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#AUStriches are limited by the Big 4 Banks to $10,000 per month in transfers to crypto exchanges.

With #Bitcoin already at $100,000 dollarydoos, if a nocoiner started *today* it would take 10 months to become a wholecoiner (unrealistically assuming no price changes).

The number of wholecoiners in Australia 🇦🇺 is thus not likely to increase much if at all from here, particularly when the remaining banks follow the new industry guidelines and also impose restrictions on on-ramps.

Australians will look back on this in 5-10 years and realise what a colossal fuckup this market interference was, but by then it will be too late to do anything about it.

It’s time to accept the trajectory of this country is fukt.

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Discussion

47 1y ago

They are going to war with

1. An immoveable force in bitcoin and;

2. The people of the country

Wild.

47 1y ago

have all 4 taken the same stance ?

StackSats.IO 1y ago

Yes, ANZ announced they’re following from April 3 and they were the last Big 4 holdout

47 1y ago

RIP the no coiners. Exits are being locked down

k0r54n 1y ago

Aleyküm selam 🫡

nobody 1y ago

100%

You should leave as soon as you can.

Prem 1y ago

Similar picture in the UK

hh 1y ago

How the fuck is shit like this legal and why is it not challenged in the courts?

(I'm not even talking about Australia specifically, this sort of arbitrary shit happens everywhere).

StackSats.IO 1y ago

The banks got together and decided to impose these rules after a nonsense report last year about scams in Aus. I read the report and linked it here at some point, they basically lied and used it as justification when the reality is “crypto scams” are tiny - they just relied on no-one bothering to check up on them and people not having enough resources to take them to court (Aus Big 4 Banks are all in the Top 10 largest companies in the country).

That’s how the system works - do shit and hide behind an army of lawyers such that if anyone is harmed it’s gonna take years and millions of dollars to get through the courts to overturn it because there’s zero punishment for them even if they do lose.

nostr:note1p5xtq48z9ppyrts4fz89f9sf6p5rrvg7rcsnnd6faz2z4wnf9xtqr7fvku

hh 1y ago

Yeah I mean two banks I use(d) in Spain suddenly stopped allowing me

to send money to a centralized exchange, after years of doing it.

When I called them to ask for an explanation they said it was to protect me from scams. To which I obviously replied with a bunch of expletives.

It's ironic, because they did in fact manage to protect me from scams, i.e. they prevented me from transacting through them anymore, and forced me to increase my use of P2P.

But as I mention in the other note, places like Bisq sometimes have too little liquidity, unreasonable offers, or simply no offers that match my verified payment methods. So I just suck it up and pay the credit card commission to buy on a centralized exchange.

Will Travel 1y ago

Good! This is the greatest endorsement for Bitcoin! this will drive a cash market which is good for privacy. Also not that hard to do a bank wire!

boston wine 1y ago

What are the limits for transfers in between individuals?

nostr:npub1p2psats79rypr8lpnl9t5qdekfp700x660qsgw284xvq4s09lqrqqk3m82 (maybe) fixes this 🤖⚡️

StackSats.IO 1y ago

In theory there aren’t restrictions on P2P transfers, I’ve not seen Bisq/RS be able to handle that kind of volume tho

boston wine 1y ago

You may be right. But $10K/mo is still averaging $330/day… which is one hell of a daily DCA 😂 even in AUSD that’s some committed capital

StackSats.IO 1y ago

Yeah I wasn’t really thinking of plebs DCAing with this post, moreso people who wake up to what Bitcoin actually is and realise they want to move capital out of stocks/bonds/property into corn. You couldn’t even sell your car and buy corn under these rules.

Also in Aus we have superannuation which is like a 401K but we have an ability to put this into a self-managed fund where you can actually invest in self-custodied corn - that’s gonna be tough to move in volume too.

Low Information Voter 1y ago

I know a guy who put his SMSF into KYC gold, and a decent interval later had a boating accident.

IDK how he didn't get audited...

StackSats.IO 1y ago

A hundred years from now there’s going to be a whole bunch of treasure hunters who read early social media archives and send out expeditions looking for all the shit people lost in boating accidents 😂

boston wine 1y ago

1) the prospect of this is fucking hysterical

2) I’ve always been opposed to the idea of cryogenics but it might be worth it to stick around for those LOLs

boston wine 1y ago

SWIM lost all his gold in the ocean?

boston wine 1y ago

That’s a very good point. Are there any services that offer an IRA (on paper) that actually serve up Bitcoin? Like swan in USA?

Paul 1y ago

Capital controls suck.

⚡₿it₿y₿it⚡ 1y ago

Aussies NGMI

Steven Day 1y ago

Sounds like it’s time to sell $20,000 “art”. Free Bitcoin with each purchase.

StackSats.IO 1y ago

One thing I’m sure of is this will open up new approaches. Maybe your art idea, possibly Aus gets its own Kimchi Premium, but I bet some scammers will try something too to fill the void.

The irony of the banks protecting people from scams only to make scams proliferate 🤦‍♂️

Steven Day 1y ago

Yeah it’s hard enough in New York where the BitLicense makes it impossible to use anything meaningful. I think we have like 3 options to buy “legitimately”.

StackSats.IO 1y ago

Common thread seems to be extremely leftist governments - they’re the most fervent at controlling capital and thus people and always do it under the guise of protecting people.

Steven Day 1y ago

Well the NY story proves that NYC is the fiat capital. The guy who pushed the Bitlicense then goes private sector and guides businesses on getting one “for a fee”.

But yeah. There is concentric rings of clowns managing this region.

mark tyler 1y ago

Lock the doors, they said

StackSats.IO 1y ago

Closing off on-ramps is high impact low friction and Aus have done it before the real stampede. This is the early stages of “then they fight you”.

Luxas 1y ago

Interestingly, Revolut Australia doesn't seem to have any explicitly defined limit, but says they'll alert you if you reach some arbitrary limit.

Also, weird verbiage of "electronic money denominated in AUD" used repeatedly. First time I think I've read the fiat you might hold in your account labeled as "electronic money".

https://www.revolut.com/en-AU/legal/cryptocurrency-terms/

StackSats.IO 1y ago

Revolut doesn’t allow external transfers though so not much use