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Bitcoin

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Passing Through Quote  Post ReplyReply Direct Link To This Post Posted: 30 Dec 2017 at 11:56am

Bitcoin tensions rise as investors claim banks freezing their accounts

Jennifer Duke

Published: December 30 2017 - 12:15AM

Bitcoin investors are claiming Australia's banks are freezing their accounts and transfers to cryptocurrency exchanges, with a viral tweet slamming the big four and an exchange platform putting a restriction on Australian deposits.

Cryptocurrency trader and Youtuber Alex Saunders called out National Australia Bank, ANZ, the Commonwealth Bank of Australia and Westpac Banking Corporation on Twitter for freezing customer accounts and transfers to four different bitcoin exchanges  - CoinJar, CoinSpot, CoinBase and BTC Markets.

Bitcoin, a currency once known for its use by criminals trading online through a ‘Silk Road’ for drugs and weapons, has become a popular investment option.

After hundreds of shares and responses to the social media posts calling the banks' alleged behaviour “disgusting” and “appalling” with some threatening to move their accounts, some users said their activities with the cryptocurrency had still been described as a "security risk" by their financial institutions.

So @NAB @CommBank @WestpacNZ and @ANZ_AU are all freezing customer accounts and transfers to @BTCMarkets @coinspotau @GetCoinJar @coinbase . #Banks can fight it, but people want control of their money #ausbiz #auspol

— Nugget's News Australia (@nugget_alex) December 28, 2017

Banks were remaining tight-lipped on whether bitcoin activity was causing specific accounts to be closed or frozen, though its understood none had company-wide policies banning cryptocurrency investment activity.

Yet the terms and conditions in some cases do reference Bitcoin.

Commonwealth Bank’s June 2017 terms and conditions for CommBiz accounts specifically excludes this activity, saying it can refuse to process an international money transfer or an international cash management transaction “because the destination account previously has been connected to a fraud or an attempted fraudulent transaction or is an account used to facilitate payments to Bitcoins or similar virtual currency payment services”.

A Commonwealth Bank spokesman said it was receptive to innovation in alternative currencies and payment systems “however, we do not currently use or recommend any existing virtual currencies as we do not believe they have yet met a minimum standard of regulation, reliability, and reputation compared to other currencies that we offer to our customers".

“Our customers can interact with these currencies as long as they comply with our terms and conditions and all relevant legal obligations,” he said.

One Twitter user, Michaela Juric who goes by the name Bitcoin Babe, said she had business accounts closed by 30 banks and posted a picture of a letter from ANZ, saying it was closing her accounts effective 30 January 2018 in accordance with its terms and conditions.

This is a letter I received a few weeks ago. Also included was a T&C's booklet. I've highlighted the clause they are referring to. I have a PTY/LTD company, paying tax, registered with the OAIC and conduct all relevant KYC/AML/CTF checks. pic.twitter.com/DShAZPIjyi

— Bitcoin Babe (@BitcoinBabeAU) December 29, 2017

She shared letters with Fairfax Media from 10 different banks informing her they were closing her accounts, with one saying she had received fraudulent funds, though none specifically referenced cryptocurrencies.

She said banks were not the "be all and end all of accepting payments" for Bitcoin and there were other avenues to transfer funds.

An ANZ spokeswoman said it "does not prohibit customers buying digital currencies".

Its terms and conditions for business accounts do not mention cryptocurrency payment services, though includes the broad statement that it “may exercise its discretion to close an account due to unsatisfactory conduct or for any other reason it considers appropriate”.

A recent statement from cryptocurrency exchange CoinSpot said it was putting a “temporary restriction on all forms of AUD deposits” that would remain in place until at least the first week of 2018 as a result of issues with Australian banks.

“We assure you we are just as unhappy with the situation as you, but unfortunately Australian banks have been so far unwilling to work with the digital currency industry which leads to frequent account closures and strict limits on accounts whilst they remain operational, in effect debanking our industry,” it said.

