If this is the best the regulators can do then they have already lost as this is more of an inconvenience than a deterrent. Making it more difficult to move in and out of crypto was something that was expected so this is no rocket science taking place. This was the obvious move and we should applaud them as this has taken time to happen.
They know a bank run can happen and will happen at some point and where else are you going to send money besides stocks or crypto. The banks are restricting the ability to purchase as they don't have your funds. That is the scary part and why limits are in place, just think if people got wind of this what kind of situation this would create.
I find it quite funny as those who are in crypto will find an alternative route and this is more of a speed bump.
The only people it will screw are the retail investors or good weather investors who arrive when the prices are pumping. This won't affect most of us as not only is there other routes in and out of crypto, but if you sell you can just move the funds onto a stable coin for safe keeping. This was the original purpose of stable coins as they had no other use cases before DeFi.
I do feel sorry for the American investors caught up in this as they will lose out short term at least. I can see many new accounts being opened in Europe and Asia and I wouldn't give a toss paying them taxes either. If this is how they are going to treat you then they don't deserve your taxes either.
The banking system is desperate to stop cryptocurrencies as they know deep down they are being phased out. This is all a play on trying to save the current system and they will try every trick in the book to save their own hides. If everyone withdrew their money tomorrow they will be in deep trouble as they see your money as their money because that is how they make money.
The monetary system and banking is going to change whether they like it or not and blocking the on and off ramps will not change what is going to happen. Some speculate that it will take 3-5 years for banks to step aside, but even if it takes 10 years this will be a massive upheaval.
The longer the time passes the more things become clearer as to what is actually taking place. The stablecoin issue was raised recently because they know full well crypto traders/investors can swing in between crypto and a safe haven without cashing out using an exit ramp. Funny as I looked today at the DJED numbers and they have grown by around 20 percent since last week. DAI is also up $1 billion so 25% has been created since the banking crisis.
I am not blowing smoke up HBD, but when you start to look around the option we have available is pretty damn good. As an investor you could do far worse and all this FUD being created may actually shine the spotlight on what we have available on Hive.
The FEDNOW system launching in July is expected to be the CBDC for the US is only going to highlight why you need to be in crypto. I can see plenty of money moving into crypto from now until July not out of wanting to be in crypto ,but more of a safe haven. Who would have thought this was going to happen 5 years ago as they have created the perfect scenario on their own doing. The risk right now is your bank and with currency.
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I have been saying this all along since I entered crypto. Some here can vouch for it, as I said that we are facing a big battle against the banks and the old order. They want to keep the status quo in place as it protects their interests. Now that same dysfunctional old order is slowly starting to fall apart.
Yes this had to happen as change is definitely taking place and could happen very quickly as banks are on their last legs. If the masses start withdrawing their funds it is good night nurse.
At Hive our doors are open, and we should concentrate on laying out the welcome mat !LOL
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It is laughable and as you say primarily FUD. I bank with HSBC who have announced that they will be blocking crypto related transactions but I’ve seen no evidence of this. I suspect that they know they can’t afford to lose the business to other financial institutions who aren’t trying to restrict how customers spend their money
I am with them as well as I was first with Midlands before HSBC took over. If they restrict me in any way I am gone and I have been with them for nearly 30 years. They cannot afford to lose the long standing accounts as then they will have no one left.
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You can always just open a Revolut account and do any crypto related transactions through that.
The funny thing is that banks are claiming they are doing it to protect customers from increasingly levels of fraud. Action Fraud do state that crypto related fraud in the UK has risen somewhere in the region of 30% in the last 3 years but KPMG report that major fraud (which most crypto related scams wouldn’t come close to qualifying as) has risen 151% in a single year in the UK!
Nice post dude, you have a good handle on what's going on. I knew they would close the ramps but didnt want to go back into fiat with it. This part of the portfolio should stay right where it is!
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I think the effect of closing the on/off ramps to crypto will only cause the prices to rise. Similar to how to price of drugs increases when the government makes them illegal.
I just had some of my monthly buys happen in Coinbase. I quickly moved them into my own wallet last night. I don't like the idea of them sitting out there anymore. It will be interesting if my buys next month are even allowed to happen.
Well, I am naive about this but thank you so much for the information.
I learnt from it
The irony... calling fiat currencies "Sovereign Money"... just crazy. Put the two together, and it's quite clear that BTC is the sovereign form of money.
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