what happens in a total banking shutdown for crypto ?

Dashmaximalist

Dashmaximalist

Well-known member
indian banks have just shut down bank accounts of leading bitcoin exchanges ( India accounts for 10% of total volume ) , Germany and france are talking about extensive regulation.

UK never had any bitcoin exchanges to being with, Coinbase is facing threats from the bank it banks with (Metropolitan bank).

What our options when there is a global banking shutdown for crypto exchanges ?

what are your thoughts ? how can we counter it effectively ?
 
Peer to peer solutions are an obvious first solution that come to mind. Second to this, make sure that you are well diversified to cope with shock loads to your system. If you have the means, make sure you have bank accounts in other countries, as an example, and accounts on multiple exchanges to stay resilient.
 
It was always localbitcoins for me, now local bitcoins and shapeshift.
Hopefully, our dedicated p2p exchanges start getting used by the DASH community because I'm hanging to remove the bitcoin aspect completely.
The banks know we are a serious threat now so they are going to try and crush us by hindering the in and out.
The battle has begun!
Lets hope the banks turn on ripple as well
 
yocko said:
It was always localbitcoins for me, now local bitcoins and shapeshift.
Hopefully, our dedicated p2p exchanges start getting used by the DASH community because I'm hanging to remove the bitcoin aspect completely.
The banks know we are a serious threat now so they are going to try and crush us by hindering the in and out.
The battle has begun!
Lets hope the banks turn on ripple as well
Click to expand...
+1, we're through being ignored and laughed at now. Interesting to see Portugals largest consumer rights authority pulled up a Portuguese bank up on it a few days ago, they where blocking bank transfers to crypto exchanges with no legal grounds for doing so. Hopefully they'll keep it up and set others on the same track, banks can throw billions at the regulators to get their way (and often ARE the regulators) but consumer protection isn't an area that can be changed much through lobbying, "is this good for the consumer?" is hard to bury under a mountain of legalese.
 
i think the solutions you are suggesting are useful for a hardcore crypto enthusiasts (like the people reading this ), however for an average user it will almost be impossible to convince them to use crypto if they have to go through multiple hoops.

we need to come up with an easy solution to fight this.

i was thinking we subsidize ATM running business so that dash becomes one of the cheapest to buy with cash ( and we can advertise this ). one a side note one of the biggest reason for high fees with ATMs is lack of large number of users.

we need to throw money and brains at making it easier for average user to get into crypto and that will change crypto landscape for the better.
 
Dashmaximalist said:
easier said than done, we need help out people to get into crypto as much as possible
Click to expand...
Agree. We have a 100+ crypto-head community in my city, most of us are all the way into cryptos, and we often trade p2p within the community but it's not easy when the time comes to pay the bills.
A bank shutdown has been one of my main concerns. So yeah, looking closely at ATM solutions and atomic swaps.
 
i never understand why the ATM fees are so high , we should be able to bring that down , thats a killer tool right there
 
Dashmaximalist said:
i never understand why the ATM fees are so high , we should be able to bring that down , thats a killer tool right there
Click to expand...
their are also banks where you can even afford to be broke. If you cash out all the money, their would be awarning saying you should a minimum amount in the account.
 
Dashmaximalist said:
i never understand why the ATM fees are so high , we should be able to bring that down , thats a killer tool right there
Click to expand...
Well, it's a business for people, why not charge if the market has very little competition.
Fee's are fine, even if you pay 5.5% like some of the ATMs in Australia are charging you can gain twice that in a small run.
Maybe when DASH has an active legal structure for the masternode ownership of network funds, we can look at the DASH network owning the ATM's and having zero fees.
 
You must log in or register to reply here.
Back
Top