The journey is on: Be Your Own Bank (BYOB) evolving to the next phase, the #wegobankless phase. Following the principle of BYOB will be now build and add new steps. You are not walking alone any more. That’s why we are starting the movement #wegobankless for all like-minded people. A growing community build around the topic of becoming independent using trustless banking services.
It has been a year since the Federal Reserve started to raise interest rates. Many banks are starting to fall over in the US and around the world. Anybody who thinks Silicon Valley Bank was a one-off is deluding themselves. Financial crises have occurred on average once a decade over the past half century so the one unfolding now is if anything overdue. There are more banks failing soon.
The reckoning has been delayed because since 2008 banks have been operating in a world of ultra-low interest rates and periodic injections of electronic cash from central banks. Originally seen as a temporary expedient in the highly stressed conditions after the collapse of Lehman Brothers, cheap and plentiful money became a constant prop for the markets.
Over the years, there was debate about what would happen were central banks to raise interest rates and to suck the money they had created out of the financial system. Now we know.
The action deemed necessary to rein in inflation has deflated housing bubbles, sent share prices plunging and left banks nursing big losses on their holdings of government bonds.
The Bank of England was quicker out of the blocks than the Fed. Threadneedle Street began raising rates in December 2021 and has now raised them 10 times in a row. The European Central Bank waited until July last year before making the decision to increase borrowing costs for the first time in a decade, and went ahead with an increase last week despite news that the banking malaise had spread across the Atlantic to Credit Suisse.
UBS agrees to takeover of stricken Credit Suisse for $3.25bn. Ignore the fact that the US, UK and eurozone economies have all held up better than was expected in the immediate aftermath of the energy price shock caused by Russia’s invasion of Ukraine. It takes time for changes in monetary policy – the decisions central banks make on interest rates and bond-buying or selling – to have an impact. As Dhaval Joshi of BCA Research pointed out recently there are three classic signs that a recession is coming:
- Downturn in the housing market, bank failures, and rising unemployment.
- Housebuilding is down by 20% in the past year, which means the first has already happened. The problems at SVB and other US regional banks suggest the second condition is now being met.
- The third harbinger of a US recession is a rise in the US unemployment rate of 0.5 percentage points. So far it is up by 0.2 points.“Banks tend to fail just before recessions begin,” Joshi says.
„Ahead of the recession that began in December 2007, no US bank failed in 2005 or 2006. The first three bank failures happened in February, September, and October of 2007, just before the recession onset.“
Fast forward, and no US bank failed in 2021 or 2022. The first bank failures of this cycle – Silicon Valley Bank and Signature Bank – have just happened. If history is any guide, the start of bank failures presages an economic recession that is more imminent than many people anticipate.
”The Fed and the Bank of England meet to make interest-rate decisions this week and the financial markets think that in both cases the choice is between no change and a 0.25 point increase. Frankly, it should be a no-brainer. Given the lags involved, even a cut in interest rates would be too late to prevent output from falling in the coming months, but against a backdrop of falling inflation, plunging global commodity prices and evidence of mounting financial distress any further tightening of policy would be foolish.After this, Cryptosout24 will put more emphasis to teach people how to mitigate these risks in the future.
If you followed our steps to setup your own financial eco system, meaning decentralise your financial services, assets and income strategies we offer you a boost in your journey to achieve your goals.
- Our Go Bankless campaign (starting Q3/23) will provide you a additional opportunity to invest in a mega trend - Literally to go Bankless and to invest in a Bankless bank the same time
- Would it be nice to hold shares in a bankless bank for your entire life ?
- Would it be nice to be a customer & shareholder at the same time ?
- Are you using online banking services today ? So why not using Bankless services ?
- We are NOT telling you to give-up your current bank accounts. You will still need it in the future.
- We are telling you to immediately extend your financial system to become 100% decentralized and bankless
- Join the #WeGoBankless movement
Our #WeGoBankless campaign focus and highlights the top 10 benefits of decentralized crypto processes. Here's what we're planning to do:
- Security: We will be even more emphasised on how decentralized crypto processes provide greater security than traditional banking services. By using blockchain technology, our system is designed to prevent fraud, hacks, and other security breaches.
- Lower fees: We will highlight how our decentralized crypto processes and services allow for lower transaction fees compared to traditional banking services. This will help users save money and avoid unnecessary charges while eliminating middlemen.
- Greater control: Our system and services provides users with greater control over their finances. They can store and transact their funds directly, without the need for intermediaries, providing total independence and control over their money. 24/7 and regardless of location.
- Transparency: We will emphasize how blockchain technology provides transparency in financial transactions. Users can see exactly where their money is going and how it is being used, which helps to build trust in the system.
- Global accessibility: Our decentralized crypto processes provide global accessibility, allowing people to transact with anyone, anywhere in the world, without the need for intermediaries.
- Instant transactions: Our system allows for instant transactions, without the need for waiting periods or approval from banks. And its available to you 24/7.
- Decentralization: We will emphasize how our decentralized crypto processes are not controlled by any single entity or government, providing independence and freedom for users.
- Innovation: Our systems and services are constantly evolving and innovating, with new projects and technologies emerging all the time. This provides exciting opportunities for early adopters and investors.
- Financial inclusion: We believe that our decentralized crypto processes can help to increase financial inclusion, particularly for people who do not have access to traditional banking services.
- Sustainability: Our systems and services are more sustainable, eco-friendly and green than traditional banking services, with lower to no energy consumption and elimination of paper-based systems.
- How ?
- Become a VIP member in our community of like-minded people and benefit from further education and investment opportunities. Send a quick Email to email@example.com and we will get it touch with you asap.
- Why ?
- As a member of our community you will get early access to pre-seed investment benefits opportunity to become a banker of bankless banking.
- Similar to Revolut, we expect to grow even faster, bigger and broader.
- Remember, Revolut was valued at $33 billion in its most recent funding round, led by SoftBank and Tiger Global.
- The Bankless bank project will have better and more services AND
- Your money will always stay yours.
- You do not deposit funds anywhere.
- Your money is always on your own, custody wallet.
- The bankless bank will not have access to your funds at any time.
- The Bankless Bank will provide decentralized banking services to all its customers worldwide
- All Banking services are on-chain only, transparent and secure.
- All services are implemented via smart-contracts. No central admin, no middleman. It’s all trust-less, blockchain based and transparent.
- There are no monthly account fees, membership fees, no strings attached
- There is no KYC.
- Transaction costs are charged when you transact. They are a fraction of what you pay today.
- unlike other projects in the space there is an instant benefit to all members inviting customers. Your invitees don’t have to transact in order to you to receive a benefit. We call it the tribe marketing.
- Join our Telegram channel: https://t.me/weGoBankless to stay in touch - alternative channel https://t.me/gobankless for future use.
- Consultation call with Cryptoscout24. Send eMail to firstname.lastname@example.org
- After we had our call you might receive a „invite only membership„
- Membership activation to access full benefits
- More to come.
Sounds good to be true ?
It probably does. But if you are in the crypto space since a while, you probably know that decentral services are the heart of your future financial eco system.
But it will even get better:
If you joined the movement #wegobankless there are more opportunities you can benefit from:
Simples steps to get closer: