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Author Topic: Coinbase and my issue with centralized services (banks)  (Read 164 times)
alextechlead
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September 11, 2019, 12:30:48 PM
 #1

As written in this article, banks will always attempt to maintain a hold on the people but when there's a will there's a way;


===
"Barclays Bank, one of the largest banking institutions in the world, will no longer be providing banking services to Coinbase UK.

CoinDesk first reported the details of the split, adding that the exchange has signed up with a replacement banking partner known as ClearBank.

Coinbase started banking with Barclays in 2018, in a deal which pioneered the relationship between British banks and cryptocurrency exchanges. The partnership connected the exchange to the U.K’s. Faster Payments Scheme (FPS)— a move that allowed users to make instant pound sterling deposits and withdrawals on Coinbase.

The exact reasons behind the split remain unknown, but it seems to have been in the works for some time. Late in July 2019, Coinbase announced that it would be removing FPS access for Coinbase UK customers, although Coinbase Pro customers weren’t affected. It didn’t provide any reasons at the time, but in retrospect, the move seems to have been the beginning of the end for its relationship with Barclays.

However, it is expected that by partnering with ClearBank, Coinbase will be able to get its FPS access reinstated."
===


The issue with these centralized exchanges and having 100% control over your money and how you choose to spend it is the main reason why bitcoin and the technology is a thing. So no matter how these banks try their hardest to clamp down on crypto, their pressure will force more innovation that will lead to online financial freedom!

They are losing control of the people and their $$$


Alex Ginsburg, TechLead
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September 11, 2019, 03:11:27 PM
 #2



Banks are doing business to make money and they are always looking for any legal opportunities to advance this aim. However, in the case of cryptocurrency-related businesses, banks understand that they are walking on something that can produce many concerns with the government and other financial institutions that is why for now many banks are shying away from working with this industry. Let's do away with so many conspiracy theories whatsoever because those can be baseless. Banks are here to stay no matter if all people of the world will be adopting Bitcoin. Banks and cryptocurrency can be co-existing harmoniously and profitably. Cryptocurrency can even drive many good banks to innovate and adopt new way of doing things and for those people who are still believing that banks can be gone because we now have Bitcoin: just continue with your dream there is nothing wrong with that.

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September 11, 2019, 03:41:12 PM
 #3

Banks are run by capitalist who wants to make profit and that I believe necessitated them entering into the deal in the first place to provide their banking services and now that they are pulling out, I think it would be wrong to start making some assumption as to what led to it as I believe its going to be something that is beyond the control of the bank. Banks all over the world are managed under strict guidelines because of the position of sensitivity they occupy in the economy.

For me, I think at the time of entering into the deal, there was no explicit provision that they should not engage in such and now that there are more regulations and policy mostly from the central bank and other factors which makes continual partnership an expensive endeavor and none of the parties is willing to spend which gives room for only one alternative and that is backing out. I am glad they found a replacement as this is needed if they need to grow their business.
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September 11, 2019, 04:17:24 PM
 #4

Quote
The issue with these centralized exchanges and having 100% control over your money and how you choose to spend it is the main reason why bitcoin and the technology is a thing. So no matter how these banks try their hardest to clamp down on crypto, their pressure will force more innovation that will lead to online financial freedom!

They are losing control of the people and their $$$


Definitely there are many other options available for coinbase to continue with their crypto endeavor. But I don't think Barclay's pulled out because of the nature of business of Coinbase. A bank like Barclay's wouldn't have taken this big decision for such silly reason!

Banks are capitalists by nature but they keep business at core! I am sure, something else had happened which acted as a catalyst between this separation! Otherwise, a banking institution would not pull out from a multi million dollars business amidst global economic slowdown, especially when they are not doing anything illegal. Barclay's is not run by fools!!

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September 11, 2019, 05:40:37 PM
 #5

Banks are very well regulated by governments and they must obey central bank laws and guidelines, I believe the lack of clear laws on bitcoin and exchanges is at the root of barclays decision of the not to provide their services to coinbase. I read this news:

Controversial UK Party Becomes Nation’s First to Reveal Crypto Policy

we can already imagine that dark times are coming in the uk

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September 11, 2019, 07:09:09 PM
 #6

Barclays Bank tried to be in trend interacting with Coinbase however this led to failure. I think that any bank understands that with the development of crypto their centralized organizations will collapse in the near future
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September 11, 2019, 07:24:46 PM
 #7

At the end of the day banks will always remain useful in this modern world but crypto has become like a buffer giving us back complete control over how we choose to spend our money (both ethical & unethical. They are losing huge investment capital to crypto and it's clear why.


