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Fidelity Bans IRA Bitcoin Investments Days After Permitting Them
Following what we can only imagine was uproar following our discussion of Fidelity "allowing self-directed IRA holders to 'invest' in Bitcoin," the company has very quickly reversed policy... As MarketWatch notes,
“On an individual basis, we allowed an investor to invest in that Bitcoin Investment Trust,” said Rob Beauregard, director of public relations at Fidelity, in a telephone interview Thursday morning. “We are no longer allowing that.”
The firm is not commenting on why that was allowed, and added "reviews are going on."
Fidelity Investments is no longer allowing clients to invest in the virtual currency bitcoin through SecondMarket’s Bitcoin Investment Trust, a representative for Fidelity told MarketWatch on Thursday.
...
On Thursday, a Fidelity spokesman told MarketWatch that such investments are no longer allowed. The spokesman couldn’t confirm when or why the policy was changed.
“On an individual basis, we allowed an investor to invest in that Bitcoin Investment Trust,” said Rob Beauregard, director of public relations at Fidelity, in a telephone interview Thursday morning. “We are no longer allowing that.”
He continued: “We’re not commenting right now on why that was first allowed. There are reviews going on, and we’ll make a decision at a later date. At this time, it is not available on our retail platform.”
SecondMarket maintained Thursday that certain Fidelity clients can invest in bitcoin through the Bitcoin Investment Trust. “It is only accredited investors [who] have IRA accounts that are eligible to invest through Fidelity,” SecondMarket’s Silbert said in an email.
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w . t . f .
Whoops!
D'oh!!!
hahah, black cars started following management, no doubt.
Spooks in the dumpsters!
"Now Mr. Clark......ARE WE CLEAR"
They got the call.
I'm shocked! Shocked, I say!!
BTC will have arrived when my 0.25 oz Gold Eagle arrives, paid for w/ BTC.
No Fidelity IRAs? No surprises here.
Legacy banking institutions touch Bitcoin at their peril.
Yeah, Fidelity Investments is a "legacy banking institution." Go back down to your mom's basement.
You know, some of this shit may sound like "big news" to you or whatever but to the people buying Bitcoin? We really don't give two shits about these big names you worship.
Yeah but it won't help bitcoin if you start talking about how Gandalf is the greatest wizard of all time.
pods
WTF does Gandalf or whatever have to do with Bitcoin moron?
We will see who is laughing when Bitcoin enters six and seven figures.
You spoke of the Bitcoiners not caring about who the old time financial types worship, so I figured I would warn you not to bring up who you worship.
I will not laugh whichever way it goes. Doesn't matter to me. Shouldn't matter to you either eh? Should we dig up your post about getting out @$780 but not hitting the top?
Oh wait, you lied about that one?
You are a pumper. High on greed. Stick to your other topics, as your posts seem quite rational and I heartily agree with most of them.
pods
I've never played WOW, never watched Lord of the Rings or any crap like that. Don't have Facebook or Twitter. Your comparisons are plain stupid. These are not the people who are buying Bitcoin.
This article illustrates why you should never keep your IRA with one of these big establishment firms, being essentially locked the matrix of fools and knaves. Put your IRA into an LLC, whose sole member is a self-directed IRA custodian, with you being the LLC manager who has sole control over the bank or brokerage account and any investment you want anywhere in the world (other than IRS "prohibited" - or self-dealing - transactions). Think farmland, precious metals bullion, etc. All you have to do is report your assets once per year to the custodian who in turn reports the total value to the IRS to keep your tax-deferred status. And . . . . if you were so inclided, Bitcoin would not be a prohibited vehicle.
control > ownership
How much ya wanna bet that "lone investor" tried to launder stolen BitCoins from the ewes at Sheep Marketplace...ROTFL!!!
"control" is fleeting.
Possession is 9/10 of the law (and 10/10 the law of nature).
Something WILL give.
Speaking of "control," TPTB control the infrastructure that electronic currencies run on. And while I state that "control is fleeting," the key is determining the time window.
Reading between the tea leaves it should be clear that Fidelity is backing away over the possibility that Bitcoin may be one-stroked by proclaimation that it's a competing currency: the Empire strikes back for such things.
