Reply to post: Re: You think.....

Euro banks warned off Bitcoin as Canada regulates it

Neal Palmquist

Re: You think.....

These banks are in socialist countries. Any lawyer that works for any bank is paid to make sure the organization does not step into activity that would give the socialist government a reason to send in the regulators and pick all the meat off the bones with fines. You can fight the fines in court and probably win the case. But after that fight against the socialist government is done, you will have no company left over.

Socialist governments are giving no encouragement to the individual banks that they can make financial service products built on Bitcoin. The only way to read the statements would be to see them as thinly veiled threats. If a bank moves to offer products based on Bitcoin, that would be high risk and out of bounds. Good reason or not, socialist governments now have the reason they would need to come in and confiscate all the wealth.

Everybody thinks Bitcoin is proof that the banks are threatened by it. Everybody thinks that banks are hypocritical because they complain about regulations on their industry at the same time they will not touch Bitcoin without regulation. But reality is that banks can't touch Bitcoin because of the regulations the banks have been complaining about.

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