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September 11, 2019, 09:05:14 PM
 #8

Can't think of a situation when I had problems with my bank, maybe just had lock so far. Also no problems with deposits and withdrawals from crypto exchange to my bank account. But I recently had huge headache because of PayPal. Their rules are set in a way that they can do whatever they want. They can hold your money for 180 days without a reason, they can even lock your account with no explanation and no option to appeal against it.
PayPal is centralized of course so kind of understand you and how helpless you feel when they simply announce some stupid new rule.
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September 11, 2019, 10:08:35 PM
 #9

Unfortunately, the centralized banks would continue to rule the world since many people are slow to adopt the good things that comes with bitcoin and the world of cryptocurrencies as a whole. People are just resistant to change, they are just comfortable with the old ways of going about activities in the world.
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September 11, 2019, 11:35:39 PM
 #10

Can't think of a situation when I had problems with my bank, maybe just had lock so far. Also no problems with deposits and withdrawals from crypto exchange to my bank account. But I recently had huge headache because of PayPal. Their rules are set in a way that they can do whatever they want. They can hold your money for 180 days without a reason, they can even lock your account with no explanation and no option to appeal against it.
PayPal is centralized of course so kind of understand you and how helpless you feel when they simply announce some stupid new rule.

Believe me i've had scenarios where my bank has limited who i send money to and how much. Maybe your situation maybe different or you've not had to make the type of transactions that will put you in this situation but it exists and it has become very common these days. It's difficult to deny the authority banks have over us.


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September 12, 2019, 12:04:52 PM
 #11

I've had a lot of problems with Coinbase too, so I don't use their exchange anymore
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September 12, 2019, 12:24:09 PM
 #12

Banks are very well regulated by governments and they must obey central bank laws and guidelines, I believe the lack of clear laws on bitcoin and exchanges is at the root of barclays decision of the not to provide their services to coinbase. I read this news:

Controversial UK Party Becomes Nation’s First to Reveal Crypto Policy

we can already imagine that dark times are coming in the uk

I've never heard of that party in my entire life. As it stands the British government is far too busy eating itself to pay attention to crypto. And if those Labour morons got in and did get heavy we'd all go back to P2P which is how it's been all along anyway.

The total lack of regulation rather than onerous regulation is the biggest problem for crypto banking in the UK. Why should any bank play regulatory roulette? Why take the risk? Far better to shun all of it until they have some idea of where they stand on the numerous issues it throws up.

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September 12, 2019, 12:29:56 PM
 #13

As written in this article, banks will always attempt to maintain a hold on the people but when there's a will there's a way;


===
"Barclays Bank, one of the largest banking institutions in the world, will no longer be providing banking services to Coinbase UK.

CoinDesk first reported the details of the split, adding that the exchange has signed up with a replacement banking partner known as ClearBank.

Coinbase started banking with Barclays in 2018, in a deal which pioneered the relationship between British banks and cryptocurrency exchanges. The partnership connected the exchange to the U.K’s. Faster Payments Scheme (FPS)— a move that allowed users to make instant pound sterling deposits and withdrawals on Coinbase.

The exact reasons behind the split remain unknown, but it seems to have been in the works for some time. Late in July 2019, Coinbase announced that it would be removing FPS access for Coinbase UK customers, although Coinbase Pro customers weren’t affected. It didn’t provide any reasons at the time, but in retrospect, the move seems to have been the beginning of the end for its relationship with Barclays.

However, it is expected that by partnering with ClearBank, Coinbase will be able to get its FPS access reinstated."
===


The issue with these centralized exchanges and having 100% control over your money and how you choose to spend it is the main reason why bitcoin and the technology is a thing. So no matter how these banks try their hardest to clamp down on crypto, their pressure will force more innovation that will lead to online financial freedom!

They are losing control of the people and their $$$


Alex Ginsburg, TechLead
100% Certified Financial Loss Recovery Service, we will recover what you lost regardless of how it happened.

https://t.me/alextechlead
alextechlead@protonmail.com
agcollections84@gmail.com





This is nothing new. all over the world economic power is trying to control everyone. Coinbase can do this because of the legal regulations of the country in which it is located.

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September 12, 2019, 12:54:19 PM
 #14

As written in this article, banks will always attempt to maintain a hold on the people but when there's a will there's a way;


===
"Barclays Bank, one of the largest banking institutions in the world, will no longer be providing banking services to Coinbase UK.

CoinDesk first reported the details of the split, adding that the exchange has signed up with a replacement banking partner known as ClearBank.

