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Anonymous
WHY IS NOBODY TALKING ABOUT THIS? 2017-05-04 06:24:32 Post No. 2028612
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WHY IS NOBODY TALKING ABOUT THIS? 2017-05-04 06:24:32 Post No. 2028612
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http://www.livebitcoinnews.com/lack-communication-bitfinex-bitcoin-users-concerned/
>A lot of Bitcoin users are growing concerned over the Bitfinex exchange. It is well known the company is dealing with banking issues. However, there have been no news updates for nearly two weeks now. Forging a new bank partnership is not easy by any means, though. Despite these issues, the exchange keeps setting higher Bitcoin prices every day.
>Despite the banking problems people are still depositing US Dollars to their Bitfinex account right now. However, withdrawing funds in USD is virtually impossible right now. This creates an artificially inflated Bitcoin price, which currently sits at US$1,546. The gap with other leading exchanges has increased to over US$125 over the past few days. It seems other exchanges are trying to chase the Bitfinex price, which will eventually lead to a price bubble.
>It is evident there are some troublesome developments in the Bitcoin world. None of the affected exchanges has successfully resolved its USD withdrawal issues yet. We all know banks do not like to work with Bitcoin companies by any means. Finding a new partner may prove to be quite difficult. At the same time, the increasing Bitcoin price is not a positive development either. Once withdrawals are resumed in China and on Bitfinex, the price might plummet rather quickly. This is a very tense situation, to say the least.
This news has very big implications for the future of cryptocurrency. It shows that banks and governments can collude with each other and refuse exchange fiat for cryptos. It could happen to all major currencies like the USD and Euro if their respective handlers feel threatened. How will bagholders deal with a future where the people with power can just ban cryptos by simply controlling their banks? Are they just hoping that fiat will disappear?
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What should I do now with this information?
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>>2028632
Sell some of your coins. There could be a future where you're stuck with coins that you can't exchange for fiat because all banks will refuse it.
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>>2028612
>shitcoin bagholders actually believed the government and fiat would collapse
>shitcoin bagholdsrs actually believed they could cash out their worthless shitcoins at artificially inflated valuations with Chinese black money
*breathes in*
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
*breathes in again*
PWAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
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>>2028612
This is why Russia possibly supporting crypto will be very interesting to see. In fact, Russia did a complete 180 on crypto recently. Also add in Japan to the mix and some other asian countries that are interested in crypto. I wonder how this will effect global economics if there are some powerful countries blocking it while others completely support it.
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>>2028653
The thing about this is, we are not a completely globalized world yet. We still have separate countries with different laws and banks. While many banks are powerful, there are countries that are outright supporting crypto such as Japan/Russia as well as a few smaller ones becoming tax havens, such as Denmark. I don't think it's time to throw in the towel just because some banks block it.
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>>2028654
Only countries with failing currencies would support cryptos. Russia is debatable but major economies like Japan and China are never going to let crypto get too big since it allows their citizens to bypass their currency control (aka laundering). Hell, China recently made it harder to move Yuans outside of the country.
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>>2028653
>nocoiners actually believed you would need to cash out in order to buy lambos
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>>2028664
>While many banks are powerful, there are countries that are outright supporting crypto such as Japan/Russia as well as a few smaller ones becoming tax havens, such as Denmark
If you deal with smaller countries, you're stuck with the country's currencies and their goods. Then they can charge a fee to do an exchange from Kroner/Yen/Ruble to USD/Yuan/Euro.
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>>2028664
Also it's hard to open a bank account in another country without proof of citizenship...
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Eth shill concern trolling, sage and ignore thread
There's nothing wrong with bitcoin
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