What amazes me is the abject stupidity of the legacy banking 'industry'.They must be terrified of it.
First it was that stupid 'coin' from the Anglesy mint, and then this. It's like when legacy software companies embrace Linux.
Well, we wouldn't want to take market share away from Microdouche or Whoracle and replace it with an open source operating system, now would we?
Where's the excessive profit in that?
To the cloud bitches.
Either it's the stupids that hit em, or once that article came out their switchboards lit up and they didn't know what to do so they hit the off switch. Redemption, bitchz? Tis the season!
The difference with the software stuff is that the corporate world has a fair amount of investment in running Linux (servers).
Bitcoin, unless it can be tracked (NSA backdoor for keeping us safe from "terrorists") will end up being proclaimed a competing currency. AND, the tight coupling of the Fed and the US gov would suggest that the message down the wire to the US-based financials is that if they don't cooperate then QE gets squeezed and or their folders get dusted off (AG gets woken up and told to go to work on them).
wow everyone got one downvote. Does a CIA troll not like this topic of conversation?
When the Chog clears long enough for AnAnon to see his monitor he tends to downvote everyone. Such is life.
pods
Yeah, I was wondering who the Debbie Downticker was too.
Oh, I had figured it was some satanic, devilish type...
We're just misunderstood and possibly a little mischievous, and definitely not at all evil, as others, not you, have suggested. ;>
You can pretty much figure etfonehome and two other circle jerk partners are where the red arrows come from.
Which one is the red arrow (I'm color blind)?
Arrow? Shit, man, I didn't even see the Indian! (quote by "blindman")
It's where they belong anyways.
Fonestar tried to put his bitcoin in there and it overwhelmed them.
:)
pods
I feel your pain brothers! Fidelity wouldn't take my Hummel collection either. Not fair at all!
:)
The Company said 'no'...or in Annunaki - '/'
.
http://en.wikipedia.org/wiki/The_Company_%28Prison_Break%29
You're a mucky muck executive. Yesterday you opened accounts to bitcoins. Today, you're sitting in your office 52 stories high, looking out your window upon a beautiful morning. In the distance you see an aircraft slowly circling, surveilling perhaps. It comes closer, hovers outside your window. A drone. Then your phone rings. You don't know the guy on the other end, but he isn't pleased with bitcoin. You look at the drone, you say Oh-kay. He hangs up. You call your fund team: "Bitcoin? You gotta be fucking kidding."
Looks like some of the grey-hairs got nervous. That's okay, they'll be back at the yield trough soon enough. It also is funny, because now all of the barking seal trolls that said Fidelity is "in bed" with Bitcoin because "new world order" blah blah blah, look like complete idiots.
Just another day in Bitcoin. Its still trading, 861 on Bitstamp - and nary a twitch from this "news". Back to your regularly scheduled stacker/prepper paranoia.
So much for the conspiratard's theory that banks and .gov can't wait to embrace Bitcoin.
.. or that Bitcoin was an evil .gov idea all along.
That "861" is USD?
My life became much clearer the day I gave up hope, hoping that "technology" would save mankind.
BTW - I've always poo-poo'd any notion of there being a NWO (though I've never stated that I don't believe that there are folks desiring one). The EROEI pretty much dooms it. Mother Nature's physical world calls the shots.
Was that a knock I heard at the door?
Wait...you cant come in.......... Ooh, ah, yes, well, please, feel free. Can I offer you a cup of coffee or would you prefer something stronger? No.. well how can i be of serv....Ah, yes, I get the picture....Well, it was nice speaking to you guys.........Take care........ Watch the step......Good night.
Oh shit...........Larry - cancel that order. Now. Just do it...don't ask.
Dave's not here!
Probably something like this:
http://www.youtube.com/watch?v=ol57oKB-lK4
("Bitches, leave.")
If you like your Bit Coin, you can't keep your Bit Coin.
Eh, not really genie out of the bottle now.
Ban in it one country and you go to another to cash out. Fun times.
you go to another
You mean you physically get on a plane? Because if not, your Internet traffic is going through government routers and your keystrokes are being monitored. This story is significant, because it's clear that the Oligarchs are tightening the screws.
Yeah - there's a point where all the secret-squirrel stuff will become just too much of a PITA. At what point will physical actually be easier to handle than BC?
