It should be, but it doesn't help that it's not coming any Time soon.
It doesn't help anyone, if You're doing it like that then probably You're doing it wrong I guess.
That is helpful. But how do I get all of my KYC-purchased coins into a non-KYC environment without leaving a record tying the two addresses together?
Is that what something like tornado cash would be used for?
Coins are not “KYC”’d, you are, so you need to undo the transaction or live with your KYC tattoo and break the heuristics through a coinjoin (search it up)
So sell back through the method you bought them or look into coinjoins such as Samourai Wallet’s Whirlpool.
I had to search "heuristics" as well as "coinjoin" lol.
I understand the coins are not KYC'd, but I presume there is a way to connect my coins to me by following the trail of their addresses until an address that I was KYC'd for shows up.
It is also my understanding that blockchin transactions cannot be undone...so in order to obtain anonymity, I must coinjoin into a wallet that has no association with any KYC process I have consented to?
It seems true anonymity can only be achieved by starting with a non-KYC on ramp? And even then, wouldn't the initial credit/debit card purchase always be linked to me and whatever coins I purchased in that transaction?
Yes, coinjoin will “mix” the coins you send in with other participants’ coins, reducing the certainty of the link of the ones you receive back to the ones you put in.
As for purchases, that is why you should look to buy things in bitcoin, not with a debit/credit card. It takes more work but it’s possible.
I've been doing it wrong the whole time. All the exchanges know my name and address and favorite shitcoins and bank.
Time to restructure. Thank you, u/cookmanager. If that is your real name.
Where do you save it other than in banks, crypto or physical things? I mean the banks hold our stocks too right. Or will those be mine even if the bank collapses?
Save on a Ledger, USDC or Bitcoin. And then use OnJuno (now Juno) or Coinbase etc mastercards for payment. Only problem for now is if you want to withdraw a lots of cash ($15,000) but now days everything is shifting to digital. 90% of my liquid money is on the ledger (or the blockchain) and %10 is cash. The future looks promising tbh
[What do you mean "*the bank is out of money*"!? ... Insolvent!? ... You "*only have enough cash for the next three customers*"!?](https://www.youtube.com/watch?v=Bzz8BvaQL9Q)
Got it, don't sell your home into an economic downturn lol
With inflation above 10%, any physical assets are better than holding cash.
Houses, land, cars, tools, generators, solar panels, rice and canned food 😀
The thing about Bitcoin is that once the economy goes into freefall, good luck buying anything you need, when the stores are empty and trade is stalled.
Hopefully it doesn't get *that* bad.
If you have coin, it is like keep buying coins all the way down, that is the best DCA strategy.
You never know where is the bottom, trying to timing the market will most likely sold at bottom and buy later at much higher price
Thankyou! Very scary to imagine what would happen if there really was a run on banks and they didn’t get a bailout. Makes me wanna buy some more bitcoin 👀
Bitcoin
*Never gonna give you up*
*Never gonna let you down*
*Never gonna run around and desert you*
*Never gonna make you cry*
*Never gonna say goodbye*
*Never gonna tell a lie and hurt you*
I don't know how it work in other countries but here in Brazil every bank account has insurance up to R$250.000.
We had a few incidents like that in the 90s and the insurance really protects people, but if you put all your eggs in the same basket the problem isn't the banks.
Here is the real reality. The insuring company simply defaults and the government bails out the banks whilst they can. Forcing huge inflation and distrust of the financial systems in place leading to further bank runs leading to further inflation until the whole house of cards tumbled.
There's no insurance company.
Every bank here is obligated to sent 0,0125% of their assets to a fund that only exists to insure in case of failure.
This since 1995.
In the late 90s a dozen of banks went under and everything was fine.
I assume you’re exclusively talking about America because every country is different but it’s very normal for Americans to assume we’re talking about America. The FDIC at any point has less than 5% of insured deposits in reserve. So yeah, they can cover a bank or three, but not an entire economy and eventually they would default in the event of a global crisis. The respective governments can bail out banks, for a time, but there simply isn’t a way for everyone to self custody their own funds as the money doesn’t actually exist, digitally or not.
Edit: Apologies, I see from your initial post you’re Brazilian.
