Bitcoin Forum

Banks are hunting accounts that are conducting any biz related to Bitcoin.

http://www.btcfeed.net/news/silent-war-bitcoin-begun/

Thats why I always tried to not give any personal details to anything Bitcoin related, not until people like WInklevii create solid regulated stuff..

cutting the DEBT, pay in bitcoins !  ;D but don't say that to your grandma ... they have all life economies in the bank.  ::)

I think banks may be doing this to prevent money laundering rather than just to cause war against bitcoin. Though I can certainly see why the banks would oppose bitcoin as it could threaten their bottom line.

Banks not only keep your money secure they also devalue it and tell you what you can't spend it on and love to keep cutting interest rates to the point where increasing them is not an option as the bubbles are too big, then where you have negative interest rates, oooh goodie I pay the bank to keep my money secure.

when it gets to the point were banks charge customers to hold there fiat this will be the nail in the coffin. I'm thinking home safe sales will increase, will see.

Haha, good point, investing in home safes might not be a bad idea.

Safes are obsolete now that money can be stored as pure information, just make a good brain wallet offline with paper backup, stick the paper in a safety deposit box or similar.

UK banks have been closing accounts associated with bitcoin trades for months, if not years. They do not ask the account holders about how they come in contact with bitcoin for legit reasons. They just terminate accounts.

Safety deposit box?   Where did they first start looking for gold to confiscate during '33?

Yep, safety deposit boxes are no good, they will get raided.

I read that a few safety deposit company owners robbed their customer's safety deposit boxes themselves. They tried to make it look like a robbery but it turned out to be an inside job.

My rule is, if it is not in your hands you don't own it!

if they have the idea that BTC = money laundering, then they want war against BTC.

and the banks banning btc = people going to other banks.

if BTC goes to moon they won't want lose so many costumers.

when i mention safes I mean a safe for the home not deposit boxes.

money laundering ? not hsbc lol

https://www.youtube.com/watch?v=QRYEFEJRw44

If Bitcoin succeeds in a major way, the Banks will be out of biz and they know it. No one will be using then anymore, their need to exist will simply cease. They are the middle men.

First they ignore you, then they laugh at you, then they fight you, then you win.

-Mahatma Gandhi


So even tho this means we're on 3rd stage from 4 of them, it will be interesting to see how are people going to make payments for bitcoin trading.
There are no worse enemy than banks, because politicians are corrupted and will definetly  stand by their side.
Bitcoin was created out of banks greed for provisions and interests, it no surprise they're the ones fighting the most, but isn't there something illegal in terminating accounts just because
thy're used for bitcoin related transactions?

Is it an inside job or a socialist conspiracy? Lets ask some questions:

a) Is the brain wallet software really the best way to generate a private key?

b) With your questionably generated key safely scribbled on a piece of paper it's placed in the hands of a 3rd party i.e. a safety deposit box with a fee paid out to the 3rd party for their service. Why not enscribe a properly generated key on the back of a ring or use some other means of safely storing it?

c) Why pay money and give control to a 3rd party all while opening the door a crack for hackers who are targeting the brain wallet keyspace?

d) Why does the number '33' appear at least once?

e) How much gold did the Nazsi's confiscate?

f) What happened to all the gold in World Trade Center: Building #7 during the 9/11 incident?

Oh dear... *backs away slowly*

Any other reason I could think of are probably those negative news we have been getting lately related to crime and illegal activities. I supposed that gave the wrong perception that conducting trades in bitcoin are bad.

The problem is if they ban every single bank accepting BTC and make withdrawing BTC to USD/or any fiat a crime.
The solution should be that we do not need to convert BTC into fiat because BTC by itself should be a currency.

When it gets to the point...? What? They already do charge money to hold money for people. http://blogs.reuters.com/data-dive/2015/01/16/why-people-pay-banks-to-hold-their-money/

Every institution is attacking bitcoin since one year ago, there was a bill still report on this, its indeed a silent war in the making.

It will only get worse, they can't allow cryptos to succeed, it is a direct challenge to their power. The best they can do is try to subvert it somehow, but that will fail as well. No one likes the big banks after what happened in 2007. Once this quagmire in Europe starts to unravel and the big boys start feeling the heat it will only be a matter of time before the large banks start go under!

Bitcoin is too small a problem for them right now, their fiat must survive and that is getting more and more difficult as more people are discovering their scam

It may have been too small a year ago, not so much anymore. Everyone is practically talking about Bitcoin these days, usage still needs to grow, but that is precisely what the bankers fear. Bitcoin can overtake them very quickly without them having much time to react, that is what they are worried about.

The Bitcoin Wars is the like the Cold War, it looks like it isn't happening but it is indeed happening.

