Lawsuit against the banks?

[eclark5483]

First time posting. Just wanted to say, I feel Banks/Governments have no right to apply their own terms of use to a crypto currency. I think the manipulating they are trying to do should be challenged in court. I as a miner have lost value to my holdings in a non centralized currency because another entity tried to manipulate it's value. I'd like to sue. I am currently holding, firm believer that crypto is here to stay and will force governments to redefine/rethink their own currencies, not cryptos. Totally predict an "IF YOU CAN'T BEAT THEM, JOIN THEM" from Banks and Governments. I won't honestly try to speculate the future of any type of crypto, but it is clearly here to stay. In the mean time, I think a class action needs done.

[edgycorner]

Yes, you can fight against them.But you can't beat them.Bankers are even more dangerous than lawyers.
They have been sucking money out of people since they were established.It's their job to create situations to benefit them.
Anyways, who are you going to sue and why? And do you have proofs to support your claims?

It may not be possible for me to comprehend your loss, but you aren't the only one.I hope you know about bitconecttttttttttttttttttttttttttttttttt, and how people lost their life savings.

And were you hodling all of your mined coins?Does your coin use PoS too?because I don't see any other good reason to hold mined coins.

[squatter]

First time posting. Just wanted to say, I feel Banks/Governments have no right to apply their own terms of use to a crypto currency. I think the manipulating they are trying to do should be challenged in court.

On what grounds? They are private companies. They have the final say-so over what their credit lines can be used for. People have complained for years that companies (especially Amex) have leveled adverse action against their accounts because of where/how they spend their money. AFAIK, there's nothing anyone can do about it.

And more than that, it makes sense to prohibit credit lines being used to buy investment assets. This is already clearly spelled out in the fine print for most installment loans. Taking loans to play the market is irresponsible, and banks want no part of it.

I as a miner have lost value to my holdings in a non centralized currency because another entity tried to manipulate it's value. I'd like to sue.

How do you know this is about manipulation, and not about risk analysis? January 31st was a major compliance deadline for year end 2017 reports. It's totally possible that banks have now run the numbers and seen (after the monster rally in late 2017) that enough people buy cryptocurrency on credit to affect their risk profile.

[coolcoinz]

On what grounds? They are private companies. They have the final say-so over what their credit lines can be used for. People have complained for years that companies (especially Amex) have leveled adverse action against their accounts because of where/how they spend their money. AFAIK, there's nothing anyone can do about.

What about the banks that are refusing to allow you to transfer money to and from cryptocurrency exchanges? It's your money, you should be allowed to move it wherever and whenever you want.
Not all banks are private, there are some government owned and some government backed banks. Those are banks that are managing people's pensions and such. There should be some standards, like back at those good old times where the customer was always right.

[stompix]

On what grounds? They are private companies. They have the final say-so over what their credit lines can be used for. People have complained for years that companies (especially Amex) have leveled adverse action against their accounts because of where/how they spend their money. AFAIK, there's nothing anyone can do about.

What about the banks that are refusing to allow you to transfer money to and from cryptocurrency exchanges? It's your money, you should be allowed to move it wherever and whenever you want.
Not all banks are private, there are some government owned and some government backed banks. Those are banks that are managing people's pensions and such. There should be some standards, like back at those good old times where the customer was always right.

Really?
So just like driving a car you should be allowed to drive wherever you want.
Or once you board a plane that plane should take you to your desired airport, even if that is Mossul.
You can't force a bank to make the transfers you want just as there is no bank forcing to keep your money there.

Simple as that.
They offers services and they don't offer certain services.
And you can choose on using or not using them.

I as a miner have lost value to my holdings in a non centralized currency because another entity tried to manipulate it's value. I'd like to sue.

Who or what is this entity you speak of?

[eaLiTy]

I can understand your frustration because you are a miner and you are loosing money because of the price decline,the fact is there is nothing you can do against a government,we are not living in a perfect world and so you cannot challenge these things in court simply because the major point any government will be pointing out will be money laundering and terrorist funding,so expect some form of regulations and strict monitoring of funds by the government.

[Cryptoshops]

You are joking right ?
Do you know what gives Bitcoin and other coins its value ?  Its Fiat money so Bitcoin and all cryptocoins are linked to real money because without that cryptocurrencys are worth nothing. If people can not convert it to real money what are you going to do with it ?

