Talked someone into bitcoin only to bail because his bank saying its a scam

[Ron~Popeil]

People like that are the ones that will be scrambling to catch up. I think the bigger risk is in not owning at least some bit coin.

[DannyElfman]

Last week I got a friend very interested in bitcoin and gave him a educated run down on what it is exactly. Today I called him to see if he was still interested in jumping on board to only find out his wife who works at a bank informed him that it is nothing more then a scam.

I was curious so I asked apparently the bank received a notice describing bitcoin as far as I am aware illegal and a scam etc. at least this is what I got from our brief conversation. I'm going to stop over there and talk to her a little bit more and see what it is she is able to disclose exactly.

Regardless slightly upset of the picture that the uneducated have painted not from the media just word of mouth.. He said he's going to research it himself but generally when wifey puts her foot down its yes dear.

Edit: The primary factor in it was money laundering and untraceable money.

I think that the bank is likely not so much saying that bitcoin itself is a scam but rather there are a lot of bitcoin related scams out there and if you are "investing" in bitcoin then you have an elevated risk of being (or at least attempted of being) scammed.

[allthingsluxury]

Last week I got a friend very interested in bitcoin and gave him a educated run down on what it is exactly. Today I called him to see if he was still interested in jumping on board to only find out his wife who works at a bank informed him that it is nothing more then a scam.

I was curious so I asked apparently the bank received a notice describing bitcoin as far as I am aware illegal and a scam etc. at least this is what I got from our brief conversation. I'm going to stop over there and talk to her a little bit more and see what it is she is able to disclose exactly.

Regardless slightly upset of the picture that the uneducated have painted not from the media just word of mouth.. He said he's going to research it himself but generally when wifey puts her foot down its yes dear.

Edit: The primary factor in it was money laundering and untraceable money.

Wow, its sad that this myth still exist. But it does.

[BitProdigy]

I sold some bitcoin rigs and transferred the money to the bank. It took a several days to clear, then I still waited a month or so before going down to make a withdrawal. They refused to give me my money until they could further research it. They wouldn't disclose any specific time frame to release the funds, other then they could hold it a few days or even 6 months. Apparently when I left the bank they froze all my accounts without telling me. They also refused to give me any reason, even after I researched and found they had no legal right to put a hold my account. I spoke to several other bank mangers from other banks who said they didn't have any legal right to freeze accounts without evidence of fraud. I did a little digging and got the number for the regional manager, they unfroze my accounts shorty after. Screw Wells Fargo. They act like your asking for a hand out when you go to get your own damn money.

wells fargo and bank of america have the worst reputation when it comes to accepting bitcoin related dollars. if that happened to me, i'd tell them what my rights were, and if they fucked with me i'd take it to the media.

The first question that arrises is:

1) Why do you want dollars?

and also

2) Why do you want to put them in a bank?

It seems to me that *banks* not wanting to hold onto your *dollars* isn't a problem at all….

Obvious solution:

1) Withdraw every sent you have in a bank.

and

2) Convert all of it into Bitcoin immediately.

Problem solved. 

[Maidak]

I sold some bitcoin rigs and transferred the money to the bank. It took a several days to clear, then I still waited a month or so before going down to make a withdrawal. They refused to give me my money until they could further research it. They wouldn't disclose any specific time frame to release the funds, other then they could hold it a few days or even 6 months. Apparently when I left the bank they froze all my accounts without telling me. They also refused to give me any reason, even after I researched and found they had no legal right to put a hold my account. I spoke to several other bank mangers from other banks who said they didn't have any legal right to freeze accounts without evidence of fraud. I did a little digging and got the number for the regional manager, they unfroze my accounts shorty after. Screw Wells Fargo. They act like your asking for a hand out when you go to get your own damn money.

wells fargo and bank of america have the worst reputation when it comes to accepting bitcoin related dollars. if that happened to me, i'd tell them what my rights were, and if they fucked with me i'd take it to the media.

The first question that arrises is:

1) Why do you want dollars?

and also

2) Why do you want to put them in a bank?

It seems to me that *banks* not wanting to hold onto your *dollars* isn't a problem at all….

Obvious solution:

1) Withdraw every sent you have in a bank.

and

2) Convert all of it into Bitcoin immediately.

Problem solved. 

Sounds pretty similar to what I did! The bank she works at is keybank by the way.

