Banks have done conspiracy against bitcoin in a considerable period of time, and they make it look bad and make bitcoin news only used by illicit trafficking mafia.
Banks will not be able to hold bitcoin, because humans are already living in an era of increasingly sophisticated technology. They finally just can maneuver and adopt bitcoin system with a very fundamental difference algorithm. That means accepting bitcoin in their systems to prevent bitcoin enlarged independently.
Topic: Have Banks conspired to Kill Bitcoin Startups? - page 2. (Read 2769 times)
This article claims that over 36 bitcoin exchanges have closed shop around the world, since October 2015, due to discontinuation of banking services to them.
Is it that commercial banks have conspired to make it difficult for bitcoin startups or they are just trying to abide by the present laws and regulations?
http://www.forbes.com/sites/rogeraitken/2017/02/12/bitcoin-or-bust-taking-british-banking-out-of-exchanges/#1e942876588e
Is it that commercial banks have conspired to make it difficult for bitcoin startups or they are just trying to abide by the present laws and regulations?
http://www.forbes.com/sites/rogeraitken/2017/02/12/bitcoin-or-bust-taking-british-banking-out-of-exchanges/#1e942876588e
I don't think it has anything to do with any conspiracy. All the commercial banks in the UK don't belong to one person or to one family, and they don't belong to people who can agree on something, knowing they will be losing profits because of that agreement. As it was nicely put in the end of the article: " It’s just that the answer will be to work around them rather than with them." And I'm sure, since Bitcoin is perfectly legal in the UK, that there are banks there which won't lose the opportunity to replace those with bad attitude to BTC in the business.
All you need to do to void this is trade in a country with little to no ridiculous greedy laws and you fine.
People dont magically k ow every transaction you make and to who.
People dont magically k ow every transaction you make and to who.
Banks don't like competition and bitcoin is their bigest competition at the moment. Conspiracy is maybe too strong word but banks definetely weren't happy with possibility for startups to be financed with bitcoins so they have probably done everything not to enable this kir if financing.
its more about these "exchanges" not declaring they are a business and not having a business bank account. because then they are required to show regulatory approval if they declare the business as a money business.. so most of the 'startups' try running large multidollar businesses using 'personal accounts'
this is not about banks. but fiat regulations. which starts at the government end.
if you want to touch fiat then expect to follow fiat rules.
now you know why bitcoin was invented. if you only hand bitcoin and not touch fiat your not in the jurisdiction of fiat rules.
double edge sword.
this is not about banks. but fiat regulations. which starts at the government end.
if you want to touch fiat then expect to follow fiat rules.
now you know why bitcoin was invented. if you only hand bitcoin and not touch fiat your not in the jurisdiction of fiat rules.
double edge sword.
Sadly yes. Until we get wider adoption some btc would still have to be converted to fiat and those exchanges would still have to deal with banks and by extension the government.
Given the fact that bitcoin is legal in UK the banks has now refused to offer services to exchanges hampering bitcoin uses in UK limited to few number of citizens. It is now reported that bitcoin can no longer be useful to the masses in UK when they can no longer convert their bitcoins to fiat. The reason probably that led to this is the banks are losing profit due to increasing number of people placing their savings on bitcoin rather than on banks. The banks probably feels the pressure and threat brought by bitcoins thus to stop the competition it is the best choice for them to discontinue banking services to bitcoin exchanges.
That's just a tad confirmation bias heavy. Bitcoin is nowhere in the UK because of the banks and it's always been nowhere. The most successful UK exchange maintained its bank account by lying to the bank about what they were dealing in.
I doubt they regard it as a threat, just a monumental pain up the arse to deal with and zero upside for them.
This article claims that over 36 bitcoin exchanges have closed shop around the world, since October 2015, due to discontinuation of banking services to them.
Is it that commercial banks have conspired to make it difficult for bitcoin startups or they are just trying to abide by the present laws and regulations?
http://www.forbes.com/sites/rogeraitken/2017/02/12/bitcoin-or-bust-taking-british-banking-out-of-exchanges/#1e942876588e
Is it that commercial banks have conspired to make it difficult for bitcoin startups or they are just trying to abide by the present laws and regulations?
http://www.forbes.com/sites/rogeraitken/2017/02/12/bitcoin-or-bust-taking-british-banking-out-of-exchanges/#1e942876588e
The same thing we will continue to face until government can take position on the positive side. For me, its not the fault of the banks because they are there to make money and they will try every means to make that happen, imagine the revenue that will accrue to them from the volume of transactions of exchange sites but they will go against government regulations in other to avoid sanctions even over here the few exchange sites will ask you not to put anything related to 'bitcoin' when making deposits or transfer to their bank accounts...
This article claims that over 36 bitcoin exchanges have closed shop around the world, since October 2015, due to discontinuation of banking services to them.
