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Author Topic: Cryptocurrency companies still can’t open bank accounts  (Read 726 times)
Chaki #diarize
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August 16, 2019, 07:30:55 AM

Jesus Christ, that article keeps repeating the same thing over and over in order to pad it to whatever length they need.  Makes me want to pull my hair out by the roots.

The "cryptocurrency companies" they mentioned were exchanges and other crypto financial businesses, so that's no surprise that banks want nothing to do with them.  There's too much risk and too much competition.  It does drive me nuts when crypto keeps getting painted with the old brush that it's only used for illicit activities.  Obviously there's some truth to that, but take any $20 bill out of your wallet and you'll probably find traces of cocaine on it--cash has been used for the exact same criminal activities since the government started making paper money (and even before that).

What comforts me is that merchants who can't arrange a bank-based payment processor can always take bitcoin as payment with no issues whatsoever, and it also has the added benefit of semi-anonymity.  I'm not talking about dark market stuff, either.  Try buying kratom with a credit card (I don't advise it, it's just an example) and you'll run into all sorts of problems.  There are many other examples of this, too. 

Banks and crypto don't mix right now.  I'm not sure if I want that to change, to be honest.  The whole point of cryptocurrency is to be bankless.  I think if the banks ever get their grubby little fingers into the crypto pie, it'll ruin the whole thing.

Period. I think this summarize it all--- I guess. By the way pull your hair, half of it,
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