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debtstack
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January 17, 2017, 06:49:03 AM
 #1

Do you trust the home of banking to be the new home of cryptocurrency?

Is this be a good thing for the future of cryptocurrency or will this just ensure that the banking system continues to control currency?
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January 17, 2017, 07:02:23 AM
 #2

Do you trust the home of banking to be the new home of cryptocurrency?

Is this be a good thing for the future of cryptocurrency or will this just ensure that the banking system continues to control currency?
I don't think that banking to be the new home of crypto currency and i am more comfort call crypto currency with bitcoins because bitcoins can be trusted than other altcoins, the banking adopt blockchains technology and not bitcoins become currency on their business, there are many blockchains technology can be adopted by banking for example blockchains of ethereum and it is mean banking system continues to control currency (fiat currencies and not digital currencies are like bitcoins, ethereum, litecoin and more).
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January 17, 2017, 07:30:24 AM
 #3

Do you trust the home of banking to be the new home of cryptocurrency?
Is this be a good thing for the future of cryptocurrency or will this just ensure that the banking system continues to control currency?

The Swiss lawmakers seem to be taking some steps to regulate cryptocurrency and fintech in general. We will have to wait for the final shape of their regulatory measures, before passing judgment on how effective it is. If it is as bad as Bitlicence, it could result in crypto-currency users avoiding Switzerland like the plague.  Tongue


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January 17, 2017, 08:04:28 AM
 #4

Do you trust the home of banking to be the new home of cryptocurrency?
No, i don't.
Is this be a good thing for the future of cryptocurrency or will this just ensure that the banking system continues to control currency?
It's not good, How you can give a free money to the bank and let them control it? Almost the hyperledger can be an evidence for that.
Your privacy has held by the government again.


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January 17, 2017, 12:12:27 PM
 #5

Do you trust the home of banking to be the new home of cryptocurrency?
Is this be a good thing for the future of cryptocurrency or will this just ensure that the banking system continues to control currency?

The Swiss lawmakers seem to be taking some steps to regulate cryptocurrency and fintech in general. We will have to wait for the final shape of their regulatory measures, before passing judgment on how effective it is. If it is as bad as Bitlicence, it could result in crypto-currency users avoiding Switzerland like the plague.  Tongue

Damn, die Polizei saw the 12 words in my brain. Run for it!

Okay. The old man told me to take any rug in the house.
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January 17, 2017, 12:46:36 PM
 #6

Do you trust the home of banking to be the new home of cryptocurrency?

Is this be a good thing for the future of cryptocurrency or will this just ensure that the banking system continues to control currency?

first of all you know that your "home of banking" is required by the new law to provide all the information of their customers to the IRS and other agencies before they even request it. it is done automatically now.

second of all cryptocurrencies do not need a home. they are decentralized and global and every one uses them and their home is in everybody's home.

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January 17, 2017, 02:59:57 PM
 #7

Do you trust the home of banking to be the new home of cryptocurrency?

Is this be a good thing for the future of cryptocurrency or will this just ensure that the banking system continues to control currency?

first of all you know that your "home of banking" is required by the new law to provide all the information of their customers to the IRS and other agencies before they even request it. it is done automatically now.

second of all cryptocurrencies do not need a home. they are decentralized and global and every one uses them and their home is in everybody's home.

Notice that they don't send any data regarding customers with 1.000.000 $ +
Beside of that, i don't think they will ever be the "home of crypto" as taxation is not appliable unless they find a way to make bitcoin taxable, or, if they create a taxable crypto, in this case, i don't think that it will ever be used, or traded.
so, basically, no, i don't think so.


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January 17, 2017, 03:12:59 PM
 #8

Do you trust the home of banking to be the new home of cryptocurrency?

Is this be a good thing for the future of cryptocurrency or will this just ensure that the banking system continues to control currency?

Switzerland is known for their banking system and I doubt if they are suited for crypto currency because both industries contradicts each other,I prefer it to be in a country where crypto currency is popularly used and welcome.


