Bitcoin and Crypto

[Cairnstigers]

2. High Risk of Loss

Timothy B. Lee, adjunct scholar at the Cato Institute and regular contributor to Forbes.com, identifies four reasons to be cautious about bitcoins:

Lack of Security. There is no safety net or perfect way to protect your bitcoins from human error (passwords), technical glitches (hard drive failures, malware), or fiduciary fraud. According to an article in the UK edition of Wired, 18 of 40 web-based businesses offering to exchange bitcoins into other fiat currencies have gone out of business, with only six exchanges reimbursing their customers. The authors of the study estimate that the median lifespan of any bitcoin exchange is 381 days, with a 29.9% chance that a new exchange will close within a year of opening

That's just one reason
To much risk for me
At least my bank will still give me my money if they get robbed
For me it is just to risky to pile money into bitcoin. I mean where do you go or who do you go see to get your Bitcoin if you get ripped off.
The risk is to high for the gain

 

[Blacknwhite]

Im not schilling Bitcoin here, though I am amused at the points of reference used to discount crypto currency.

Would you trust superannuation for example? Market crashes, or the next Christopher Skase... tell me how secure your Super is? For any retort, I give you the American subprime crisis as an example. It would only take a minimal recession in Australia, putting pressures on households mortgaged to the hilt due to our high housing prices in major cities, to put us into a similar predicament. A loan that is servicable one day and unservicable the next , popping the bubble, will send everyones superannuation into a tailspin. Yet all Australians blindly trust super. Our economy has weathered global downturns remarkably well until now, but it wont always...

Printing all the money in our economy was mentioned... not possible. In theory it could happen, though to work we would have to mint and then destroy currency as every dollar either comes in to our economy or leaves.

We havent even scratched the surface on fiat currency, nor should we, being based on the petrodollar, and how precarious that predicament is. Understanding that your Australian dollar value across the world hinges on the American economy and the reliance on oil, and that countries in charge of 40% the worlds population have created a coallition called BRICS, with the intention on providing an alternative to both the International Monetary Fund and the Petrodollar with a standard based on physical gold, throws a spanner in the works.

And as for crypto being ripped off... they have hardware wallets in which you can store your crypto offline, making it virtually impossible to steal, electronically at least.

 

[mike]

Im not schilling Bitcoin here, though I am amused at the points of reference used to discount crypto currency.

Would you trust superannuation for example? Market crashes, or the next Christopher Skase... tell me how secure your Super is? For any retort, I give you the American subprime crisis as an example. It would only take a minimal recession in Australia, putting pressures on households mortgaged to the hilt due to our high housing prices in major cities, to put us into a similar predicament. A loan that is servicable one day and unservicable the next , popping the bubble, will send everyones superannuation into a tailspin. Yet all Australians blindly trust super. Our economy has weathered global downturns remarkably well until now, but it wont always...

Printing all the money in our economy was mentioned... not possible. In theory it could happen, though to work we would have to mint and then destroy currency as every dollar either comes in to our economy or leaves.

We havent even scratched the surface on fiat currency, nor should we, being based on the petrodollar, and how precarious that predicament is. Understanding that your Australian dollar value across the world hinges on the American economy and the reliance on oil, and that countries in charge of 40% the worlds population have created a coallition called BRICS, with the intention on providing an alternative to both the International Monetary Fund and the Petrodollar with a standard based on physical gold, throws a spanner in the works.

And as for crypto being ripped off... they have hardware wallets in which you can store your crypto offline, making it virtually impossible to steal, electronically at least.

Agree with most of what you have said but please don’t lump me in with trusting super crowd because I certainly don’t, it’s a huge gamble. Also if you are young, apart from the issues with reliance on oil, I can almost guarantee the rules surrounding super will change at least 4 times before you retire and the changes won’t be in your favour.

 

[Cairnstigers]

Im not schilling Bitcoin here, though I am amused at the points of reference used to discount crypto currency.

