New York Chase Bank is a banking institution financial giant JPMorgan Chase. On the eve of a his clients have discovered the loss or, conversely, an increase in money in their accounts. As it turned out, the problem became the reason of a technical failure, according to representatives of the Bank. However, the story is still unpleasant, in addition it emphasizes the strengths of cryptocurrencies.
Most interestingly, the customer service during the incident were not working. Users began to complain about Chase Bank on Twitter, with people sharing about losing a few hundred, and hundreds of thousands of dollars. In the end, the situation came to the attention of the cryptocurrency community, who spoke about the benefits of Bitcoin and other coins on the background of what is happening with the Bank.
The problems of the banks in real life
The situation demonstrates the charm of centralization in all its glory. Yet another failure on the part of the Bank may cause the appearance of a heap of angry customers who urgently need to make important payments, but their accounts suddenly no money. Some users have tried to solve the problem through support, but in the end received mail from Chase Bank indicating the time when the workers will return to jobs.
For example, a PIX11 News reporter Henry rosoff troubled by the inability to quickly deal with problems. He was asked to wait until the morning of the next day — which is especially inconvenient on weekends.
Seriously, Chase, no one sits on the phone or does not support until tomorrow morning!? I, like thousands of others, this week needs to spend a mortgage payment that just disappeared from my account overnight.
Really @Chase @ChaseSupport… nobody manning the phones or digital support until tomorrow morning!? I like thousands of others have a mortgage payment due this week that just disappeared from my account overnight #chasebank
CC: @FDICgov @bbb_us pic.twitter.com/7l13XCmmTQ
— Henry Rosoff (@HenryRosoff) June 28, 2020
A user by the nickname of bernie kozar also did not remain silent. With his business account lost more than 100 thousand dollars. Here’s the tweet in which Bernie voiced the details and attached the relevant screenshots.
More than 100 thousand dollars disappeared from my freaking business account in Chase.
Over $100,000 is missing from my fucking business account #ChaseBank pic.twitter.com/X1ywVhy1CI
— bernie kozar (@KozarBernie) June 28, 2020
Naturally, this news could not pass inveterate cryptoendoliths. For example, a user under the nickname WhalePanda said that the bug users of the Bank can be “corrected” with the help of Bitcoin. Although initially he did not want to write this idea, which has become a meme.
Me to myself: “No, don’t tweet it. It’s not even that funny, even though it’s true and people are actually freaking out.”
My fingers typing:#Bitcoin fixes this. #ChaseBank @Chase
Me to myself: “Ok well you better turn off all notifications for today. 😬”
— WhalePanda (@WhalePanda) June 28, 2020
In the end, he suggested that the incorrect balances could occur simply because of a failed migration or database updates.
There are reports of @chase bank accounts not displaying the correct balance. Rumors about it being hacked.
Might just be a failed database migration/update since this happened during the night from Saturday to Sunday? pic.twitter.com/7cRpa1XO1w
— WhalePanda (@WhalePanda) June 28, 2020
Apparently, it just happened. Technical problems within the system of the Bank happened on Sunday morning, however, the money balances of customers returned to normal value after only a few hours.
We know some customers reporting seeing incorrect balances in their checking account overnight. This was caused by a technical issue that delayed updates on what is displayed on Chase Mobile and Chase Online. We resolved this issue as of 9AM ET and accounts now show current balances.
— Chase (@Chase) June 28, 2020
The incident at Chase Bank was resolved fairly quickly, but it will still affect the reputation of the organization. By the way, the BTC blockchain can be considered one of the most stable financial structure: it works 24/7, not subject to “fall” for any centralized problems and there are more than 99.985 percent of the time of its existence.
We believe that this situation there are several important pros of Bitcoin and other cryptocurrencies, which are particularly noticeable on the background of the problems of the banks.
- Bitcoin is a decentralized cryptocurrency, meaning all members of its network are equal. This means that users do not be afraid of some irregular updates in the “headquarters BTC” and the possible consequences because of this. And in General an improper balance from the owner of the wallet will not arise — unless someone makes a mistake the recipient’s address and sends the coins not there;
- as we have noted, the network of cryptocurrency there are no breaks. Accordingly, to wait for activation of some functions in it according to the type of outlet employees to work not need;
- money Bitcoin address is protected more reliably than the balance of the personal accounts Chase Bank. Of course, you can lose it because of hackers, but in the safe use of cryptocurrency to get close to him outside will not work. As well as to correct the numbers on the purse or something like that.
In fairness, we note that support in the network Bitcoin no. Accordingly, if accidentally reveal your detractors mnemonic key, to return the money after their theft is not likely to succeed. But it costs of decentralization, without which it would not have been possible.
The findings are clear: although customers of the Bank and lost their money, the situation has given to understand their vulnerability. As it turned out, if problems arise in the day, users will probably have to wait for Monday for their decision. Ask for help to who will not.
If you had problems with the banks, go to the side of cryptocurrency. Well, on our cryptcat together with Yandex Zen don’t forget to subscribe, of course.
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