Closing Lebanese Banks is the "most powerful case"for cryptocurrencies: Naseem Taleb

Bitcoin (BTC) supporters are encouraging Lebanese citizens to exchange banknotes for cryptocurrencies after it emerged that the country's banks would remain closed.

Banks will open. "When restoring normal life"

In an ongoing Twitter debate that began on October 24th, commentators expressed outrage on behalf of Lebanon's residents, who had been without banking services for more than a week.
After civil unrest, banks everywhere closed their doors. After six working days, a senior banking executive said the status quo would continue until conditions improved.
"Once normal is restored, we are absolutely confident that we can resume our customer service at full capacity," Salem Sfeir, president of the local Bank of Beirut, told Reuters on Thursday.
Previously, long queues were seen at ATMs as anxious consumers tried to reach their wealth. Figures show that about 65% of Lebanon uses banking services, leaving two-thirds of the country isolated from personal funds.
Student: Closing "Strongest Case of Cryptocurrencies"

For renowned Lebanese statistician, former trader and author of "The Black Swan,"Naseem Nicholas Taleb," the government's policy was sufficient to directly support cryptocurrencies such as Bitcoin.

"The most effective issue for cryptocurrencies is: banks are never as good as they need," he tweeted. Talib continued:

"They try to bully the public so that they avoid accountability and spend payments. Bankers are legal fraudsters."

Anger reminds us of other episodes of economic chaos, where states have withheld funds for their own purposes. In addition to Hong Kong this year, an example is India, which in 2016 launched a series of failed currency reforms that left hundreds of millions of people carrying worthless papers.

Unlike banks, bitcoin's decentralized network operates 24/7 with a run time of 99.98% since its inception, according to bitcoin monitoring provider Uptime.


                #Bitcoin News  #Cryptocurrencies #Banks  #Lebanon

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