I work for the Fed Bank here in Richmond, and the news came through right before we left for the day.
They are publishing new guidelines for banks that deal with and handle clients known in the crypto currency market. We are awaiting more explanation on how this is going to be executed, it could either be super draconian (cut off individuals who have withdrawal/deposits from crypto business clients, or just apply to the crypto business clients only)
Does this apply to credit unions and alternative financiers?
Ethan Barnes
credit unions will definitely have to comply
Owen Brooks
bullshit fuck off faggot you can't ban math, imagine banning the next generation of wealth from your own country ensuring that they will go invest in other countries
Jaxson Hughes
they aren't banning bitcoin you idiot. They are banning it from the banking industry.
Gavin Wood
bullish
Dylan Jenkins
Closing off gateways would cause a panic to dump before its too late and you can't sell anymore, then a panic to accumulate and buy before you can't anymore. This reminds me of when paypal tried to ban bitcoin. After a while they had no choice but to embrace it. This is just part of the plan and bitcoin's growing pains. This is what the path to $1,000,000 looks like.
Then the crypto exchanges will just put their banks in country's that don't have gay ass laws. Then you can transfer the money to your bank account
Luis Roberts
and here i thought the one benefit (besides less mexicans) to a trump presidency would be it would be too much of a shit show to focus on crypto regulations.
Anthony Taylor
Sooner or later someone like binance or similar will become a bank themselves this is what all really rich people/organizations outside the us do to get around banking regulations and sanctions. If they become a bank in anything other than dollars they circumnavigate the fed and their desperation to remain reserve currency. The background ban on off/on fiat ramps has been bubbling in the background in uk, aus, nz and canada for some time yet people still find ways to get around it. This is a massive buy signal.
Brody Perez
When you fling shit, it gets everywhere.
>Path to 1,000,000 >US is denied entry
Liam Kelly
the jews that run your country don't want any outside influences on finances
Elijah Mitchell
>much jews there isn't a nation state that isn't scared of crypto.
Evan Lee
Then why would they try and bottleneck Americans into using foreign currencies to buy into the crypto market? If anything Jews have probably been mapping out crypto since 2012
Carson Myers
Still awaiting for my buddy from compliance to explain all this to me, but it sounds like crypto "related" transfers will fall under mandatory reporting requirements, and get tagged with CTR to fincen.
And then there's a timeline for banks to comply with the client standards.
Levi Evans
>I work for I'm just about done with this board I think.
Adrian Adams
and all of them are controlled by jews via central banks, kike
big deal ever time you buy or sell an ounce of gold in my country you get reported to the local version of irs. mere annoyance.
Juan Barnes
>He doesn't understand jews
Nolan Watson
The more draconian it gets, the more likely it will accelerate a change of world reserve exchange currency. USD is in the lose lose position, decentralized math is not. >Don’t put the stick in the front hub of your bike
Jayden Gray
Since the Jews are going to fuck us one way or another how do I long Jews as an investment?
Jason Johnson
some of us work respectable jobs and need this place for meme relief , idk user
It seems stupid to ban cryprocurrency in this country to get back at lets say iran or cuba. How will that affect them? If anything itll cut the US out of an emerging asset class and leave us in the dust. The US should instead embrace and dominate in it to maintain its monetary power in both fiat and crypto markets.
Henry Harris
I run a business and made some large crypto purchases from my biz account (woops). The bank was up my ass asking questions and seemed to care a lot about whether I was buying and/or selling product with crypto. I am not surprised at all to see this coming. This is the case with other industries, such as Cannabis (still federally illegal), firearms, and anything deemed "high-risk". While exchanges such as Coinbase etc. can simply use a bank in a foreign country to receive payments, it will be difficult if not illegal for one to purchase crypto from their U.S. bank account. This will cut off the flow of 99% of the new money that can enter the crypto market. I have no reason to believe this would cause anything but a bear market from hell, or even the death of BTC and crypto as a whole.
Any solutions lads? Bitcoin ATMs would work (if paid in cash). You would have to buy BTC from the local crypto-head shop, kind of like smoking paraphernalia. Doesn't sound bullish at all. How easy is it to get a bank account in a foreign country? Seems risky, time consuming, and potentially illegal. I doubt normies would go through the effort.
Jaxon Butler
Just transfer digital goods for crypto or just start mining certain coins. There’s always a way to gain crypto without a bank account.
