I have not had a bank account of any kind, no credit or debit cards, for almost ten years. As a result of fraud by Citi, I learned that there is no recourse to the courts when predators with deep enough pockets take your property. When I spoke to a lawyer, I was told the truth: Citi has an army of lawyers, and will keep you in court for at least a decade. In order to fight them you will need to pay me the whole time, and then you might win, because even though they committed a crime by defrauding you, the courts are often corrupt.
So, I moved on. I no longer am vulnerable to such fraud, because I have no property in their control they can take. It's about time more folks do as I did, and you recommend, and do the same.
"I do not feel safe depositing money at any bank and becoming an instant unsecured creditor to that bank. One of these days, we will go to sleep on a Friday night and come Monday morning the banks will not be open. Sorry, the news will say, we are closed due to a cyber security attack. Funds are not accessible until further notice. This scenario can not happen with crypto currencies. With cryptos, you own and control your digital money. There is no 3rd party between you and your money. You are not holding a debt note that is someone else liability. Cryptos can be used anywhere in the world at the speed of the internet."
This is only true on the internet. Given the control of the internet by forces beyond our control, cryptos are utterly vulnerable to that control. Further, as cryptos are almost exclusively stakebased, acquiring controlling stake in them potentiates control of them directly.
Unlike silver, gold, and your labor and skills, which cannot be controlled by predators except they first control you.
I believe BTC particularly is extremely vulnerable to such control. Do give that thought in your investment strategy.
Thanks!
So true, but if you don't want go to banks, where than do you keep your values like gold or silver (if it is more than two silverspoons and some coins)?
I have a locked trailer where I keep my valuables.
There was a time in my life when I left my flat completly unlocked. Everything depends of the right circumstances. If we life amongst Armish People it might still work. In an other comment I wrote about GLS Bank in Germany. Such bank might be an alternative if you still have to participate in our modern society.
I haven't heard of GLS bank. I am quite distrustful of banks. Cash has never defrauded me.
Good points. Thank you for sharing your story. Yes I will consider your suggestions