Would you trust superannuation for example? Market crashes, or the next Christopher Skase... tell me how secure your Super is? For any retort, I give you the American subprime crisis as an example. It would only take a minimal recession in Australia, putting pressures on households mortgaged to the hilt due to our high housing prices in major cities, to put us into a similar predicament. A loan that is servicable one day and unservicable the next , popping the bubble, will send everyones superannuation into a tailspin. Yet all Australians blindly trust super. Our economy has weathered global downturns remarkably well until now, but it wont always...

Printing all the money in our economy was mentioned... not possible. In theory it could happen, though to work we would have to mint and then destroy currency as every dollar either comes in to our economy or leaves.

We havent even scratched the surface on fiat currency, nor should we, being based on the petrodollar, and how precarious that predicament is. Understanding that your Australian dollar value across the world hinges on the American economy and the reliance on oil, and that countries in charge of 40% the worlds population have created a coallition called BRICS, with the intention on providing an alternative to both the International Monetary Fund and the Petrodollar with a standard based on physical gold, throws a spanner in the works.

And as for crypto being ripped off... they have hardware wallets in which you can store your crypto offline, making it virtually impossible to steal, electronically at least.

No don't agree with superannuation as it is at the moment either.
People should be allowed to have a 100% offset account set up against your mortgage so you don't pay interest on that amount either. It could also be used as a deposit on a home. Can also reduce mortgage insurance. But most importantly the dollar value won't de value when the stock market crashes.
There also shouldn't be any commission payments or auditor payments for self managed funds.
From my understanding you can't buy a house in super and live in it yourself.
My ? Is why
Who does this hurt.

 

[Hangonaminute]

Im not schilling Bitcoin here, though I am amused at the points of reference used to discount crypto currency.

Would you trust superannuation for example? Market crashes, or the next Christopher Skase... tell me how secure your Super is? For any retort, I give you the American subprime crisis as an example. It would only take a minimal recession in Australia, putting pressures on households mortgaged to the hilt due to our high housing prices in major cities, to put us into a similar predicament. A loan that is servicable one day and unservicable the next , popping the bubble, will send everyones superannuation into a tailspin. Yet all Australians blindly trust super. Our economy has weathered global downturns remarkably well until now, but it wont always...

Printing all the money in our economy was mentioned... not possible. In theory it could happen, though to work we would have to mint and then destroy currency as every dollar either comes in to our economy or leaves.

We havent even scratched the surface on fiat currency, nor should we, being based on the petrodollar, and how precarious that predicament is. Understanding that your Australian dollar value across the world hinges on the American economy and the reliance on oil, and that countries in charge of 40% the worlds population have created a coallition called BRICS, with the intention on providing an alternative to both the International Monetary Fund and the Petrodollar with a standard based on physical gold, throws a spanner in the works.

And as for crypto being ripped off... they have hardware wallets in which you can store your crypto offline, making it virtually impossible to steal, electronically at least.

I can understand people not trusting crypto, I was involved in the space when the biggest exchange got hacked, it should have destroyed crypto but it didn't, in fact it got stronger.

The people who think crypto is too risky today obviously haven't been involved with it for that long or at all, the people who are against Crypto or just think it's a risk will be scrambling to get their hands on some within the next 2-3 yrs.
And in 10 years it will be a part of everything they use online whether they realise it or not.

Every business sector is implementing it, from banking to finance to the automotive industry to supply chain to medical and health industry to insurance industry to manufacturing to cyber security to advertising to real estate to government to renewable energies and the list goes on and on and on.

 

[Hangonaminute]

Bitcoin

Decentralized
Non sovereign
Fixed supply
Deflationary
Censorship resistant
Trustless
Secure
Borderless
Low fees
No intermediary required
Unconfiscatable
Provides payment freedom

Bitcoin is the first successful implementation of global peer-to-peer cash that lets everyone store and exchange value with others, no matter who or where they are.

2 Billion people globally are 'unbanked' !!!!
Yet of theses 2 Billion, 1.1 Billion own a mobile phone.
And even for those that are banked many people aren't able to send money beyond their border.

You can make payments with Bitcoin 24/7 all over the world, even where there’s no banking system, all you need is a phone.

Bitcoin is the most portable asset ever-created and can even be transferred through satellites and radio waves.

