[2019-07-14] Wells Fargo Won’t Allow Customers To Buy Bitcoin

cr1776

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Quote from: Jgilpulg on July 14, 2019, 10:14:25 AM

Wells Fargo’s decision diverges from other leading financial institutions, who are becoming increasingly pro-crypto technology

https://bitcoinist.com/wells-fargo-wont-allow-customers-to-buy-bitcoin/

Talk about a misleading article since it leaves out the most important point "...with credit cards."

One thing to consider is that if you stay in bitcoin, then you don't need to deal with garbage like this.

timerland

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Quote from: Jgilpulg on July 14, 2019, 10:14:25 AM

Wells Fargo’s decision diverges from other leading financial institutions, who are becoming increasingly pro-crypto technology

https://bitcoinist.com/wells-fargo-wont-allow-customers-to-buy-bitcoin/

This is basically essentially them saying that, yo, this isn't your money anymore once you deposit it with us. You no longer have the capacity to make your own decisions, and if you were to bank with us, you'd be giving up the control.

Think about how absurd it would be if a bank blocked transactions to the stock exchange, just because they seem to think that it's too risky. Think about how much outrage that would cause - how everyone would be complaining about the bank doing this for their own good. This is exactly what Wells Fargo is doing. It's no different just because it's on bitcoin.

I wouldn't say that financial institutions are "increasingly pro-crypto", either.

They may be interested in developing their own cryptocurrencies, or even conduct their own trading activities; sure. But when it comes to supporting actual decentralized cryptocurrencies, which are what we're interested in, they're nowhere near that step.

Yes, Goldman Sachs is planning on launching their own trading desk, yes, Facebook wants to dip their feet into the FinTech world. But does that really matter when you realize it's got no aspects of decentralization anywhere, nor have they ever explicitly supported bitcoin as a movement? They're only interested in the profits, that is all.

figmentofmyass

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Quote from: gentlemand on July 14, 2019, 02:39:40 PM

Shall we add a little nuance? It says they're not allowing their customers to buy with their credit cards which falls into line with plenty of other banks. Your debit card or bank transfer is just fine.

they already banned people from doing this a year ago. it looks like this was just rehashed because someone made a stink on twitter about it.

can't blame them anyway. many loans include terms that you can't use the money for investment. this practice falls in line with that. they don't want people maxing out their cards right before they lose their shirt in the market.

bbc.reporter

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Quote from: gentlemand on July 14, 2019, 02:39:40 PM

Shall we add a little nuance? It says they're not allowing their customers to buy with their credit cards which falls into line with plenty of other banks. Your debit card or bank transfer is just fine.

This appears to me that the banks might be anticipating another fomo hehehe. They cannot risk their credit card holders to be in debt and not pay them.

The lessons of late 2017 hehe.

Harlot

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Could it be the guy referring to the tweet was using a credit card and not a debit card like what he is saying? I know that a lot of banks before didn't allow their clients to buy crypto on a credit because they are literally risking tha bank's lended money to them and not theirs. I don't see any problem at this because this user can easily open up an account or send their money to one of their bank accounts to buy BTC directly. If banks are hesitant on the industry they'll start to listen when their income starts falling.

LeGaulois

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This is a piece of old news from last year twisted to make it fresh for 2019. If you remember there was another bank quoted at the same time for doing the same thing.

And by the way, it's only to purchase bitcoin with a credit card (not even sure for debit cards) because at this time a trend started with people buying bitcoins with a credit loan tied to their card, and the trend was also to: either not pay the monthly payment back, or/and keep buying more bitcoins (on credits ofc...)

gentlemand

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Quote from: BitHodler on July 14, 2019, 05:44:10 PM

Not sure what's more stupid, banks dictating what people can or can't do, or the people that complain about them but don't switch.

Until you pay the bill this is the bank's money, not yours. All the same the fact most allow you to deposit to gambling sites yet prohibit this is stunning. I expect they expect a wave of carders to fill their boots with crypto which is why they want to cut it off before it becomes prevalent.

BitHodler

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Not sure what's more stupid, banks dictating what people can or can't do, or the people that complain about them but don't switch.... Not switching is basically you giving the signal to these banks that they can do whatever they want.

I like how certain banks nowadays offer support through social media, because this will show the entire world how stupid some of their practices are, especially when they try to justify them but horribly fail without realizing it.

I think it's safe to say that when another retail bubble kicks in we'll see more financial services follow the ones that already prohibited their clients from tapping into their credit to buy Bitcoin. We definitely haven't seen their worst side yet.

rodel caling

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No problem on that if wells fargo won't allow to customers buy bitcoin, we need to respect their decision I still believe later the official of that company swalow their statement for bitcoin if the time realize how bitcoin important.

milewilda

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Quote from: 1Referee on July 14, 2019, 03:06:41 PM

Quote from: gentlemand on July 14, 2019, 02:39:40 PM

Shall we add a little nuance? It says they're not allowing their customers to buy with their credit cards which falls into line with plenty of other banks. Your debit card or bank transfer is just fine.

Doesn't really matter at the end. People are not allowed to use a service that's financed by other people's money, and not money that belongs to the bank itself.

People aren't allowed to buy crypto through credit, but are allowed to transfer money to foreign forex brokers offering products way more risky than crypto. Makes sense. Roll Eyes

We cant really get out into this reality thats why i dont mind up or stress our myself into thinking where these institutions do really make some obvious contrary steps without even thinking or to look back fully into their own traditional routine.LOL!

pixie85

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Quote from: 1Referee on July 14, 2019, 03:06:41 PM

Quote from: gentlemand on July 14, 2019, 02:39:40 PM

Shall we add a little nuance? It says they're not allowing their customers to buy with their credit cards which falls into line with plenty of other banks. Your debit card or bank transfer is just fine.

Doesn't really matter at the end. People are not allowed to use a service that's financed by other people's money, and not money that belongs to the bank itself.

People aren't allowed to buy crypto through credit, but are allowed to transfer money to foreign forex brokers offering products way more risky than crypto. Makes sense. Roll Eyes

It's like all those other stupid laws. You can't drink below 21 in the US but once you hit 21 you can drink yourself to death. 6 months before you were too young and irresponsible to know if you can or cannot drink but 6 months later you are fine Cheesy

You are allowed to take your money out the ATM go to a nearest casino and burn it all on a roulette table but you are not allowed to invest in well known financial instruments on regulated platforms because it's too risky Cheesy

1Referee

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Quote from: gentlemand on July 14, 2019, 02:39:40 PM

Shall we add a little nuance? It says they're not allowing their customers to buy with their credit cards which falls into line with plenty of other banks. Your debit card or bank transfer is just fine.

Doesn't really matter at the end. People are not allowed to use a service that's financed by other people's money, and not money that belongs to the bank itself.

People aren't allowed to buy crypto through credit, but are allowed to transfer money to foreign forex brokers offering products way more risky than crypto. Makes sense. Roll Eyes

gentlemand

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Shall we add a little nuance? It says they're not allowing their customers to buy with their credit cards which falls into line with plenty of other banks. Your debit card or bank transfer is just fine.

Jgilpulg

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Wells Fargo’s decision diverges from other leading financial institutions, who are becoming increasingly pro-crypto technology

https://bitcoinist.com/wells-fargo-wont-allow-customers-to-buy-bitcoin/

Topic: [2019-07-14] Wells Fargo Won’t Allow Customers To Buy Bitcoin (Read 255 times)