Bank of America

Hello again, another post writing my thoughts in an attempt to understand the economic system through the Cardano Forum. If you are taking the time thank you very much.

So I just visited the Bank of America Website.

I get the feeling that the decentralized concept though as advanced with blockchain technology that it is may be philosophically behind the experience or organization that a bank like Bank of America has.

I’m from Charlotte, NC the second biggest banking city in the U.S.

and it seems that the profit that the bank makes is put to pretty good use.
Using our reach & resources to help communities in need (

Not to mention what Bank of America has attracted to the city of Charlotte.

I wonder if “Big Banks” are at the “beginning” of their potential.

To someone who doesn’t know me; I am “anti” establishment naturally more or less. So I hope this post doesn’t come off as I’m spokesperson for "Big Banks’’. I definitely hate the events and aura that surround the market crash of 2008.

However in this journey to understand more I’m getting this feeling that the banks may not be as bad as I thought also or that they may still be fulfilling their true potential

Like, did I get over educated or develop a irrational bias with the movie “Zeitgeist”? I feel I’ve been anti federal reserve for the past 10 years and I haven’t truly been smart enough to be anti federal reserve.

A different example is: Defund the Police. It sounds good at first sight. Have I (We) heard “F the Police” so much that it’s understandable that “Defund the police” has an exaggerated appeal?

*There’s the obvious that they have self inflicted failures of course.

But in all the commotion it seems Crime is on the rise. Could you imagine a very well functioning police force?

Dont’ get me wrong I like Cardano, I especially like the statement on the IOHK website “Cascading disruption”
“It is the founding principle of IOHK. Cascading disruption is the idea that most of the structures that form the world’s financial, governance and social systems are inherently unstable and thus minor perturbations can cause a ripple effect that fundamentally reconfigures the entire system. Our company is committed to identifying and developing technology to force these perturbations in order to push towards a more fair and transparent order.” -this is spot on

I’m making the same attempt here to anyone reading or not reading and to reaffirm my knowledge.

Once upon a time a Republican was someone like Abraham Lincoln.*My favorite president is James Garfield.

Now a Republican is like Donald Trump.

that shouldn’t mean The Republican party is dead, Someone could come in and hold a lot of integrity to their best values.

I a little while back I liked Bernie Sanders. But as time went on I started to wonder if society could respect the philosophy. “democratic socialism” takes a lot of integrity, I think that our fabric of society as it is today would ruin the concept. Is the fabric of society ruining crypto currencies with the “get rich quick” scheme?

So back to the institution with the experience. Have they learned the appropriate lessons? Are they further than the common man and what he would be able to contribute to his community by him or herself on a decentralized network as of right now?

Can centralized and decentralized work together as Yin and Yang. More specifically rather than the symmetrical symbol of the two halves, The one half with the negative space within. Decentralized representing the smaller negative space within.

If the federal reserve where to contract something like what Cardano has to offer would the concept still work?

Would it be the best way?

Are the people who benefit the most from cryptocurrencies success vulnerable to be scapegoated for a What happens if banks don’t give out as many loans because the decentralized concept took the capital?

Can Cryptocurrencies success in this way cause it’s own housing market crash in the future?

Hello @Alan1986

You are touching on a lot of subjects here. Probably best to separate issues to different posts once you have a clear path for a topic.

So, I’m just going to address topic of your title in a post. Banks in general and BoA as specific example.

Banks, just like any piece of entity brought in to existence trough regulation, have a very specific set of instructions and range with in which they can operate. They were suppose to be tools to be used with in those predefined ranges. As such tools trough time bank structure evolved and perfected their selected function.

This is where the problem started. Since the only incentive to run a bank was profit, bank structures are now optimized with a goal to extract the most profit possible for owners and investors. You can ask if that is good or bad? It’s neither. Once again, it’s just a tool we developed in this direction.