Coinbase started banking with Barclays in 2018, in a deal which pioneered the relationship between British banks and cryptocurrency exchanges. The partnership connected the exchange to the U.K’s. Faster Payments Scheme (FPS)— a move that allowed users to make instant pound sterling deposits and withdrawals on Coinbase.

The exact reasons behind the split remain unknown, but it seems to have been in the works for some time. Late in July 2019, Coinbase announced that it would be removing FPS access for Coinbase UK customers, although Coinbase Pro customers weren’t affected. It didn’t provide any reasons at the time, but in retrospect, the move seems to have been the beginning of the end for its relationship with Barclays.

However, it is expected that by partnering with ClearBank, Coinbase will be able to get its FPS access reinstated."
===


The issue with these centralized exchanges and having 100% control over your money and how you choose to spend it is the main reason why bitcoin and the technology is a thing. So no matter how these banks try their hardest to clamp down on crypto, their pressure will force more innovation that will lead to online financial freedom!

They are losing control of the people and their $$$


Alex Ginsburg, TechLead
100% Certified Financial Loss Recovery Service, we will recover what you lost regardless of how it happened.

https://t.me/alextechlead
alextechlead@protonmail.com
agcollections84@gmail.com





Barclays Bank have made a stupid decision, and they’ll loose many potential clients who would have loved to use crypto and fiat services at the same time. It’ll be interesting to see how Coinbase works with ClearBank, and if their partnership becomes successful then I’m sure other banks will also want to tie up with crypto exchanges.

Source: https://www.coindesk.com/barclays-is-no-longer-banking-coinbase

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September 12, 2019, 01:11:47 PM
 #15

Banks are very well regulated by governments and they must obey central bank laws and guidelines, I believe the lack of clear laws on bitcoin and exchanges is at the root of barclays decision of the not to provide their services to coinbase. I read this news:

Controversial UK Party Becomes Nation’s First to Reveal Crypto Policy

we can already imagine that dark times are coming in the uk

But banks constantly disobey the laws and take money from their customers.  They end up paying a small fine relative they stole and they continue to do the same predatory practices.  Don't trust laws and regulations when the people making the laws are bribed by bankers.
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September 12, 2019, 02:38:20 PM
 #16

Maybe there are banking constraints with coinbase that cannot be mutually beneficial?
but it can happen that the bank wants to master because the bank really wants the best. I happen to have no problems with this coinbase because there is no direct impact.

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September 12, 2019, 03:00:37 PM
 #17

From the latest news I am seeing and how it is shaping up for UK I think it's not Barclays own decision on why they cut ties with Coinbase. We are already seeing a lot of news about how cryptocurrencies will have a tight regulation after the Brexit and this is just Barclays going up clean hear. I really don't see banks being greedy here or simply seeing crypto as a threat in this situation but they are just playing it safe before they get tied up on a loose end.

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September 12, 2019, 05:07:54 PM
 #18

From the latest news I am seeing and how it is shaping up for UK I think it's not Barclays own decision on why they cut ties with Coinbase. We are already seeing a lot of news about how cryptocurrencies will have a tight regulation after the Brexit and this is just Barclays going up clean hear. I really don't see banks being greedy here or simply seeing crypto as a threat in this situation but they are just playing it safe before they get tied up on a loose end.

Ok, i understand but my initial worry still stands, why do they care so much about what we use our money to do. I understand trying to protect their clients best interests but what's the difference between buying and holding crypto or buying Jewelry/Gold. Why are they so concerned with how we decide to use our money?


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September 12, 2019, 06:49:55 PM
 #19

It's okay. It is not hard to guess why banks would not want to cooperate with crypto exchanges. For one, cryptos are banks' serious rivals, because with cryptos it's possible to own money and perform transactions online without the banks being involved and under control. Moreover, the money itself does not depends on the banks if the money is crypto money. Another reason might be the one related to risk assessment. Perhaps, the dangers of being sued because of cooperating with crypto exchanges outweigh the potential benefits of such cooperations for banks.
Oh, and if you (op) represent a crypto-insurance company, I think it's pretty cool, I really think it's a mainly an unexplored area that can get huge in the future.

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September 12, 2019, 06:53:13 PM
 #20

Bitcoin is a thing but both systems are needed if they want to survive.
Cryptos need fiat and fiat needs crypto. It is something that many people haven't still understood. Banks need cryptocurrencies as there is a new dynamic in this market and so many funds in there, and crypto needs fiat as they need a currency to leverage. So I don't think that Coinbase and Barclays thing is something that need to get our attention.

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