Is it that commercial banks have conspired to make it difficult for bitcoin startups or they are just trying to abide by the present laws and regulations?
http://www.forbes.com/sites/rogeraitken/2017/02/12/bitcoin-or-bust-taking-british-banking-out-of-exchanges/#1e942876588e
Is it that commercial banks have conspired to make it difficult for bitcoin startups or they are just trying to abide by the present laws and regulations?
http://www.forbes.com/sites/rogeraitken/2017/02/12/bitcoin-or-bust-taking-british-banking-out-of-exchanges/#1e942876588e
Given the fact that bitcoin is legal in UK the banks has now refused to offer services to exchanges hampering bitcoin uses in UK limited to few number of citizens. It is now reported that bitcoin can no longer be useful to the masses in UK when they can no longer convert their bitcoins to fiat. The reason probably that led to this is the banks are losing profit due to increasing number of people placing their savings on bitcoin rather than on banks. The banks probably feels the pressure and threat brought by bitcoins thus to stop the competition it is the best choice for them to discontinue banking services to bitcoin exchanges.
We dont knows for sure, but I am sure the banks can't kill bitcoin
bitcoin is a big community and many of the people using of bitcoin and will be the great future of payments online.
bitcoin is a big community and many of the people using of bitcoin and will be the great future of payments online.
Banking regulations were not similar to our bitcoin to support huge volume transactions with ease. When huge volume transaction is made in terms of fiat for the bitcoin trading need they are all supposed to follow certain stepped regulations. Abiding this leads to enquiry to the receiver and the sender. In such way lot gets affected.
ireally think so dude.Banks and bitcoins are never been the same and can never cross path in our money world and banks cant stop bitcoins]
Conspired? No. These exchanges are considered to be illegal money processors. All of them will lose their banking privileges in time if they don't get the proper permits and licenses. The best thing that can happen for the owners of these kinds of exchanges is to be merged with a bigger exchange or do an exit scam.
The thing is, bank will never admit to this. They will sit behind closed doors and find excuses for their actions to hide the real reasons that they are doing this. Just become a victim of a phishing scam and get your online banking credentials stolen and your accounts wiped, and you will see how these bankers operate. < You will be a victim for a second time >
Banks are quick to sign you up for loans and credit, but you seldom read the detail hidden in their contracts and when the shit hits the fan, you have signed away your rights. ^grrrrrrr^
Banks are quick to sign you up for loans and credit, but you seldom read the detail hidden in their contracts and when the shit hits the fan, you have signed away your rights. ^grrrrrrr^
The problem was coming from the internal element. I think the chinese exchange's case already give a clear answer for its problem. At the bank was fear with bitcoin. They try to push the startups. and it makes the pessimism trend to continue his startups.
I think the opportunity is definitely there. BANK user is now diminishing as they move and start using bitcoin.
I am assuming that the BANK will suffer substantial losses. they can move for their clients.
I am assuming that the BANK will suffer substantial losses. they can move for their clients.
Yeah. the only choice for the banks so that they will not been overpower by bitcoin is to adapt bitcoin itself in their banking system, in that way they will have additional profit and no further losses. The only thing they must consider is the government to accept bitcoin.It is better than making conspiracy against bitcoin
I think the opportunity is definitely there. BANK user is now diminishing as they move and start using bitcoin.
I am assuming that the BANK will suffer substantial losses. they can move for their clients.
I am assuming that the BANK will suffer substantial losses. they can move for their clients.
Whatever banks feel about Bitcoin, they feel an awful lot more about the regulations they have to abide by. For a piddling amount of business they get an awful lot more head aches by being involved with BTC because they can't be sure where the money's coming from. Even if they loved it, they'd probably still say no for the sake of a quiet life.
I don't think banks care at all to if bitcoin startups will survive, they will just be involved in providing loans to them and such so they're going to hope to be repaid with interest. Though I do believe that current government regulations cause bitcoin startups to have problems as it costs tons of money to adhere to regulations and follow all of them fully.
Plus not a lot of customers who use bitcoin for anonymity are going to want to follow and adhere to KYC laws which are usually key to a companies survival.
This too, it's not like all of these startups are going to work out and MOST don't anyway so you have to take it with a grain of salt with many bitcoin startups failing rather quickly.
Plus not a lot of customers who use bitcoin for anonymity are going to want to follow and adhere to KYC laws which are usually key to a companies survival.
Startups have a high rate of failure (9 out of 10 fail according to some). This has nothing to do with Bitcoin specifically. Running a successful business isn't easy and many who try will fail.
http://fortune.com/2014/09/25/why-startups-fail-according-to-their-founders/
http://fortune.com/2014/09/25/why-startups-fail-according-to-their-founders/
This too, it's not like all of these startups are going to work out and MOST don't anyway so you have to take it with a grain of salt with many bitcoin startups failing rather quickly.
You really need the help and corporation of the bank if you are planning to start a bitcoin exchange and if you are not able to start a current account with a bank then your business model is doomed unless you find another alternative.It is not about conspiring and stuff rather ignorance about what bitcoin is all about.
now you know why bitcoin was invented
he succeed
banks will fade in next 100 years
I think that ultimately we are going to see alot of business failures in the bitcoin environment, especially in the early days when banks and society are still adjusting to the new reality.
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