For me was when U.S. Bank refused a wire transfer of my money to another domestic bank.
The wire transfer was to a domestic bank. The account name was the cryptocurrency exchange name which was fully transparent. It was that name that prompted U.S. Bank to ask questions about the wire transfer even though it was to a domestic bank account in New York.
The problem is that is my money in my account. I should have the right to use it how I see fit. The bank denying me access to move my money was the movement for me. The interesting thing is U.S. Bancorp which is the parent company of U.S. Bank had a market cap well below the market cap of Bitcoin. That still holds true today, yet they claimed that Bitcoin is not a real currency. Another interesting turn of events for U.S. Bancorp is that they have since partnered using one of their lesser known affiliate banks to create TUSD (a cryptocurrency tether to the US Dollar).
I would like to know when you realized that you didn't own your money in your bank.
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It's funny, the government creates anti-money laundering laws to ensure their tax collection, only to make more and more consumers turn away from the traditional banking system, in turn making it harder to collect taxes.
I think once you have realized what is going on, then you become a cryptocurrency user. There are so many people that haven't had that moment yet.
I've known for years the money in the bank isn't really mine. It's not even real money. It's just IOU notes, and even that is just promises to pay pieces of paper. That's why I always held savings in gold. But I did have an experience similar to yours that made me think about how much freedom cryptocurrency gives consumers. I was in the grocery store, and was trying to buy about $120 worth of groceries. After ringing them all up, the credit card company denied my transaction even though I had enough money in my account. I had to spend 20 minutes on the phone answering questions about where I had lived or worked in the past in order to prove I am really me. Eventually, I got the groceries. But that really made me see how bad our current payment systems are, and it made me realize that consumers aren't going to put up with it for much longer, now that there are alternatives.
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Gold is a great storage of value. Good thing you keep savings in gold. That should never go away. It is very limited which doesn't work well for a currency though. A currency needs to be plentiful and free to transfer. Bitcoin is more like gold because it is very limited like gold and does not work well as a currency since it cost to transfer. I think STEEM is a great currency as it is plentiful and is free to transfer. It is also way faster than a credit card. Even Bitcoin is way faster than a credit card. A credit card only makes a promissory note to pay the merchant. The transaction doesn't happen until a month later. A STEEM transaction takes 3 seconds. The merchants also doesn't get hit with fees for accepting STEEM like they do when accepting the credit cards. I think both shoppers and merchants will be in for a wonderful surprise if they switch to STEEM.
I personally wouldn't accept Steem in exchange for the work I do outside of the Steem network. It's too volatile for my taste. (I would accept Steem as a payment method but would not be willing to price my work in Steem or hold it after the transaction) I think Steem Power is a really great long-term investment though. It's especially good if you use the platform because then you are partially investing in yourself.
As far as gold is concerned, the transaction fees in gold crypto don't bother me because they are so small. For example, AgAu gold charges 0.1%: https://bit.ly/2JPSX9A That's a lot better than the 2.4% to 4% charged by Paypal. Unfortunately though, there are no exchange-traded gold-backed cryptos yet. I am waiting for AgAu gold to come out early next year.
For now, I am still accepting Paypal payments from clients. But I look forward to the day when everyone around me is accepting crypto, whether it be in the form of GUSD, TUSD, PAX, AgAu gold, Steem, Bitcoin or whatever. Worse case scenario, if I don't like whatever cryptocurrency they are accepting, I can wait until the actual transaction to buy that particular crypto. After all, it's easy to switch from one crypto to another, but a lot slower and more costly to switch from fiat to crypto and back (or from one fiat currency to another). So I'd rather pay in any crypto rather than fiat.
I had a problem withdrawling more than 10k from US Bank last year, that's when I realized I didn't have control.. i had to get approvals from managers and wait an allotted time (days) to actually pull it out!?! Fucking lame..
So true. Also, they report you to the federal government so that you suddenly become suspicious for criminal activity. Very lame.
It's funny that you mention this, because a couple months ago most of the banks in my country started refusing transactions to coinbase and other crypto related exchanges. Their official statement is that crypto is being used for money laundering, terrorism, and all kinds of criminal activity. So i switched the bank to one of the few left that are not blocking transactions so far. Now i am moving all my savings into crypto.
Wow, very similar to my situation. I feel like they are labeling us as criminals.
No realization for me but I can see in your situation how bothersome and completely frustrating that would be. Hope they can get their act together concerning this :(
Totally agree on this. If you read the books or watch the videos by Mike Delaney, everything about money is told about.
As a Cryprocurrency advocate . myself, i believe this is the way to go, however banks and governments are going to what they can to stop crypto
however i do agree Gold is the ultimate currency though, at least by value. thanks for sharing,
I believe cryptocurrency is the answer. Gold is an ultimate storage of value, but not a good currency. You couldn't possibly mint a gold coin and provide one for each person on earth. There just wouldn't be enough to go around and would be terribly difficult to circulate.
all too often ... a lot of the time when i tried to wire money after buying something online, only to find out it's not accessible from 1 am to 7 pm on a lot of days (as ive been broke for a while i havent checked lately though)
the biggest problem , however , is i can just bring a flashdrive to the supermarket
True. Banking hours not convenient at all and the wire transfer hours...
catching up on 20 days ... true dat, the weird thing is if i buy something from here to a dutch or german webshop the payment takes like 5 to 30 seconds, but if i wire money from my own bank account to my own bank account it can take from 1am till 7 am ...
The bankers create money out of thin air, lend it to us, and we repay it with our Blood, Sweat & Tears.
They do make money off the very thing that we can do ourselves.
When the banks lend it to us, they are creating a ledger just like cryptocurrency. The difference is that the ledger is owned and controlled by the bank. With cryptocurrency, the ledger is not owned, it is shared, and is verifiable.
Buy cold ...buy Silver ... buy BTC... and blog what Steemit.
I advise you to bring all your money and assets out of the banks.
The first part OK
The last part... That sounds extreme.
Extreme is if you trust the banks and the government.
This article is very revealing of how the financial system has taken attributions regarding our own money. We probably sign the authorization for the financial system to use money they way they saw fit in some contract, though.