The banks will laugh at you

[eclark5483]

What about if the buyer is using Prepaid visa cards? It's their personal risk, not the banks and is not the banks job to tell them how they should spend their money.

You are joking right ?
Do you know what gives Bitcoin and other coins its value ?  Its Fiat money so Bitcoin and all cryptocoins are linked to real money because without that cryptocurrencys are worth nothing. If people can not convert it to real money what are you going to do with it ?

The banks will laugh at you

Convert it to something that DOES hold value... Like.. dare I say it.. WEED (think POTCOIN)!! Is it then still a FIAT currency?

[darkangel11]

Really?
So just like driving a car you should be allowed to drive wherever you want.
Or once you board a plane that plane should take you to your desired airport, even if that is Mossul.
You can't force a bank to make the transfers you want just as there is no bank forcing to keep your money there.

Simple as that.
They offers services and they don't offer certain services.
And you can choose on using or not using them.

What about national banks? Those that are paying out things like basic income, child support and so on. Those you aren't choosing but that are chosen for you.  Do they have the right to stop you from spending your money on something that is legal simply because they don't approve it?

IMO they should inform their clients which services aren't approved, so you can avoid those and save some time, but they want your money. It's better to sporadically block this or that user and hope he won't make a big deal out of it.
I guess it would be something completely normal to you if they suddenly started to tell you what you are and what you are not supposed to spend your money on.  

You are joking right ?
Do you know what gives Bitcoin and other coins its value ?  Its Fiat money so Bitcoin and all cryptocoins are linked to real money because without that cryptocurrencys are worth nothing. If people can not convert it to real money what are you going to do with it ?

The banks will laugh at you

The value of BTC is in the real things you can buy for it. You could easily operate in the crypto economy without the existence of fiat by having the ability to exchange it for other cryptocurrencies and all the products that you need. Fiat is also worthless if it can't be turned into a meal at a restaurant or fuel for your car.

[allthebitandbobs]

that is a a lose lose lawsuit if ever i saw one.The banks own the courthouses you will  more then likely wide up owning the government/ bank money in taxes or what have you

[triciaa478]

Government through banks have every right to hold customers responsible for their use of service to facilitate trade. Anti money laundering and terrorism is government main concern toward strong stands against crypto currencies.

[stompix]

Really?
So just like driving a car you should be allowed to drive wherever you want.
Or once you board a plane that plane should take you to your desired airport, even if that is Mossul.
You can't force a bank to make the transfers you want just as there is no bank forcing to keep your money there.

Simple as that.
They offers services and they don't offer certain services.
And you can choose on using or not using them.

What about national banks? Those that are paying out things like basic income, child support and so on. Those you aren't choosing but that are chosen for you.  Do they have the right to stop you from spending your money on something that is legal simply because they don't approve it?

IMO they should inform their clients which services aren't approved, so you can avoid those and save some time, but they want your money. It's better to sporadically block this or that user and hope he won't make a big deal out of it.
I guess it would be something completely normal to you if they suddenly started to tell you what you are and what you are not supposed to spend your money on.  

National banks have their own rules, it doesn't matter if it's owned by the government or not.
It's the same principle involved.

Secondary, national banks do not pay for basic income or anything else.
You're probably mistaking them with a very confusing version of a central bank.

I don't know where you live but here in the EU there is no bank that is choosing you as a customer and you can't refuse that.

[strickland]

that is a a lose lose lawsuit if ever i saw one.The banks own the courthouses you will  more then likely wide up owning the government/ bank money in taxes or what have you

My problem is how are these people that are making lawsuits on Bitcoin trying to claim whats not theirs?

[farhaan]

First time posting. Just wanted to say, I feel Banks/Governments have no right to apply their own terms of use to a crypto currency. I think the manipulating they are trying to do should be challenged in court. I as a miner have lost value to my holdings in a non centralized currency because another entity tried to manipulate it's value. I'd like to sue. I am currently holding, firm believer that crypto is here to stay and will force governments to redefine/rethink their own currencies, not cryptos. Totally predict an "IF YOU CAN'T BEAT THEM, JOIN THEM" from Banks and Governments. I won't honestly try to speculate the future of any type of crypto, but it is clearly here to stay. In the mean time, I think a class action needs done.

