Chase Bank Limits Cash Withdrawals - true or false?

[lukep]

I could find you a list of hundred's of investments that have outperformed Bitcoin in 2013, too.

They were talking about Ammo as an asset class, I was just throwing my 2 bitcents on that fire.

Long term value investing in BTC is little more than a gamble. If you think that the government's Silk Road shutdown was as bad as it'll get for the prospects of BTC,

I honestly think of the SR shutdown as the very best thing that has happened to bitcoin to date. It has removed, completely, the stigma of drugs and blackmarkets from bitcoin and even the press has taken notice and stopped bringing up that point for the first time since it's inception. Media has become quite bullish on bitcoin lately in fact... It's like they've run out of bad things to say about it.

it's going to get a whole lot worse as its usage starts to become significant.

I can't wait! Each time they shut down this exchange in country X, they make a new market in country Y for 5 new exchanges to pop up in... It'll be like fighting a hydra.

Did you know that Gox isn't the biggest exchange by volume anymore? BTC 100 in China now is #1, and there are four other large-volume btc exchanges in China too! Russia's got two of the biggest exchanges now too, and although Argentina can't have an exchange out in the open with their capital controls, the person-to-person bitcoin buying going on there now has already outpaced their buying of USD!

At this point it doesn't matter if Obomba comes out and says bitcoins are illegal for use here anymore... They're taking off in several other countries and it is becoming apparent that BRICS countries are encouraging bitcoin usage to ensure that the petrodollar falls.

(It's still insignificant, incidentally, even as the total value of BTC runs into the billions, when you compare it with the circulation of the dollar, of which there are $1.2 trillion).

I no longer think of it in comparison to the dollar. It's a truly global currency, and the developing nations are packed with people who have cellphones (and access to bitcoins on them) but have no way to get bank accounts. We're talking about Billions of such people... In fact over 6 Billion phones in circulation right now can use bitcoin on networks like M-PESA.

Comparing it to the circulation of the dollar is a waste of time. I'd say 10% of the GLOBAL currency volume is a fair target for the next decade... But if the USD hyperinflates by then it will obviously be far higher.

Short term there is no doubt some money to be made, but any action taken against it is likely to be pretty swift, and kill the BTC market rapidly.

Lulz... And what action exactly do you think they can take against a decentralized network with more computing power than the rest of the world combined, doubling in power fractilly?

Heck, even if uncle same bombed every known US mining rig, the majority of hasing power is now in China, so I don't think that would go over too well... ASIC Manufacturers too.

BTC is here to stay, and the more uncle sam does to fight it, the more they'll be showing their incompetence, which only drives the USD down further against it. I personally hope they pull out every stop!

<popcorn.gif>

 

[lukep]

doublepost

 

[igl00]

if u keep all money in 1-2 banks + none in private.. then u just asked to be pwned.

 

[music4mic]

Yesterday I sent some emails to the executive office, mostly to see what they had to say about this change. I just got a call back from Brian Haney who is the head of Chase products.
Brian Haney | LinkedIn, if anyone wants to call him directly PM me and I'll give you his #

His claims are:
-If you need to send a wire internationally through the same account, branches will still be able to accommodate you.
-Accounts restricted were accounts that did not send international
-If you need access to international transfers on a regular basis, you can change products to an account that will include a business banker that understands international wire transfer. There would be no increase in fees for doing this, it would just be an account change.

Now the rationale, they claim, is that this was related to issues with money not making it to where it should because the bankers at typical branch, for this type of business account, don't understand the process well enough to help navigate the system. He's referring to the fact that when you send a wire internationally it has to bounce off of a coupe of banks before it reaches its endpoint.

So, TL;DR
-if you need to send an international wire once or twice, np go to a branch
-if you do this a lot, change to a different account that doesn't cost more
-It's not because the dollar is crashing, it's because they were having issues with money not going where it was suppose to go and not having bankers trained to handle accounts that need this service.

And he hooked me up with an account that has a lower fee while I was on the phone with him, lol.

There are a lot of conspiracies out there and some of them are legit, but this particular move being related to impending financial doom I don't think is true. When that comes they'll just shut their site down and stop answering the phone.

 

[User9364]

I want to make it clear that I appreciate you making the phone call and reporting back. I'm not trying to undermine your effort or contribution.

Now the rationale, they claim, is that this was related to issues with money not making it to where it should because the bankers at typical branch, for most this type of business account, don't understand the process well enough to help navigate the system. He's referring to the fact that when you send a wire internationally it has to bounce off of a coupe of banks before it reaches its endpoint.

However, I don't believe that. They restricted accounts that don't normally do international wires because those people would be unlikely to notice or complain.

I am a little surprised they're claiming their staff is too incompetent to handle it. If that were a problem, they would only let certain people handle them instead of restricting accounts. In fact, I'm almost certain they already only allow certain people to handle them.

Under normal circumstances, they would just train their staff, or come up with some kind of computer system that their branch managers or associates could use. I bet they have that too.

If I did a lot of international wires, I'd find a bank who can handle them competently. It's hard to believe they'd make up a story of their own incompetence too. Maybe you caught him off guard with your questions.

 

[music4mic]

If I did a lot of international wires, I'd find a bank who can handle them competently. It's hard to believe they'd make up a story of their own incompetence too. Maybe you caught him off guard with your questions.

I basically told him that I appreciate the call and that knowing that I could send a transfer through a branch if needed. But, while that does alleviate some of my concern, it's still an extra step that I don't particularly like, regardless of how they justify it.

That said, for being a big-bad-bank founded by the crook JP Morgan, they do offer some nice account perks for banking with them and overall I like their services.

 

[igl00]

As much as I kind of like Simon Black's newsletter, I unsubbed just now because I don't want to have a fucking heart attack every time I open his emails.

if some of u want to learn we have a big ass archive of simon + other private newsletters and forums, at almost free price email are uselss but those pdfs, hidden bank infos [esp from other guys than simon the country man] are preety good.

 

[igl00]

As much as I kind of like Simon Black's newsletter, I unsubbed just now because I don't want to have a fucking heart attack every time I open his emails.

if some of u want to learn we have a big ass archive of simon + other private newsletters and forums, at almost free price email are uselss but those pdfs, hidden bank infos [esp from other guys than simon the country man] are preety good.

 

[momchil9]

edit: fuck this shit;

 

[jeffrey]

if some of u want to learn we have a big ass archive of simon + other private newsletters and forums, at almost free price email are uselss but those pdfs, hidden bank infos [esp from other guys than simon the country man] are preety good.

What the actual fuck are you trying to say?

 

[wayn3]

What the actual fuck are you trying to say?

simon is the guy from sovereignman and he claims hes got lots of their otherwise not free stuff they write.

 

[jeffrey]

simon is the guy from sovereignman and he claims hes got lots of their otherwise not free stuff they write.

Thank you.

 

[secretagentdad]

Just got that in the mail.


I wonder whats up with them. Prolly some guy in upper management decided to drop his pants because govs are being retarded.

 

[rogerrabbit]

inb4 obamacare

 

[Deliguy]

I was chatting with my bank manager today and they see it. Something very scary is happening from the top down. They are still trying to sort out what exactly the government is trying to get all the banks to do and why, but several things are certain this isn't limited to just Chase. Infact they're probably just being proactive about it. It isn't just a regulation change. Last but not least the changes and lock downs are rolling out to consumer accounts first, and judging from some of the international banks it'll next roll to ALL business accounts, not just nonpremium ones. It can't be confirmed yet but I guess there is more phases to this change coming once this one is done.
/scared

 

[microphone head]

Well that certainly sounds ominous!