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

[Maidak]

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.

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[beetcoin]

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.

[Maidak]

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.

[commandrix]

Show him the stats. Show him all of the perfectly legitimate retailers who are accepting Bitcoin or have plans to integrate cryptocurrencies. Tell him that "scam," "fraud" and "illegal activity" are all terms that could apply to the shadier dealings involving fiat currencies. Mention Bernie Madoff. Bitcoin is legit; it's human nature that creates all the problems.

[ronskii]

Newegg accepting scam currency? 
US government selling scam currency?

.. and the list goes on!

[DannyHamilton]

I encountered a lot more "scam" accusations 18 months ago.

Now, people are finding it very difficult to say its a "scam" when they see that it is accepted by major well known companies such as:

• Wordpress
• Zynga
• Overstock.com
• TigerDirect.com
• Chicago Sun-Times
• Expedia.com
• Newegg.com
• Lamborghini

There are many scams that can be perpetrated while using bitcoin, just like there are many scams that can be perpetrated while using U.S. dollars (or any other currency), but there aren't many people left that think that bitcoin itself is a scam.

Furthermore (at least in the U.S.), many people's fears were calmed back in November when Mythili Raman of the U.S. Department of Justice told the Senate Committee on Homeland Security and Governmental Affairs "We are attuned to the criminal use," but "there are many legitimate uses. These virtual currencies are not in and of themselves illegal."

Additionally, Edward Lowery of the Secret Service testified to the same Senate Committee that cyber criminals "have not by and large gravitated toward peer-to-peer cryptocurrencies."

Jennifer Calvery, director of the Financial Crimes Enforcement Network told the Sentate committee, "Innovation is a very important part of our economy. It's something for us to be proud of."

[cr1776]

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.

Here are some articles to send to him and he can share with his wife if he wishes.  (Don't share this part of the comment: but only the uninformed or purposefully ignorant think bitcoin is a scam or money laundering). 

Anyway, all these people which is just a small selection of many, most of whom are quite well known can help him and her understand why bitcoin matters:

http://www.pfhub.com/larry-summers-bitcoin-has-potential-to-be-a-very-very-important-development-407/
http://dealbook.nytimes.com/2014/01/21/why-bitcoin-matters/?_php=true&_type=blogs&_r=0
http://www.forbes.com/sites/peterdiamandis/2014/06/23/my-insights-on-bitcoin-going-from-deceptive-to-disruptive/
http://www.washingtonpost.com/blogs/the-switch/wp/2014/05/21/marc-andreessen-in-20-years-well-talk-about-bitcoin-like-we-talk-about-the-internet-today/
http://www.pfhub.com/sir-richard-branson-bitcoin-is-the-pioneer-of-a-global-currency-576/
http://www.cnbc.com/id/101711220
http://www.telegraph.co.uk/technology/news/10881213/The-coming-digital-anarchy.html
http://www.ft.com/intl/cms/s/0/612ed094-8aaf-11e3-9465-00144feab7de.html?siteedition=intl
http://money.cnn.com/2014/03/07/technology/innovation/bitcoin-satoshi-nakamoto/
http://www.economist.com/news/finance-and-economics/21599054-how-crypto-currency-could-become-internet-money-hidden-flipside
http://www.newscientist.com/article/mg22129553.700-bitcoin-how-its-core-technology-will-change-the-world.html#.UvKfu0JdX0M%C2%A0

[juju]

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.

Forget about them, someone who works at a bank and won't form their own opinion on how to invest, then blankly repeats the reason is what they read about Bitcoin from news Subject titles over the past years deserves to "miss" investing.

I have had similar experiences and I am inclined to believe many people here have also had similar events happen. I think one of the biggest issues is it takes awhile to self educate as it stands, additionally Bitcoin is so multifaceted that it requires some discipline from a couple fields. For the time being, Bitcoin is just too technical for the average person to pickup quickly/comfortably.

It took me one year to get a Computer Scientist with over 20+ years experience to consider Bitcoin as a safe investment vehicle. Its not that he couldn't understand the points, but it took me about 1 year of mentioning it to them casually in passing how Bitcoin works and prodding them before they started to grasp the concepts. I have had good luck with getting Software Architects to understand and invest in Bitcoin, every Software Architect I talked to was fascinated and could see the implications of the protocol.

[beetcoin]

I encountered a lot more "scam" accusations 18 months ago.

