Banks Are Finally Openly Fighting Bitcoin In Australia And USA

[the_poet]

http://cointelegraph.com/news/116023/banks-are-finally-openly-fighting-bitcoin-in-australia-and-usa

It looks like we're there:

“First they ignore you, then they laugh at you, then they fight you. Then you win.”

[franky1]

the issue that woman had was nothing bitcoin related, but standard AML rules that have been around for decades (yes before bitcoin even existed) due to her moving over $10,000.. which is a red flag

it doesnt matter if its a large facebook refund of $10,001 in facebook credits, if its $10,001 of chinese yuan, euro or rupee converted from western union. as soon as you hit that $10,000 flag.. your screwed.

domestic bank accounts have flags.. so if you are looking to transmit more than $10,000 in one shot, then pre warn your bank and explain that its not a drug deal but a wire transfer from a money licenced and authorized organization.

[Daniel91]

It was obvious that something like this will happen, soon or later.
Bitcoin is much more simple to use, anonymous, no centralization etc. and more and more people using it.
Of course that banks can't ignore it any more but they already lost this fight in the long term.
They have no chance to win because people wants financial freedom and don't want to be controlled by the governments.
It's natural development and nothing can stop it.

[NorrisK]

It was obvious that something like this will happen, soon or later.
Bitcoin is much more simple to use, anonymous, no centralization etc. and more and more people using it.
Of course that banks can't ignore it any more but they already lost this fight in the long term.
They have no chance to win because people wants financial freedom and don't want to be controlled by the governments.
It's natural development and nothing can stop it.

Read Franky1 s comment, the biggest issue was going over 10,000 usd limit.

This was set up to prevent money laundring and other illegal activities and are there for a reason, not just to bully you when buying and selling bitcoin.

She should probably have started up a business or something (one person company), to prevent this stuff from happening.

[Daniel91]

It was obvious that something like this will happen, soon or later.
Bitcoin is much more simple to use, anonymous, no centralization etc. and more and more people using it.
Of course that banks can't ignore it any more but they already lost this fight in the long term.
They have no chance to win because people wants financial freedom and don't want to be controlled by the governments.
It's natural development and nothing can stop it.

Read Franky1 s comment, the biggest issue was going over 10,000 usd limit.

This was set up to prevent money laundring and other illegal activities and are there for a reason, not just to bully you when buying and selling bitcoin.

She should probably have started up a business or something (one person company), to prevent this stuff from happening.

OK you are right, I wrote my comments in the same time and didn't see this replay.
Still, I think that soon or later banks will try to stop bitcoin because they will start loosing clients because of us.

[ivanst776]

http://cointelegraph.com/news/116023/banks-are-finally-openly-fighting-bitcoin-in-australia-and-usa

It looks like we're there:

“First they ignore you, then they laugh at you, then they fight you. Then you win.”

Things are going that bitcoin would only be used to sold and buy only with cash without transferring the money through the banks

[owm123]

It was obvious that something like this will happen, soon or later.
Bitcoin is much more simple to use, anonymous, no centralization etc. and more and more people using it.
Of course that banks can't ignore it any more but they already lost this fight in the long term.
They have no chance to win because people wants financial freedom and don't want to be controlled by the governments.
It's natural development and nothing can stop it.

Bitcoin is not anonymous, but pseudo-anonymous only. If banks and governments understood this, maybe they would not be against bitcoin.

[franky1]

Still, I think that soon or later banks will try to stop bitcoin because they will start loosing clients because of us.

you are wrong
thats like saying banks will stop accepting wire transfers from apple stores because apple are making products, to banks, bitcoin is a product. and people will want to swap fiat for products and products for fiat.

where ever there is a person selling a product there is a person buying a product. so when you buy bitcoin. you are handing fiat to someone else.. your not making fiat disapear, your just moving it into someone elses hand.

banks love that, they actually enjoy seeing coinbase holding millions of dollars, they love coinbase swapping with other people. once you see that bitcoin is a product you will see that it helps bankers actually have something to do.

what banks do not like is having to fill out paperwork to explain to regulators why they let through $10,000 without question. so although they love moving money, if they see that +$10,000 is being moved they know they have to do alot of paperwork, checks, double checks, writting letters to customer to explain things, yada yada yada..

so its easier to just freeze an account to give them time to do the checks and question the customer. rather then just letting it through and giving themselves not only a instant headache, but also backlash from regulators.

