There goes Australia ... but then ....

F
tungfa said:
Australia's major banks pull plug on bitcoin companies
http://www.reuters.com/article/2015/09/22/us-australia-bitcoin-banking-idUSKCN0RM06020150922

and there comes the lashback ?!

ACCC set to investigate whether Australia's banks are acting unlawfully by blacklisting Bitcoin traders
http://www.abc.net.au/news/2015-09-...stralia27s-banks-are-acting-unlawfull/6798988
Click to expand...

From the second article:
> "I can't open or hold any accounts with those institutions because I deal with Bitcoin," she said.

Most likely not for competitive reasons, but because of the idiotic AML and other rules.
If you're a bank, having a BTC trader for a customer is simply too much risk. It's easier to simply close his account.
Yeah, maybe they (the bank) lose $2,000 in profits but they eliminate the risk of getting involved in some multimillion dollar lawsuit or fine or investigation.
This is why I said there's little chance that "banked" retailers or other businesses will in the near term accept Dash.
The growth will come from unregulated markets.
 
All they've done is give crypto some good publicity. The government has called in the ACCC on the banks. Its only a matter of time before they are forced into accepting that crypto is another payment option. If anything they should be saying how can they make a buck from it. Imagine a bank starting a crypto division and start mining. Talk about making their own money and with that how they could influence the markets.
 
Dunedoo said:
All they've done is give crypto some good publicity. The government has called in the ACCC on the banks. Its only a matter of time before they are forced into accepting that crypto is another payment option. If anything they should be saying how can they make a buck from it. Imagine a bank starting a crypto division and start mining. Talk about making their own money and with that how they could influence the markets.
Click to expand...

Banks are not in the mining business. But they might run some key nodes in a PoS type (or mixed) of blockchain if they have to. I don't think they want to be in the PoW mining business.

I agree this is good publicity and the adoption will grow, but bitcoin will have a large overhead in terms of compliance and such, if you work with it in regulated markets. Check out the news about Sweden going cashless - they have this fiat system that eliminates cash and works great. Personally I think it's awful (fiat coin!), but it's legal, approved and convenient. People like that stuff, unfortunately.
 
Dunedoo said:
All they've done is give crypto some good publicity. The government has called in the ACCC on the banks. Its only a matter of time before they are forced into accepting that crypto is another payment option. If anything they should be saying how can they make a buck from it. Imagine a bank starting a crypto division and start mining. Talk about making their own money and with that how they could influence the markets.
Click to expand...
Whoever said banks liked healthy competition, an expected reaction by the banking cabel, they can slow it down but they can't stop it, cryptocurrencies put a new level to currency wars.
It will be interesting to see the outcome of the ACCC because the banks seem so tied into governments across the world.
Not all central banks appear to be anti-cryptocurrency,
http://cointelegraph.com/news/115391/bank-of-england-uk-should-ditch-fiat-for-digital-currencies

Does a country really want to miss out on the potential economic benefits and growth from being an early adopter of virtual currencies, eh?
 
> Does a country really want to miss out on the potential economic benefits and growth from being an early adopter of virtual currencies, eh?

Sub-Ether, who is a country?
It's the police, bankers, government, cryptocurrency fans, etc.
You may benefit from being an early adopter, but your local bank branch manager might want to take the risk and stick to fiat (if possible).
The same goes for the guys in the government, central bank, etc. Banks would like to get rich on crypto by having the CB issue a fiatcoin in distribution/resale of which they could make money. Every individual has their own definition of how to prosper and what "missing out" means for them personally.

Did you actually read that article? The BoE guy says he'd like to have a fiatcoin so that he can ignite inflation. Totally crazy! Because people save and hang on to their cash, these lunatics want to be able to control everyone's wallet and essentially force them to spend tokens or else devalue them remotely).
But in line with my observations above: that's how he sees benefits and growth with the help of virtual currency.
 
dashboard said:
The BoE guy says he'd like to have a fiatcoin so that he can ignite inflation. Totally crazy! Because people save and hang on to their cash, these lunatics want to be able to control everyone's wallet and essentially force them to spend tokens or else devalue them remotely).
But in line with my observations above: that's how he sees benefits and growth with the help of virtual currency.
Click to expand...
They are obsessed with growth and inflating the money supply, just because it worked for that Keynes dude in the 1930's, does not mean its going to work again, looks like the 'Bernanke' only learnt one type of monetary policy during his purely theoretical doctorate in economic studies.
Anyway, the only inflating of the money supply so far was to the already super rich, so what gives, eh ?!

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