Ask yourself if the current fiat currency system can do any of this, let's look at only a few.

Is it decentralised?
No, it's fully centralised, controlled, manipulated.

Is the supply limitless?
Yes, the fed can print a limitless amount of money whenever it wants, where as with Bitcoin we know the total supply amount, we know when it will roughly be reached and we know at what rate it will enter the supply.

Is it Deflationary?
No, it's Inflationary, and it's value is reduced with every new dollar put into the supply, this is why we have recessions and depressions and ultimately WARS.
The current system is fundamentally flawed, these problems are built in.

Does it have payment freedom?
No, you can't send your fiat currency to whoever you want.

I have personally experienced this, only last week my wife tried to send money from her ANZ account to an exchange, her bank blocked the transaction and froze her account.
She called them to ask why and they told her that the account she was trying to send money to was deemed "high risk" by them.
That's fine ANZ if it was YOUR money, but why are you deciding for me what is "high risk"?


So this begs the questions.

If I can't send MY money to whoever I want, is it MY money?

If it was MY money, I should be able to send it to whoever I want, right?

If I can't send it to whoever I want, who's money is it?

Why would anyone in their right mind keep their money somewhere where "someone else" decides who you can and cannot send it too?

Bitcoin gives you that freedom and takes that control back.
It bankes the unbanked and it can also unbank the banked

Something to think about.

 

[TheDaBoss]

Love the concept

i will pass tho not for me

 

[Guest]

Bitcoin

Decentralized
Non sovereign
Fixed supply
Deflationary
Censorship resistant
Trustless
Secure
Borderless
Low fees
No intermediary required
Unconfiscatable
Provides payment freedom

Bitcoin is the first successful implementation of global peer-to-peer cash that lets everyone store and exchange value with others, no matter who or where they are.

2 Billion people globally are 'unbanked' !!!!
Yet of theses 2 Billion, 1.1 Billion own a mobile phone.
And even for those that are banked many people aren't able to send money beyond their border.

You can make payments with Bitcoin 24/7 all over the world, even where there’s no banking system, all you need is a phone.

Bitcoin is the most portable asset ever-created and can even be transferred through satellites and radio waves.

Ask yourself if the current fiat currency system can do any of this, let's look at only a few.

Is it decentralised?
No, it's fully centralised, controlled, manipulated.

Is the supply limitless?
Yes, the fed can print a limitless amount of money whenever it wants, where as with Bitcoin we know the total supply amount, we know when it will roughly be reached and we know at what rate it will enter the supply.

Is it Deflationary?
No, it's Inflationary, and it's value is reduced with every new dollar put into the supply, this is why we have recessions and depressions and ultimately WARS.
The current system is fundamentally flawed, these problems are built in.

Does it have payment freedom?
No, you can't send your fiat currency to whoever you want.

I have personally experienced this, only last week my wife tried to send money from her ANZ account to an exchange, her bank blocked the transaction and froze her account.
She called them to ask why and they told her that the account she was trying to send money to was deemed "high risk" by them.
That's fine ANZ if it was YOUR money, but why are you deciding for me what is "high risk"?


So this begs the questions.

If I can't send MY money to whoever I want, is it MY money?

If it was MY money, I should be able to send it to whoever I want, right?

If I can't send it to whoever I want, who's money is it?

Why would anyone in their right mind keep their money somewhere where "someone else" decides who you can and cannot send it too?

Bitcoin gives you that freedom and takes that control back.
It bankes the unbanked and it can also unbank the banked

Something to think about.

You are correct on all points except the unconfiscatable part.

 

[JD Tiger]

Bitcoin

Decentralized
Non sovereign
Fixed supply
Deflationary
Censorship resistant
Trustless
Secure
Borderless
Low fees
No intermediary required
Unconfiscatable
Provides payment freedom

Bitcoin is the first successful implementation of global peer-to-peer cash that lets everyone store and exchange value with others, no matter who or where they are.

2 Billion people globally are 'unbanked' !!!!
Yet of theses 2 Billion, 1.1 Billion own a mobile phone.
And even for those that are banked many people aren't able to send money beyond their border.