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January 17, 2017, 03:36:19 PM
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The home of cryptocurrency will be the internet. No where else but here. There is no point in having a physical hub for bitcoins or other cryptocurrencies. It is decentralized, having a center for it would mean that there would be control over it. Maybe not in how it works, but probably in other aspects of crypto.

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nemgun
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January 17, 2017, 03:45:19 PM
 #10

The home of cryptocurrency will be the internet. No where else but here. There is no point in having a physical hub for bitcoins or other cryptocurrencies. It is decentralized, having a center for it would mean that there would be control over it. Maybe not in how it works, but probably in other aspects of crypto.

I don't think this post is about centralization, i think that if a switzern bank launches her own crypto, it will be a centralized one for sure, because as long as bank/institution/country releases a crypto, then they have to prelevate taxes on it, because else, it won't be reliable for them as it is an investment, they won't play with their crypto price.


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novemberwoah
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January 17, 2017, 04:27:20 PM
 #11

The home of cryptocurrency will be the internet. No where else but here. There is no point in having a physical hub for bitcoins or other cryptocurrencies. It is decentralized, having a center for it would mean that there would be control over it. Maybe not in how it works, but probably in other aspects of crypto.

I don't think this post is about centralization, i think that if a switzern bank launches her own crypto, it will be a centralized one for sure, because as long as bank/institution/country releases a crypto, then they have to prelevate taxes on it, because else, it won't be reliable for them as it is an investment, they won't play with their crypto price.
Maybe I think this post about centralization. I think the purpose of the OP is if Switzerland was home all crypto such as storing wealth a lot of people around the world. To launch a crypto I believe all banks / countries can make it, but if it becomes home all crypto I think not. Because Crypto is a virtual currency that is used as an alternative currency that typically are decentralized. This means that no party governing both from the government or the owner of crypto.

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January 17, 2017, 05:53:17 PM
 #12

Do you trust the home of banking to be the new home of cryptocurrency?

Is this be a good thing for the future of cryptocurrency or will this just ensure that the banking system continues to control currency?

Switzerland is locked into all sorts of EU rules as it is in the EU custom union (they recently had a referendum to stop free movement of people and the EU forced them to ignore it).

Basically the UK would be a better bet for the home of cryptocurrency are they are going to Hard Brexit and ignore EU rules altogether.

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January 17, 2017, 06:26:05 PM
 #13

They have trust issues. They outed all of their private banking customers (the US forced them to) so nobody wants to do anything with the swiss
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January 17, 2017, 06:47:15 PM
 #14

Didn't Ethereum move from Canada to Switzerland to avoid regulation and prying eyes?  Switzerland has always been known for a safe haven for money and unscrupulous activity.

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January 17, 2017, 07:07:13 PM
 #15

Switzerland is locked into all sorts of EU rules as it is in the EU custom union (they recently had a referendum to stop free movement of people and the EU forced them to ignore it).

This is misinformed opinion. Along with Norway and Iceland (and the UK soon), Switzerland is one of the only Western European country out of the European Union. Of course there will always be political pressure from the EU, but this is also true for the US as any other major economic pole in the world.

The EU didn't force anything, they threatened to revoke many bilateral (peer-to-peer) treaties if the immigration policies between Switzerland and the EU were to be restricted. It did not happen, and status quo prevailed.

This has much to do with politics and little to do with economy.

Basically the UK would be a better bet for the home of cryptocurrency are they are going to Hard Brexit and ignore EU rules altogether.

The UK seems to be very keen on enforcing any US policy in general. Compare the legal situation on copyright infringement.

In Switzerland, you will find that downloading copyrighted material is legal, and uploading them may theoretically at worst make you the defendant in a civil lawsuit. In practice, if you're just a petty home downloader, you can safely ignore any cease and desist or legal threat with a settlement invoice, although they are very seldom even sent out. The fear tactics may work on some people (they may just pay up), but I really wouldn't care much about these.

One of the three judges of the "supreme court" (Federal court) has publicly stated that he does not feel like lawsuits are the appropriate "tool" to fight illegal download on the internet, and to this day AFAIK no law firm has even attempted to set any legal precedent.