Problem with this structure is that it became an imposed necessity to be part of modern society. People have to cash their paychecks, use credit cards for deposit requests and have bank accounts to deal with almost any financial aspect of their lives. Banks became gatekeepers for entry into a society as we know it. Yet there were never optimized for that. There was no credit scores or need to have a credit card account for deposits and memberships or need for your savings to be traceable so they can be taxed. All such things just emerged in last 50 to 60 years.

This new functionality was just given to banks that already evolved to be profit minded and that is just what banks did. They took their new power over modern society and became gate keepers… for a fee. They did not exclude bad creditors or criminals from using the system. Instead they created a fee structure for all individuals to be a part of a system they were already part of and excluded individuals that didn’t want to pay the fees. Then suddenly Democracy started getting referred to as Capitalist Democracy or Social Democracy. These are just ways to say limited Democracy. Type of financial system a government runs is never meant to replace basic principles of Democracy. It is supposed to be a secondary system that supports current population.

For any Democracy to be functional it has to be organized in such a way to limit centralized power and have a way of removing or reinventing such powers. Civil liberties are supposed to be defended against institutions that try to take that away. Have you been invited to vote lately to see if you want to keep the credit score system? Vote that businesses must offer options other then credit cards for booking/ leasing/ signing up? That employers must offer to cash their own checks for free? Vote that government can’t use the tax money to take away risk of mortgage default from the bank? Vote that government can’t use tax money to interfere in regular market competition and bail out banks that were goin bankrupt? The answer is “NO”? You were not given a choice to vote on any of those issues and regardless of which political party was in the office an the time, they all just act the same.

So it is a betrayal of Democracy to allow banks to continue this way. But it is not the fault of the banks. They are actually doing exactly what we build them to do. The fault was in our short sightedness in thinking that institutions that were created and run by people would be neutral and benevolent with their power. On the end of the day, all you need is one bad actor in position of unrestrained power and the whole system turns corrupt.

I see you posted the website of Bank of America. Did you read it? Let me give you a few highlights I found:

3rd quarter of 2021 Consumer Banking income $3 billion. Credit card spending up 21%.

Nonperforming loans and leases about $4 billion with allowance for losses of $13 billion.

BoA made $3 billion dollars from just consumers in last 3 months and they expect about 1.5% of their costumers to fail in repayments of loans they issued to them. Those would be business loans, mortgages, credit cards,…

Now lets look at their front page:
Hey, remember those 1.5% of their customers that BoA gave the loans and mortgages they couldn’t afford from their financial statement? Here they are offering to help them… to get trained for a job, so they can pay those loans back :rofl:
Also, remember all those default mortgages they are expecting to happen in that $13 Billion fund set aside for losses. You know the ones where people get evicted and go homeless. Over 30 years they invested $80 million (that’s about $2.6 million per year) while they made $3 BILLION in just one quarter from only retail consumers. Their claim to fame is that thousands of their employees volunteer to work for charity to build homes. OK. So they have nice employees that help out and care about their communities while they just use this as a cheap PR campaign.

If you try to join them and think you can ‘change’ the system from inside they will just parade you around for some cheap PR and if you are their customer, well you can read endless stream of articles like these ones:

I just chose a few articles from different sources (such as BBC, ABC, Reuters, NYPost, etc…) and different years so you can see the pattern.

Banks are very good at extracting profits even at the cost of citizens rights, liberties or well being. I used BoA since you brought it up, but most of the other banks are the same way. The worst part is that we allowed banks to go multinational so they can legally hide many of these issues in other districts.

So what can we do about it? Nothing… well, until crypto showed up :+1:. Now we can build an international system that allows people to bank themselves. Which will lead to increased competitions for the banks and return of (some) stolen freedoms and opportunities to people. The banks will then have to choose to either become CeFi bridged with crypto or shrink globally if they wish to keep their legacy model.

No such thing. The most functional way at this moment in time is to return some of the financial power to people and away from the banks. Decentralize trough well thought out code to make up for faults in us as humans. Build regulations that will protect crypto and crypto holders and developers from legacy attacks. Educate people on what power was theirs to being with.