You can make payments with Bitcoin 24/7 all over the world, even where there’s no banking system, all you need is a phone.

Bitcoin is the most portable asset ever-created and can even be transferred through satellites and radio waves.

Ask yourself if the current fiat currency system can do any of this, let's look at only a few.

Is it decentralised?
No, it's fully centralised, controlled, manipulated.

Is the supply limitless?
Yes, the fed can print a limitless amount of money whenever it wants, where as with Bitcoin we know the total supply amount, we know when it will roughly be reached and we know at what rate it will enter the supply.

Is it Deflationary?
No, it's Inflationary, and it's value is reduced with every new dollar put into the supply, this is why we have recessions and depressions and ultimately WARS.
The current system is fundamentally flawed, these problems are built in.

Does it have payment freedom?
No, you can't send your fiat currency to whoever you want.

I have personally experienced this, only last week my wife tried to send money from her ANZ account to an exchange, her bank blocked the transaction and froze her account.
She called them to ask why and they told her that the account she was trying to send money to was deemed "high risk" by them.
That's fine ANZ if it was YOUR money, but why are you deciding for me what is "high risk"?


So this begs the questions.

If I can't send MY money to whoever I want, is it MY money?

If it was MY money, I should be able to send it to whoever I want, right?

If I can't send it to whoever I want, who's money is it?

Why would anyone in their right mind keep their money somewhere where "someone else" decides who you can and cannot send it too?

Bitcoin gives you that freedom and takes that control back.
It bankes the unbanked and it can also unbank the banked

Something to think about.

I've had the experience where the bank stop my payments before and froze my account. I was trying to pay for baby formula in bulk like I do every month (I have twins). I called them up, they said it was a dodgy account I was trying to pay money to, I explained what the purchase was and they were happy with that then unfreezing the account and allowing the transaction.

I've also had the bank call me up and say they froze my account because some person in a country I'd never been to had tried to make purchases with my account. Thank you I said, this person was trying to spend thousands of dollars which I didn't have which would really have been a nightmare to deal with.

In my experiences I'm grateful that they have those precautions in place, but I'm not a trader, or a business person in that regard. I understand that if I was a trader then perhaps I would like them to take less precautions on my behalf.

 

[trentrunciman]

Stalkbook (FB) were trying to do something in this area

 

[Hangonaminute]

Bitcoin

Decentralized
Non sovereign
Fixed supply
Deflationary
Censorship resistant
Trustless
Secure
Borderless
Low fees
No intermediary required
Unconfiscatable
Provides payment freedom

Bitcoin is the first successful implementation of global peer-to-peer cash that lets everyone store and exchange value with others, no matter who or where they are.

2 Billion people globally are 'unbanked' !!!!
Yet of theses 2 Billion, 1.1 Billion own a mobile phone.
And even for those that are banked many people aren't able to send money beyond their border.

You can make payments with Bitcoin 24/7 all over the world, even where there’s no banking system, all you need is a phone.

Bitcoin is the most portable asset ever-created and can even be transferred through satellites and radio waves.

Ask yourself if the current fiat currency system can do any of this, let's look at only a few.

Is it decentralised?
No, it's fully centralised, controlled, manipulated.

Is the supply limitless?
Yes, the fed can print a limitless amount of money whenever it wants, where as with Bitcoin we know the total supply amount, we know when it will roughly be reached and we know at what rate it will enter the supply.

Is it Deflationary?
No, it's Inflationary, and it's value is reduced with every new dollar put into the supply, this is why we have recessions and depressions and ultimately WARS.
The current system is fundamentally flawed, these problems are built in.

Does it have payment freedom?
No, you can't send your fiat currency to whoever you want.

I have personally experienced this, only last week my wife tried to send money from her ANZ account to an exchange, her bank blocked the transaction and froze her account.
She called them to ask why and they told her that the account she was trying to send money to was deemed "high risk" by them.
That's fine ANZ if it was YOUR money, but why are you deciding for me what is "high risk"?


So this begs the questions.

If I can't send MY money to whoever I want, is it MY money?

If it was MY money, I should be able to send it to whoever I want, right?