CoinSpot founder Russell Wilson said he was not aware of any new widespread issue, but was “monitoring” the situation.

“We are aware that on occasion banks will freeze payments while they clarify with their customers that the funds were not fraudulently sent from their account, this is standard best practice for the banks and protects everyone,” Mr Wilson said.

A Westpac spokeswoman would not comment on specific instances, but said it had controls in place to “actively verify the identity of our customers and monitor the activities of those customers”.

“Where we cannot verify the origin of transfers we may act to ensure we comply with Australia’s anti money laundering obligations,” she said.

A NAB spokeswoman said it was important to note the currencies are currently unregulated.

"While we don’t support unregulated currencies, NAB does not deny the right of individual customers to buy virtual currencies," she said.

CoinBase, CoinJar and BTC Markets did not respond to request for comment.

This story was found at: http://www.smh.com.au/business/bitcoin-tensions-rise-as-investors-claim-banks-freezing-their-accounts-20171229-p4yy3z.html

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max manewer View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote max manewer Quote  Post ReplyReply Direct Link To This Post Posted: 30 Dec 2017 at 12:16pm
This crypto stuff has a big potential problem with govt regulation stepping in. Too big a risk of that happening, imo.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 04 Jan 2018 at 2:14am
Bitcoin and Litecoin have both had a rally, up about 10 and 20% respectively off recent profit taking dips ... seems the Litecoin guy who said he had sold all his and the value was minimal can't even influence the market much now!Confused

Ripple has just tipped $3.67 ... and i thought I paid too much at .67 cents, since they had doubled that day! ... I'm definitely selling when they get to $10,000!LOL
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Rosscoe Quote  Post ReplyReply Direct Link To This Post Posted: 04 Jan 2018 at 7:41am
I mentioned earlier the tax implications of cryptos and to hold for at least 12 months to take advantage of the 50% discount for CGT purposes.

I thought I’d share this very valuable article, read the taxation side as it’s probably something many, many of the investors are NOT considering when it comes to the tax implications. (Pages 21-30 very relevant).

https://www.docdroid.net/6acfHMo/practical-guide-to-crypto-investment-2018-helping-the-early-adopters-free.pdf#page=25



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Post Options Post Options   Thanks (0) Thanks(0)   Quote Tlazolteotl Quote  Post ReplyReply Direct Link To This Post Posted: 04 Jan 2018 at 7:59am
Crikey that sounds complicated and expensive. How about buying and selling on Localbitcoins? Open a Cayman Island bank account then have buyers deposit into that.Cool
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ExceedAndExcel Quote  Post ReplyReply Direct Link To This Post Posted: 04 Jan 2018 at 10:12am
Originally posted by Dr E Dr E wrote:

Bitcoin and Litecoin have both had a rally, up about 10 and 20% respectively off recent profit taking dips ... seems the Litecoin guy who said he had sold all his and the value was minimal can't even influence the market much now!Confused

Ripple has just tipped $3.67 ... and i thought I paid too much at .67 cents, since they had doubled that day! ... I'm definitely selling when they get to $10,000!LOL




Pushing $4 now. Got up to $3.99 earlier. Couldn’t quite get over the mark. That’s ok, we can wait.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ExceedAndExcel Quote  Post ReplyReply Direct Link To This Post Posted: 04 Jan 2018 at 12:06pm
Originally posted by ExceedAndExcel ExceedAndExcel wrote:

Originally posted by Dr E Dr E wrote:

Bitcoin and Litecoin have both had a rally, up about 10 and 20% respectively off recent profit taking dips ... seems the Litecoin guy who said he had sold all his and the value was minimal can't even influence the market much now!Confused

Ripple has just tipped $3.67 ... and i thought I paid too much at .67 cents, since they had doubled that day! ... I'm definitely selling when they get to $10,000!LOL




Pushing $4 now. Got up to $3.99 earlier. Couldn’t quite get over the mark. That’s ok, we can wait.



