back to article Oz Bitcoin traders cry 'conspiracy' over bank bans

Bitcoin traders in Australia reckon the country's banks are blanket-banning them in an effort to stave off possible competition from the crypto-currency. A couple of individuals who operated Bitcoin trading operations have told the Australian Broadcasting Corporation that Westpac, the Commonwealth Bank, the National Australia …

  1. dan1980

    "Sam Dastyari . . . told the ABC the banks were ganging up to “prevent the growth of new industries”."

    New what now?

    These people produce nothing. To them, Bitcoin (and other crypto-currencies) are instruments to be traded. They're not supporting some new company or market or technology by investing in it; they're simply trying to make money by speculating on something that has no intrinsic value.

    They might argue that they are supporting the Bitcoin technology itself, and promoting its use and adoption, but in reality they are doing no such thing. They are actually hurting it because the more the price changes, the better for these people, whereas the less it changes, the better suited it is for use as an actual currency.

    No sane store will set their prices in Bitcoins because they have to pay their employees and suppliers in the (fiat) currency of the land and people aren't being paid in bitcoins because both sides of that equation stand to lose. If you have to pay your rent in dollars but get paid in bitcoins then there's no way to be sure that you'll have enough to make ends meet.

    So exactly what 'industries' are being held back probably needs a bit of elaboration before it gets thrown around again. (And I suspect that the senator was simply parroting what he was told. Saves thinking for yourself.)

    Push the "it'll hurt growth" button and then wait for people to decry whatever is claimed to be holding the economy (peace be upon it) at bay. Don't worry about actually proving how "growth" is being retarded - just claim that it is. That's the MO of pretty much every industry that wants laws changed.

  2. Diogenes

    Ths looks like a job for ...

    Chris Pyne - Minister for Innovation or Malcolm Turncoat who supports disruptive technology.

    snicker chortle cough - can't holdback ROFL, ROLMAO

    1. Winkypop Silver badge
      FAIL

      Re: Ths looks like a job for ...

      I fear that Mr Pyne's understanding of innovation is as comprehensive as Mr Brandis' understanding of metadata...

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