A BitCoin Crackdown Will Not Stop The Flood
February 19, 2018
Bitcoin’s rocketing value has put a spotlight on this intentionally shadowy money system. Now, with all that attention governments are starting to crack down. However, we don’t think that’ll help. We were tipped off to this trend from a recent BitCoinIst story, “AUSTRALIAN BANKS REPORTEDLY FREEZING THE ACCOUNTS OF BITCOIN USERS.”
According to the story:
The Australian banks which have been accused of freezing accounts of Bitcoin users have been listed as the National Australia Bank, ANZ, Commonwealth Bank of Australia, and Westpac Banking Corporation. The claim was made in a tweet saying that user activity associated with certain websites (BTC Markets, CoinSpot Australia, CoinJar, and Coinbase) have been affected as triggering suspicious activity on Australian users’ bank accounts.
Should your bank refuse to make a payment of your money, then you are rendered powerless to access your own money. The banks’ heavy handedness in this regard only gives further fuel to those proponents of decentralized money that lie outside of institutional control, such as Bitcoin and the rest of cryptocurrency. That Australian banks are still not providing fail-safes to their customers when they fall foul of unspecified account flagging is not portraying the country’s banks in a positive manner at all.
While it is worth applauding Australia’s attempt at stopping criminal activity this way, it’s only part of the oldest story in the book. As soon as someone solves a problem, two new ones crop up. Those being new cryptocurrencies, like Monero, which criminals are beginning to flock to. Fat chance stopping this flood of trouble.
Patrick Roland, February 19, 2018
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