Standard Bank issues account termination notices to cryptocurrency arbitrage services

Tman* said:
Explain?
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History has shown that during times of war or severe economic hardship, the smart money moves out of fiat currencies and into assets that are safer, that are intrinsically valuable and still relatively liquid, like gold and silver. It needn't be a precious metal, it can also be commodities like water, alcohol and cigarettes.
 
RonSwanson said:
History has shown that during times of war or severe economic hardship, the smart money moves out of fiat currencies and into assets that are safer, that are intrinsically valuable and still relatively liquid, like gold and silver. It needn't be a precious metal, it can also be commodities like water, alcohol and cigarettes.
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How does one buy gold? Does it have to be kruger rands? How do you break up a kruger rand? I would definitely start smoking again if TEOTWAWKI happened, so maybe cigarettes isn't a bad idea. I wonder what the shelf life of a sealed carton is?
 
You can run to whichever bank you want, the fact is it will slowly happen to you everywhere.

The problem is that banks are extremely risk averse, and for good reason, there's fraud everywhere. One of the ways to cater for that is compliance relating to knowing the end-to-end transaction flow of money, and being able to trace it. This is not just Government telling a bank, this is banks mandating it from banks, from their partner banks, their Forex handling banks, other financial backers etc. The sole purpose is the same - you need to see the full money trail. Also LEA's mandate it in many countries too.

Now you have cryptocurrency who's very nature is a decentralized and largely anonymous approach and it completely and utterly derails the entire financial system's risk profile.

Now the question is, is what they're doing right or wrong? I think it depends. If you're the person investing in Bitcoin and would like to make some money you're going to suffer, but you're not a big risk except perhaps to the Tax Man. But now you're the ringleader or a child trafficking ring and previously a money trail would have made it easier (not completely) to find you and your buyers. Cryptocurrency solves that problem for you - and creates a bigger one for Law Enforcement and for the victims families looking for some kind of reprieve.

Its once again a case of something can be used for good or bad, and its the people wanting to use it for good who have their lives made difficult by those abusing it.
 
RonSwanson said:
History has shown that during times of war or severe economic hardship, the smart money moves out of fiat currencies and into assets that are safer, that are intrinsically valuable and still relatively liquid, like gold and silver. It needn't be a precious metal, it can also be commodities like water, alcohol and cigarettes.
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smart money moves out of fiat currencies, partly due to inflation (govt starts printing more and more money)

If a crypto exists that uses minimal electricity (meaning people can still transact during war time) and where supply remains capped (like BTC for example) - I dont think its unreasonable to think that crypto might retain value during wartime (if global communication remains possible between nations).
wingnut771 said:
All the exchanges have blown up?
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you dont need an exchange to send crypto from one wallet to another (to pay for something), and with options available such as wallets and cold storage you dont need to keep your crypto in an exchange
 
wingnut771 said:
How does one buy gold? Does it have to be kruger rands? How do you break up a kruger rand? I would definitely start smoking again if TEOTWAWKI happened, so maybe cigarettes isn't a bad idea. I wonder what the shelf life of a sealed carton is?
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Gold is undoubtedly the best store of value, purely because of its ability to retain its value over centuries, its well-known resistance to corrosion, and its low electrical resistivity, Not many assets can compare to it. Tobacco products (and many other commodities such as water) are very useful where there is a predictable (and short-term, <18 months) spike in demand, but over the long term cannot compare with gold.

I have been accumulating gold since I my first real job at the age of nine, and it is hidden in various locations around Pawnee. Have my efforts been worthwhile? Many have speculated (and some are still speculating) as to my total net worth: I giggle when I think about it, because they are all wrong.

 
Johand said:
I wouldn't be surprised if it was because of dodgy operations somewhere. That is the problem with crypto - one bad apple can spoil it for everybody and because of the decentralized nature it is almost impossible to crack down in a surgical manner.

It might not even be the exchanges themselves but clients of them. Hell anything from money laundering, exchange control circumvention, payment for illegal activities like drugs, child porn etc.

The world don't have a solution for the above yet. And until they do... I think we are going to see more crackdowns.
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Hmm. 1% of Crypto/BTC is used for illicit activities.

www.thecipherbrief.com

Report: An Analysis of Bitcoin's Use in Illicit Finance

Former Acting CIA Director Michael Morell pushed back on notion that Bitcoin is ripe for illicit activity in a new report
www.thecipherbrief.com www.thecipherbrief.com

Cryptos you exchanges you need KYC etc. I think it's South Africa Government doesn't like it people making money and government can't get their hand on the millions of not billions.