The false promise of a Chinese made Bitcoin mining computer (the company is owned and run by Romanians living in the UK) delivered to my doorstep in 90 days feels like economic warfare too me. However, it didn't matter what company I chose in late November 2013. Every in-hand supplier was out-of-stock and every single pre-order available was a scam, my odds of being defrauded were 100%.

People are well aware of their scam, but there is not much u can do about it since this financial system we have today is hard coded
into our systems, and it takes alot of time to get over that.

Banks are the worst enemy you can have when it comes to bringing up whole another system of payment, because in this case you are touching their profits, and
it wont go without a fight, and whats stoping them from terminating every bitcoin related account ? nothing..
For that to stop u would need to fight them on a political stage, and guess who controlls polititians... yup

The only way to fight the banks is to stop using them, that is the whole reason Bitcoin came into existence if I am not mistaken?

Probably not the whole reason. More like part of the reason.
The other reason is that you can send anyone money, anywhere on the world, right?

My turn to say "if I'm not mistaken"  :P

P2P If you select a ref that has nothing to do with Bitcoin how would they find out?

If buying from an exchange why not go threw moneypolo etc

There is always away around the sly little bankers they been playing the games for decades at least something has rattled their cage!

Long live Bitcoin!

check this out on bloomberg , hot off the press about HSBC bank labeled -

"Leaked HSBC List Shows Who Was Banking on Swiss Secrecy"

http://www.bloomberg.com/news/articles/2015-02-08/leaked-hsbc-list-shows-who-was-banking-on-swiss-secrecy

for anyone interested  8)

kind of makes me think of Ross Ulbricht (alleged Slik road mastermind) probably facing jail time.. well what to these guys get at HSBC ? slap on the wrist ? maybe a fine ?

Yep, this is the kind of shit that goes on behind the scenes. Think about all the shit that is happening that the general public doesn't know! God only know what kind of crap the politicians and billionaires are involved in.

I have been saying this since the price of btc crashed. Banks are the primary reason that BTC is so volatile. They have formed several cartels to drive the price of BTC down or at the very least to show that it is a highly volatile currency. Most people who are already mired in the Fiat scam and looking at alternatives like btc are scared shitless by the volatility and shy away from investing in bitcoin. So apparently propaganda was not enough to drive the price of btc down, which prompted the banking cartels to hire people and buy up huge amounts of BTC, so that they could crash the price at will. Don't tell me that banks would lose money by following this tactic, because they never had money in the first place... it was all numbers on a sheet and no substance behind those numbers. :)

A fire safe is still great to keep your paper wallet backups in.

If anything to keep it from burning up in case your house catches fire.

And you can store other valuables in it as well, gold or silver or family trinkets or something of great personal value that could be otherwise destroyed in a fire.

Banks have been doing this since a long time. A lot of traders on Localbitcoins have the problem of this, and having their accounts banned.

The only problem is you need to have bank account if your employed, at least where I live, so hopefully Bitcoins get used more so the laws change and you will get chance to receive Bitcoins from employer if you dont have/dont want to have a bank account

I think the best way is for local communities to start accepting crypto for services and goods. At first start out small and then build from there. Fiat can be cut out completely, it is just no so easy at first.

Same here due to some legal reasons. For now I'll just have to take the long route by sending the money to exchangers to purchase bitcoin. Hope to see it become a reality someday.

Is this a Bad News for BTC Future?

Well it's not good news is it? This is one of the ways the powers that be can try throttle bitcoin use and adoption by banning accounts of making it illegal to transact with it.

Agree with this.  There is most likely a degree of skittishness on the part of banks (who are paying attention in any event) that if bitcoin were to stabilize and succeed they would be a threat.  In the UK, which gets the most focus in the original article, the FCA has not taken a definitive position on bitcoin, which means that exchanges need not abide by anti-money laundering regulation.  The banks, however, most certainly do.  Could supporting exchanges undermine the banks money laundering responsibilities?

Probably not, but why risk it.  To me, this shows that the UK, among others, needs to get off the pot and clarify the regulatory stance on crypto.

Depends, the banks are bad news for just about anything these days. :) But if this account termination stuff intensifies things will get ugly.

There is what some would term, a silent war starting against the USA and the States. Really, it is not a war against them. It is simply people picking up their basic rights that the States have been stealing from them on a regular basis. There is protection for Bitcoin coming, which is really protection for the rights of individual people.

Youtube search on "Karl Lentz common law." The movement is growing.

:)

I don't think there's any reason to get paranoid about banks trying to take down bitcoin just yet. Banks just like to play by their own rules and will shut down the accounts of anyone they don't like the look of or suspect may be doing something that they don't like. I don't think bitcoin is that big of a threat to them currently but it could be in the future.

I think this may have been true 1-2 years ago, but now days everyone is pretty much writing about Bitcoin and cryptocurrencies. It is not fringe anymore and it is a direct threat!