Yeah, stay in bed and keep servicing the cartel.
Do you mean this cartel........the european cuban banking cartel??
http://www.globalresearch.ca/the-federal-reserve-cartel-the-eight-families
It certainly can't be the Jesuit European War Society that are running things. Francis would dig that up.
Oh wait.
pods
"At what point will physical actually be easier to handle than BC?"
Go survey the world's population and get back to me. NOTE: I would tend to project that the majority of humans on this planet do not have the means of transacting BC (most have no access to electricity, let alone iThings and other "computing" devices); but, silly details like these always escape those caught in a trance...
Wake the fuck up, people! Aldus Huxley was 100% correct. We're being controlled by technology. TPTB control technology, and if you're abusing it or using to do stuff that undermines their authority then a simple movement of your name from the "non-terrorist" list to the "terrorist" list "corrects" this behavior.
Anyway... this is, after all, an "economics" site, so of course people should be engaged in "investing." And, well, best luck to all! (remember: logic is your friend)
your Internet traffic is going through government routers...
LOL... never heard of encryption?
LOL...never heard of the NSA?
@superflex
Well, they sure have you "scared straight". Just like a good little government flunky. Do you bring them coffee too?
They're scared little bitches. They think TPTB are all powerful.
http://images.sodahead.com/profiles/0/0/2/7/7/8/9/4/9/drone-strike-79225...
You'd flunk a class on "The Art of War"...
that is wishful thinking... look at what the military has done to hack twitter, turn on phone locations and monitor those same phones as well as computers using encryption in Syria...
Yeah, but that's someone else! "I" have the magic shield!
Encryption won't save you. Even with it, they can establish who you are communicating with and when. That's all they need to establish probable cause. The IRS (or equivalent tax-gathering entity) will confiscate your assets and it's "adios, muchachos".
Probable cause isn't really even needed. They charge your property with some shenanigans and then you have to pay to go to court to get it back.
The Guineas used to call it payola, but now we call it Civil Forfeiture.
pods
Yeah it's funny. BitCoin or not, you cross the Feds, they are gonna fuck you up. The idea is to stay out of their way. BitCoin helps in this regard. NOT a perfect solution; but it helps.
yes, great comment. Staying out of the Big Rhino's way is smart.
I like cash, and barbarous relics myself. I have nothing against bitcoin. Just against pumpers. I just read down thread where someone said once all trade is cleared in bitcoins or some such shit.
I mean, if 10 years from now it is still around and accepted, I will put a percentage of my funds in there. Now? I am not a speculator. I don't sleep well at the thought of gaining at someone elses expense.
And that is what is going on now. Vampire squids running around by the million, jamming their bloodfunnels into whatever smells like money. (thanks Matt, love that line)
pods
I'm with you, pods.
As someone who's been to non-elitist places I know first-hand that there's zero chance that "all trade" can be done/made via any single "currency." There's also the issue of available infrastructure: you see, somewhere along the line all this wonderful virtual stuff has to actually touch the ground, and on the ground the world doesn't behave in neat, tiddy ways...
When there are only two things left, physical, let's say "food," and some currency, and the person with the currency approaches the person with the only remaining food, well, is that person with the food going to say, "Oh, that's a great offer, here, here's the last available food," thinking that he/she has made a great trade? Yeah, it's an exaggeration to the extreme, but as actual physical resources become harder to come by then that's the direction it all heads. Currency depends on "excess." Our excesses are rapidly in decline: population increasing and physical resources declining.
avoiding computers and phones help, bitcoin not so much. leave no trace should be the plan.
... your concern is duly noted, citizen Boondocker, along with your User Agent Header and IP Address.
A few of the people I have met, who told me they were getting out of the system, have actually lost touch. They no longer respond to emails, and I don't see them 'around' any longer.
Some days I have a feeling I've stayed too long at the internet party, myself. And that goes for you too, El G! I saw your post here the other day!
Sadly, the lack of a trace will be used to indict you in the eyes of the System. Try getting a loan when you've been doing nothing but cash transactions. I took out a loan, and when folks balked at the fact that I didn't have any credit I responded that that was the reason why I had piles of cash.
I see it less about being "invisible" and more about being less exposed to a collapsing system. Diversity means resilience.
