Cryptocurrency user Jordan Spencer recently received a letter from his bank warning him that his account would be closed if he continued to buy and sell cryptocurrency through the popular website and app Coinbase.
The bank, Lakestone Bank and Trust also ominously threatened to keep an eye on his account to make sure that he obeyed. Spencer posted the letter in a Facebook group for Ethereum traders to warn others about possible penalties or sanctions from banks. We will continue to monitor your account and if we see that these types of transactions continue we will be forced to take other action, up to and including closing the account. It was reported this week that daily cryptocurrency markets are now doing the same volume as the New York Stock Exchange.
John Vibes is an author and researcher who organizes a number of large events including the Free Your Mind Conference. He also has a publishing company where he offers a censorship free platform for both fiction and non-fiction writers. John is currently battling cancerand will be working to help others through his experience, if you wish to contribute to his treatments consider subscribing to his podcast to support at https: The biggest point of friction right now in the space is exchanging fiat into crypto and vice versa.
It's a big problem. It may be difficult to see past the initial outrage, at this response, of the bank's acknowledgement of it's surveillance practices, to grasp that such surveillance is being undertaken. The fact that the threat baldly admits such, possibly illegal, insider trading surveillance techniques, shows just how fragile the extant financial system is. Believe it or not, this is a great victory against the fractional reserve banking system. They are crumbling, and this letter is proof.
It is further proof that we need them gone - free people cannot prosper subject to predatory systems that control all financial transactions. We are eliminating that ubiquitous control, and this letter is an admission of not only their predatory surveillance and insider trading, but that they are losing the ability to prey on us, despite centuries, even millenia, spent honing that craft and constructing mechanisms designed to funnel every satoshi of profit into their wallets, from our work.
I'd recommend a class-action lawsuit against the bank by customers whose transactions are apparently being mined for business information that is demonstrably being used by the bank to inform it's business endeavors; classic insider trading. It's time to twist the knife that is clearly already penetrating the corrupt, black heart of these predators.
It is a mercy to end their suffering as swiftly as possible. This letter is an admission of the threat they face. It is against the policies of the bank because they realize that the purchase and utilization of crypto is a threat to the bank. The banksters are a lot of things, completely stupid is not one of them.
They see the foundation of their money making-empire and humanity controlling fiat based mechanism collapsing. What really gets them is there is nothing they can do about it. They are completely powerless against the blockchain or the app called crypto. Do yourself a favor and get your money out of these shady banks. Their lose lol they need money to make money. How many DUI's kill people compared to crypto? If banks want to start telling us what to do with our own money they could at least do things like cut off transactions at bars or liquor stores and pretend they care about health and well being a tad.
One day perhaps its coming, at least until self driving cars. Trying to buy crypto with my bank I had no problems, I then tried cards 3 of them with credit to see and most of them were flagged for fraud activity as they did for like Alibaba china website transactions. All I needed to do was call or go to that site to confirm the transactions are legit and approved, and it worked again.
Not sure if this particular bank is a small one like a credit union but my banks are military kind of banks and it didn't cause any normal problems yetthat wasn't in my own best safety. I appreciate the fraud alerts, and would never complain unless it was unfixable. To cut off someone's banking over this is either a sign of a threat, or miseducation of it being a scam, however this never stops banks of giving money to telemarketers for let's say microsoft scams or other parties like too many transactions from xbox if kid got your card.
Shady business practices indeed, where it is either too much monitoring or not enough, sad. I'm happy with my banks however, he should just switch and let this bank rejecting him go out of business.
I would be at the bank first thing in the morning to close out my account and make sure the manager knew why. I've had enough of bankers telling me what to do with my money. How dare they threaten to close his account! He should take all of his assets out and close it for them! Why does the bank have any rights to dictate who we do business with? It's pretty much like BP saying, "Hey we'll stop selling petrol to you because you drive a Toyota Corolla.
Unless you stop driving your Toyota Corolla and drive a gas guzzling Mustang, we'll terminate any relationship with you as a customer. Thank you for your letter dated December 14, informing me of your bank's policies with respect to cryptocurrency transactions. I see from your salutation that you are the bank's "Loss Prevention Officer," and I regret to inform you that you have failed at your job, as I hereby must inform you that you have lost my business, effective immediately.
The cryptocurrency industry is growing rapidly, and currently represents a wealth base approximately times the size of your organization's capitalization.
However, as long as the USA remains a free country, I fully support your right to stand in the way of progress. The banksters are on full attack mode right now.
But like Jeff Berwick said "Bitcoin is the honeybadger of money The scammers are calling us scammers. I don't think they'll get far with this tactic as they aren't the only game on Earth and they know it. I appreciate to your blog.
And bitcoin is my favourite coin i this situation. Carry on my friend. I think I am done with coinbase, Mostly because I feel very uncomfortable having my bank account linked to my coinbase account and other reasons. Bitcoin and other cryptocurrancies arent doing so well right now in the market and I lost 20 dollars. My next step is to buy steem since that seems to be doing pretty well. Well yur clearly a noob. Just wait a bit and let Bitcoins Recover. Its a very volatile market but the trend is upwards.
What a "free world" we live in. My friend once got a call off the bank over too much speculative investing using betting sites. That bank is acting like a cornered animal I guess it understands the threat that stands in front of it and is over reacting and lashing out in a last ditch effort to try to stay relevant and survive.
Good luck Lakestone Bank and Trust Is the war finally beginning between banks and cryptocurrency? Why can't they just work in harmony together? The banks must feel so threatened because they simply don't understand cryptocurrency.
This is crypto time. I was hoping it would end in a run on the bank! This is good news imo. Banks getting scared of people circumventing their bullshit is a very positive sign to see if you believe in blockchains. Very important info to share. Wells Fargo has been doing something similar to it's victims. In a different world it is conceivable that a bank might write anti crypto policies to protect customers after an event like mt gox for example.
This is what I think will happen in Indonesia someday. I asked fararizky about this two days ago. Let's wait, what will happen with the bank in Indonesia. CU's are definitely best, since they exist for the benefit of their members, not for-profit bankster shareholders.
Anything that benefits the people or potentially makes the normal man rich will always be frowned upon by the wealthy minority who have everything to lose when we stop investing in their criminal activities. Send them a polite letter and thank them for the reminder.
Banks are basically the next Blockbuster video. Gonna be a lot of empty buildings soon. The letter stated that: Authors get paid when people like you upvote their post. We are halfway to winning already. I agree with you completely on this valued-customer. There is a new game in town and they werent invited. Go and take all your money now from the banks and buy more cryptos What will Lakestone Bank and Trust to do about their 1.
Sadly, we live in a world dominated by fear. Seems like the obvious response would read: Dear Louise Vermillion, Thank you for your letter dated December 14, informing me of your bank's policies with respect to cryptocurrency transactions. Yours sincerely, Jordan B. I had coinbase shut down in general on me. This has been true for wellsfargo bank i heard and some others. People shoulf start taking their money off from these banks.
Let's see them make money.
Forums - Cryptocurrencytalk. Some of the reputed cryptocurrency exchanges are Coinbase Kraken Cex. When you rebuy, you're now starting a whole new 140 cycle giving them that amount of time to meet the 40. The European aristocracy often spent their winters in the pleasant climate, with a sunset walk on the shoreline being the highlight of each day.