[Ron~Popeil]

I sold some bitcoin rigs and transferred the money to the bank. It took a several days to clear, then I still waited a month or so before going down to make a withdrawal. They refused to give me my money until they could further research it. They wouldn't disclose any specific time frame to release the funds, other then they could hold it a few days or even 6 months. Apparently when I left the bank they froze all my accounts without telling me. They also refused to give me any reason, even after I researched and found they had no legal right to put a hold my account. I spoke to several other bank mangers from other banks who said they didn't have any legal right to freeze accounts without evidence of fraud. I did a little digging and got the number for the regional manager, they unfroze my accounts shorty after. Screw Wells Fargo. They act like your asking for a hand out when you go to get your own damn money.

wells fargo and bank of america have the worst reputation when it comes to accepting bitcoin related dollars. if that happened to me, i'd tell them what my rights were, and if they fucked with me i'd take it to the media.

The first question that arrises is:

1) Why do you want dollars?

and also

2) Why do you want to put them in a bank?

It seems to me that *banks* not wanting to hold onto your *dollars* isn't a problem at all….

Obvious solution:

1) Withdraw every sent you have in a bank.

and

2) Convert all of it into Bitcoin immediately.

Problem solved. 

Other than bills and spending money I am getting closer to doing just that all the time. I sleep better at night knowing my savings isn't going to be worth less each morning.

[ThomasCrowne]

I am occasionally questioned by a couple of the tellers here in my town and it does seem to be the general consensus of bank workers.  When you've got scam artists like gox, tradefortress, and countless others essentially bilking people out of their coins in addition to all of the other negative press it's easy to see why established financial sector employees would have this opinion.  Hasn't kept one of them from investing a couple hundred dollars into it though after several at-length discussions

[nkocevar]

This is what tends to happen to me. Everyone always calls bitcoins only for addicts and drug dealers because of the silk road

[LiteCoinGuy]

once someone has their mind made up, there's nothing you can really do. there is really no point in trying to dissuade them. this is the case especially with people who don't process the data given to them, but instead just take it as gospel.

Well my friend was really interested but since his wife works at a bank and she said scam, money laundering, bank notice where all tellers informed to watch out for it. He got scared and backed down I'm still going to do my part to educate both of them regardless if he is interested in investing or not.

yeah, the people that i know laugh about bitcoin because its "virtual" money and funny   ...like the internet 20 years ago  
i guess that is a little bit better than your woman at the bank.

maybe you can show them some positive mainstream coverage about bitcoin. and please tell them that US Gov sold 30.000 BTC   !

[DannyElfman]

once someone has their mind made up, there's nothing you can really do. there is really no point in trying to dissuade them. this is the case especially with people who don't process the data given to them, but instead just take it as gospel.

Well my friend was really interested but since his wife works at a bank and she said scam, money laundering, bank notice where all tellers informed to watch out for it. He got scared and backed down I'm still going to do my part to educate both of them regardless if he is interested in investing or not.

yeah, the people that i know laugh about bitcoin because its "virtual" money and funny   ...like the internet 20 years ago  
i guess that is a little bit better than your woman at the bank.

maybe you can show them some positive mainstream coverage about bitcoin. and please tell them that US Gov sold 30.000 BTC   !

It should also be noted that tellers are essentially sales people (they also provide services) who will try to win your (additional) business. When you are taking large amounts of money out of your bank it would appear to them that you are taking your business elsewhere so they will try to sell you on keeping your business at that bank.

[justusranvier]

The primary factor in it was money laundering and untraceable money.

That's exactly why Bitcoin is better money. The fact that it's increasingly difficult to use Dollars for that purpose is why the USD is a scam.

[haploid23]

Sadly, what Maidak described in the OP is the same type of info that your everyday friend hears from news negativity.

I recently got a sister in law interested in bitcoin, but her husband killed all desire of getting me to help her obtain some because he said feds will come in your house to bust you if they find out. These are pretty wild statements, so I'm not even sure where someone gets these kind of ideas.

[Bit_Happy]

Sadly, what Maidak described in the OP is the same type of info that your everyday friend hears from news negativity.

I recently got a sister in law interested in bitcoin, but her husband killed all desire of getting me to help her obtain some because he said feds will come in your house to bust you if they find out. These are pretty wild statements, so I'm not even sure where someone gets these kind of ideas.

Perhaps it's a combination of rational fear mixed in with listening to Alex Jones?
Americans have way too much too fear after decades of Drug Warriors busting down people's doors.

[theblacksquid]

Sadly, what Maidak described in the OP is the same type of info that your everyday friend hears from news negativity.

