Banned from opening a US bank account for having bitcoin, SSN banned.

[mskryxz]

http://www.forbes.com/sites/kashmirhill/2013/11/15/bitcoin-companies-and-entrepreneurs-cant-get-bank-accounts/

First they ignore you, then they laugh at you, then they fight you, then you win.
Mahatma Gandhi

The war is already starting? If banks start closing and banning you from opening a bank account will that stop you from using bitcoin?

In case this shit really hits the fan, you wake up, your us dollars are locked and can't access or open a usa bank, what will you do? what are the friendly countries where one would go to be able to make normal living who is in no way a criminal or launderer?

[crazy_rabbit]

There is a really good quote there at the end:

“The real question is why Bitcoin businesses think they need banks,”


It might sound overly simplistic, but there is something to it.

[mskryxz]

Exactly, fuck those fees and slow process times.


Bitcoin is going to destroy banks. It is the fault of the banks for not keeping up with technology.

Look at Blockbuster, they were rich as fuck and didn't keep up with Netflix, Amazon, Hulu etc. I mean wtf, it's 2013 and they charge $5 to rent a movie and $10 for game (here in Mexico) and expect to make profits when people can watch 1000's of movies for an unlimited amount of time paying $5-9 per month?

Now Blockbuster is dead. Seriously, banks gonna try to fight bitcoin lol?



Still doesn't answer my question tho, what is the back up plan, if you wake up tomorrow and you can't withdraw money from your bank account and are unable to open a new bank account at any usa bank because they ban your social security number like the Marine in the article? What is the contingency plan?

[Feneusens]

The government have no choice,  cause they can't print Bitcoin...

[corebob]

Why a decentralized currency like bitcoin should have any interest in having a cozy relationship with a centralized cartel is completely lost to me.

Its actually a good thing that the banks are rejecting it, that way it won't become another enslaved fiat currency.

[Sindelar1938]

The war has started...

Bring it on....

[kwest]

Why a decentralized currency like bitcoin should have any interest in having a cozy relationship with a centralized cartel is completely lost to me.

Its actually a good thing that the banks are rejecting it, that way it won't become another enslaved fiat currency.

Exactly. You don't need a bank account to start a bitcoin business. That's a major benefit, not a con.
Why would you even want a bank account if you do business in BTC, and only BTC? If you believe in it as a long term solution, you would never even trade into fiat at all. Show some balls.

[BitcoinBarrel]

What's next? Banks banning Arcades because they use Tickets?

[runam0k]

Exactly. You don't need a bank account to start a bitcoin business. That's a major benefit, not a con.
Why would you even want a bank account if you do business in BTC, and only BTC? If you believe in it as a long term solution, you would never even trade into fiat at all. Show some balls.

WTF are you talking about? Bitcoin business owners are in it for the $$$ as much as anyone else. Yes, they could get by using BTC and cash alone, but not having a bank account - somewhere to store your cash, set up bill payments, etc, is a giant PITA.

I suspect this is a temporary thing anyway. Banks don't like to turn away good money. They just need to know it's "good", or at least cover their ass with regulators, etc. Too much uncertainty right now. I doubt very much this has anything to do with banks running scared.

[niothor]

There is a really good quote there at the end:

“The real question is why Bitcoin businesses think they need banks,”


It might sound overly simplistic, but there is something to it.

Most asked question in the Bitcoin community:
"Why can't I buy bitcoins with a CC or Paypal?"

Funny how bitcoins is going to kill the services it desperately needs for survival.

[niothor]

Exactly, fuck those fees and slow process times.


Bitcoin is going to destroy banks. It is the fault of the banks for not keeping up with technology.

Look at Blockbuster, they were rich as fuck and didn't keep up with Netflix, Amazon, Hulu etc. I mean wtf, it's 2013 and they charge $5 to rent a movie and $10 for game (here in Mexico) and expect to make profits when people can watch 1000's of movies for an unlimited amount of time paying $5-9 per month?

Now Blockbuster is dead. Seriously, banks gonna try to fight bitcoin lol?



Still doesn't answer my question tho, what is the back up plan, if you wake up tomorrow and you can't withdraw money from your bank account and are unable to open a new bank account at any usa bank because they ban your social security number like the Marine in the article? What is the contingency plan?

Why should a commercial bank fight bitcoin?
They could adopt it.
Hmm , wait , we already have those kinds of "banks". We even have another version of "debit cards".
You know them, some services that went missing lately like...

Banks could start giving loans in bitcoins instead of dollars.
Bitcoin replaces only the transaction not all the others services a bank can offer.

[justusranvier]

what are the friendly countries where one would go to be able to make normal living who is in no way a criminal or launderer?

Almost any country would be easier than the United States, except maybe Cuba, Venezuela, and North Korea.

Exactly. You don't need a bank account to start a bitcoin business. That's a major benefit, not a con.
Why would you even want a bank account if you do business in BTC, and only BTC? If you believe in it as a long term solution, you would never even trade into fiat at all. Show some balls.

Here's an example of how to operate a BTC business that involves USD without needing to touch it directly:

http://www.reddit.com/r/BitSpend/comments/1gqjf8/an_open_letter_to_the_bitspend_team/

[lucaspm98]

I saw this coming, but why would you need a bank account for a Bitcoin business? The whole point is to not use fiat! Anyways, there will be many battles in the larger war, but in the end Bitcoin will win the war.

[Gabi]

And so it begins

[CoinHoarder]

Veteran entrepreneur Jeremy Allaire, the founder of new Bitcoin company Circle, which has $9 million in funding, told me he does have a bank account but is “contractually obligated” not to say who his bank is.

This hurts, just cause he is a "veteran" doesn't mean he has to be shut off to us. Why not help other people get a bank account. That is a slimy move really just greedy type of stuff. This is why I hate "Veterans" they come into the community and go "I can do that better and with my relationships I can get stuff done". We are a community we should stick together. That stuff really gets me mad.

Did you skip over what I put in bold or do you not understand the term "contractually obligated"?

Not trying to be rude, but it seems it is a misunderstanding.. maybe English is not your first language.

[jdbtracker]

we have so many tools, but no one has setup tutorials on how to use all of them.

think of it we have all the tools to do this now.

Bitcoin:Gold Standard backing
Litecoin: Silver standard, regular use currency.
Namecoin: Public ledger, internet routing
Open Transactions: Business transaction service, safety net
Ripple: Decentralized liquidity system, barter exchange
Bitmessage: safe communications protocol

we just have to accelerate development of these projects so that they are commercial grade, user friendly programs.

If we had to we could  set up a system to work with in no time.

[mskryxz]

should we be worried?

[MicroGuy]

should we be worried?

No need to worry. After the Redlist fork, the banks will be happy.

[mindfulmojo]

He who controls the money supply of a nation controls the nation.

James A. Garfield


Banks, not governments, run the world. I don't think they will give up without a fight.

[justusranvier]

Bitcoin: Gold Standard backing the future of money
Litecoin: Silver standard, regular use currency. a wish fulfilment fantasy for CPU GPU miners
Namecoin: Public ledger, internet routing
Open Transactions: Business transaction service, safety net interim solution for smart contracts until its features are folded into Bitcoin
Ripple: Decentralized liquidity system, barter exchange The next PayPal
Bitmessage: safe communications protocol

FTFY