Owen Phillips
Sounds like local.bitcoin.com is about to get a lot more popular. No KYC, peer to peer cash as it was intended in the whitepaper. Thanks government for pumping my Bitcoin Cash bags.
This action doesn't ban crypto per say, it just puts up a huge firewall around the traditional banking system to prevent crypto from entering or leaving it.
They are trying to get out ahead of a potential problem before it actually materializes. They are concerned about people acting as payment intermediaries for sanctioned countries and individuals.
Kayden Wood
I'll be willing to bet local.bitcoins get's seized very quickly following this.
Justin Garcia
So then focus on those middleman that might be acting as such and leave us the fuck alone. Obviously they have the means to weed out such individuals acting in bad faith.
Joseph Green
You think the eth delta sites are fucked too?
Jose Bailey
Bitcoin ATMs are specifically listed in the new guidance, and lets just say...I wouldn't be investing in the hardware right now.
Wyatt Bailey
i see tor becoming more popular after that
Jason Bell
This , it's going to happen just before the halving which means that price will be untouched and also cash gateways will increase.
Once the boomers realize in 2020 that the ban did not affected anything(due to the halving) ,then we moon.
Based. It's incredible how much of a hard on the US Gov has for these two shit hole countries when they're largely irrelevant.
Chase Cox
it's hard to segregate stuff when it starts getting mixed around with legitimate activity, so they are just going to cut it all out.
Hunter Watson
or your bank refuse to transfer to those banks ... fiats on ramps are the Achilles hell of the crypto market
Jonathan Rivera
This is nothing to get back at these countries its merely a public reason muh terrorism muh money laundering but in reality its about stemming the overwhelming flow of wealth from the us dollar that is happening globally at an ever increasing rate. Lose control of the world reserve currency and other countries will tell you to fuck off when you attempt to sanction them as it is now not effective. The fed is fighting for their survival as the controller of the worlds money from countries, citizens of the world and even there own citizens one they will ultimately lose. There may be much pain in the meantime for the ordinary wagecuck trying to escape the money system. >`4957757 They are terrified of losing their monopoly situation as middleman skimming by you having the cheek to circumnavigate their system of control. How dare you get slapped and back in line.
Dylan Brown
idk, they've already gone after dex's but they never closed them down. right now this is just traditional finance related.
Aiden Ross
The US is just using it as an excuse because they know the East Asian countries have them dominated on accumulated boomer coins.
again, this does not ban bitcoin. It just bans crypto money from entering or leaving the traditional finance industry.
Isaiah Sanders
AHHHHH FUCK THIS!!!! FUCK IT!!! I'M JUST GOING TO BECOME HOMELESS LIKE JOE DOWN THE STREET, WHAT THE FUCK CAN THEY MAKE ME DO IF I HAVE NOTHING?!?!?! HUH?!?!?
Bisq is a p2p app running over tor , and the other sites are not in the usa. The us government can't ban other countries sites from publishing stuff and in the case of escorts it's because prostitution is illegal in the usa.
Individuals buying stuff to other individuals is not and the supreme court would support that , they can only ban it in things they regulate like banking not p2p exchanges of individuals.
Also to scare the shills
2020 ELECTION FUD [1] + LOOMING RECESSION [2] + GLOBAL SOVEREIGN DEBT BUBBLE [3] + MASSIVE DERIVATIVE BUBBLE [4] + CHINESE HOUSING BUBBLE [5] + YIELD CURVE INVERSION [6] + PIGS INSOLVENCY [7] + 8 YEARS OF SUPPRESSED INFLATION [8] + RETIRING BOOMERS CASHING OUT THEIR 401(K) [9] + UNFUNDED PENSION CRISIS [10] + ACTUAL UNEMPLOYMENT RATE > 20% [11] + HOUSEHOLD DEBT AT AN ALL TIME HIGH [12] + STOCK MARKET VOLUME DRYING UP [13] + MONEY VELOCITY AT A 60-YR LOW [14] + CORPORATE BUYBACKS BOOMERANG [15] + HELICOPTER MONEY TAKEN SERIOUSLY [16] + NEGATIVE INTEREST RATES [17] + LIQUIDITY TRAP [18]
OP when do you expect the specifics of the new regulations will be released
Wyatt Walker
I know frend , they can regulate all they want , it's not going to help them at all. It's going to make it worse by moving liquidity to cash trades where the big dirty guys will be happy since they will literally create a paralel banking system.
