January 29, 2014

Bitcoin is here to save you from your bank

Filed under: Uncategorized — @ 12:00 a.m.
Bitcoin is here to save you from your bank

Zero Hedge writes:

Following the quiet update that HSBC had decided to withhold large cash withdrawals from some if its clients - demanding to know the purpose of the withdrawal before handing over the customers' money - it appears the anger among the over 60 thousand readers who found out about HSBC's implied capital shortfall just on this website, has forced HSBC's hands.

Unless you have at least a full million US in the bank (and even that's an unlikely lower bound) your bank does not work for you. The bank works for people who borrow huge sums of money and pay interest on them, and your local government to keep an eye on your weed purchases.

Fiat banks are going to implement more and more of these sorts of regulations. Large cash withdrawals will be considered suspicious because why would you not trust the bank with your cash? Why would you not simply send money through the (buggy, legacy, slow, shitty) international payment system where the Tyrant can inspect yourself and your recipients finances for things that could imply misbehavior and land you in the slammer?

Bitcoin is here to fix this. Nobody can interdict your Bitcoins, short of thermo-rectal cryptanalysis (and you can even reduce the risk of TRC with various smart multisig transactions). Nobody can even inspect your payments if you know what you're doing.

In short, Bitcoin is here to fuck up fiat institutions. It starts by breaking the banks of such bad behavior as called out above.

No Comments »

No comments yet.

RSS feed for comments on this post. TrackBack URL


« The American consumer, in two photos --- Perceived vs. actual barriers to homeownership for young adults »