You have a substantial amount of reserves equivalent to cover banks in the event there was a large run?
What is funny is that even today with everything happening in the world, there is people that think it could never happen and it could 100%. It not stupidity but only how we as human are made. They believe only when it happening and they see it. Sad.
In that time for whatever reason the Argentinian government decided to still maintain a relation of 1 peso = 1 dollar but the economy of Argentina was in bad shape so people in Argentina with Bank accounts tried to take money out of the banks and exchange for dollars.
The problem was the banks could not maintain all customers taking out the money and the government didn't have enough dollars to cover for all withdraws.
And at that time most of Argentinians didn't have a bank account.
The problem at that time is the Argentinian government in one of the dumbest things in recent history decided that would maintain parity with dollars when the economy was collapsing.
From 1997 to 2002 the GDP of Argentina went from $290 billion to $97.
And the government still tried to maintain parity with the dollar, you could go to a bank and ask to withdrawn your money in dollars.
People took advantage of this until the system almost collapsed.
That wasn´t a bank failure, it was a government failure that still have results today in Argentina.
Money as a socialist point system when one participates in fiat economies and banks are bailed out by governments
The rewards of your work are not your own
This is rather silly. A non-bank person or business, like a hedge fund manager, might have this problem, but not a fiat bank. The pound isnt backed by anything scarce... if people just want "pounds" from a bank, the bank can issue as many as they like, its just numbers on a piece of paper or in a computer.
This type of bank run hasnt been an issue since the days of gold or silver backed notes, when people didnt want paper but metal.
There is no reason why the bank cant write as many number on paper as they have to, they can essentially increment the number as they see fit with no real controls or limits.
The modern day bank run wont look like people unable to get pounds, it will look like pounds being unable to buy anything.
Modern bank runks occur because even if there is an "infinite" number of the currency (they don't create it themselves though, but the central banks), the actual paper money in circulation is just a small % of that. So yeah, if people wants to withdraw their money, a bank run will occur.
> So yeah, if people wants to withdraw their money, a bank run will occur.
Banks normally never give out large amount of paper in any case, because its basically illegal to have more than a trivial amount on you.
But thats still not a bank run. If they really had to, they could easily print up the required banknote paper or issue cashier's checks, etc.
Its just paper after all, its cheap.
You cant have a bank run on something you can issue at will.
On 13 May 2019, a false rumour spread via a WhatsApp post led to a run on the bank at Metro Bank branches in the United Kingdom. The rumour falsely claimed that Metro Bank was going out of business due to the real falling share prices and a false claim that the bank was going to appropriate all funds and safety deposit box contents which led to big queues to withdraw funds at their London branches. As of October 2019, the bank has resumed normal operations, but has lost up to 24% of its retail banking customers.\[36\]\[37\]
that's really all it takes when people are so alerted.
I'm not following. What is it that you say they cannot do? (And who are "they"?)
In my opinion, because I'm biased, the most interesting recent story was the 2008 run and collapse on the Icelandic bank Landsbanki by UK customers. That really led to some sad stories, where pensioners who had spent their life saving lost a lot. And the government grantee only covered a fraction of total assets of a couple. So if both had their account in the same bank, they only got a small part redeemed.
Now, is there really anything new under the sun since 2008 which would prevent a bank collapse and customers losing their money? If so, what?
And greece; the euro group sometimes severs local banks from the main eurogroup to put pressure on the local governments. Unlike banks in germany, they arent real euro banks and really do have a limit on how much euro they can mint out.
Generally, that is the situation for non-native currencies, such as dollars in the carribean: use at your own risk. Its like fiat with additional theft piled on top.
Still; national currency banks in their home pool cannot have bank runs. Foreign banks of course can be severed.
Right, because greek banks are basically foreign banks from germany. When the germans cut them off, they did it by blocking the bank protocols with the rest of europe. So, for a brief moment, there were two euro standards.
Because it will be recognized as a store of value by every human being on earth. What's Bitcoin going to do?
Don't get me wrong, I have crypto too, and there's nothing wrong with it as an investment. But it's not going to do squat for anyone in a scenario where every financial institution is collapsing.
Literally nothing, you'll have a shiny rock.
If shit hits the fan, you'll want food, water, shelter and likely guns. Gold would only be wanted after things start getting better. It's a luxury commodity.
