Sure banks have a huge power, no doubt about that.
And I do think they're keeping an eye on BTC and the blockchain technology.
But to think they could sabotage btc start up? Nah...
Not because of ethics, just because... They don't give a damn. When you're a god you're not going to kill every mouse who wants to get bigger.
Topic: Have Banks conspired to Kill Bitcoin Startups? - page 3. (Read 2732 times)
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/
Many reasons from banks regulations that could affected exchanges
“I regret to inform you that starting from 1st February, British Pound deposits and withdrawals are no longer supported by Cryptopay due to updated bank policies.”
What kind of policies? We need more information about it.
“Bridging the gap between the conventional banking system and bitcoin is a challenging and expensive task. We have had many issues dealing with the conventional banking system; missing transfers, crippling technical issues, accounts frozen without warning, and even accounts closed without warning.”
In those cases may seems that, conventional bank deliberately restrict exchanges transactions, even though government had stated it as legal digital currency/commodity.
"Of course bitcoin is perfectly legal in the UK although unregulated, but the hub of the matter centres on the banks’ attitude to the cryptocurrency in this country and that they “won't play nice”.
We can't expect more from them and government have to give legitimacy for bitcoin and exchanges, unless they consider the high price and the rising price as a threat for fiat money and banking system which bitcoin has get popularity among citizens.
“I regret to inform you that starting from 1st February, British Pound deposits and withdrawals are no longer supported by Cryptopay due to updated bank policies.”
What kind of policies? We need more information about it.
“Bridging the gap between the conventional banking system and bitcoin is a challenging and expensive task. We have had many issues dealing with the conventional banking system; missing transfers, crippling technical issues, accounts frozen without warning, and even accounts closed without warning.”
In those cases may seems that, conventional bank deliberately restrict exchanges transactions, even though government had stated it as legal digital currency/commodity.
"Of course bitcoin is perfectly legal in the UK although unregulated, but the hub of the matter centres on the banks’ attitude to the cryptocurrency in this country and that they “won't play nice”.
We can't expect more from them and government have to give legitimacy for bitcoin and exchanges, unless they consider the high price and the rising price as a threat for fiat money and banking system which bitcoin has get popularity among citizens.
having spoke to many banks and businesses and also from my own experiences helping businesses in the past. the problem is not "bitcoin" its startups not understanding the FIAT rules.
also a few cases are where chargeback scammers try to get their wire transfers reversed by pretending they are victims of scams.
this is not a 'banker attack on bitcoin' but a regulation and bank rules enforcement on fiat
in short if you want to run a business that accepts fiat. (for any purpose) know the terms and conditions of the account you are using (dont use personal account for business transactions)
hand over a business plan to the bank explaining how you will mitigate the 'chargeback scammer' risk.
hand over a business plan to the bank explaining how your 'funding' is not linked to crime
hand over a business plan to the bank explaining how you will audit your funding and identify possible threats
Many reasons from banks regulations that could affected exchanges
“I regret to inform you that starting from 1st February, British Pound deposits and withdrawals are no longer supported by Cryptopay due to updated bank policies.”
What kind of policies? We need more information about it.
“Bridging the gap between the conventional banking system and bitcoin is a challenging and expensive task. We have had many issues dealing with the conventional banking system; missing transfers, crippling technical issues, accounts frozen without warning, and even accounts closed without warning.”
In those cases may seems that, conventional bank deliberately restrict exchanges transactions, even though government had stated it as legal digital currency/commodity.
"Of course bitcoin is perfectly legal in the UK although unregulated, but the hub of the matter centres on the banks’ attitude to the cryptocurrency in this country and that they “won't play nice”.
We can't expect more from them and government have to give legitimacy for bitcoin and exchanges, unless they consider the high price and the rising price as a threat for fiat money and banking system which bitcoin has get popularity among citizens.
“I regret to inform you that starting from 1st February, British Pound deposits and withdrawals are no longer supported by Cryptopay due to updated bank policies.”
What kind of policies? We need more information about it.
“Bridging the gap between the conventional banking system and bitcoin is a challenging and expensive task. We have had many issues dealing with the conventional banking system; missing transfers, crippling technical issues, accounts frozen without warning, and even accounts closed without warning.”
In those cases may seems that, conventional bank deliberately restrict exchanges transactions, even though government had stated it as legal digital currency/commodity.
"Of course bitcoin is perfectly legal in the UK although unregulated, but the hub of the matter centres on the banks’ attitude to the cryptocurrency in this country and that they “won't play nice”.
We can't expect more from them and government have to give legitimacy for bitcoin and exchanges, unless they consider the high price and the rising price as a threat for fiat money and banking system which bitcoin has get popularity among citizens.
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.
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.
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
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