---- Australian Banks Prevent Buying Crypto Currency - Bitcoin Regulation ----
In the past couple of weeks I have seen many people coming forward with issues of moving funds into the crypto space. Some banks have decided to intervene when people transfer funds to crypto curreny exchanges and have frozen accounts as covered here when Westpac decided to freeze a family’s account just before Christmas or, as the photos below show, reversing transfers made to crypto exchanges, while Commonwealth Bank has apparently decided to just blacklist crypto exchanges altogether.
Many have expressed growing fears of what is happening with moving funds in and out of banks etc. with questions such as: Why cant I move MY money where I want to? How can I get my money on to exchanges? Will I be able to get my money back into my account from an exchange?
It is my opinion that Banks can see the writing on the wall and that these kinds of tactics are utilised to deter people from evolving to cryptos by creating fear, uncertainty and doubt (FUD). What this may mean is that banks will first try to “lock us in” by not allowing us to buy cryptos via keeping our funds in our accounts. If this is their plan then the banks will more than likely also “lock us out” by preventing incoming funds from crypto exchanges. The banks will also state that its for our protection, its funds terrorism, it’s a bubble, a Ponzi scheme, and anything else to keep people away from making the transition to cryptos as it evolves to more a mainstream and accepted form of investment and trade. Despite the fact that their actions have halted a legitimate transaction while taking a fee for doing so.... um... fraudulent activity indeed.
The fact that all this is happening may scare people off, It may make some people pull out of cryptos completely, and this is a decision each person should make for themselves. However, it is my opinion that these are markers of desperation as banks attempt to strong arm their customers and cling to the power they have left as they lose control of their position. These are all attempts of self-preservation of the banking industry, and even if they do implement these strategies let me remind you of this… Necessity breeds creation. This may be the push needed to create the next gen digital currency that is “actually used” as a currency instead of being more of an investment medium AND may create a digital currency banking network. To paraphrase Fredrick Douglas without struggle there is no progress...
So to all in the crypto space I say this, let them do their worst, they are fighting a losing battle and only stalling what is inevitable, resistance is futile, the future is now, the power lies within the people.
More to this fact, it is OUR money, WE are the customers of the banks. If the service being received is not adequate or to our liking then make the shift to other banks which provide better services. What would happen if people pulled THEIR funds out of the banks doing this? they would collapse, while raising said other banks to new levels, do not underestimate your own power to bring about change, not just in your own life but in the world. The reason banks are so cocky about what they choose to force upon us is because for decades we have just taken the crap they serve us… because they know we do ‘fookin nuttin’.
Well its time to wake up, make some decisions about your future. Are you In or out? Will you stay or go? Will you let the banks decide what you can and cant do with your own money or will you take your business else where ? Were you born to resist or be abused ?
Just like when the taxi drivers get violent at Uber drivers, this is hastening their demise. It's making it apparent that they're really not here to serve us.
The veil is most definitely been lifted, banks have been pulling the wool over our eyes for a long time... but now we see and if we speak up when it happens and take action to move away from the abuse of the power we have given them the better it will be for us all in the long run.... no bail out this time MOFOs, lol
This is such frustrating news. All of these countries trying to regulate cryptocurrencies is making me really nervous for the future of crypto! :(. We will prevail through it all though!
As i said its futile for the banks to resist... people power :P im not worried at all, just keep trading , they will sort themselves out eventually... freely or by force, lol.
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My girlfriend has just finished her exams for a law degree and just needs to do the prac part. So... I am sure she will be able to come up with some things to advise on what to do. :)
lets hope it wont come to that, i think that some simple unity among the masses will send enough of a message... if humanity can become that organized, lol. We just have to not be lazy and do it, bank messes with you close your account and go see a credit union...
Can anyone say 'class action'?
As for the banksters being concerned about fraudulent and criminal activity that is, given this years revelations about Australian banks and their money laundering escapades, quite ludicrous.
http://www.smh.com.au/business/banking-and-finance/its-not-just-cba-all-the-banks-are-exposed-to-millions-in-money-laundering-20170914-gyhhpi.html
Yeah its just a way to scare people.... BOO!!!!! when they doing it themselves.... lol. YOU cant launder money and make fraudulent transactions thats the BANKS job!!!!! bahahahaha. ah if only George Carlin was about to see this , bet he would have some lovely things to say.
Except she can't give legal advice without being a practising lawyer :(
Disclaimer: I am just a bot trying to be helpful.
thanks, already cited the article/ post
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