Here here!
Take the challenge! Send the US Secret Service an email, or better yet hack in, and tell them that you've a plan to assassinate Obama and assfuck his daughters next week. Then call them lazy fucking civil servants and dare them to find you....
...at least it'll be warm in Guantanamo tomorrow.
If you can't successfully do that anonymously then you've been smoking too much cryptographic hash.
Yes, I'm giving them too much credit but you and yours are giving them too little.
Can Anonymous have your email so Anonymous can CC you on this one so you know it was sent? Same for anyone else who wants verification this email was sent. Just respond with your email address to this post and Anonymous will carbon copy you as well.
Also are you willing to put a bounty on this? Or are you just blowing hot air?
Anonymous can recommend a BTC escrow agent who will forward the BTC to Anonymous after email had been sent, so you don't need to trust Anonymous and Anonymous doesn't need to trust you. Just put the bounty in escrow and watch the magic.
That was funny the first ten times you posted it.
I'm glad you enjoyed it friend :)
no need to cc me or anyone else. post it right here. verbatim and the scarier the better.
Bounty? Hot air? I'm not the one who's claiming that Btc and the like is 100% crackproof. That is the bold unsubstantiated statement repeated herein hundreds of times. Where was your challenge to them to prove it? I offer the opportunity for the closest they'll get to QED of proving a negative.
Bounty? Where did I state or even imply that? Asking for a demonstration is a different thing entirely from paying for it or enticing someone to presume that the demonstration has a Phase II with fatal repurcussion. Is the demonstration Difficult? Costly? Risky? If so, then you're undermining the assertion that anonymity is a certainty and can had by anyone using Btc.
Stating that SOMEONE can get away with something in no way means that EVERYONE else can. Perhaps you meant to act as press secretary for the pumpers and invoke a Jay Carney-like contortion and say, "What the pumpers meant is that it is anonymous for anyone with the resources and abilities of Anonymous" or "If you like your anonymity you can keep it".
Thank you for reminding people what "logic" looks like. Logic, it's what thinking people use...
"Yes, I'm giving them too much credit but you and yours are giving them too little."
Just as Sun Tzu warned.
B..b..but...muh conspiracy. Muh wun wurld currency. Muh bankers secret plan.
Wun wurld currency?
We haz it!!!1!
2-Bits
To bitcoin, or not to bitcoin?
That is the question.
(is it worth 2 bits?)
If you are curious about BTC or "money" in general, then YES, BTC is worth exploring.
1 bit or two?
http://youtu.be/UJ9No_shpYY?t=6s
The money changers said no. Only they can create currency.
Seems like a good thing actually. If wall st doesn't like it, it has to be good.
These crypto currency could like be the black swan event of monetary system.
Bullshit. Bitcoin is the Occupy Wall Street event of the monetary system. Looked good at first, then squashed like a bug.
Just a different group of smelly nerds.
And if you had gotten in two years ago, you'd be calling them saints.
Lame.
.
"And if you had gotten in two years ago, you'd be calling them saints."
They'd be calling you "Sir"!
The voted for it before the voted against it.
@ElvisDog
I don't see what Bitcoin has in common with a bunch of smell-wizards camped out in a park. But then again, you are a dog.
Well, OWS was another recent grass-roots movement that was supposed to bring down the Oligarchy that runs this country. Don't get me wrong, I'd be happy if the fucked-up system that is imposed on us burned to the ground, but I just don't see bitcoin doing that. I think the existing system has to collapse on its own before a new one will take its place.
You don't bring down oligarchs by protesting, petitioning, or voting. You bring down oligarchs by withdrawing your consent and letting them self-destruct.
Bitcoin is a critical step in that direction: leaving their counterfeit money behind.
Turn them into laughing stock. Jokes designed to portray them as gluttinous insensitive slobs who do not deserve to breathe the air. Divide and conquer is also effective. Comparing one aberrant trait of the uber rich family to the other and then 2 months later, switch it around. Be ridiculed, pointed out and laughed at is no laughing matter.
I up-arrowed you, especially the "withdrawing your consent" part, but... continuing to use "Their" roadway -Internet- has a bit of cognitive dissonance taste to it.
