Swiss account holders will need a new store of value...

[unamis76]

These people will most likely move their money elsewhere as there are other places where they can privately place them. Even if they went the Bitcoin route straight away, I'm not sure these are the people we want entering Bitcoin... They probably won't spend it either until they can switch it back to fiat for huge profit or Bitcoin is widely accepted for buying luxury items...

Let's hope so, I for one welcome them with open arms, Lord knows we need some big, mainstream investment.

I don't think this can be considered mainstream investment (even though there are many rich people nowadays)

[densuj]

Bitcoin isn't really anonymous though, it is pseudonymous. It only works as tax haven if the holder is super-discreet and doesn't trip various wires, like selling a lot in one go.

Pseudo anonymous can be converted to fully anonymous with the right tools, VPN+TOR, Tails+Electrum, Converting bitcoin to Monero being the best options to remain discreet.

I think converting bitcoins to monero is not best option
because we must making deposit to altcoins markets
and it is needs much time.

The most simple to be full anonymous using bitcoins
mixing services is like https://[banned mixer] or other
bitcoin mixing services.

[RealBitcoin]

To prevent losing its status as a global financial hub, Switzerland signed the convention in 2014. The Swiss parliament approved the deal in 2015 and the treaty was ratified in 2016.

This is a bullshit argument.

In fact this policy is what will actually make Switzerland lose it's status as global hub (together with other BS laws that the EU is pushing on them). Rich people will immediately move their money to Singapore, Cayman Islands or Hong Kong.


The swiss are idiots , now most rich people will immediately transfer their money out of there if they havent so already.

They might even look into Bitcoin.

Yeah it doesn't make sense. The rich will go wherever they can get away with paying as minimum taxes as possible, sad to see since the rich should be the ones paying taxes to help the ones that are poor as fuck and go from bill to bill (those people should be the ones paying no taxes in order to leave them a margin to be able to start their own businesses). Anyway Switzerland will either adopt Bitcoin or lose tons of money. It's not like Switzerland produces anything in the world, their only role is hiding rich celebrities and big businessman's money so why are they killing their own niche.

Ah fuck off socialists.

The rich are already creating all the jobs and the products, they should pay shit actually.

In fact taxes should be 0 everywhere because it makes no sense anyway.


But either way these small countries get all their revenue from bank deposits, the Swiss just fucked up their 200 years of banking traditions with this move. Good job stupid socialists.

Now the rich will move to other bank havens, and the Swiss have just ruined their whole economy.

[Velkro]

Bitcoin isn't really anonymous though, it is pseudonymous.

Exactly, for some bitcoin will work as tax haven, for some not, for some traditional banking system will do fine.
All depends, for me bitcoin is better than gold, easier to hold, easier to trade.

[Kprawn]

I have seen this coming for a long time already... just take ProtonMail as a typical example. At one stage they were the most anonymous

web based email provider, but since Europe has been targeted by terrorists, Switzerland has been working with the US government to

prevent these attacks and ProtonMail has come under fire. Can we blame them or is this just an excuse to infringe on people's privacy, like

they are doing in the USA. ?

[chesatochi]

Wow that not cool for the people who have using a swiss bank account for a long time. I am pretty sure that a lot of money will fly away from there. The people will need to be creative and find another way like buying bitcoins or move money to countries where they keep them privacy secret.

I think people have the right to have they privacy, this law is another way for the government to have more power.

[countryfree]

There are still ways to hide money in Switzerland, it just got more difficult, and more expensive. You can hide behind a Swiss lawyer, by example.
There are also plenty of non Swiss who have a bank account in Switzerland without anything to hide.

[susila_bai]

Looks like the SWISS banking system will no longer be a tax haven from respective governments.

http://www.swissinfo.ch/eng/business/tax-evasion_swiss-say-goodbye-to-banking-secrecy-/42799134

Those with huge cash stores will need some other new store of value.

Wonder what that could be?  BTC

Its a very old story after when swiss banks decided to give the information of the account holders to other country , most of the big account holder have moved their account to other country.

[mrnswtcy]

To prevent losing its status as a global financial hub, Switzerland signed the convention in 2014. The Swiss parliament approved the deal in 2015 and the treaty was ratified in 2016.

This is a bullshit argument.

In fact this policy is what will actually make Switzerland lose it's status as global hub (together with other BS laws that the EU is pushing on them). Rich people will immediately move their money to Singapore, Cayman Islands or Hong Kong.


The swiss are idiots , now most rich people will immediately transfer their money out of there if they havent so already.

They might even look into Bitcoin.

