Not that long ago I made a small mistake with one of my bank accounts for my businesses (yep, I still have those). As directed by support I called the bank's support line to fix the issue. A couple days later my account was shut down and I had no access to any of my accounts with this bank. Long story short, the support person had made a mistake when they logged my info and the bank security flagged me as attempting fraud. Thankfully after several weeks and many calls to the bank I was able to resolve the issue and my funds and access were restored.
Nothing like this had ever happened to me before. I typically only use credit unions but my credit union doesn't support business account so I had to go with a commercial bank. I had always liked the idea of having the option to be my own bank. To run my own node. To host my own lightning routing node (Bank). This event made it real to me. The frustration, anger, and helplessness I felt was massive. I would venture to say most folks on SN have never experienced this. For the most part I doubt most people in advanced economies deal with these issues. But, it made the value of self-sovereign bitcoin real to me in a way that it was not before.
Read my previous posts in this series.
I also had to venture from my credit union for a business account, but I didn't experience anything like that. Yet.
Thank you for sharing your experience so that the rest of us can understand and feel the urgency to live the Bitcoin standard asap!
Reminds me of the film Brazil with Robert DeNiro.
A classic dystopian story where one spelling mistake ends up with the gumboots kicking down some innocent pleb's door and dragging him off for interrogation in front of his terrified family 👪 😫
As an English teacher, I’m curious about the spelling error made in the film haha
iirc a name mix up.
Worth a watch
1984 vibes
CBDC vibes
Dude I'm loving these, I look forward to them, I hope you make a ton more of them
Thanks. Enjoying putting thoughts into words. Saving my poor wife from some of my endless talk about bitcoin as well.
Lol, ain't we all hahaha
Idk what your wife is into by I know the day Sephora has some kind of Bitcoin promo is the day my girlfriend takes the orange pill. Will be nice when that day comes
She's orange pilled. Just not a nerd for it.
I had my biz bank account shutdown and was due to employee "error" that I got thrown under the bus for.
But the good news is this (well besides existence of bitcoin):
The $10K limitation was put into effect in 1970. At the time, $10K was conservatively about $90K today....so it was a rather "large cash transaction"
Point being: more and more bank customers are going to encounter this as the currency devalues to the point of $10K being a new iPhone in coming years....and this is going to force these customers into looking for other solutions....
A huge part of the rational for all these types of rules is the war on drugs. Which is what most of the so called money laundering prevention is targeting. My guess is that these rules only catch the dumb criminals. Like most freedom restricting laws they mostly affect normal people just living their lives.
thanks for sharing. I'm actually hearing so many of these types of stories. I think it's happening more than we realise.
Hearing stories like this along with recent ones (e.g. Vanguard not allowing clients to buy Bitcoin ETFs and Stripe shutting down a Bitcoin-hardware merchant) push me to study and find ways to become more self-sovereign.
I got a Stripe account recently as part of a small business venture. The help forum I was had so many people in there who had made sales but stripe wouldn't let them access their money. They weren't selling anything "questionable" like bitcoin related stuff. It seems if Stripe didn't like or agree or they didn't label it correctly they ran into trouble. They are a law unto themselves, it's crazy how much control these companies have over people.
That must have been a very bad experience, runing your own Bitcoin node obscure you from the limitations traditional banking