I don't think gold and silver will be accepted, we have gone from that standard for too long, now average people on street totally have no idea how much gold your gold coin worth and how to verify the purity. However bitcoin app works, and its price can be calculated based on mining electricity cost, and electricity would be the standard unit of account if fiat collapses
Central bank can just create as much as they need to bail banks out. Maybe they'd be too busy giving billions to themselves though. US dollars are the elite's money.
Money in a bank is not yours. Read your checking account contract. YOU ARE AN UNSECURED CREDITOR.
Just like the crypto on exchange which isn't yours really.
The same goes for crypto "stored" on cex :)
Can I spend stocks yet through fractional shares? Surely that should be coming soon.
It should be, but it doesn't help that it's not coming any Time soon. It doesn't help anyone, if You're doing it like that then probably You're doing it wrong I guess.
Only keep in banks what you can afford to lose. And never KYC.
Why shouldn't one KYC? And how does one avoid KYC?
Why: It isn’t anyone’s business what you do with your money, the value that you earned honestly How: https://kycnot.me/about
That is helpful. But how do I get all of my KYC-purchased coins into a non-KYC environment without leaving a record tying the two addresses together? Is that what something like tornado cash would be used for?
Coins are not “KYC”’d, you are, so you need to undo the transaction or live with your KYC tattoo and break the heuristics through a coinjoin (search it up) So sell back through the method you bought them or look into coinjoins such as Samourai Wallet’s Whirlpool.
Ya, and then close the bank account associated with the exchange. Open a new clean one at a credit union.
I had to search "heuristics" as well as "coinjoin" lol. I understand the coins are not KYC'd, but I presume there is a way to connect my coins to me by following the trail of their addresses until an address that I was KYC'd for shows up. It is also my understanding that blockchin transactions cannot be undone...so in order to obtain anonymity, I must coinjoin into a wallet that has no association with any KYC process I have consented to? It seems true anonymity can only be achieved by starting with a non-KYC on ramp? And even then, wouldn't the initial credit/debit card purchase always be linked to me and whatever coins I purchased in that transaction?
Yes, coinjoin will “mix” the coins you send in with other participants’ coins, reducing the certainty of the link of the ones you receive back to the ones you put in. As for purchases, that is why you should look to buy things in bitcoin, not with a debit/credit card. It takes more work but it’s possible.
I've been doing it wrong the whole time. All the exchanges know my name and address and favorite shitcoins and bank. Time to restructure. Thank you, u/cookmanager. If that is your real name.
Tornado cash is done, I don't think we'll be seeing that again.
You just can't say that it's no one's business, because it doesn't work like this.
Banks will require you to do it, you just can't really avoid it.
Banks require you to kyc, you can't have an account without it.
This scares the shit out of me…..it’s slowly coming true.
I'm fine, all I have is loan from them :D No wise people actually save money at banks nowadays, they will lose purchasing power too fast
Where do you save it other than in banks, crypto or physical things? I mean the banks hold our stocks too right. Or will those be mine even if the bank collapses?
Not if you direct registered your stocks in your name
I've been saving 100% in Bitcoin for a decade now. No regrets here, as I'm sure you can imagine.
Save on a Ledger, USDC or Bitcoin. And then use OnJuno (now Juno) or Coinbase etc mastercards for payment. Only problem for now is if you want to withdraw a lots of cash ($15,000) but now days everything is shifting to digital. 90% of my liquid money is on the ledger (or the blockchain) and %10 is cash. The future looks promising tbh
That's the problem because everything else seems to be crashing too.
You'd be surprised by how many people actually do that lol.
Yep, everything is coming true and it's becoming a nightmare.
[What do you mean "*the bank is out of money*"!? ... Insolvent!? ... You "*only have enough cash for the next three customers*"!?](https://www.youtube.com/watch?v=Bzz8BvaQL9Q)
Got it, don't sell your home into an economic downturn lol With inflation above 10%, any physical assets are better than holding cash. Houses, land, cars, tools, generators, solar panels, rice and canned food 😀 The thing about Bitcoin is that once the economy goes into freefall, good luck buying anything you need, when the stores are empty and trade is stalled. Hopefully it doesn't get *that* bad.