Unfortunately we could not dictate any banks what to do and what not to do.Legally,we could not stop any banks or governments from issuing their own crypto currencies.Its an open market.But whatever the banks and governments try to issue their own currencies,still they would remain centralized and they would not be welcomed by people.So,they may not be a threat to existing crypto currencies.

[Doge dealer]

The banks are concerned because they have done there home work and now realize that billions of dollars are being diverted from their systems into the bitcoin world , diversion of cash means less profits , less profits means unhappy boards and investors . It is indeed very unfair for an institution to prevent you who is of sound body and mind from doing what you want with money that you have worked for and earned honestly . I would definitely support such a move .I don't see institutions coming out and crying fowl when you invest your money for years with these institutions and gain little to no interest yet these same institutions turn around and lend your money at break back rates of interest and keep all the profits for themselves.

[Mike Mayor]

It's pretty simple really. Here's the simple version. Banks have been making a killing for a very very long time and nothing has changed, they use the same tried and tested method over and over and that is to loan back the money people have deposited in their accounts. The bank takes your money and makes interest with it. Say maybe 20% a year? That is the going rate. Cryptocurrency throws a wrench into the works and messes with their tried and tested method they have been using for so long. It is a threat to them because they want and need control of your funds to make more money in the vicious circle of banking.

You are joking right ?
Do you know what gives Bitcoin and other coins its value ?  Its Fiat money so Bitcoin and all cryptocoins are linked to real money because without that cryptocurrencys are worth nothing. If people can not convert it to real money what are you going to do with it ?

The banks will laugh at you

You don't understand cryptocurrency at all. Bitcoin is a currency. I spend it all the time so I don't know what you talking about. The only reason we look at the USD of Bitcoin is because it's easier and more relevent since most of the world uses fist so a direct convertion makes sense.

[boboking]

If you are using a credit card to purchase  Bitcoin or Altcoins sad to say but they actually have the right to deny it. It is in the terms and conditions when you sign up for a credit card. Actually they can deny any purchase specially the big ones. Technically if you are using a credit card it is their money.

If you are using a debit card then they have no right to deny purchase because it is your money.

[cerebro415]

Can you be more specific? and I think it would be fair to have a correct understanding as to what you can do and what you cannot do against organizations (whether it is the Government or a bank), and how the latter organizations mentioned treat the BTC. If you are saying that Governments hate the BTC, then I think you are under the wrong impression if you base it from the actions of the Government that are related to regulation. In fact these regulations, would mean that the BTC is fully accepted by Governments and are just trying to make sure that industry is safe for the society, its users and the holders, like one of our senior members who replied in your post, stating a case about the bitconnect and how the investors lost life savings.....clearly if it was regulated by government(or if regulations are present, this would not have happened), so if a government is trying to regulate it, i think it would be a good thing for the entire BTC community, because it is true that it is very hard to win a case against government (but had happened many times already), then it would be hard for a bank to win a case against Government, if in case the Government regulates BTC and finds out a particular bank is violating these regulations in relation to the BTC, then as holders or people with high interest....you just have to sit and watch how the Government handles it........ and it is not impossible to win against banks, these private companies are nothing more than service providers, that if found to have violated anything in terms of contract with a client, or any anomalous activity, can and will be subjected to any consequence allotted for such violations. Thus, Government regulating the BTC does not mean Governments hate it (this regulation would make sure the bitconnect incident don't happen again), and lastly, banks follow Government......nothing more........so maybe if you have something, a form of grudge or you feel that you should not been placed in a circumstance that was an unpleasant experience for you and you felt that some of your rights were violated, then you should seek proper counsel, a proper authority who can deal with this.....again these Banks are not invincible, you just need the right people who would handle the case....  

[bttcoin]

Banks are too scared that bitcoin will threaten their position, so they are constantly putting out bitcoin is dangerous, bubble, high risk, do not want more people to join bitcoin, if you want to litigation, then you need to stand by reality This is too dangerous for us.

[malikusama]

Indeed they have no right to do so but unfortunately they are doing it and that's the reason why they have paused the direct war against the cryptos. Banks/Governments are now trying to bring down decentralized currencies through conspiracy and they are doing it by indirect attacks. The best tool they have found for this purpose is creating FUD, they are spreading the FUD across the world to bring the market cap at the bottom.