ABC outraged by limits on the crypto scam

See the latest Australian dollar analysis here:

Macro Morning

Ah yes, the crypto scam. The private money and shadow banking parasite leveraging off nothing. Now the ABC is a HODLer:

Cryptocurrency is creeping into the mainstream but Australia’s laws have failed to keep up with the pace of growth, prompting calls from the industry for regulatory certainty.

Michaela Juric, also know as Bitcoin Babe, has been denied services from 91 banks. It’s what’s known as being debanked.

Ms Juric runs a cryptocurrency exchange that’s registered with the financial crimes regulator AUSTRAC. But that’s hasn’t been enough for the banks.

“When I started my business in 2014, I originally opened a bank account with Commonwealth Bank, it was shut down around six months later. And since then, it’s been a domino effect of account closures.”

A senate inquiry looking at ways to regulate cryptocurrency and digital assets has heard Ms Juric’s experience is not an isolated case.

Crypto start-ups Nium and Ausmerchant have also given evidence about their experience of being debanked.

Banks won’t accept BTC Babes. What has the world come to.

I am up in arms too. My new shitcoin was launched yesterday. It is fully backed by my new stableshit which is 100% backed by hard currency held in Evergrande debt. I’ve soft-launched an attached mortgage lending business today called shitmortgage.

I’m up in arms because the banks won’t accept shitcoin as hard currency even though I estimate its worth at several trillion dollars, or pizzas, or whatevers. The banks are OUT OF CONTROL!

I am available for interview today as well, ABC, and have some choice quotes for these blood-sucking banks.

Please call me on 1300shitcorp.

Houses and Holes

Comments

  1. Venezuela can mine bitcoins with free state owned oil energy, and use crypto to get around US trade sanctions. US will outlaw crypto

  2. This is a sh!t take and reflects poorly on you HnH. Her case is actually an important one and the issue is really nothing to do with crypto. She wasn’t floating a coin or trying to get a bank to accept crypto. She is a citizen and tax payer, was pursuing legal activities, paying tax on them and had her business accounts, her personal accounts and in some cases the accounts of people she lived with closed/refused by every Aussie bank. It’s also happened to other businesses.

    It’s chilling. Imagine if Macrobusiness got debanked for calling out corruption too loudly?

    Don’t like crypto? Fine. Argue agianst crypto. But don’t let it be a canard for ad hoc and opaque debanking by authorities.

    • Rubbish! Aussie banks have an inherent right to extend credit lines to customers, or not, based on their risk profile. Crypto Babe obviously was deemed to be too high risk… the public could learn a lot from these details!

    • No mate, its simpler than that Stormy. Crypto exchanges are considered “high risk” when it comes to AML/CTF regs. Her business and AML/CTF program has been found lacking by AUSTRAC and as such no bank would want to touch her due to the risk of holding illicit funds. They have to be able to show AUSTRAC they have done their due diligence on their customers, she obviously has not passed those requirements.

    • As a share holder of the banks I am more than happy for them to de-bank businesses offering these types of services.
      Don’t like it hen she can take her business elsewhere.

  3. Regarding crypto, you’re on the wrong side of history David. This thing is going to be bigger than the internet, and it’s coming whether you or governments like it or not. The real scam is fiat currency, and it’s approaching its use by date fast. Read the writing on the wall – major countries around the world have been selling off US treasuries and converting to real stores of value like gold for years now.

  4. Go back and study the dotcom era if you want to understand what is happening with crypto. All cryptos are not equal just as all dotcoms were not equal. 99% of dotcoms in the 90’s faded into obscurity but guess what happened to the few who didn’t? They are called Google and Amazon. Guess what many people were saying about them at the time? Pretty much the exact same as you are saying now.

  5. Ghost of Stewie Griffin

    So many Crypto Bro’s are gunna get rekted something savage:

    “First Gensler explained why most cryptocurrencies are securities, and therefore, fall under the jurisdiction of the SEC. In particular, he spoke about digital currency lending platforms and exchanges since they often list tens, hundreds, and even thousands of the cryptocurrencies that are most likely securities. “

    https://coingeek.com/sec-chairman-gary-gensler-speaks-on-crypto/

    I don’t think Gensler or the SEC can be more subtle in their hints of what is coming. Virtually all coins are going to be found to be securities, stable coins are gunna be found to be securities, lending against them has already been found to be dealing in securities and being shut down. Celsius being but the first of many examples:

    https://news.bitcoin.com/securities-watchdogs-file-orders-against-crypto-lender-celsius/

    That said the technology however is real and offers amazing cost advantages for microtransactions. The blockchain as a technology will survive what is coming, most of the ‘crypto’ industry however will not.

    • 1 on blockchain being the value driver. Coins are just the marginal cost for supporting the chain. Problem with the crypto industry is they got the value equation arse about. Any increase in price of coins above marginal cost is pure, unadulterated speculation. Great if you can make a buck but lots of people who cannot afford the loss will get cleaned up.

  6. The Cynical AdviserMEMBER

    Rookie error DLS – you should have run it through a double blind trust out of the Caymans!

  7. I dont trade it. I dont want to. I’ll stick to fiat.

    I’ll buy silver someday but only when the price tanks a lot more in years to come.

    By then, the worlds fcked anyway. and silver will probably be the only thing worth owning.