If I can't send it to whoever I want, who's money is it?

Why would anyone in their right mind keep their money somewhere where "someone else" decides who you can and cannot send it too?

Bitcoin gives you that freedom and takes that control back.
It bankes the unbanked and it can also unbank the banked

Something to think about.

You are correct on all points except the unconfiscatable part.

Elaborate

 

[Guest]

Bitcoin

Decentralized
Non sovereign
Fixed supply
Deflationary
Censorship resistant
Trustless
Secure
Borderless
Low fees
No intermediary required
Unconfiscatable
Provides payment freedom

Bitcoin is the first successful implementation of global peer-to-peer cash that lets everyone store and exchange value with others, no matter who or where they are.

2 Billion people globally are 'unbanked' !!!!
Yet of theses 2 Billion, 1.1 Billion own a mobile phone.
And even for those that are banked many people aren't able to send money beyond their border.

You can make payments with Bitcoin 24/7 all over the world, even where there’s no banking system, all you need is a phone.

Bitcoin is the most portable asset ever-created and can even be transferred through satellites and radio waves.

Ask yourself if the current fiat currency system can do any of this, let's look at only a few.

Is it decentralised?
No, it's fully centralised, controlled, manipulated.

Is the supply limitless?
Yes, the fed can print a limitless amount of money whenever it wants, where as with Bitcoin we know the total supply amount, we know when it will roughly be reached and we know at what rate it will enter the supply.

Is it Deflationary?
No, it's Inflationary, and it's value is reduced with every new dollar put into the supply, this is why we have recessions and depressions and ultimately WARS.
The current system is fundamentally flawed, these problems are built in.

Does it have payment freedom?
No, you can't send your fiat currency to whoever you want.

I have personally experienced this, only last week my wife tried to send money from her ANZ account to an exchange, her bank blocked the transaction and froze her account.
She called them to ask why and they told her that the account she was trying to send money to was deemed "high risk" by them.
That's fine ANZ if it was YOUR money, but why are you deciding for me what is "high risk"?


So this begs the questions.

If I can't send MY money to whoever I want, is it MY money?

If it was MY money, I should be able to send it to whoever I want, right?

If I can't send it to whoever I want, who's money is it?

Why would anyone in their right mind keep their money somewhere where "someone else" decides who you can and cannot send it too?

Bitcoin gives you that freedom and takes that control back.
It bankes the unbanked and it can also unbank the banked

Something to think about.

You are correct on all points except the unconfiscatable part.

Elaborate

Not in this forum.

 

[Hangonaminute]

Bitcoin

Decentralized
Non sovereign
Fixed supply
Deflationary
Censorship resistant
Trustless
Secure
Borderless
Low fees
No intermediary required
Unconfiscatable
Provides payment freedom

Bitcoin is the first successful implementation of global peer-to-peer cash that lets everyone store and exchange value with others, no matter who or where they are.

2 Billion people globally are 'unbanked' !!!!
Yet of theses 2 Billion, 1.1 Billion own a mobile phone.
And even for those that are banked many people aren't able to send money beyond their border.

You can make payments with Bitcoin 24/7 all over the world, even where there’s no banking system, all you need is a phone.

Bitcoin is the most portable asset ever-created and can even be transferred through satellites and radio waves.

Ask yourself if the current fiat currency system can do any of this, let's look at only a few.

Is it decentralised?
No, it's fully centralised, controlled, manipulated.

Is the supply limitless?
Yes, the fed can print a limitless amount of money whenever it wants, where as with Bitcoin we know the total supply amount, we know when it will roughly be reached and we know at what rate it will enter the supply.

Is it Deflationary?
No, it's Inflationary, and it's value is reduced with every new dollar put into the supply, this is why we have recessions and depressions and ultimately WARS.
The current system is fundamentally flawed, these problems are built in.

Does it have payment freedom?
No, you can't send your fiat currency to whoever you want.

I have personally experienced this, only last week my wife tried to send money from her ANZ account to an exchange, her bank blocked the transaction and froze her account.
She called them to ask why and they told her that the account she was trying to send money to was deemed "high risk" by them.
That's fine ANZ if it was YOUR money, but why are you deciding for me what is "high risk"?


