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Author Topic: Payment processors and banks that's not found of bitcoin.  (Read 1425 times)
Herodes (OP)
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August 14, 2012, 03:37:56 AM
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Everyone that's involved with bitcoin should ask some hard questions to any bank and/or payment processor that doesn't want to do business with bitcoin merchants.

Here are a couple of good links:
http://www.dailymail.co.uk/news/article-2174785/HSBC-scandal-Britains-biggest-bank-let-drug-gangs-launder-millions--faces-640million-fine.html
http://www.bbc.co.uk/news/business-18704603

The bitcoin market cap is at about 113m USD at the moment. And although Bitcoin can be used for nefarious purposes, so can cash, sports cars, crow bars, sledge hammers, saws, scissors etc.. I don't see any of those being frowned upon at the moment.

And currently bitcoin is a magnitude of order smaller than any of these large banks. So, basically, if someone is afraid that they're going to be involved with parties that does criminal stuff, the traditional banks seems to be what should be avoided at the moment.

So everyone asking a bank or payment processor if they are bitcoin-friendly, should mention the HSBC and Barclays scandal, and ask them what steps they're taking to ensure that banks they work with are not involved in terrorist funding, money laundering, criminal activity and so on.

It would probably not help the slightest, but as the questions come in, perhaps it would knock some sense into those businesses not accepting bitcoin.

At least it should be interesting to see replies from those companies.

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TraderTimm
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August 14, 2012, 05:24:30 AM
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I respect the principle, but you're probably right in the short run. Bitcoin hasn't gotten up on the big boy's radar just yet. When their business models start bleeding red ink, THEN they'll really start complaining.

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Herodes (OP)
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August 14, 2012, 05:28:09 AM
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I respect the principle, but you're probably right in the short run. Bitcoin hasn't gotten up on the big boy's radar just yet. When their business models start bleeding red ink, THEN they'll really start complaining.

Paypal, Moneybookers and MultiSafepay has a bitcoin no-go stance, I guess others have that stance as well.
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August 14, 2012, 05:44:52 AM
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Paypal, Moneybookers and MultiSafepay has a bitcoin no-go stance, I guess others have that stance as well.

Yes, and the greatest leverage bitcoin proponents can apply is to begin boycotting merchants that do not accept bitcoin. Starve the bad and feed the good.

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