And the First Law of Plumbing.
The SWIFT payments network has made an extraordinary decision that will have widespread implications on cryptocurrencies.
Asia Markets can reveal SWIFT will no longer process fiat currency transfers from bank accounts to cryptocurrency exchanges, with a value of less than US$100,000, effective from February 1, 2023.
The move will thwart cryptocurrency access to tens of millions of people worldwide.
One of the first crypto giants to notify users of the development this weekend, has been the world’s largest exchange, Binance.
“The banking partner that services your account has advised that they are no longer able to process SWIFT fiat (USD) transaction for individuals of less than $100,000 USD as of February 1, 2023. This is the case for all their crypto exchange clients,” said Binance.
“Please be advised that until we are able to find an alternative solution, you may not be able to use your bank account to buy and sell crypto with USD via SWIFT with a value of less than $100,000 USD.”
Note: there’s uncertainty out there as to whether this came via a legitimate source.
UPDATED Statement from Binance: In a statement to Asia Markets, Binance has confirmed at this stage it will only be Signature Bank customers affected by the move.
So, if I’m understanding this correctly, the established institutionalized (and very political) financial entities want to impose targeted restrictions on crypto currency so as to remove the benefits of using same. Does that sum it up?
It is similar to Trudeau freezing your personal bank account, just on the corporate level.
Gotta keep the fiat folks fenced in…
Cheers
Hans Rupprecht, Commander in Chief
1st St Nicolaas Army
Army Group “True North”
Trying to put gates in place in preparation for a run on the banking system ?
Hate to say it, buy and hold physical gold and silver. Make purchases in person, pay cash and don’t blab about it.
It’s worked for 5 thousand years as opposed to fiat currencies that have lasted about what?, a hundred years max? The CBDCs will finish off the dollar and with them, whatever remnant of freedom is still remaining. The CBDCs will be first used to entice first, as the payments from government (pensions, welfare, food stamps (US), public service payroll, etc) and the next thing you know, you are given a time line to turn in your cash before it becomes worthless. Hard currencies (metals) will become the medium of exchange in the underground economy.
I don’t think that it’s going to matter. The western debt based economic system is on its last legs so regardless of whether you hold paper dollars, digital dollars or quatloos, they’ll all be worthless in the end. The problem lies with the issuers of the currencies and not the currencies themselves. Once the public loses faith it’s over.
Physical gold won’t work unless the US fiat system collapses and I can’t see that happening for decades (famous last words). If gold returned, the countries mining gold would have a big advantage as the cost to mine gold is only $1,200. Some want to price gold at $50,000 an ounce but that only makes gold a fiat currency itself. If the USD goes south we are all in a heap of trouble.
And how many people would actually have that gold? Not you or I.
And certainly not our federal government since Justin sold off our holdings.
The Saudis/OPEC are no longer requiring US dollars to purchase oil so the petrodollar and the power achieved from it are on the decline. Producing nations are moving away from conducting international trade using US dollars and setting up agreements among themselves to trade in their local currencies. The US dollar gets its strength from international demand and once that demand dries up these dollars will have only one place to go, back home to the US to join up with the trillions already in circulation.
Buy it now before this offer expires.
Buy it now before this offer expires.
Life Follows Art dept.
Step Right Up – Tom Waits
https://www.youtube.com/watch?v=kTdScE3Rqh8
One of the few good developments in finance recently, as fewer people will buy it, after this. Bitcoin depends on finding like-minded herd thinkers to keep the scam going. They should understand no government will bail them out.
If you’re thinking of buying it, maybe consider paying off all your debt, instead.
For those who don’t know…the first law of plumbing as it was explained to me way way back in the day is that “shit runs downhill”. So it is written…so shall it be.
Timeless.
Bitcoin is entirely different than the rest of the crypto coins
Do your homework and you’ll figure out why.
Also regarding the transfer of bitcoin funds, do your homework on Jack Mallers and Strike.
You can transfer any amount of money anywhere any time in seconds virtually for no cost.
I’ll see if I can pick up a couple of links for those interested
Mallers interview
https://ca.finance.yahoo.com/video/bitcoin-superior-existing-payment-networks-155042659.html
BRICS will become the payment system for the world even faster than I thought it would.
I’m confused. Not about the first law of plumbing (thanks Burton) but why crypto would need USD transaction support from SWIFT. If I lived in Canada and you lived in Thailand I could buy (or sell) some crypto from (to) you. So a crypto to crypto transaction would not need SWIFT or USD. I could then convert into my local currency (for now), still no USD or SWIFT. Is it that they are starting to clamp down on crypto to USD conversion to prevent the scamming of false coins? Why only with the USD? And why is it ok on transactions over $100,000 – is that the trigger point for requiring identity? I’ve been scammed before on international wire transfers. The wrong person gets your money, transfers the money into an offshore account and disappears (the bank says you have to wait 30 days and they are gone in 5) and the bank is of NO help whatsoever (on both sides of the transfer). Makes me think it’s about cost. Too many small transactions? I’m confused.
It would appear that Signature Bank is trying to exit the stable coin market after the FTX debacle where its stock dropped 20% even though it had almost no FTX exposure. From DEC-06-2022…
https://finance.yahoo.com/news/signature-bank-reduce-crypto-tied-231027499.html
Still not sure why it would handle amounts over $100,000 unless it is just telling its better customers not to worry about major transactions.
Here is another bit coin scammer. $4 B later, she got on a plane and hasn’t been seen since. Now on the FBI’s most wanted list.
https://www.cnn.com/2023/01/22/business/ruja-ignatova-cryptoqueen-fbi-most-wanted-cec/index.html
Bit coin on one level is a lovely idea.
Human Nature implies to me,that any scheme as complicated,requiring levels of such trust..is made for fraud and failure.
But as the FAIT’s fail,we still need a means of exchange…
Barter only gets us so far and also involves trust..
The failure of trust has not come from the traders..The loss of trust has been caused by our “protectors of the trust”.
So tell me again ,why we need government?
Because there is not enough crap and chaos in the world?
John Robertson, Your posts are always wise and valid. I don’t trust Crypto due to two reasons. One, electricity, if we are without power, we cannot access it, and the biggie is number two, TRUST, or as you state, the frailty of human nature. For the same reasons I would never trust CBDC’s. On the electrical front, TPTB are deliberately building in future failure for the grid with all the EV/Green bullsh*t, and then steering the herd into their ultimate control, with the digital currency.
John Chittick’s post above, (another wise and valid poster) is accurate. They will give out free digital money to corral the sheep, while continuing to use fiat cash, then they will outlaw cash, and bingo, we are all suckered into their full and very extensive control!
Of course, once the grid collapses, we’ll be back in the stone age anyway, cash will be useless, and a new much more violent wild west will rapidly arise! I always propose the four G’s. Gold, Grub, Ground, and Guns. Gold (or financial equals such as silver, food, and other trade goods) Grub, (we’ll all still WANT to eat) Ground, (we’ll need shelter and a place to live or survive) and Guns, (to defend ourselves and our food gold and ground)
The EVIL WEF and cronies, have been planning this for a very long time. Once we begin the new stone age, they won’t need to do much of anything else. They want massive population reduction, and we’ll be killing off each other, and ourselves, for them. Meanwhile the oil and natural gas etc remain available for them to use afterwards. Their ultimate goal is a small slave underclass to service them, and be abused by them, and all the natural planetary requirements to provide them and their future brood with supreme comfort for the foreseeable future.
Sigh, but we all, already know this, don’t we!