In the UK, I believe even downloading copyright material is a criminal offense that exposes you to much more trouble. The law is much more restrictive in terms of internet freedom, for example nationwide censorship is applied to nationwide internet providers (governmental blacklist), every other year some enlightened judge threatens to ban porn from the UK internet altogether, etc.
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January 17, 2017, 07:17:43 PM
 #16

Didn't Ethereum move from Canada to Switzerland to avoid regulation and prying eyes?  Switzerland has always been known for a safe haven for money and unscrupulous activity.

Yeah, that is true, but look what happened after 2008. When you have a central figure in tax safe havens, it is much easier for countries to know where to look when they want to come down on it. It may sound good, and many altcoins have started to move to Switzerland on that premise, but what happens when the governments want to come down hard on cryptocurrency? Or just spy on it, infiltrate it. They only need to keep their eye on the growing altcoin district in Switzerland.

I truly believe it is a bad move and over time could create a regulated system that looks just like the banking system. Governments have infiltrated Swiss banks for years. They just don't make it known because they also use those banks for their own shady business. I bet the US alone has there eye constantly on both Switzerland and Panama and it would only take a quick transition to spying on altcoins. That is, if they haven't started already to infiltrate.

I'd rather a home base of operation in a country where everyone would have to be up front about transparency, instead of a country where banks make secret pacts with governments that the people never know about.
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January 18, 2017, 12:36:21 AM
 #17

The home of cryptocurrency will be the internet. No where else but here. There is no point in having a physical hub for bitcoins or other cryptocurrencies. It is decentralized, having a center for it would mean that there would be control over it. Maybe not in how it works, but probably in other aspects of crypto.

I don't think this post is about centralization, i think that if a switzern bank launches her own crypto, it will be a centralized one for sure, because as long as bank/institution/country releases a crypto, then they have to prelevate taxes on it, because else, it won't be reliable for them as it is an investment, they won't play with their crypto price.
Maybe I think this post about centralization. I think the purpose of the OP is if Switzerland was home all crypto such as storing wealth a lot of people around the world. To launch a crypto I believe all banks / countries can make it, but if it becomes home all crypto I think not. Because Crypto is a virtual currency that is used as an alternative currency that typically are decentralized. This means that no party governing both from the government or the owner of crypto.
Indeed, if all crypto will be left into the hands of a central authority like switzerland then there would be centralization. Think about it like this, every crypto is landed on switzerland, hence they all must comply with the laws of the place. If they don't they will be booted out. This is one of the main reasons why crypto must remain in the internet. It should remain digital.

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January 18, 2017, 01:00:10 AM
 #18

I believe this is not possible. Cryptocurrency is not central and banks are not. They cannot control cryptocurrencies because its decentralize. They are different in purpose. But if they do that. Why not? Theres still room for changes. Banks should adapt blockchain technology. Thats should they do.

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January 18, 2017, 06:32:16 AM
 #19

I believe this is not possible. Cryptocurrency is not central and banks are not. They cannot control cryptocurrencies because its decentralize. They are different in purpose. But if they do that. Why not? Theres still room for changes. Banks should adapt blockchain technology. Thats should they do.
A good answer, the main factor cryptocurrency can not use is the issue of decentralization. If the State can't do full control of money in circulation is certainly the country will be controlled by speculators, it is very dangerous and could make the country's economy devastated. I think cryptocurrency is one of a very good commodity products.
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January 18, 2017, 07:50:27 AM
 #20

Do you trust the home of banking to be the new home of cryptocurrency?
Is this be a good thing for the future of cryptocurrency or will this just ensure that the banking system continues to control currency?

The Swiss lawmakers seem to be taking some steps to regulate cryptocurrency and fintech in general. We will have to wait for the final shape of their regulatory measures, before passing judgment on how effective it is. If it is as bad as Bitlicence, it could result in crypto-currency users avoiding Switzerland like the plague.  Tongue

its not a good idea for me. even if its effective, it won't make btc users submit to it. people spend money for privacy and anonymity.
the rest of us probably joined the herd all because they want to avoid tax, we've earned the bitcoin thru inflation, its not going to be fair.


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