Didn’t have to wait long.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 04 Jan 2018 at 3:46pm
Originally posted by Rosscoe Rosscoe wrote:

I mentioned earlier the tax implications of cryptos and to hold for at least 12 months to take advantage of the 50% discount for CGT purposes.

I thought I’d share this very valuable article, read the taxation side as it’s probably something many, many of the investors are NOT considering when it comes to the tax implications. (Pages 21-30 very relevant).

https://www.docdroid.net/6acfHMo/practical-guide-to-crypto-investment-2018-helping-the-early-adopters-free.pdf#page=25




Thanks Rosscoe - very useful info - tax treatment as for any other asset really, except the interesting grey area of actually "spending" them? ... so if you made enough, buy, say a car, and then sell the car later - tax free ... or if paying a bill is OK, buy the car on credit card, pay off the cc with crypto ... pretty sure all of these loopholes will be sewn up by the ATO in time. 
 

What if my crypto "collection" is a "hobby"?Confused

Can I notionally offset my losses from my other "hobbies" - punting and racehorse ownership - against my crypto gains?LOL

Interesting point about the potential sell offs at tax time here ... useful to know what are the major crypto trading countries and when are their personal tax liabilities payable? ... you could clearly expect selloffs and bargains at that time, like we saw before Christmas, when people were cashing in!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote max manewer Quote  Post ReplyReply Direct Link To This Post Posted: 04 Jan 2018 at 3:49pm
Would these currencies qualify as a tax loss, if you do your arze ?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 04 Jan 2018 at 3:50pm
Originally posted by Tlazolteotl Tlazolteotl wrote:

Crikey that sounds complicated and expensive. How about buying and selling on Localbitcoins? Open a Cayman Island bank account then have buyers deposit into that.Cool

LOL ... remember, tax minimisation is encouraged, tax avoidance is illegal!Wink

Just be a hobby collector like everyone else in this forum ... we should change the thread title to "Bitcoin Hobbyist's Thread" ... for tax purposes!LOL
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 04 Jan 2018 at 3:50pm
Originally posted by max manewer max manewer wrote:

Would these currencies qualify as a tax loss, if you do your arze ?

Yes, unless you are a hobbyist.
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Rosscoe Quote  Post ReplyReply Direct Link To This Post Posted: 04 Jan 2018 at 7:36pm
Geez, just had a look at Ripple, it’s becoming a Tidal Wave, fast approaching $5.

Holders of this Coin are absolutely laughing all the way to some of the most amazing profits ever seen and so quickly, with now the public starting to take notice!

Where will it be 12 months from now??

Dr E, E&E and I jumping in at less than a dollar, WOW! 👍👌🤑

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 04 Jan 2018 at 7:47pm
Originally posted by Rosscoe Rosscoe wrote:

Dr E, the speccie is “Stellar Lumens” however I’m not a holder yet,,,, just watching quietly.

Saw that hack & attack.I think some of the exchanges are second rate, BTC Markets appears to be fundamentally very sound. I’m a small player, dipping my toes in. If I decide to become more serious I’ll talked the necessary precautions.

I couldn't be bothered setting up an account, so I missed out, did you end up having a speculator Rosscoe? ... if not thoughts?

.12 cents when you posted the recommendation on 8th December - .95 cents today ... lazy 800% growth in less than a month ... killing bitcoin, litecoin, etc Shocked
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Rosscoe Quote  Post ReplyReply Direct Link To This Post Posted: 04 Jan 2018 at 7:59pm
I did not buy any Stella Lumens as I’ve only stuck with the major players and stuck with BTC Markets as the one and only exchange. However my daughter has played with this coin and doing beautifully from my recommendation!

I think “Stella” will continue to be a top performer, goodness knows where it will be at 12 months from now.

Litecoin has been disappointing after getting off to a flyer,,,, the founder, the culprit for its ordinary performance of late however there are rumours that some big breaking news is just around the corner. We’ll see ....

