Santander trying to steal £14,200 from me

grumbler

gb12345 wrote: »

The fact is that bitcoins have no value to anyone except 'traders' and criminals.

How banks are better than traders? Both buy something from you and give you the local currency in exchange.

tonycottee wrote: »

If they have an in store travel money bureau, you could change your dollars beforehand.
http://money.asda.com/travel-money/

Oh, I forgot, it was Seychelles rupees, not USD. There are quite a few other currencies missing there.

imoneyop

grumbler wrote: »

How banks are better than traders? Both buy something from you and give you the local currency in exchange.

The big difference is that banks are regulated and easily accessible. To change your bitcoins in to a useable means of payment you would have to rely on some dodgy trader on the internet and risk being scammed or having your bank account frozen for fraud (which apparently does happen to bitcoin "traders")

grumbler wrote: »

Oh, I forgot, it was Seychelles rupees, not USD. There are quite a few other currencies missing there.

I'm sure a bank or post office or other Bureau D'Change would be more than happy to change your Seychelles rupees or Vietnamese đồng in to an acceptable method of payment.

Of course if it was a Sunday then you'd be out of luck (sorry, probably took away your next futile argument there), but then that is really your fault for not being prepared.

grumbler

imoneyop wrote: »

I'm sure a bank or post office or other Bureau D'Change would be more than happy to change your Seychelles rupees or Vietnamese đồng in to an acceptable method of payment.

Of course if it was a Sunday then you'd be out of luck (sorry, probably took away your next futile argument there), but then that is really your fault for not being prepared.

I though the question (sarcastic suggestion in fact) was about paying in Asda directly.

gb12345 wrote: »

...Pop down to Asda with your Bitcoins and do your shopping.

And, BTW, Post Office don't do Seychelles rupees. Neither do they, say, Russian rubles.

CKhalvashi

grumbler wrote: »

And, BTW, Post Office don't do Seychelles rupees. Neither do they, say, Russian rubles.

I'm sure they do Rubles, just not UAH, AZN (which it's illegal to be exported by non-CIS nationals), GEL and AMD. HSBC can get their hands on 3 of the 4 each year for us, so it's not a huge problem.

Bitcoin traders have been penalised by banks, and whilst I've not traded myself, it looks too risky an investment for me to touch.

CK

katiepyke

For some of the posters here seemingly belittling the OP about what he chooses to trade in, maybe you should open your minds a little.
Any financial trade has an element of risk whether that is a very low risk or very high risk, the OP is only risking his own money and if it doesn't work out for him only he will lose out, unlike the banks who risk our money and when they're on the brink of going bust from bad investments with our money it's us again as taxpayers who get them out of the proverbial.
As for accusations about ML and fraud (of which i don't think for one minute the OP is involved in) again the banks are not guilt free of this, HSBC for laundering and Barclays and RBS for LIBOR fixing which i do believe is fraud.
Good luck to the OP i hope you do very well for yourself trading in bitcoin, it's in it's infancy admittedly but who's to say it's not the next big thing, everything has to start somewhere, good luck to you.

callum9999

gb12345 wrote: »

I would first go to my bank (or a jeweller for the gold) and exchange them - they would recognise both as having real value in GBP. Unfortunately if he turned up at Lloyds or Cash For Gold with his bitcoins he would be laughed out the door.

The fact is that bitcoins have no value to anyone except 'traders' and criminals.

Although, as I said before, I find the whole bitcoin thing stupid and an enormous waste of time, money and energy (it uses up vast amounts of electricity "mining" these things - and for what exactly?) you are just being ridiculous. Obviously if you turn up at a company that doesn't deal in bitcoins trying to use bitcoins you won't be able to do anything... Just like you cannot pay for your shopping with gold bars or buy a holiday with a book of shares - that doesn't remotely mean the items don't have any value.

Logically bitcoins shouldn't have any value, but they do. Although gold isn't quite as useless, it's the exact same principle. There is no logical reason whatsoever for it to be so valuable - it is all a result of people irrationally placing value onto it. Gold obviously shows no signs of collapsing in value any time soon, but it's foolish to completely right off bitcoins (though not as foolish as it is to go the opposite way and actually invest large sums of money into them!).

Azelphur

katiepyke wrote: »

For some of the posters here seemingly belittling the OP about what he chooses to trade in, maybe you should open your minds a little.
Any financial trade has an element of risk whether that is a very low risk or very high risk, the OP is only risking his own money and if it doesn't work out for him only he will lose out, unlike the banks who risk our money and when they're on the brink of going bust from bad investments with our money it's us again as taxpayers who get them out of the proverbial.
As for accusations about ML and fraud (of which i don't think for one minute the OP is involved in) again the banks are not guilt free of this, HSBC for laundering and Barclays and RBS for LIBOR fixing which i do believe is fraud.
Good luck to the OP i hope you do very well for yourself trading in bitcoin, it's in it's infancy admittedly but who's to say it's not the next big thing, everything has to start somewhere, good luck to you.

What a nice thing to say and I couldn't have worded it better myself. Thanks! Hopefully I will get some info on Tuesday.

dalesrider

Originally Posted by katiepyke
again the banks are not guilt free of this, HSBC for laundering and Barclays and RBS for LIBOR fixing which i do believe is fraud.

And remember what happened to these companies......

Are you suggesting that the OP should be punished in the same way?

grumbler

dalesrider wrote: »

...Are you suggesting that the OP should be punished in the same way?

I think that they made it perfectly clear:

katiepyke wrote: »

As for accusations about ML and fraud (of which i don't think for one minute the OP is involved in)

innovate

grumbler wrote: »

I think that they made it perfectly clear:

So someone goes on an internet forum and says they are not involved in ML. Then someone else comes along and says that's correct, they aren't involved in ML.

Therefore they aren't involved in ML?

I am not saying they are, but I am also not saying they are not. None of us will ever be able to say one way or the other.