ANC government doesn't like people doing stuff. This stories about people losing money is nice cover story for government to stop it. But how come people get robbed etc on daily basis in classified sections and government doesn't bat an eye lid.

Except for China most countries are embracing Crypto projects...
 
RonSwanson said:
Gold is undoubtedly the best store of value, purely because of its ability to retain its value over centuries, its well-known resistance to corrosion, and its low electrical resistivity, Not many assets can compare to it. Tobacco products (and many other commodities such as water) are very useful where there is a predictable (and short-term, <18 months) spike in demand, but over the long term cannot compare with gold.

I have been accumulating gold since I my first real job at the age of nine, and it is hidden in various locations around Pawnee. Have my efforts been worthwhile? Many have speculated (and some are still speculating) as to my total net worth: I giggle when I think about it, because they are all wrong.

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I tihnk it was something I read on Argentina about how quickly things went south there back in 2000 or so...

Guy said he wished he bought more gold jewelry and stashed it around, he said you never get full value on things like Kruger Rands when the chips are down and you can only deal with a few people in a 'take it or leave it' situation...(And medicines...when TSHTF you ant get any!)
 
mojoman said:
I tihnk it was something I read on Argentina about how quickly things went south there back in 2000 or so...

Guy said he wished he bought more gold jewelry and stashed it around, he said you never get full value on things like Kruger Rands when the chips are down and you can only deal with a few people in a 'take it or leave it' situation...(And medicines...when TSHTF you ant get any!)
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So true. The zama-zamas will become our new bankers.
 
RonSwanson said:
History has shown that during times of war or severe economic hardship, the smart money moves out of fiat currencies and into assets that are safer, that are intrinsically valuable and still relatively liquid, like gold and silver. It needn't be a precious metal, it can also be commodities like water, alcohol and cigarettes.
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And toilet paper. Never forget the value of toilet paper.
 
So when are Standard Bank closing accounts of people who draw large sums of cash?
 
Read now that Valr also banks with SB (no changes on their side)

Valr moved from FNB (when terminated in 2020), now to SB
 
Just watch more war movies. Or travel through parts of Africa. 6 packs or alcohol and cigarettes let alone US Dollar bills helps gets you out of trouble and gets you premium roadside tollgate passes. People like liquid currency and Bitcoin would hardly interest a freedom fighter with a gun to your head.

Sure for an more advanced criminal, Bitcoins may be great, but for someone holding an AK47 that probably didnt go to school, it would be worthless.

5 of the most traded commodities in wartime...cigarettes, alcohol, us dollars, gold and diamonds. And WW3 may be upon us. Especially with China involved. Bitcoin banned there. Would be useless for them.
 
mojoman said:
I tihnk it was something I read on Argentina about how quickly things went south there back in 2000 or so...

Guy said he wished he bought more gold jewelry and stashed it around, he said you never get full value on things like Kruger Rands when the chips are down and you can only deal with a few people in a 'take it or leave it' situation...(And medicines...when TSHTF you ant get any!)
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Krugerrands as a coin isnt worth much, but its the weight in gold.

Goto Asia (and especially Japan - who ironically deals only really in cash and not bank cards). You will find people buying gold (ingots, coins, necklaces) and stocking up on USD in their safes.
 
Corelli said:
Krugerrands as a coin isnt worth much, but its the weight in gold.

Goto Asia (and especially Japan - who ironically deals only really in cash and not bank cards). You will find people buying gold (ingots, coins, necklaces) and stocking up on USD in their safes.
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I think the guy was making the point that instead of buying KR at set prices from a legit dealer rather visit local pawn shops, bankrupt friends etc and see what gold rings, chains etc you can find and what deals you can scrounge.
 
Corelli said:
Krugerrands as a coin isnt worth much, but its the weight in gold.

Goto Asia (and especially Japan - who ironically deals only really in cash and not bank cards). You will find people buying gold (ingots, coins, necklaces) and stocking up on USD in their safes.
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How do you stop yourself from getting mugged, or do you bury it in the back garden?
 
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