Seems like the penny has dropped and Australian banks have halted deposits into Coinspot. All the more reason for a decentralized commerce.
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Where did you see this news ? Are you sure its not just because its Christmas and here in Australia due to industrial law businesses shut down ??? My tax man has stopped working and back late next week due to banking shut down. I agree with decentralization but the reason you are giving i will not believe unless you can link to a bulletin or something showing this…
Bitcoin is recognised currency in Australia… by the government…they can tax it…
Why would things change in the new year ? I reckon cause they banking industry slows down.
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Welcome to CoinSpot.
Ă—Please note: We have temporarily disabled new AUD deposits. Withdrawals and buy/sell are not affected and will operate as normal. less info
_The temporary restriction on AUD deposits will remain in effect until at least the first week of the new year. AUD Withdrawals, coin deposits, buy/sell orders and trading on the platform will continue to operate as normal. _
_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. _
_As the demand for Bitcoin and other crypto assets skyrockets it is in everyone’s best interest to ensure we have regulated, safe and stable digital currency service providers instead of pushing Australian consumers underground, to potentially unsafe vendors. It is our purpose to drive safe adoption of crypto assets and we assure you that we will continue to work on establishing a relationship with a banking partner so we can resume accepting AUD deposits as soon as possible. _
Thank you to everyone for their overwhelming support during this time and we are really excited for what looks to be a massive year ahead for our industry.
They are still allowing deposits up to $1000 in this time which makes me think they are trying to slow down things during the holiday period. Banks wouldn’t cap things if they already made a decision would they ?
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Personally, I think they are just trying to slow things down. Getting to big to quick? They’ve been struggling to keep up with the sudden influx of new investors signing up the last couple of months. Its gone from a 48 hour verification period to now two weeks. They also stopped allowing deposits over the weekends a few weeks back, and dramatically lowered the max amount you can deposit each day. I just think think the sudden growth has caught them out and they need slow things down a bit. The above might be true but its been very noticeable they are struggling to keep up with the demand.
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In their defense, they been doing a great job. Small operation in the City probably trying to deal with all the sign ups, transactions etc. Would have been heaps of people cashing out BTC the last month.
Our banks are slow, when you deal with your own money it can be slow. So many people get reminder notices on bills because they bpay their bills the night its due assuming its instantaneous but its not. Can take up to 3 working days. How can banks control the Polipay function ?
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I hope they work it out what ever the issue is I love trading on Coinspot 
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Is coinspot down. Nothing has moved for awhile?
Not that i know of. I trading as we speak o n it.
Hmm, interesting. Here’s another thing that many people may not be thinking of regarding the fiat banking system and how it will react to cryptos. Fractional reserve banking and Keynesian economics.
Fractional reserve banking allows the banks to loan ten new dollars to every dollar that resides in an account; so, say if you have a $1000.00 in your savings account, the banks can lend $10,000.00 new dollars into existence to you or someone else. This is how all dollars came into existence.
Now given the current total value of the whole cryptocurrency market at say $600 Billion (Billion with a “B”). That money has now exited the fiat dollar financial system and the banks can no longer loan more dollars against it into existence. Now multiply that $600 billion by ten! There is theoretically $6 Trillion (Trillion with a “T”) that is no longer available to banks to loan out, to inflate their effing ridiculous bubble!
So, ya, I’d say there are very BIG problems coming. Cryptocurrency “could” be the mother of all Keynesian economics destroyers. Pay attention folks. 2018 is sure to be a wild ride in this space. This is just the beginning.
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This logic is kinda true except for the reason the money becomes “missing”.
If all these bank customers were drawing funds to enter the crytospace , I think its fair to assume they do it for profit . Aka . With the hope of sending more back to their bank accounts then they withdrew , which in fact , will start to reverse the inherent debt created by fractional reserve banking. I think the big fear is the actual potential to make money , somdthung the banks fear more than anything.
Where they have structured society to depend on banking theyre losing a bit of a foothold. Not to mention , how many millionaires are created every day , not just paying out loans early , but not needind to borrow any money at all.
I personally cant wait for cryptos next stage of evolution. When I hear members cry about their investment I realise not very many people at all have grasped the concept of this project. I always hear " Long term hold " and it’ll be worth millions. Millions of what ? “Dollars”? Isnt that what we’re trying to get passed. Somebody asked me today , when will you say enough is enough, when will you cash out? Whats your figure. I thought about my answer and imagined I asked it to myself. The answer was simple. Enough will be enough , when I dont need to cash in at all because safex has achieved adoption to the point of being an acceptable currency. Sorry for the Ramble guys . These banks have pissed me off today.
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Sorry FĹ•eedom , didnt mean to railroad your response, everything you said is totally true I just see it kinda laterally.
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That was perfect mate good info
Yes all good. Still up and running.
Yeah it still works you just can’t deposit money into it
No worries about “railroading” my explanation of the banking system and the flow of money. My explanation was very linear to make a simple point about what could be happening even though I know it is much more complicated then that. I agree with you on all your points. Thank you for adding your insight. The more we learn, the better off we are.
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Yeah I only plan on cashing out 50%
Why would I NEED to cash it all out,
After all the whole point of crypto currencies is to
Be an actual currency, in say 20 years (or less but give it time especially here in Australia) I won’t need AUD, I’ll have a choice cause I expect lots/most/all places will have caught up and will then accept at least the top 5 - 10 crypto currencies,
Well that’s my vision anyway
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No bitcoin isn’t recognised currency Australia will treat it as an asset or stock, they can tax you once you sell it to aud is what I understand, they can’t tax an asset. Like they can’t tax your house or car till you sell it.
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Thanks Riddla, i meant more that it was accepted and not just looked at as a gimmick. There is some recognition for it which is a good thing.