Banks are Killing cash money - BitCoin to the rescue

[Mori S]

Banks and credit cards companies all over the western world are promoting the idea of canceling the Cash money. The idea is being promoted with a noble reason, this will stop the undeclared cash trade and will gain two goals:
Crime money can not be used in large scales.
The government taxes revenue  will be higher, the government will have more money and will be able to lower the taxes to all.

It is a nice story to tell the people but it is only part of the story. Let's look at the advantages the banks and the government will gain on the back of the simple citizen.

1. Citizens will have to use banking services that will charge them for every action they make with their  own money. Charge them for credit line and more. meaning it will cost us to use our money.
2. The government will be able to take your money from the bank, tax it or freeze it. You are not in control or the owner of your own money.
3. Every action or purchase will be known to the BigBrother, so personal privacy is a dead idea.

Well, the BigBrother wishes to keep you under his hand, controlled and disciplined in a way  mankind has never been before. From the dawn of history man used gold, silver and commodities for trade. men could use or hide gold.  In bad times or if the government acted against the citizens, they had the capital to run away with or to finance uprising. In a way man was the owner of his money.

Today the governments and banks are declaring that citizens money can be used only if it fits their rules and ideas (most of them are good and most mankind agree with them).  You will not be able to buy things the BigBrother doesn't  approve (gambling,buying cuban cigars, buying bitcoins and so). most people say this is reasonable and bearable price to fight crime.

But what will happen if the BigBrother goes bad. We will not be able do anything about it. Look at Sirya,  will somebody dare to finance or support the rebels using credit cards ?
How long will it take the BigBrother to close his account and find him?

The American constitution grants citizens the right to bare arms, why? well this is the American way to make sure civilians can stand against the government if it goes bad and act's against man's freedom and rights. In present economy, money is impotent as weapons to be able to stand for your rights on public opinion in courts and in politics.  Taking cash money out of the system will weaken the citizens against the government.

It is important that free people will have the ability to act without the government's control. This is what makes the free world free. We have to guard our right for cash money. It is one of the signs of free society.

Today it looks like BitCoin and colored BitCoin in special can protect free men worldwide from the BigBrother control.

Mori.S

[bitfromit]

"But what will happen if the BigBrother goes bad?"

hi, it already has gone bad.

[zeroday]

1. Citizens will have to use banking services that will charge them for every action they make with their  own money. Charge them for credit line and more. meaning it will cost us to use our money.
2. The government will be able to take your money from the bank, tax it or freeze it. You are not in control or the owner of your own money.
3. Every action or purchase will be known to the BigBrother, so personal privacy is a dead idea.

Sure. It makes it similar to position of black slaves in previous centuries. They lived in houses not belonging to them, they used clothes and items belonged to their master. They had to work just for food. Every their movement must be approved by the master. And they must be grateful to their master for just being alive.

[bitfromit]

1. Citizens will have to use banking services that will charge them for every action they make with their  own money. Charge them for credit line and more. meaning it will cost us to use our money.
2. The government will be able to take your money from the bank, tax it or freeze it. You are not in control or the owner of your own money.
3. Every action or purchase will be known to the BigBrother, so personal privacy is a dead idea.

Sure. It makes it similar to position of black slaves in previous centuries. They lived in houses not belonging to them, they used clothes and items belonged to their master. They had to work just for food. Every their movement must be approved by the master. And they must be grateful to their master for just being alive.

Yes. There is some story out today about Thailand banks outlawing bitcoin https://bitcointalk.org/index.php?topic=264203.0

[TippingPoint]

The largest denomination U.S. bill available is only $100.  

[monkeybars]

This is already happening. The largest corporations have begun "paying" their employees with debit cards that have fees attached, directly siphoning off the wages of the poorest working Americans to the banking industry.

And you're right, cryptocurrency is the answer.

[AliceWonder]

This is already happening. The largest corporations have begun "paying" their employees with debit cards that have fees attached, directly siphoning off the wages of the poorest working Americans to the banking industry.

And you're right, cryptocurrency is the answer.

Not just the largest corporations, it's happening with small companies as well, but mostly low wage employees.

As I understand it the employees get 1 free withdrawal a month and have to pay for everything else.
If employee has their own checking account they are not allowed direct deposit.