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Post Options Post Options   Thanks (0) Thanks(0)   Quote ExceedAndExcel Quote  Post ReplyReply Direct Link To This Post Posted: 04 Jan 2018 at 8:20pm
Originally posted by Rosscoe Rosscoe wrote:

Geez, just had a look at Ripple, it’s becoming a Tidal Wave, fast approaching $5.

Holders of this Coin are absolutely laughing all the way to some of the most amazing profits ever seen and so quickly, with now the public starting to take notice!

Where will it be 12 months from now??

Dr E, E&E and I jumping in at less than a dollar, WOW! 👍👌🤑





It’s quite extraordinary really. Up 1,000% in a month. Very happy to be in at 88c but filthy I experienced the tardy processing of deposits with this one. Cost me quite a bit. Previous deposits I had made were available for trading around 10am the next day but for some reason this one didnt get done till 5pm. That was the difference between 65c & 88c.

As you say, where will it be in 12 months? I’m committed to holding for at least that one so I guess we will find out!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Redemption Quote  Post ReplyReply Direct Link To This Post Posted: 04 Jan 2018 at 11:17pm
Bitcoin is going to crash.
The very same man who told me about Bitcoin, way back in 2009, who now owns a Bitcoin exchange company overseas, has just emailed me to say Bitcoin is going to crash.

He added that Gold and Silver are ready to skyrocket again.
Crypto is bubbling, about to burst,, and precious metals are going to soar in 2018.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 04 Jan 2018 at 11:59pm
Why?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote maccamax Quote  Post ReplyReply Direct Link To This Post Posted: 05 Jan 2018 at 12:10am
Originally posted by Dr E Dr E wrote:

Why?

    WAR
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 05 Jan 2018 at 12:19am
Yes, that would be a reason for precious metals to boom, as would several other major catastrophic events - like Climate Change!Shocked
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 05 Jan 2018 at 12:20am
Do we need a war? ... isn't there a war on somewhere now?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Redemption Quote  Post ReplyReply Direct Link To This Post Posted: 05 Jan 2018 at 10:51pm
No and yes. War does make gold boom,, but,,,,,
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 05 Jan 2018 at 11:01pm
Ummm, pretty sure you can generate the same "heat" with coal ... so coal is the new crypto?Tongue
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Rosscoe Quote  Post ReplyReply Direct Link To This Post Posted: 06 Jan 2018 at 11:05pm
Here we go Litecoin, breaking out now as I anticipated!!

Next few days could see significant movement .... 👆🏿

https://atozforex.com/news/6-12-january-litecoin-price-prediction/
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Tlazolteotl Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jan 2018 at 5:44pm
One of the dudes behind Ripple has $50 billion US worth of them. On paper anyway.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Whale Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jan 2018 at 6:16pm
Originally posted by Rosscoe Rosscoe wrote:

Here we go Litecoin, breaking out now as I anticipated!!

Next few days could see significant movement .... 👆🏿

https://atozforex.com/news/6-12-january-litecoin-price-prediction/


yes there was

Image result for downward graph
     
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Rosscoe Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jan 2018 at 7:45pm
Originally posted by Whale Whale wrote:

Originally posted by Rosscoe Rosscoe wrote:

Here we go Litecoin, breaking out now as I anticipated!!

Next few days could see significant movement .... 👆🏿

https://atozforex.com/news/6-12-january-litecoin-price-prediction/


yes there was

Image result for downward graph


Yep, the upward trend lasted about 15 hours, before slipping upon negative sentiment.

Very unpredictable that’s for sure!

Difficult to predict the moves with these cryptos!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote max manewer Quote  Post ReplyReply Direct Link To This Post Posted: 10 Jan 2018 at 7:52pm
I could be completely wrong, but crypto-currencies remind me of things like selling canned fresh air.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 11 Jan 2018 at 12:09am
... without the can!Cry
Ambergris ... the definition of irony.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Rosscoe Quote  Post ReplyReply Direct Link To This Post Posted: 15 Jan 2018 at 6:46am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Passing Through Quote  Post ReplyReply Direct Link To This Post Posted: 17 Jan 2018 at 8:13am
Bubble?
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