with a lot of "temptations to do the wrong thing" (he's advocating for Bitcoin without even realizing it) 😂
Charlie Munger: Running a bank comes with a lot of "temptations to do the wrong thing" (he is advocating for Bitcoin without even realizing it).
When I saw the statement above from Charlie Munger a few hours ago I just busted into laughter because it is so ironic that such a strong criticizer of Bitcoin and Crypto like Charlie Munger is making one of the best arguments for Bitcoin out there, because he is trying to tell us not to trust the banks with our money in one statement and at the time he is promoting Bitcoin and Altcoins without even knowing it.
There are no temptations in owning Bitcoin and Crypto or running Bitcoin and Crypto nodes. In my opinion, Charlie Munger probably knows more than he is saying, and also with great power comes great responsibility, At least with Bitcoin and Crypto, someone's temptation would not cause problems for others and hurt the country's economy, but temptation from bank owners and those who run banks can hurt their customers and country's economy, For Example: Banks print money as much as they can (the biggest temptation), without considering the harm it will cause to the buying power of the country's fiat currency.
Decentralization is the next revolution and many banks are scared of it and that is why they are against Bitcoin and crypto instead of embracing it, but today many of them are already indicating some form of interest in crypto, as they now offer crypto services to their customers to stay relevant and not lose their customers to other bank who offer crypto services or to crypto exchanges.
PLEASE FOLLOW ME ON:
Discord: onwugbenuvictor#3447
Twitter: @VictorOnwugbenu
Posted Using LeoFinance Alpha
As the day goes by, these doubting Thomases are seeing that decentralization is the way forward. Although some of them are still fighting the revolution, they will soon rally round when the entire scale falls off their eyes.
Most definitely dear, they can not stop the crypto and decentralization revolution.
So many people discriminating crypto are just wasting time and effort. Everyone to his/her own opinion.
As regard to Banks printing out money in excess, i am quiet afraid of that, they don't consider the citizens living in that region.
I was marvelled today when someone explained to me how bull market occurs, he made mentioned of bitcoin halving, by removing half of the bitcoin in circulation which makes sense. This helps to regulate the amount of bitcoin flow.
But when it comes to fiat, the only time they are removed from circulation is when a new currency has been released. People would start suffering in due time.
Great post by the way.
Thanks buddy, crypto is a better financial system to me, and yes Bitcoin Halving help reduce the amount of Bitcoin in circulation, and that scarcity will make the price of Bitcoin to pump.
I guess the true nature of banks is being revealed during the current economic climate. The temptation to do the wrong thing is high and there is nothing stopping them from doing it. Just wait you see, they'll drowned in the crypto revolution :)
Crypto has come and has taken over, whether the government or banks like it or not.