The current counterfeit money WILL die, it always does. I wonder, though, if presenting some far, remote groups of people's with Bitcoins doesn't look like some counterfeit money thing to them.
We will slowly claw back to the physical world. Bitcoin's future, as one could say for PMs, is limited in the long-term. The question would tend to be that of: "for how long do we wish to run with this 'new' currency?" Is this, though, The question that we should be asking? I suggest that if one is looking out along a Seventh-Generation view that it is not...
"Don't get me wrong, I'd be happy if the fucked-up system that is imposed on us burned to the ground"
Sure you would. Go ahead and wait around for a new system. But it is already here, and you don't even see it. Why is that?
Being part of a "new system" sounds so commie-like...
I don't think so. It's a different thing. Crypto currency I mean, not just bitcoin
Other than banning it from wall st betting, what scenario would you say it could be squashed.
While BTC could fail, I think the concept is a game changer.
I'd tend to agree if Btc was backed by anything. At least central bank fiat is backed by laws and guns (if nothing else).
You currently exchange your Btc for USD, Euros etc. If that basket of fiats fails, um, then what are going to exchange them for? Nothing but goods and services etc. Sounds good so far, eh! But wait! You're going to wave a digital wallet at me and say, "Here, I have these Btc! <cue the fanfare> and I'm going to give them to you in exchange for that new car. The system will assure you that they've been verified multiple times, so you know that they are <ahem> good."
I then reply, "But there are a million other guys waving their wallets at me and saying the same thing about their Litecoin, Facecoin, Applecoin, etc. What makes your money any different from theirs? (Is anyone compelled to accept it? Does anyone guarantee its worth, or is that a self-delusional self-fulfilling prophesy?)"
You ponder that for a second, then we all see this light bulb over your head as you voice, "WTF was I thinking? I just sold a guy 5 cows in exchange for those magical beans. Would you mind playing along and being the bigger idiot?"
I reply, "No, sorry, but could I interest you in some of my navel lint in exchange for your motorcycle? It's scarce, and I think that people will accept it tomorrow in settlement of debt. I can't guarantee that of course because I don't have an army. But you'll soon hear that my navel lint is all the rage, and you'll be happy to have traded your cycle for 1 gram of this stuff because by this time time week you'll surely be able to exchange it for a luxury yacht. Then the imitators will arrive of course, but mine is the best!"
thats beautiful!!
So is cancer in its own weird way.
Hurray Cancer!
@chemystical
Seal Troll Rating: 1
Subject has trouble grasping the fact that Bitcoin is not its valuation in other paper-token currencies. That such valuation is merely a phase until bitcoin denominated supply chains form. Once priced in BTC, there is little incentive to go outside of the system, as government collusion and overall corruption guarantee failure of their currencies.
Subject also doesn't understand any of the alternate cryptocurrencies, their lack of first-mover advantage to Bitcoin, their continued lack of proper collective hashing rate to secure the same, and the mechnism by which these currencies are presently traded. Subject curiously goes into a self-referential loop of fallacy, where navel lint is his preferred trading commodity.
Also, the subject has an overall love of "backed" currencies, where the only thing behind them is the muzzle of a gun or the point of a knife. Mises regression theorem isn't the end-all of currency evaluation, and has already been proven to be flawed, as an entire economy has sprung up around Bitcoin without this precious "backing" all the gold bugs demand.
It rubs the bitcoin on its skin or else it gets the hose again.
It shills for the fake money system that fixes daily gold and silver prices.
Bitcoin can and will destroy the cartel that is responsible for $19 silver. I had respect for you until you became what you used to fight against.
Non sequitur.
How do you jump from a skepticism of bitcoin to supposedly "shilling for the fake money system"?
That is one quantum leap in illogic.
You have had plenty of time and opportunity to learn about bitcoin, but instead you mock. That is not skepticism, that is willful ignorance.
So if I don't automatically jump into your trend du jour, I am "ignorant" and a "hater"?
I have learned enough about bitcoin, and much more importantly, the fundamental impossibility of anonymity from our sociopathic governments involving ANYTHING on the internet, to know that I will leave it alone.
If you refuse to shed your slave mentality and exit the doom loop that is your perogative. There's nothing more to say.