So this begs the questions.

If I can't send MY money to whoever I want, is it MY money?

If it was MY money, I should be able to send it to whoever I want, right?

If I can't send it to whoever I want, who's money is it?

Why would anyone in their right mind keep their money somewhere where "someone else" decides who you can and cannot send it too?

Bitcoin gives you that freedom and takes that control back.
It bankes the unbanked and it can also unbank the banked

Something to think about.

I've had the experience where the bank stop my payments before and froze my account. I was trying to pay for baby formula in bulk like I do every month (I have twins). I called them up, they said it was a dodgy account I was trying to pay money to, I explained what the purchase was and they were happy with that then unfreezing the account and allowing the transaction.

I've also had the bank call me up and say they froze my account because some person in a country I'd never been to had tried to make purchases with my account. Thank you I said, this person was trying to spend thousands of dollars which I didn't have which would really have been a nightmare to deal with.

In my experiences I'm grateful that they have those precautions in place, but I'm not a trader, or a business person in that regard. I understand that if I was a trader then perhaps I would like them to take less precautions on my behalf.

I understand banks freezing accounts if there's suspicious activity on the account, but we have security measures in place for this which were used, my wife even told the ANZ that it was her who was attempting to transfer the money.

There is something wrong when you can't send your own money to whoever you want to.

So for me it's bye bye banks, Ive found something better.

 

[Hangonaminute]

Bitcoin

Decentralized
Non sovereign
Fixed supply
Deflationary
Censorship resistant
Trustless
Secure
Borderless
Low fees
No intermediary required
Unconfiscatable
Provides payment freedom

Bitcoin is the first successful implementation of global peer-to-peer cash that lets everyone store and exchange value with others, no matter who or where they are.

2 Billion people globally are 'unbanked' !!!!
Yet of theses 2 Billion, 1.1 Billion own a mobile phone.
And even for those that are banked many people aren't able to send money beyond their border.

You can make payments with Bitcoin 24/7 all over the world, even where there’s no banking system, all you need is a phone.

Bitcoin is the most portable asset ever-created and can even be transferred through satellites and radio waves.

Ask yourself if the current fiat currency system can do any of this, let's look at only a few.

Is it decentralised?
No, it's fully centralised, controlled, manipulated.

Is the supply limitless?
Yes, the fed can print a limitless amount of money whenever it wants, where as with Bitcoin we know the total supply amount, we know when it will roughly be reached and we know at what rate it will enter the supply.

Is it Deflationary?
No, it's Inflationary, and it's value is reduced with every new dollar put into the supply, this is why we have recessions and depressions and ultimately WARS.
The current system is fundamentally flawed, these problems are built in.

Does it have payment freedom?
No, you can't send your fiat currency to whoever you want.

I have personally experienced this, only last week my wife tried to send money from her ANZ account to an exchange, her bank blocked the transaction and froze her account.
She called them to ask why and they told her that the account she was trying to send money to was deemed "high risk" by them.
That's fine ANZ if it was YOUR money, but why are you deciding for me what is "high risk"?


So this begs the questions.

If I can't send MY money to whoever I want, is it MY money?

If it was MY money, I should be able to send it to whoever I want, right?

If I can't send it to whoever I want, who's money is it?

Why would anyone in their right mind keep their money somewhere where "someone else" decides who you can and cannot send it too?

Bitcoin gives you that freedom and takes that control back.
It bankes the unbanked and it can also unbank the banked

Something to think about.

You are correct on all points except the unconfiscatable part.

Elaborate

Not in this forum.

I'm really not aware of how it would be possible for someone to confiscate my Bitcoin, in fact I know it can't happen.
Unless someone physically threatens me, but that can happen with anything.

 

[Guest]

Bitcoin

Decentralized
Non sovereign
Fixed supply
Deflationary
Censorship resistant
Trustless
Secure
Borderless
Low fees
No intermediary required
Unconfiscatable
Provides payment freedom

Bitcoin is the first successful implementation of global peer-to-peer cash that lets everyone store and exchange value with others, no matter who or where they are.