so if you are going to move +$10,000.. WARN YOUR BANK, explain where the funds are coming from, their purpose, so that they can then not have a surprising headache, and instead get the ball rolling to let yor funds through without headache or large delay

[franky1]

Bitcoin is not anonymous, but pseudo-anonymous only. If banks and governments understood this, maybe they would not be against bitcoin.

do you just sit there hitting search on the forum looking for the term anonymous all day long to try promoting your monero altcoin in your footer.
how about try to make a more accurate point about pseudonymity that's not trying to coax people into your crappy altcoin

[Amph]

in the usa i thought that it was regulated there by IRS and everythign now they are fighting it...seems so random

and anyway until allt he government are against bitcoin, i would not worry much about, china alone can make bitcoin reach adoption, you don't even need usa or anything else

[Pro User]

i think, banks in USA and Australia got the fear that bitcoin will replace the fiat sooner or later. So they're fighting?

[Amph]

i think, banks in USA and Australia got the fear that bitcoin will replace the fiat sooner or later. So they're fighting?

no matter what they are doing, until everyone can use a computer he can also use bitcoin, it's mean that bitcoin can not be stopped in such way, is that simple

at best they can hider its adoption in their country, which will not kill anyway, the current users base can only grow, since it's made only by geek right now...

[TTBit]

Taking your stuff without warning or trial? What a wonderful product these banks have! Where do I sign up?

The regulations are killing the banks, not bitcoin.

[Jet Cash]

The banks are being silly. The more restrictions they place on depositors, the more they won't bother to deposit. If they don't like cash, then the obvious thing to do is to buy Bitcoin with the cash, and stay away from the banks.

[novgod]

http://cointelegraph.com/news/116023/banks-are-finally-openly-fighting-bitcoin-in-australia-and-usa

It looks like we're there:

“First they ignore you, then they laugh at you, then they fight you. Then you win.”

I don't get it. "Fighting" bitcoin seems a tottally empty sentence to me.

[ahpku]

Taking your stuff without warning or trial? What a wonderful product these banks have! Where do I sign up? [...]

If you ever had a job, drove a car, bought groceries, walked down the street, you already did.
Not keeping your money (which, given your understanding of economics, can't be much) in a bank is neither here nor there.

[Mr. Forum]

To me the banks are always feeling threatened and therefore hey need to come up with something that will be able to rival the bitcoin. Banks have just been able to come to a realization that the bitcoins are doing well and will be a true threat in the near future. All this things that you are seeing around are just the issues set up to weaken the bitcoin. One thing I am sure of is that the far the bitcoin has gone, it will be very difficult for the banks to fight them and eventually win.

[Duomo]

Legitimately giving a bank all your money is like giving an individual or entity all of your life savings or whatever fiat is deposited in a bank account. Under certain conditions, if a bank or central authority sees something that can take away the bargaining powering power of the deposited, why not restrict this factor and make restrictions. Moving power away from a central authorities into the hands of individual consumers is the bank's worst nightmare. Why keep thousands of dollars in banks without the 100% guarantee you can get it bank at any moment in time vs keeping thousands of dollars stored on a bitcoin wallet in your own control and possession?

[mtnsaa]

Hopefully Bitcoin is not declared illegal, banks do have a lot of power. Remember music labels fighting and crushing Napster? We all know digital currencies will survive eventually but let's just hope Bitcoin is not the first martyr.

[ahpku]

Legitimately giving a bank all your money is like giving an individual or entity all of your life savings or whatever fiat is deposited in a bank account. Under certain conditions, if a bank or central authority sees something that can take away the bargaining powering power of the deposited, why not restrict this factor and make restrictions. Moving power away from a central authorities into the hands of individual consumers is the bank's worst nightmare. Why keep thousands of dollars in banks without the 100% guarantee you can get it bank at any moment in time vs keeping thousands of dollars stored on a bitcoin wallet in your own control and possession?

The only problem with your logic is by "keeping thousands of dollars stored on a bitcoin wallet in your own control and possession" you aren't storing "thousands of dollars." You're storing bitcoins. Which, if not self-evident, are not dollars.
There's nothing but your optimism to suggest that the bitcoins in your wallet will be worth as much as when you put them there. Or anything at all, if Bitcoin is banned, hacked, etc., etc.