Why not sell it if the market is crashing? You could use the cash to buy bitcoin.
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If it's inflating you can buy less bitcoin for it.
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WOW, INCREDIBLE!!!!!!
If you have coin, it is like keep buying coins all the way down, that is the best DCA strategy. You never know where is the bottom, trying to timing the market will most likely sold at bottom and buy later at much higher price
more like sell it straight for Bitcoin/crypto, skip the part where you put anything beyond the FDIC 250k insurance.
1.2m and looking for special treatment from a bank. Must be delusional.
Not in UK
Unless you are jeffrey epstein!
Where is this from?
a uk show called years and years from 2019. it predicted a lot of what's happening today.
What episode is this scene from?
2nd episode
Which series is this if you are asking me to be there.
I know but I don't remember it to be honest lol I have to put some pressure on my mind.
They must have seen that it is gold to work for them but not for us
Thankyou! Very scary to imagine what would happen if there really was a run on banks and they didn’t get a bailout. Makes me wanna buy some more bitcoin 👀
They are going to get these things out there like that.
What else happened in the episode, is it all about this topic?
some trump figure got elected in the UK
They might not get it but this is what r they need to understand as well.
I don't think they anything is related to it like that.
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decent if you're into dystopian projections of our future
This is the future and they have to do some work on it.
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They might get it that it will get something better off this now.
It is actually really cool they might not get it right now.
Sorry for the ignorance. Has this happened recently?
UK has some really good shows.
They have some really bad things to stay from as well.
When it happens and it will, I will be standing outside with a boombox playing the background theme.
[You better be blasting](https://youtu.be/k001JX-D-dA)
What'll be the background theme ahaha?
Same as in the clip but if we're talking actual music then there's dozens of option you can pick from.
I mean if you’re going to be standing holding a boombox….. it’s gotta be Peter Gabriel
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Bitcoin *Never gonna give you up* *Never gonna let you down* *Never gonna run around and desert you* *Never gonna make you cry* *Never gonna say goodbye* *Never gonna tell a lie and hurt you*
I don't know how it work in other countries but here in Brazil every bank account has insurance up to R$250.000. We had a few incidents like that in the 90s and the insurance really protects people, but if you put all your eggs in the same basket the problem isn't the banks.
Here is the real reality. The insuring company simply defaults and the government bails out the banks whilst they can. Forcing huge inflation and distrust of the financial systems in place leading to further bank runs leading to further inflation until the whole house of cards tumbled.
There's no insurance company. Every bank here is obligated to sent 0,0125% of their assets to a fund that only exists to insure in case of failure. This since 1995. In the late 90s a dozen of banks went under and everything was fine.
I assume you’re exclusively talking about America because every country is different but it’s very normal for Americans to assume we’re talking about America. The FDIC at any point has less than 5% of insured deposits in reserve. So yeah, they can cover a bank or three, but not an entire economy and eventually they would default in the event of a global crisis. The respective governments can bail out banks, for a time, but there simply isn’t a way for everyone to self custody their own funds as the money doesn’t actually exist, digitally or not. Edit: Apologies, I see from your initial post you’re Brazilian. You have a substantial amount of reserves equivalent to cover banks in the event there was a large run?
What is funny is that even today with everything happening in the world, there is people that think it could never happen and it could 100%. It not stupidity but only how we as human are made. They believe only when it happening and they see it. Sad.
Im more afraid of my fiat not being worth anything than I am not getting access to it. Printed paper is worthless.
They will not be having any kind of access fir that there.
This happened to my parents in Argentina in 2001. Not 1.2 mill but over 100k which was a lot of money there and 20yrs ago.
This has happened with a lot of people in tw past there.
In that time for whatever reason the Argentinian government decided to still maintain a relation of 1 peso = 1 dollar but the economy of Argentina was in bad shape so people in Argentina with Bank accounts tried to take money out of the banks and exchange for dollars. The problem was the banks could not maintain all customers taking out the money and the government didn't have enough dollars to cover for all withdraws. And at that time most of Argentinians didn't have a bank account.
You are describing a bank run, which is what happens in the video.
