Quote:
Originally Posted by NEW XTC
The radically invasive policy change of HSBC, accompanied by their absurd statement that they feel no need to even inform customers of it - is stomach turning big brother shit - I highly doubt they would have the balls to try this in any of their US branches.
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Read the US, UK & EU anti money laundering regulations.
I gave HSBC as an example of where we're headed. You can "doubt" it all you like, it won't make it any less true. They're a powerful bank, they can do as they please.
Correct it is stomach churning and the western banking industry has gone to great length to implement these practices, we live in a climate where privacy is a thing of the past and that's why I doubt Bitcoins long term prospects. Even if they do regulate the shit out of it, it's still gonna be an utter pain in the ass for any bank involved with Bitcoin having to comply with governments AML & KYC regulations.
Bitcoin needs the banking system, the banking system doesn't need Bitcoin
I feel like I'm replying to Franck from 8 months ago, so I think I'm gonna stop posting in this thread.