John Brooks
Exactly. The traditional finance industry.
Ethan Reed
>it sounds like crypto "related" transfers will fall under mandatory reporting requirements, and get tagged with CTR to fincen. This is not a big deal. I assume they already are reporting crypto related transactions.
Hunter Butler
"First they ignore you, then they laugh at you, then they fight you, then you win”
Luke Cruz
it says reporting requirements immediately (albeit i think there is generally a soft 90 day rollout). The rest is 90+ days.
Josiah Ward
Please don't tell me that you don't realize that that is a small problem to work around?
Dominic Cox
Yeah, I’m sure the literal trillions of trade done everyday in US dollars are going to switch to a currency they moves 10% a day and can process 100 transactions a minute
BTC is wothless, just like all of crypto
Gabriel Hall
>You can thank Cuba and Iran You can thank your central bank owned govt
Some banks in eastern Europe would probably very gladly be involved with millions of Americans wanting to deal in crypto.... YOU CANNOT BAN THE UNBANNABLE. It might get more unsafe, sure, but that's about it.
Kevin Sullivan
Is this the most beta quote ever?
Jaxson Thompson
Go tell a venezuelan that needs bitcoin to get their income that "bitcoin is worthless".
Zachary Ward
>be part of the (((banking elite))) >still have to work in a shithole like Richmond
That sucks.
Andrew King
If OP is not a larping faggot then the golden bull is about to commence in earnest.
Tyler Green
Jesus fucking christ, how can the US see this as a good thing? We are literally giving away innovation and market share to other nations. Maybe the chinese are fudding crypto as a front to america and will sweep in getting first mover's advantage then its checkmate. The boomers at the fed are too focused on their dying fiat to see ahead.
Cooper Murphy
to each their own, i like it here user. cheap living, close to anywhere worth going
Joseph Turner
So everything except Ripple is affected?
Mason Morales
Fear can be blinding to those with no ability to comprehend what things would be like without their control.
Ian Reed
hah no, everyone here knows the only thing that keeps the ruskies trying to be friends again with us is murrica.
David Williams
The us is doing much of the work ensuring the world drops the dollar as the international currency. Banning crypto not only does nothing to prevent this but also fucks over its citizens by ensuring they have no way to hedge against the inevitable collapse of the usd. This benefits no one in the end.
Justin Clark
Agreed, work a bank...we already do this. This reporting requirement is a big nothing burger from ya, OP....
Camden Lewis
I want to say something else here: I lived in the US for then 10 years during my 20s. After that I went back to Europe. As much as I learned to love Americans, they really do have the view that what happens in their country is sort of the rule for everyone. It is not, friends.
Jaxson Allen
idk user, they view it as a threat to their ability to control finance. i don't know what else to say?
Gavin Cook
At a*
Thomas James
the reporting requirements are the first phase, the second phase is the client standards.
Carson Cook
can't decide if I should finally pull my shit off of coinbase for a long hold or leave it there in case I need to panic sell in the next few days
Kayden Parker
About time, hope you gentiles that held get fucked all the way to the bottom!
Too much big money from Financial Institutions in the game. TD just launched a program yesterday. They're not banning money going into it. Clamping down on reporting standards and identifying suspicious activity better? That I can see. Again... nothing burger/overreaction/attention whoring at best.
Thomas Cruz
A Platform yesterday*
Jordan Collins
The banks aren't letting crypto take over without a war. Crypto is more important than people know, the banks have enslaved the people for hundreds of years and we're so close to breaking the chains now they are starting to get scared.
Levi Reed
the jews are one of the most crypto supportive countries tho
You're probably a larper too but the kvetching will be deafening as soon as the tribe realizes what is really happening now. The Ponzi has run it's course. Let's all just hope that the revolution won't be too violent.
Josiah Sullivan
bullish for XMR if true
Brody Morgan
I disagree. BTC will sooner or later get rent anyway. And that is where most money from traditional old school finance is in. Nowhere but BTC, if that
>yHnYHrkN Go back to one of the 27 chainlink circle jerk threads. Adults are talking here.
Hudson Nelson
this. if crypto is banned like this or regulated to the point of fuckery. i will fucking buy citizenship in malta and never return to the US. fuck the fiat kikes and FED criminals
Andrew Gray
*rekt
Sebastian Ortiz
Then how could we pay taxes on our crypto trades? The US better let us pay our taxes in bitcoin