2 Billion people globally are 'unbanked' !!!!
Yet of theses 2 Billion, 1.1 Billion own a mobile phone.
And even for those that are banked many people aren't able to send money beyond their border.

You can make payments with Bitcoin 24/7 all over the world, even where there’s no banking system, all you need is a phone.

Bitcoin is the most portable asset ever-created and can even be transferred through satellites and radio waves.

Ask yourself if the current fiat currency system can do any of this, let's look at only a few.

Is it decentralised?
No, it's fully centralised, controlled, manipulated.

Is the supply limitless?
Yes, the fed can print a limitless amount of money whenever it wants, where as with Bitcoin we know the total supply amount, we know when it will roughly be reached and we know at what rate it will enter the supply.

Is it Deflationary?
No, it's Inflationary, and it's value is reduced with every new dollar put into the supply, this is why we have recessions and depressions and ultimately WARS.
The current system is fundamentally flawed, these problems are built in.

Does it have payment freedom?
No, you can't send your fiat currency to whoever you want.

I have personally experienced this, only last week my wife tried to send money from her ANZ account to an exchange, her bank blocked the transaction and froze her account.
She called them to ask why and they told her that the account she was trying to send money to was deemed "high risk" by them.
That's fine ANZ if it was YOUR money, but why are you deciding for me what is "high risk"?


So this begs the questions.

If I can't send MY money to whoever I want, is it MY money?

If it was MY money, I should be able to send it to whoever I want, right?

If I can't send it to whoever I want, who's money is it?

Why would anyone in their right mind keep their money somewhere where "someone else" decides who you can and cannot send it too?

Bitcoin gives you that freedom and takes that control back.
It bankes the unbanked and it can also unbank the banked

Something to think about.

You are correct on all points except the unconfiscatable part.

Elaborate

Not in this forum.

I'm really not aware of how it would be possible for someone to confiscate my Bitcoin, in fact I know it can't happen.
Unless someone physically threatens me, but that can happen with anything.

It can happen and does happen but by all means, believe what you want to believe.

 

[JD Tiger]

Bitcoin

Decentralized
Non sovereign
Fixed supply
Deflationary
Censorship resistant
Trustless
Secure
Borderless
Low fees
No intermediary required
Unconfiscatable
Provides payment freedom

Bitcoin is the first successful implementation of global peer-to-peer cash that lets everyone store and exchange value with others, no matter who or where they are.

2 Billion people globally are 'unbanked' !!!!
Yet of theses 2 Billion, 1.1 Billion own a mobile phone.
And even for those that are banked many people aren't able to send money beyond their border.

You can make payments with Bitcoin 24/7 all over the world, even where there’s no banking system, all you need is a phone.

Bitcoin is the most portable asset ever-created and can even be transferred through satellites and radio waves.

Ask yourself if the current fiat currency system can do any of this, let's look at only a few.

Is it decentralised?
No, it's fully centralised, controlled, manipulated.

Is the supply limitless?
Yes, the fed can print a limitless amount of money whenever it wants, where as with Bitcoin we know the total supply amount, we know when it will roughly be reached and we know at what rate it will enter the supply.

Is it Deflationary?
No, it's Inflationary, and it's value is reduced with every new dollar put into the supply, this is why we have recessions and depressions and ultimately WARS.
The current system is fundamentally flawed, these problems are built in.

Does it have payment freedom?
No, you can't send your fiat currency to whoever you want.

I have personally experienced this, only last week my wife tried to send money from her ANZ account to an exchange, her bank blocked the transaction and froze her account.
She called them to ask why and they told her that the account she was trying to send money to was deemed "high risk" by them.
That's fine ANZ if it was YOUR money, but why are you deciding for me what is "high risk"?


So this begs the questions.

If I can't send MY money to whoever I want, is it MY money?

If it was MY money, I should be able to send it to whoever I want, right?

If I can't send it to whoever I want, who's money is it?

Why would anyone in their right mind keep their money somewhere where "someone else" decides who you can and cannot send it too?

Bitcoin gives you that freedom and takes that control back.
It bankes the unbanked and it can also unbank the banked

Something to think about.