Now, people are finding it very difficult to say its a "scam" when they see that it is accepted by major well known companies such as:

• Wordpress
• Zynga
• Overstock.com
• TigerDirect.com
• Chicago Sun-Times
• Expedia.com
• Newegg.com
• Lamborghini

There are many scams that can be perpetrated while using bitcoin, just like there are many scams that can be perpetrated while using U.S. dollars (or any other currency), but there aren't many people left that think that bitcoin itself is a scam.

Furthermore (at least in the U.S.), many people's fears were calmed back in November when Mythili Raman of the U.S. Department of Justice told the Senate Committee on Homeland Security and Governmental Affairs "We are attuned to the criminal use," but "there are many legitimate uses. These virtual currencies are not in and of themselves illegal."

Additionally, Edward Lowery of the Secret Service testified to the same Senate Committee that cyber criminals "have not by and large gravitated toward peer-to-peer cryptocurrencies."

Jennifer Calvery, director of the Financial Crimes Enforcement Network told the Sentate committee, "Innovation is a very important part of our economy. It's something for us to be proud of."

my uncle said it was a scam, but he doesn't understand what it is. he's an old money guy, kinda like warren buffet. he's middle class though.

[Beans]

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.

[beetcoin]

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.

[CoinFan10076]

As someone really new to Bitcoin, I think you just have to do your own research. Sometimes it's hard to change people's minds, I first thought it was a scam, but after I took some time to delve into exactly what Bitcoin was, I became convinced it was something to really explore further. In the end, people are always more terrified of the unknown and change, so much so that they often will not change, to their own detriment.   

[keithers]

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.

This is more common than you would think.   I was having lunch today with 2 of my friends (both of which are pretty financially successful)...they both have money invested in various places and are probably each bringing in 250-300k+ per year.  The only reason I mention their income is so that it is clear that they are educated and not financial peons...

When bitcoin got brought up in the conversation, one of them said "isn't that a scam?"   The other one said "Bitcoin got shut down and is out of business right?" 


This goes to show how there is so much propaganda out there.   You really have to take the time to sift through all the b.s. to actually find the truth about BTC.   A large percentage of people wouldn't even take the time...

[beetcoin]

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.

This is more common than you would think.   I was having lunch today with 2 of my friends (both of which are pretty financially successful)...they both have money invested in various places and are probably each bringing in 250-300k+ per year.  The only reason I mention their income is so that it is clear that they are educated and not financial peons...

When bitcoin got brought up in the conversation, one of them said "isn't that a scam?"   The other one said "Bitcoin got shut down and is out of business right?"  


This goes to show how there is so much propaganda out there.   You really have to take the time to sift through all the b.s. to actually find the truth about BTC.   A large percentage of people wouldn't even take the time...

that's the thing in life.. sometimes smart people can be really dumb, and really dumb people can be really smart. i still can't wrap my head around some of the dumb things that rich people do.. even if they are smart enough to amass a fortune.

[QuestionAuthority]

Meh, who needs a friend like that anyway. Just tell him you don't want a friend that keeps his nuts in his wife's purse.

[wachtwoord]

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.

Your friend should grow a pair. His wife should learn that thinking for yourself is a nice thing to do once in a while

Anyway, let it go. Nothing to gain here for you.

[LostDutchman]

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.

So what's wrong with untraceable money?

[freedomno1]

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.

.....

Thanks for sharing so the banks now are seriously misinformed on Bitcoin and turning away potential investors by calling it a scam.
I think I would go to the branch and show them all the vendors accepting it, the best counter here is adoption and proof the system is being used by organizations that are far from scams.

Considering they offer stocks bonds debentures and other financial products I guess the other reason to scare potential investors is that they don't want to give away any potential income to stuff they won't make any commissions from so they released a bulletin to that extent.

[rext]

bitcoin a scam? Lol.

Give it some time, i'm sure they will have a second opinion

[franky1]

lol

people suggesting to use retailers as a means of proof of legitimacy is one thing, but id suggest you show the IRS, HMRC tax office announcements of USA and UK that show thy have both declared it an asset... aswell as the merchants list.

the tax office announcements and even videos of bloomberg, nasdaq and others moving into the bitcoin arena should hit the spot, then say her wifes employers are just running scared of the future of bitcoins affecting their jobs. after all if people hold bitcoins who needs bank tellers/cashiers.