FED: Banks are illegally targeting Bitcoin customers and the Commerce Clause applies.

[bbwarfield]

I haven't posted since the election. I still read. But I just haven't. There is an important fight brewing as many members of the Bitcoin community are being denied banking services because they purchase good from legally licensed businesses in the US that use Bitcoin in there payment channels. On Reddit I started the conversation and it is growing. (I know I fell from grace and joined the world of trolls) I think everyone should be involved in this fight now rather than when a better option than Bitcoin arises "Ron Paul supporters and ACLU agree?" could be a good olive branch to people most of us are completely adverse to dealing with, we gotta still grow the Liberty movement, and we could co-champion this specific topic to prove our stand for principle. An unusual case that there are not many of I am afraid. http://redd.it/1skfu0

 

[specsaregood]

Want to use bitcoin and compete with the dollar? Then don't be surprised when the entities that got fat off the dollar dont welcome you with open arms. Is bitcoin useless if it doesn't convert to dollars?

 

[bbwarfield]

Yes, but the banks are denying services to customers who bought from legal service providers. These companies offer a service to a niche market. If a bank refused you service for using a lawn mowing service another bank uses, it would be illegal... this is a legal parallel. A niche service purchase shows up on your bank statement, and that service is in competition with the bank, they cannot cancel your account for the presence of competition. There are laws.

 

[specsaregood]

There are laws.

And that's a good thing? I'd probably switch banks.

 

[bbwarfield]

I would, but all banks are so government protected, I think they deserve to follow the same standards the government ignores. Since there not the government, we actually have the courts on our side with this. I hold them to the same legal standard I wish the government to hold them to, but the Government suppresses businesses with the same legal standards they should be held too. They will do the heavy lifting on the banks cause they are to pompous to see that the banks are being supported by them (the Fed) while they run around trying to force ALL businesses to comply.

Too share a phrase I would use during a political campaign where the other two candidates had the same view but were fighting for the same votes: The left hand will beat the crap out of the right hand, cause it didn't know it was the right hand. (they did... we won by letting them implode even though they had 75% of the base before they did)

 

[specsaregood]

I don't see any evidence in the post you linked of them breaking any laws, let alone colluding. If you have evidence then provide it, thanks.

 

[dannno]

Want to use bitcoin and compete with the dollar? Then don't be surprised when the entities that got fat off the dollar dont welcome you with open arms. Is bitcoin useless if it doesn't convert to dollars?

We fund the banks with our tax dollars, I say don't let them tell us how to use our own money/goods. If they want to be treated like a free market business then they should abolish the banking regulations and be a free market bank.

 

[bbwarfield]

I don't see any evidence in the post you linked of them breaking any laws, let alone colluding. If you have evidence then provide it, thanks.

There are legally licensed companies that provides financial services on the back end for businesses, and products for consumers. In recent days letters have been received by numerous individuals from numerous banks tell them to either stop, or informing them their account is closed, because of transactions with legal US businesses. (Some are cloudier than others like those where its an international business with a US subsidiary.. or just over seas in general).You can go on reddit and search for some of the letters. (grain of salt, but I think 90% are real and 10% are trolls, I expect the troll totals to go up in the near future)

Injustice exists if it only happens once. Injustice thrives the more we allow it to be done.

 

[roho76]

There will be a way around this. All the bit coin exchanges have to do is make themselves look like some other business. Like if I buy BitCoin it will look like I bought a laptop from bobscomputer.com.

 

[Seraphim]

The FRN backed by the US Govt is the heroin of these banks. Not only do the banks push the heroin onto their customers, they are users themselves. "Customers" who taper down their usage of the bank heroin in favor of a cleaner product lowers the revenue stream of the pusher in question as well as the pushers ability to use themselves.

Don't expect the junkies to act rationally when the heroin they use is taken away (slowly or rapidly).

 

[anaconda]

I've had no problem with my bank (Bank of the West).

 

[idiom]

Heh. Love it when people are angry that the government won't stop a company denying service to whoever they like.

What if banks were denying access only to black bitcoin users?

Don't go crying to the government when something you like is being trounced by corporations.