As for Federal Reserve. It doesn’t need any banks if they make US Dollar Coin. They can fully control the flow of money (which is what they use banks for) to larger extent and with more efficiency on a block chain, then in hands of bankers.

Banks need to go or change, otherwise they will continue infringing on civil liberties until they compromise the system from with in.

This is just my view :smiley:. Hopefully it offers you an interesting look from a different perspective. :v:


A great reply, thanks for taking the time. You definitely opened up my peripheral a bit on the subject. I am going to comment again not to have the last word but your reply sparked a few thoughts so I’ll express them here to try to better understand what I’m thinking. so please be patient here at the beginning if it comes off as I’m being foolishly argumentative

I know BOA has had it’s fair share of controversy, as all other major banks in the U.S.
However since their conception I feel they haven’t done all that bad considering the U.S is a relatively new Nation. How many set backs and overcomes are we willing to give institutions?

What about all the homes that they helped people buy?
Car loans?
Business loans?

I could look at as you may have mentioned, what else were they going to do? they needed to make a profit.

I don’t want to emphasize that because you said it’s not necessarily their fault The banks are doing exactly what they were designed to do.

I just wanted to touch on a couple things.

The habitat for humanity they are involved isn’t tied to any default mortgages as far I know. It’s a non profit that helps developing Nations who may be considered third world or something to that effect.

The couple things maybe be that one thing. I kind of feel foolish now for sharing that part of the website, emphasis on “kind of”.

My intentions aren’t to defer from many of the points you made by sharing a company’s “corporate responsibility” page, which it wasn’t.

I feel BOA is great metaphor for the important notion i mentioned that “Maybe big banks are just getting started”. check this page out. Sustainable Finance: Supporting the Sustainable Development Goals (

I may be wrong but it seems the are leading the way and helping facilitate all the great things " we" want to accomplish as a people.

I really respect the way you used “gateway”. I remember when I first got a bank account. Reflecting on it now I think I should of had (I hate to say “had”) take a class or course to prove my understanding of a “beginners finance/economics understanding”.

Long story short and excuse me for being all over the place. I feel a Bank like BOA commands a lot of Nobility. I trust their direction as of right now over the impression I’m getting from cryptocurrencies excluding Cardano. That may be very well from fast media headlines but their coming off as kind of gimmicky, especially bitcoin even with and especially with all it’s success.

I feel if something like a Cardano were to partner with a BOA it would defeat the purpose of the decentralized concept, excuse me for stating the obvious. BUT I also have the notion it would be mutually beneficial for both parties.

I’ll say feel one more time, I feel that the futures challenges need an incredible amount of experience and understanding. A presence that the Roman Empire had a reputation of. I came to the notion once and a documentary I saw a brief piece of also mentioned it, The U.S is like a Hub and inside and outside entities are exploiting it for individual gain. In a previous post on this forum I got into the subject down the line of Economic Nationalism, Money and Economic Nationalism. The dollar bill with the pyramid and the all seeing eye, the “In God We Trust”. Those people were beyond brilliant in my opinion on how they were able to conceptualize this whole thing. .

I worry that my second “gateway” of giving attention to the Economic system relies too much on the Market crash of 2008, as many other people in this generation. Fast conspiracy type intellect that will lead “us” into similar transgressions as the previous. That can be separated into it’s own idea. I watched a free online social science class from Yale university a while back. There was an emphasis on “Regime for Regime”. Blockchain technology, decentralization are beyond my understanding but seem like great ideas, however will “our” immature approach ruin the greater mission/cause ?
*Respect to Cardano

I don’t bank with BOA. I live in Ecuador and Charles Schwabb offers reimbursed atm fees and free checking. I also had a moral dilemma with them because they had financed private prisons years back, which now they do not. But as I write this more or less that decision seems peculiar. If government funded prisons weren’t doing the job They kind of left themselves open to have a private entity come in."
Ironically similar to the notion of what crypto currencies are doing to the financial system.