Yeah it doesn't make sense. The rich will go wherever they can get away with paying as minimum taxes as possible, sad to see since the rich should be the ones paying taxes to help the ones that are poor as fuck and go from bill to bill (those people should be the ones paying no taxes in order to leave them a margin to be able to start their own businesses). Anyway Switzerland will either adopt Bitcoin or lose tons of money. It's not like Switzerland produces anything in the world, their only role is hiding rich celebrities and big businessman's money so why are they killing their own niche.

Ah fuck off socialists.

The rich are already creating all the jobs and the products, they should pay shit actually.

In fact taxes should be 0 everywhere because it makes no sense anyway.


But either way these small countries get all their revenue from bank deposits, the Swiss just fucked up their 200 years of banking traditions with this move. Good job stupid socialists.

Now the rich will move to other bank havens, and the Swiss have just ruined their whole economy.

I dont think they wanted to do this. The US forced them or they would be disconnected from the banking system.

[RealBitcoin]

To prevent losing its status as a global financial hub, Switzerland signed the convention in 2014. The Swiss parliament approved the deal in 2015 and the treaty was ratified in 2016.

This is a bullshit argument.

In fact this policy is what will actually make Switzerland lose it's status as global hub (together with other BS laws that the EU is pushing on them). Rich people will immediately move their money to Singapore, Cayman Islands or Hong Kong.


The swiss are idiots , now most rich people will immediately transfer their money out of there if they havent so already.

They might even look into Bitcoin.

Yeah it doesn't make sense. The rich will go wherever they can get away with paying as minimum taxes as possible, sad to see since the rich should be the ones paying taxes to help the ones that are poor as fuck and go from bill to bill (those people should be the ones paying no taxes in order to leave them a margin to be able to start their own businesses). Anyway Switzerland will either adopt Bitcoin or lose tons of money. It's not like Switzerland produces anything in the world, their only role is hiding rich celebrities and big businessman's money so why are they killing their own niche.

Ah fuck off socialists.

The rich are already creating all the jobs and the products, they should pay shit actually.

In fact taxes should be 0 everywhere because it makes no sense anyway.


But either way these small countries get all their revenue from bank deposits, the Swiss just fucked up their 200 years of banking traditions with this move. Good job stupid socialists.

Now the rich will move to other bank havens, and the Swiss have just ruined their whole economy.

I dont think they wanted to do this. The US forced them or they would be disconnected from the banking system.

That doesnt make sense, most money held there is probably from US businessman and rich people, who have lobby power over the regulators.

Why would they do such things?

Besides they are already moving to Singapore, so Switzerland is already losing his shine, with or without this decision, this was just the final nail in the coffin.

And we also have Bitcoin, and other currencies.

[romero121]

Swiss doesn't mean a single bank, it has got several banks which as a whole is described as Swiss bank. Importantly one such might have issued statement of considering a new haven for funds. As users suggested bitcoin cannot be made completely anonymous with VPN and TOR, because those Swiss accounts have huge funds which on transaction can easily tracked. Even on entering darkweb you'll be notified, you're entering on your own risk even on using TOR. This is just to confirm anything could happen we're not responsible. It also describes, you might be tracked and might go till death sentence to be the maximum for using.

[The_Dark_Knight]

Looks like the SWISS banking system will no longer be a tax haven from respective governments.

http://www.swissinfo.ch/eng/business/tax-evasion_swiss-say-goodbye-to-banking-secrecy-/42799134

Those with huge cash stores will need some other new store of value.

Wonder what that could be?  BTC

If the big whales start to use bitcoin as a store of value then  the biggest pump in the price may come but personally I think they are going to try options familiar to them first, like other tax havens, gold and silver and all that jazz.

[aardvark15]

To prevent losing its status as a global financial hub, Switzerland signed the convention in 2014. The Swiss parliament approved the deal in 2015 and the treaty was ratified in 2016.

This is a bullshit argument.

In fact this policy is what will actually make Switzerland lose it's status as global hub (together with other BS laws that the EU is pushing on them). Rich people will immediately move their money to Singapore, Cayman Islands or Hong Kong.


The swiss are idiots , now most rich people will immediately transfer their money out of there if they havent so already.

They might even look into Bitcoin.

Yeah it doesn't make sense. The rich will go wherever they can get away with paying as minimum taxes as possible, sad to see since the rich should be the ones paying taxes to help the ones that are poor as fuck and go from bill to bill (those people should be the ones paying no taxes in order to leave them a margin to be able to start their own businesses). Anyway Switzerland will either adopt Bitcoin or lose tons of money. It's not like Switzerland produces anything in the world, their only role is hiding rich celebrities and big businessman's money so why are they killing their own niche.

I agree, and I think Bitcoin can be used as a store of value for other countries as well.  In fact anyone can store money in Bitcoin as long as their government doesn't make it illegal.  Tax issues come in to play when they try to cash out though, correct?