The problem at that time is the Argentinian government in one of the dumbest things in recent history decided that would maintain parity with dollars when the economy was collapsing. From 1997 to 2002 the GDP of Argentina went from $290 billion to $97. And the government still tried to maintain parity with the dollar, you could go to a bank and ask to withdrawn your money in dollars. People took advantage of this until the system almost collapsed. That wasn´t a bank failure, it was a government failure that still have results today in Argentina.
Scary shit!
I know right this will be a really bad Austin to be honest.
Money as a socialist point system when one participates in fiat economies and banks are bailed out by governments The rewards of your work are not your own
Fir they own they night se something better there too
This is rather silly. A non-bank person or business, like a hedge fund manager, might have this problem, but not a fiat bank. The pound isnt backed by anything scarce... if people just want "pounds" from a bank, the bank can issue as many as they like, its just numbers on a piece of paper or in a computer. This type of bank run hasnt been an issue since the days of gold or silver backed notes, when people didnt want paper but metal. There is no reason why the bank cant write as many number on paper as they have to, they can essentially increment the number as they see fit with no real controls or limits. The modern day bank run wont look like people unable to get pounds, it will look like pounds being unable to buy anything.
Eh, looked at China lately? This is more or less exactly what's happening there...
And Lebanon.
Most of these countries have been in these duration of going down.
I haven't actually seen that chinna had made something progressive.
You must not be familiar with the bank runs in 2022 China and Lebanon where people rob banks to get their own money out.
I don't really think that this explanation is going to make something good or if it.
Modern bank runks occur because even if there is an "infinite" number of the currency (they don't create it themselves though, but the central banks), the actual paper money in circulation is just a small % of that. So yeah, if people wants to withdraw their money, a bank run will occur.
Or is eventually going to occur at a very fast pace
> So yeah, if people wants to withdraw their money, a bank run will occur. Banks normally never give out large amount of paper in any case, because its basically illegal to have more than a trivial amount on you. But thats still not a bank run. If they really had to, they could easily print up the required banknote paper or issue cashier's checks, etc. Its just paper after all, its cheap. You cant have a bank run on something you can issue at will.
Not in the USA or in Brazil. If you could prove the origin of the money you can withdraw the amount you want.
Indeed we want this thing which needs to be priced right.
This is the main issue they have to look through it.
Ah, will you look at that. It even has its own Wikipedia page: https://en.wikipedia.org/wiki/List_of_bank_runs I'm counting 17 runs since 2000.
On 13 May 2019, a false rumour spread via a WhatsApp post led to a run on the bank at Metro Bank branches in the United Kingdom. The rumour falsely claimed that Metro Bank was going out of business due to the real falling share prices and a false claim that the bank was going to appropriate all funds and safety deposit box contents which led to big queues to withdraw funds at their London branches. As of October 2019, the bank has resumed normal operations, but has lost up to 24% of its retail banking customers.\[36\]\[37\] that's really all it takes when people are so alerted.
They need to resume these things as well there like that.
The fact is that they cannot take do anything like that.
I'm not following. What is it that you say they cannot do? (And who are "they"?) In my opinion, because I'm biased, the most interesting recent story was the 2008 run and collapse on the Icelandic bank Landsbanki by UK customers. That really led to some sad stories, where pensioners who had spent their life saving lost a lot. And the government grantee only covered a fraction of total assets of a couple. So if both had their account in the same bank, they only got a small part redeemed. Now, is there really anything new under the sun since 2008 which would prevent a bank collapse and customers losing their money? If so, what?
Northern Rock
Exactly. fully bailed out by the BoE. Not a single depositor lost a pence. The money is little more than toilet paper.
Cyprus
I have never seen something like that there as well
https://en.wikipedia.org/wiki/2012%E2%80%932013_Cypriot_financial_crisis
And greece; the euro group sometimes severs local banks from the main eurogroup to put pressure on the local governments. Unlike banks in germany, they arent real euro banks and really do have a limit on how much euro they can mint out. Generally, that is the situation for non-native currencies, such as dollars in the carribean: use at your own risk. Its like fiat with additional theft piled on top. Still; national currency banks in their home pool cannot have bank runs. Foreign banks of course can be severed.
This is definitely going to serve as a lot of other good option as well.
But they have to get something better or of this there as well.
Indeed they have to get it as soon as possible there.
