DayOfCrypto
  • Home
No Result
View All Result
DayOfCrypto
No Result
View All Result
DayOfCrypto
Home Other
lebanon-banks’-shutdown-is-‘most-potent-case’-for-crypto:-nassim-taleb

Lebanon Banks’ Shutdown Is ‘Most Potent Case’ for Crypto: Nassim Taleb

by Admin
October 25, 2019
in Other
283 9
0
Share on FacebookShare on Twitter

Banks have already been closed for six working days due to civil unrest, with fresh information confirming they would stay that way for an unspecified time.

Bitcoin (BTC) proponents are encouraging Lebanese citizens to swap fiat for crypto after it emerged the country’s banks would stay closed.

Banks to open “once normalcy restored”

In an ongoing Twitter debate which began on Oct. 24, commentators vented anger on behalf of Lebanon’s population, which has been without banking services for more than a week. 

Following civil unrest, banks everywhere closed their doors. Six working days later, a senior banking executive said the status quo would continue until conditions improved.

“Once normalcy is restored, we are very confident that we can resume servicing our customers in full capacity,” Salim Sfeir, head of local lender Bank of Beirut, told Reuters on Thursday.

Previously, long queues were seen at ATMs as worried consumers attempted to access their wealth. Around 65% of Lebanon is banked, figures say, leaving two-thirds of the country cut off from personal funds. 

Taleb: shutdown “most potent case for crypto”

For well-known Lebanese statistician, former trader and author of “The Black Swan,” Nassim Nicholas Taleb, the government’s policy was enough to directly endorse cryptocurrencies such as Bitcoin.

“The most potent case for cryptocurrencies: banks are never there when you need them,” he summarized in a tweet. Taleb continued: 

“And they are trying to bully the public so they avoid accountability and profit disbursements. Bankers are legal crooks.”

The anger is reminiscent of other recent episodes of economic chaos, during which states have withheld money for their own purposes. In addition to Hong Kong this year, an infamous example is India, which in 2016 began a series of botched currency reforms which left hundreds of millions of people holding worthless notes.

India’s taste for Bitcoin soon increased dramatically, before a hardline policy saw its exchange sector all but evaporated last year.

It is worth noting that unlike banks, the decentralized Bitcoin network operates 24/7 with 99.98% uptime since its inception, according to monitoring resource Bitcoin-uptime.

Tags: BanksBitcoinCryptocurrenciesLebanon

Admin

About Us

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Follow Us

Popular Tag

Adoption Banks Binance Binance Coin Bitcoin Bitcoin Cash Bitcoin Price Bitcoin Regulation Bitcoin SV Blockchain Central Bank China Coinbase Crimes Cryptocurrencies Cryptocurrency Exchange EOS Ethereum Ethereum Price Facebook Germany Government Investments Japan Law Libra Litecoin Markets Market Update Mining Payments Regulation Ripple SEC Security South Korea Stablecoin Stellar Switzerland Tokens Tradings Transactions USA Wallet XRP

Recent News

Poloniex Review – Buy and sell cryptocurrencies, Bitcoin, Registration, Safety, Reference

Poloniex Review – Buy and sell cryptocurrencies, Bitcoin, Registration, Safety, Reference

November 8, 2020
Bitstamp Review – Buy and sell Bitcoin and cryptocurrencies, Registration, Safety, Reference

Bitstamp Review – Buy and sell Bitcoin and cryptocurrencies, Registration, Safety, Reference

November 8, 2020
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version
Skip to toolbar
  • About WordPress
    • WordPress.org
    • Documentation
    • Support
    • Feedback
  • Log In
  • AMP
    • View AMP version