I recently got a sister in law interested in bitcoin, but her husband killed all desire of getting me to help her obtain some because he said feds will come in your house to bust you if they find out. These are pretty wild statements, so I'm not even sure where someone gets these kind of ideas.

Perhaps it's a combination of rational fear mixed in with listening to Alex Jones?
Americans have way too much too fear after decades of Drug Warriors busting down people's doors.

All those statements actually made me feel REALLY, REALLY glad I am not in the US right now. All of my experience in telling people what bitcoin is and what it does usually results in positive feedback from them. Maybe it helps that I'm usually in the tech savvy crowd, but I'm not sure. My dad is not very computer literate, but he says that money like this would be big here in the Philippines.

[Maidak]

Sadly, what Maidak described in the OP is the same type of info that your everyday friend hears from news negativity.

I recently got a sister in law interested in bitcoin, but her husband killed all desire of getting me to help her obtain some because he said feds will come in your house to bust you if they find out. These are pretty wild statements, so I'm not even sure where someone gets these kind of ideas.

Perhaps it's a combination of rational fear mixed in with listening to Alex Jones?
Americans have way too much too fear after decades of Drug Warriors busting down people's doors.

Its really getting annoying in my honest opinion. I do my fair part to try an get everyone including the locl brick an mortar shops interested in accepting it as a payment form. Even offer free advice and guidance on how to accept it and how the processing fees are virtually nothing. Only to be shot down a few days later from the already negative info that went wide spread and is one of the first things they find out when they do there own digging around.

[adamstgBit]

Newegg accepting scam currency?  
US government selling scam currency?

.. and the list goes on!

+1

Last week I got a friend very interested in bitcoin and gave him a educated run down on what it is exactly. Today I called him to see if he was still interested in jumping on board to only find out his wife who works at a bank informed him that it is nothing more then a scam.

I was curious so I asked apparently the bank received a notice describing bitcoin as far as I am aware illegal and a scam etc. at least this is what I got from our brief conversation. I'm going to stop over there and talk to her a little bit more and see what it is she is able to disclose exactly.

Regardless slightly upset of the picture that the uneducated have painted not from the media just word of mouth.. He said he's going to research it himself but generally when wifey puts her foot down its yes dear.

Edit: The primary factor in it was money laundering and untraceable money.

tell him to tell his wife to tell her boss that its not a scam.

your friend should probably buy before everyone figures out its not a scam.

[Maidak]

Newegg accepting scam currency?  
US government selling scam currency?

.. and the list goes on!

+1

Last week I got a friend very interested in bitcoin and gave him a educated run down on what it is exactly. Today I called him to see if he was still interested in jumping on board to only find out his wife who works at a bank informed him that it is nothing more then a scam.

I was curious so I asked apparently the bank received a notice describing bitcoin as far as I am aware illegal and a scam etc. at least this is what I got from our brief conversation. I'm going to stop over there and talk to her a little bit more and see what it is she is able to disclose exactly.

Regardless slightly upset of the picture that the uneducated have painted not from the media just word of mouth.. He said he's going to research it himself but generally when wifey puts her foot down its yes dear.

Edit: The primary factor in it was money laundering and untraceable money.

tell him to tell his wife to tell her boss that its not a scam.

your friend should probably buy before everyone figures out its not a scam.

It wasn't just about buying and holding more or less he use to play online poker which is what got started. From there explained to him about the mining aspect, trading algorithms and yes your buy and hold. List goes on and on as you all know. I did eventually convince him to play some poker with BTC but as far as him taking it seriously I don't think he was anymore interested then the .2 BTC he got for free..

[keithers]

Coincidentally each time i have told a friend about BTC, they have bought some and then prices have dropped...significantly. Lol. They are all still holding them to see where it goes though

[harles9]

It was a result of my friend suggesting to me about 5 months ago to get into Bitcoin that I invested and I haven't looked back.  Him and I partnered up and now have a.... ridiculous hashing farm.
Oh... and hello to everyone on these forums.   

[freedomno1]

Coincidentally each time i have told a friend about BTC, they have bought some and then prices have dropped...significantly. Lol. They are all still holding them to see where it goes though

I'm telling mine to start entering the market now
So not expecting it to crash but then again the markets are the markets but my logic is if they spend 2 weeks doing the verification by the time they get in they will have noticed it's volatility range and have a better understanding of it lol.

Been gradual ever heard of Bitcoin hmm nope let them research a bit ask a few months later same question
Oh I've heard of it neat stuff and then me yah let it rest a bit longer
And now hmm interested in getting some sure how do I do it lol.