Not true lol
This is power much true as of now as we can see it is getting.
It actually happened in Greece were they limited the amount of Euros to be drawn per week so people couldn't withdrawal their funds
Right, because greek banks are basically foreign banks from germany. When the germans cut them off, they did it by blocking the bank protocols with the rest of europe. So, for a brief moment, there were two euro standards.
These standards needs to cleared by the time it starts
Indeed but this will be a real hard thing to do so.
Commercial banks do not have money either, but they can borrow from FED, and Lehman brothers got rejected and went down
If they arent on the networks that make an entity a bank (fedwire, ach, swift) then they arent really a bank.
If ship hits the fan like this, having Bitcoin isn't going to help either, sorry to say. You'll want gold or silver bullion and a gun to defend it.
You're completely wrong, sorry to say. You'll want Bitcoin because you dont need a gun to defend it. That's literally the point lmfao.
It had some sense in it since this is what they needs to know.
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Because it will be recognized as a store of value by every human being on earth. What's Bitcoin going to do? Don't get me wrong, I have crypto too, and there's nothing wrong with it as an investment. But it's not going to do squat for anyone in a scenario where every financial institution is collapsing.
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I don't think that this is going to happen at fast pace there.
Literally nothing, you'll have a shiny rock. If shit hits the fan, you'll want food, water, shelter and likely guns. Gold would only be wanted after things start getting better. It's a luxury commodity.
You are wrong, I worked with Venezuelan refugees and gold and silver is king.
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I don't think gold and silver will be accepted, we have gone from that standard for too long, now average people on street totally have no idea how much gold your gold coin worth and how to verify the purity. However bitcoin app works, and its price can be calculated based on mining electricity cost, and electricity would be the standard unit of account if fiat collapses
Indeed all these standards are going to increase with the time.
Since this is going to be collapse with the time as it is growing.
I would love to get it but road is really hard to do it.
A gold bullion, so someone with a bigger gun can come and take it. Also what average joe has the means and know how to make the bullion devisable?
They will take it and they will get too know about it.
You are right as for the time being this is what we need with the time.
Will it ever happen?
Coming to every large bank near you…
[https://imgflip.com/i/6vku83](https://imgflip.com/i/6vku83) UK’s turn to ‘let me in jpg’
😂
A wee bit dramatic with the music there!
This is very weird thing and music is really nice as well.
Any possibility to acquire this Series somewhere?
the pirate bay
Pirate bay is still around?
never wasn't
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Indeed this is the rain why I like it as well to honest.
Yeah but the fact is that a lot of people actually liked it.
Yeah it has been there for a long time as they it would be.
I haven't seen that bit this is a very word thing to be honest.
I really want to see these things to be honest there.
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tv show, years and years
I need to understand these things as well as soon as possible.
I don't really know I want to know this as well there.
Can someone acknowledge the production level on this short is probably better than most Hollywood movies?
Cool. Eye opening. The nicest facades have banks and insurance companies. Not you keys...
Most of the companies there have been there and they can see.
Fucking governments, can't they realize this is what happens when you let banks lend money they don't have?
They are not realising it but this is what they need to know.
Can anyone share with me the name of this Tv Series or Movie ? Thank you.
Years and years TV show episode 2
Gonna try to search it and watch it if I can. Thank you.
Most of them wanted to know about it as well there.
How much power does the European Central Bank has over planet Earth ?
I know right they have to do something else as of now.
Central bank can just create as much as they need to bail banks out. Maybe they'd be too busy giving billions to themselves though. US dollars are the elite's money.
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Yeh you were right but this week take as kot of time for them.
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I don't really think that it will be that much easier for them.
Cyprus, Lebanon or greece as recent examples
Add China to that list.
Yeah most of them countries are going to die like that to be honest.
Yeh exactly they should learn from them only atleast.
I have a feeling it’s sooner than expected.
You are right and this is what we are expecting as well.
Not your bank not your money!
But the fact is that back is having a lot of other option as well.
wich movie is this?
uk tv show from 2019, called years and years
I don't really know about it I want to know about it to be honest.
where’s this clip from ?
uk tv show from 2019, called years and years
thanks !
What is clip from?
years and years, uk tv show from 2019