Is that the same 'due diligence' as Rabobank use? The same as what RBS, Barclays & HSBC use?Goldman Sachs have due diligence to ensure they’re not dealing with Al Queda or the Cali Cartel
With the exception of Japan, regulation has not been fully framed for crypto elsewhere. However, as you will be aware, the intentions are such that this will change shortly.regulation in the crypto-world is almost non-existent.
tecate I was only challenging this hyperbole in the link from jman. I think you agree with me that this claim is OTT. There was no need for you to adopt faux indignation at me supposedly tarnishing you as criminal.Cryptocoin123 said:Bitcoin seems to be turning viable as the market and the big players accept it as a mode of payment. From Canadian KFC to real estate in Dubai, Bitcoin fever appears to be high globally.
I would say that the media will always over-egg stuff. In this case, it's significant but of minor significance. In the same way, over many weeks in 2018 they have sensationalised some aspects in relation to bitcoin and crypto that presented it in a negative light.tecate I was only challenging this hyperbole in the link from jman. I think you agree with me that this claim is OTT.
There was every need to point out that people other than criminals use bitcoin (which is essentially what you are suggesting). Furthermore, that many will use it more when circumstances allow. These things don't happen overnight. The banks had been tar and feathering BTC with this nonsense for years. It's outgrown that.There was no need for you to adopt faux indignation at me supposedly tarnishing you as criminal.
Free trade doesn’t matter when it comes to regulated industries like banking and finance. Banks and authorities are free to blacklist and refuse to deal with counterparties. Which makes sense in the case of Cojnbase and assets like Bitcoin. Goldman Sachs have due diligence to ensure they’re not dealing with Al Queda or the Cali Cartel; regulation in the crypto-world is almost non-existent.
Is that the same 'due diligence' as Rabobank use? The same as what RBS, Barclays & HSBC use?
With the exception of Japan, regulation has not been fully framed for crypto elsewhere. However, as you will be aware, the intentions are such that this will change shortly.
If my bank wants to blacklist me or stop transactions between me and Coinbase it has to have some reasonable and evidential basis for doing so.
If they suspect there is illicit activity then fine. But it needs to backed up with some reasonable basis. Otherwise it is open to legal challenges in the courts. Its one of the benefits of being an EU citizen.
If banks were allowed to curtail trade at their own sole discretion then that leaves trade open to all sorts of interference, manipulation, unfair advantage etc.
BigShort, no it doesn’t.
If a counterparty does not have equivalent standards, a bank are free to refuse to engage.
Surely you get that, or are you just hopping the ball?
Surely you got the part earlier where I stated that as long as Coinbase are compliant with any regulatory requirements applicable to them then banks have no business and no authority to interfere with my trade with Coinbase?
On what legal basis can a bank block trade between me and Coinbase? This is not China or NK. If there is no reasonable basis to suspect illicit activity then me and Coinbase and everyone else for that matter are free to engage in trade with one another.
I do take your point albeit that the hypocrisy from the banks is breathtaking. The scale of the HSBC Drugs money laundering scandal was unreal. Who was jailed for that?Specific failures around due diligence are hardly the same as there being no due diligence
Of course it's the wild west. They are not even fully formed yet - they're in an embryonic stage of development. Regulation is on the way and we will see how things lie once that is implemented.Cryptocurrencies are like the Wild West, and that’s what will be their undoing.
It will be interesting - lets see how it plays out. As outlined, implementing a centralised digital currency comes with major risk. One hack and it's done for.I have no doubt that within my lifetime “digital Dollars” might be the norm. But it won’t be Bitcoin.
So they can do what they want - with your money effectively. This is one of the factors that has driven interest in BTC/Crypto in the first instance. As a case in point, I recently carried out an International Wire Transfer. The receiving bank - turned the transaction around because I had used Transfermate to effect the transfer (in order to get a reasonable fx rate) - and charged me for the privilege, with notification many days later. That didn't even involve cryptocurrency but the motivation behind it remains the same i.e. anti competitive practice.If a counterparty does not have equivalent standards, a bank are free to refuse to engage.
By the logic, banks couldn’t refuse to deal with a fruit merchant once he complied with any regulatory requirements applicable to fruit merchants.
I lived in Belfast pre 1979. The Irish currency with Lady Lavery and coins with various animals moved freely and interchangeably within the community, even on the Shankill Road though now and then you got a coin defaced with the letters UVF.And by the way, I'm not referring to border towns. A friend was head barman of a well known pub in Galway in the 90's and they accepted British notes everyday during Race Week and the Arts Festival in particular.
There is a sizeable constituency who would like to see Irish supplant English as our main language. Similarly there is band who would like to see bitcoin usurp the euro as our main currency. In fact I suggest there is quite a Venn overlap between the two.
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