It's criminal.

[crumbs]

This is already happening. The largest corporations have begun "paying" their employees with debit cards that have fees attached, directly siphoning off the wages of the poorest working Americans to the banking industry.

And you're right, cryptocurrency is the answer.

Not just the largest corporations, it's happening with small companies as well, but mostly low wage employees.

As I understand it the employees get 1 free withdrawal a month and have to pay for everything else.
If employee has their own checking account they are not allowed direct deposit.

It's criminal.

Could you give me a link?

[phillipsjk]

Could you give me a link?

These are commonly called "Pre-paid credit cards", which are essentially debit cards with very high fees.

Paid via Card, Workers Feel Sting of Fees

Edit: the second page of that article says that pre-paid cards are regulated differently than standard credit or debit cards.

[monkeybars]

http://www.businessweek.com/articles/2013-07-03/ny-ag-threatens-to-end-the-payroll-card-fee-party

[dserrano5]

If you use your card, you pay. If you don't use your card, guess what, you pay too!!

Some users even have to pay $7 inactivity fees for not using their cards.

If you buy, you pay of course:

On some of its payroll cards, NetSpend charges […] 50 cents for a purchase using the card

Just wow.

[crumbs]

Could you give me a link?

These are commonly called "Pre-paid credit cards", which are essentially debit cards with very high fees.
Paid via Card, Workers Feel Sting of Fees
Edit: the second page of that article says that pre-paid cards are regulated differently than standard credit or debit cards.

Thanks for the link.  Didn't know about this.  I'm a luddite -- i still deposit all the large checks in person.

[Galahad]

All of these evils only increase the likelihood Bitcoin will succeed.

I'm beginning to loose track of all the reasons Bitcoin will succeed.

[countryfree]

Sorry, but it is not banks which are killing cash, but governments.

They installed capital controls everywhere. You cannot cross borders with a suitcase full of money, and in most countries large cash transactions are forbidden. Many countries have also made it illegal to pay your tax in cash above a given amount. Worse, if you go to a bank to make a large cash deposit, the bank will be required to check your credentials and report the transaction to the authorities. Then look at Swiss banks. They just love cash, but all the world's governments are doing everything they can think of to kill them.

[phillipsjk]

Sorry, but it is not banks which are killing cash, but governments.

Correct.

The Canadian government phased out the $500 and $1000 bills because they were too money-dense. Now you have to pack you suit-case with $100 bills. Ironically, the new plastic bills are at least twice as dense as the paper ones (they are thinner, so more can be put in a stack).

Mint-Chip, if it ever takes off would be even more money dense: storing up to $500 CAD in a MircoSD card. Unfortunately, there will probably be restrictions on transferring those from person to person.

[pening]

Bitcoin is not cash, so how is it going to rescue anything?  If, in a world of widespread Bitcoin usage, your employer paid you in Bitcoins, the government can still tax you and control banking services used for wages and see at least the first movement of your money out of your account. 

Need to stop over-politicising Bitcoin, it does not provide an answer to government control.

[justusranvier]

Need to stop over-politicising Bitcoin, it does not provide an answer to government control.

Fortunately merely saying that doesn't make it true.

[crumbs]

Need to stop over-politicising Bitcoin, it does not provide an answer to government control.

Fortunately merely saying that doesn't make it true.

...Especially if you redact the argument from the conclusion

[bitfromit]

Sorry, but it is not banks which are killing cash, but governments.

They installed capital controls everywhere. You cannot cross borders with a suitcase full of money, and in most countries large cash transactions are forbidden. Many countries have also made it illegal to pay your tax in cash above a given amount. Worse, if you go to a bank to make a large cash deposit, the bank will be required to check your credentials and report the transaction to the authorities. Then look at Swiss banks. They just love cash, but all the world's governments are doing everything they can think of to kill them.

That is precisely what is happening.

[TippingPoint]

The government's war is on the accumulation and use of undocumented wealth.  Their tools include banks (and other "financial institutions"), IRS rules and regulations, mandatory payroll reporting and withholding, low value (max $100) currency, and TSA searches.

People respond with barter, cash economy, attorneys, gold and silver, and Bitcoins.