I've had the experience where the bank stop my payments before and froze my account. I was trying to pay for baby formula in bulk like I do every month (I have twins). I called them up, they said it was a dodgy account I was trying to pay money to, I explained what the purchase was and they were happy with that then unfreezing the account and allowing the transaction.

I've also had the bank call me up and say they froze my account because some person in a country I'd never been to had tried to make purchases with my account. Thank you I said, this person was trying to spend thousands of dollars which I didn't have which would really have been a nightmare to deal with.

In my experiences I'm grateful that they have those precautions in place, but I'm not a trader, or a business person in that regard. I understand that if I was a trader then perhaps I would like them to take less precautions on my behalf.

I understand banks freezing accounts if there's suspicious activity on the account, buy we have security measures in place for this which were used, my wife even told the ANZ that it was her who was attempting to transfer the money.

There is something wrong when you can't send your own money to whoever you want to.

So for me it's bye bye banks, Ive found something better.

Fair enough, I'd be pretty annoyed too if even after explaining to them what I wanted to do they wouldn't let me.
Banks are definitely only there to make a profit for themselves.

 

[Hangonaminute]

Bitcoin

Decentralized
Non sovereign
Fixed supply
Deflationary
Censorship resistant
Trustless
Secure
Borderless
Low fees
No intermediary required
Unconfiscatable
Provides payment freedom

Bitcoin is the first successful implementation of global peer-to-peer cash that lets everyone store and exchange value with others, no matter who or where they are.

2 Billion people globally are 'unbanked' !!!!
Yet of theses 2 Billion, 1.1 Billion own a mobile phone.
And even for those that are banked many people aren't able to send money beyond their border.

You can make payments with Bitcoin 24/7 all over the world, even where there’s no banking system, all you need is a phone.

Bitcoin is the most portable asset ever-created and can even be transferred through satellites and radio waves.

Ask yourself if the current fiat currency system can do any of this, let's look at only a few.

Is it decentralised?
No, it's fully centralised, controlled, manipulated.

Is the supply limitless?
Yes, the fed can print a limitless amount of money whenever it wants, where as with Bitcoin we know the total supply amount, we know when it will roughly be reached and we know at what rate it will enter the supply.

Is it Deflationary?
No, it's Inflationary, and it's value is reduced with every new dollar put into the supply, this is why we have recessions and depressions and ultimately WARS.
The current system is fundamentally flawed, these problems are built in.

Does it have payment freedom?
No, you can't send your fiat currency to whoever you want.

I have personally experienced this, only last week my wife tried to send money from her ANZ account to an exchange, her bank blocked the transaction and froze her account.
She called them to ask why and they told her that the account she was trying to send money to was deemed "high risk" by them.
That's fine ANZ if it was YOUR money, but why are you deciding for me what is "high risk"?


So this begs the questions.

If I can't send MY money to whoever I want, is it MY money?

If it was MY money, I should be able to send it to whoever I want, right?

If I can't send it to whoever I want, who's money is it?

Why would anyone in their right mind keep their money somewhere where "someone else" decides who you can and cannot send it too?

Bitcoin gives you that freedom and takes that control back.
It bankes the unbanked and it can also unbank the banked

Something to think about.

You are correct on all points except the unconfiscatable part.

Elaborate

Not in this forum.

I'm really not aware of how it would be possible for someone to confiscate my Bitcoin, in fact I know it can't happen.
Unless someone physically threatens me, but that can happen with anything.

It can happen and does happen but by all means, believe what you want to believe.

Unless someone gets their hands on my private keys how else could they confiscate it?

 

[jadtiger]

Those damn overlords attacked many super computers overnight in Europe trying to mine crypto currency shutting them down(BBC source).Have these overlords no shame

 

[trentrunciman]

Found it:

https://youtu.be/T9osDBmXifY

Suckerberg and Facebook schemin

 

[Hangonaminute]

Jk Rowling and Elon Musk have been tweeting about Bitcoin.
Author of Rich Dad poor Dad has too (I'm not a fan of his at all)

These 3 combined have a squillion followers, very bullish for Bitcoin and Crypto.