I suspect that it's all no different than some group accepting one type of sea-shell over another... It's discretionary, just like fiat and PMs. The difference, however, lies with the "programmed" audience. Our current System (and not just currency one) relies on price stability (and anyone who is in business knows the importance of this). Our current System is failing due to resource scarcity (lack of growth) and will start beoming unstable via an unwinding of "economies of scale." The "replacement" will be SMALLER, and "smaller" tends to mean that there will be less stability: an example would be that a LARGE mass does better at being thermally stable than a SMALL one.
Again, we're pushing "solutions" against the wrong problem. The entire System is failing and we're no more than trying to apply some "fix" to it when our "fix" doesn't address the fundamental failing of the System (that being that it's premise of perpetual growth on a finite planet is failing to hold up). Bitcoin, for sure, is a MUCH better bailing bucket than fiat (and likely PMs), but, we're on the Titanic...
http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2...
Seen here at zerohedge. The Black Swan.
Someone important got a phone call from someone more important.
I've noticed more of this "sorry, just kidding" shit lately. More signs they're losing control of the situation.
It was an absolute compliance nightmare. It made no sense. So it's allowed for accredited investors.
sounds like it was just a nice publicity stunt.
Once Bitten twice shy.
The Lamborghini CEO sent morse code to the Fidelity CEO.
We are learning and inventing new words lately. I got Corzined was one, I got bitcoined is next.
You have to Taper when pinching off a Bernank.
Proper usage in a sentence;
I got bitcoined, now my harem won't stop fighting over whos turn it is tonight"
@Dona "know anything about Bitcoin" K
Yes, you've certainly learned something, how to take orders from your masters. Did you run through the script as they asked? Are they pleased?
@ the fonz
You do not have to be an "accredited investor" to get into BTC...
:)
true. But thats only if you like crap bitcoins. the "bitcoin open ended trust" however is totally different. It has the word trust in it, therefore it's better. this was all a big fidelity commercial.
I agree! I want real live Bitcoin! You know, the real thing!
Not some intangible piece o' crap!
/LOL (thx "Atomizer")
ROFLMAO
Okay, so you got trusted, get over it already.
Yup, "compliance"...
We can't even see the real books that are in use today. Bitcoin can be as honest/pure as the driven snow, but somewhere along the line there's the issue of corruption in accountability/compliance of the books... (just think "photo-shopped books")
They inadvertantly unlocked an escape hatch...
Damn near impossible to 'Bail-In' those bitcoin funds, ain't it?
Sounds like they got the NSA Christmas card.
[T]he[y] sees you when you are sleeping.
[T]he[y] knows when you are awake.
[T]he[y] knows when you've been bad or good.
So be good for goodness sake.
NSA headquarters/front:
http://www.flickr.com/photos/sis/73674558/
Exponential Manure.....call your orifice!
http://www.zerohedge.com/news/2013-12-11/beware-balanced-portfolio#comme...
@colonel klink
Ah yes, the barking seal troll is calling. I've already commented, and with price not twitching at all from this "news", there's hardly anything else to add. They'll be back, of course :)
Just thought you may have scooped the Tylers again.
Ort, ort!
EDIT: Gave you a greenie for the laugh.
Annnd, it's gone?
Yes, Bitcoin is, in fact, dead and gone. Stay away!
Hehe. I was just being cheeky. Didn't really know if I wanted to put a /sarc tag on it or not. I'm still not certain what to make of Bitcoin and it's brethren. This incident hasn't caused me to change my 'on the fence' mind. I may get some.
Kinda wished I would have gotten some when I first knew about it. When it was like five dollars, iirc. I can same the same for gold. It wouldn't have hurt my feelings if I had known about it, and gotten some, when it was at three or four hundred dollars, or eight hundred dollars. I have no problem with people investing or speculating/gambling however they want, as long as they got the money through virtuous actions of their own(no fraud, force or coercion involved). I do have a problem with free money being handed out to undeserving people, that get that free/cheap/easy money handed to them first, just because, they are "in the club"... resulting in what I will call, unbridled speculation to infinity.
+1 for returning bare cheeks my way!
" I do have a problem with free money being handed out to undeserving people, that get that free/cheap/easy money handed to them first, just because, they are "in the club"" I agree the commercial banks don't deserve shit.
Now the early BTC people, I think you're looking at them in the wrong light. Many have done yeomans work to get BTC where it is today. SHould we realize liberty because of their efforts, then in my mind anyway, no amount of financial reward can reward them for their services.
How grateful were the early colonists for the efforts of our founding fathers?
My ire was not directed at BTC'ers at all. I agree, they should be rewarded with the capital appreciation they have/are receiving as early adopters, as long as Bitcoin and the person(s) involved are virtuous. Is Bitcoin the new Liberty Coin that can't be shut down by TPTB? If so, fine, great. If so, I welcome it.
MY IRE IS DIRECTED AT THE FEDERAL RESERVE SYSTEM.
MY IRE IS DIRECTED AT THE FEDERAL RESERVE SYSTEM.
Then we're friends. :)
Look into BTC. I think the more you understand it, the more you'll like it.
Another product designed by Bankers so that client assets never have to leave the firm. You want bitcoin? Have some Bitcoin Investment Trust. You want gold? Here's some GLD. You have no excuse to ever ask for your money back to do something else with it.
Unfortunately, the Bitcoin Investment Trust failed the Due Diligence Test (once someone actually did any). GLD next? Does the avg. retail broker know what GLD is?
They really want to bet on it because they're gamblers at heart. But they can't control it and create more or shut the market down if it crashes.
It also levels the money transfer systems they profit from. Would you rather swift your money and pay fees and have a paper trail or just bit coin it and be done?
Seems scary to them.
Two recent transactions:
1) $2000 T/T received from Peru, total bank fees (both): $60.00 = 3.00%
2) $365 sent (in BTC) for 0.25 oz Au Eagle, fee: $0.10 = 0.03%
***
In a ZIRP environment, each 1% is meaningful...
@DoChenRollingBearing
It does add up. Which also brings to mind when most transactions eventually become Bitcoin denominated, then you're not dealing with exchange risk anymore.
Also, some trivia, did you know that T/T means "Telegraphic Transfer"? Its quite amusing, the banks are so fossilized they haven't bothered updating their terminology. Or perhaps they still have a telegraph, I wouldn't put it past them.
Yes, I used the "T/T" because it is shorter than "wire transfer" and our Asian suppliers use that term as well. The only time risk enters the picture (exhange risk) is if a merchant does not move them along quickly... I believe that is what my gold supplier is doing.
RIght, it was $60 'cuz they have to pay a lot to the old guy that still knows how to work that brass clacker.
DCRB
If $60 for that amount, most likely the wire went through an intermediary bank. Find a bank in the US that has a direct correspondant bamk in Peru. Maybe $35
Thanks, Doña K!
We'll look into that. But I counted the Peruvian bank fees too.
Don't forget any amount 10k or over needs a form to swift, so big brother needs to know what you're doing.
Example send 20BTC = 20k done. 20k swift, fees, wait, report form etc.
Internet commerce is huge. Who wants to rely on pay pal or credit cards?
Some country in the EU wants capital controls? Eff that bit coin it out and leave.
"Seems scary to them."
And "They" run/control the world. "They" rule by threat of violence. It makes no logical sense that "They" would embrace something that they cannot maintain the upper hand on/over. It is "They" who have ALWAYS distorted currencies; thinking that this time it's different, well...
The call went something like this?
"Shut it down...Now"
Bitcoin may or may not be a good idea. I will not get into that. But I doubt that Fido could possibly fulfill their "know your client" obligation sufficiently to allow them to put these in am account. If they did allow it, they are setting themselves up for a large lawsuit down the road if anything untoward happens. Blame the lawyers if you want to blame anyone for them not allowing it.
I think you're on to something there. ;-) If BTC ever becomes BTzero the natives would get quite litigious.
If BTC ever becomes BTzero...
Ah, yes, more fake advocates of sound economics, whose dearest desire is to kill the one tool that could restore sound economics.
Support the Fed!!!!!
@CH1
Yen Cross has been banging the government drum for some time now. Hardly a surprise. Every "victory" is touted, loud and proud, like they work for a certain employer...
The BTzero tandem clown act is out I see.
@Yen Cross
Well, someone does have to flush the toilet after you've left your usual pro-government pile in there.