I think its pretty easy to avoid this as a problem by depositing funds from a credit card into some kind of intermediary and then using that to buy bitcoin. Virwox, for example, accepts PayPal, Skrill and a few other payment options. They also used to accept credit cards; I'm not sure but maybe this is restricted by country.
I also think bitcoin was more of a theoretical threat to traditional banking, and is now no longer a threat at all. When the price goes up, transaction fees skyrocket and its no longer viable as a currency. Now you have the financial sector actively investing in crypto because there's profits to be made by exploiting volatility through pumps and dumps the likes of which crypto has never seen.
Anyway, if people are creative about it, there's always a route through which you can purchase bitcoin. Where there's a will, there's a way.
Topic: BREAKING NEWS : Bank of America and JP Morgan Are banning CC purchases - page 3. (Read 765 times)
February 11, 2018, 04:00:07 PM
February 11, 2018, 03:51:05 PM
Banks slitting their own throats. Watch them cry in a few years when crypto exchanges start cutting ties and refusing to deal with problem banks, and the banks lose customers every time it happens because we need our exchanges more than we need the banks.
This is the other way to look at it. Crypto has a big movement and it's interest, awareness and knowledge is growing year on year. If the movement goes the way many predict, the banks will be kicking themselves.
February 11, 2018, 03:27:23 PM
Too many people have bought too much cryptocurrencies and paid with credit cards, in fact they spend money they don't have. They were hoping to pay back with eventual profits they could make with the price rise of the crypto they bought. If that does not work out and they lose, they're in big trouble. This is what the bank of America wants to prevent.
This is exactly right, so I dont really see it as a bad thing. They are not trying to stop people from buying crypto, they just want to stop people from over purchasing.
February 10, 2018, 01:18:27 PM
Too many people have bought too much cryptocurrencies and paid with credit cards, in fact they spend money they don't have. They were hoping to pay back with eventual profits they could make with the price rise of the crypto they bought. If that does not work out and they lose, they're in big trouble. This is what the bank of America wants to prevent.
February 10, 2018, 01:07:39 PM
What makes it more powerful now...?
Maybe he's referring to the fact that more and more financial institutions are preventing people from buying crypto on credit, which can indeed be seen as some sort of a sign that they don't want it to grow further.By preventing people from buying crypto on credit, they at least made an attempt to potentially halt Bitcoin's growth, but it won't have any impact at all. It requires an extra step, but credit can still be used to buy Bitcoin with.
The larger Bitcoin grows, the more financial institutions acknowledge that Bitcoin might end up taking over a large part of the market they for decades ruled with iron fist. It's time for a change, and that change is called Bitcoin.
Banks will never accept it out of free will, but eventually they have to. If you can't beat it on your own, then adapting to the situation is the only thing left to do, and that's banks adopting Bitcoin one way or another.
How does that mean the banks dont want it to grow? When people get hacked and bitcoins are bought, the banks are paying that out... you have to remember that most people are not very educated in cryptocurrency or even finance and will be over buying.
IMO BOA is a terrible banking solution anyway so I wouldnt use them.
February 06, 2018, 09:13:05 PM
What makes it more powerful now...?
Maybe he's referring to the fact that more and more financial institutions are preventing people from buying crypto on credit, which can indeed be seen as some sort of a sign that they don't want it to grow further.By preventing people from buying crypto on credit, they at least made an attempt to potentially halt Bitcoin's growth, but it won't have any impact at all. It requires an extra step, but credit can still be used to buy Bitcoin with.
The larger Bitcoin grows, the more financial institutions acknowledge that Bitcoin might end up taking over a large part of the market they for decades ruled with iron fist. It's time for a change, and that change is called Bitcoin.
Banks will never accept it out of free will, but eventually they have to. If you can't beat it on your own, then adapting to the situation is the only thing left to do, and that's banks adopting Bitcoin one way or another.
February 06, 2018, 08:56:33 PM
so it means crypto is more powerful than bank.so i love bitcoin more and more now.
What makes it more powerful now...?
February 05, 2018, 03:02:08 PM
so it means crypto is more powerful than bank.so i love bitcoin more and more now.
February 05, 2018, 02:09:43 PM
Banks slitting their own throats. Watch them cry in a few years when crypto exchanges start cutting ties and refusing to deal with problem banks, and the banks lose customers every time it happens because we need our exchanges more than we need the banks.
It is a good thing that they are stopping CC payments. You can still use bank accounts and debit cards.
February 03, 2018, 05:45:29 PM
the day these big banks will no longer dictate the rules of finance
there's a fundamental problem, though. BTC is highly dependent on fiat gateways (and altcoin markets depend on BTC). more than anything, it's used as a speculative asset (via fiat investment). so, BTC doesn't have any sort of circular or sustainable economy. in this context, banks (and governments) could probably affect the markets more than we'd like to think.
the international nature of some exchanges helps, but at a fundamental level, the banking system can be controlled if a handful of banks (or a handful of nation-states) wills it. that means that exchanges can largely be cut off from the banking system. that could have a pretty drastic effect on public perception and price discovery. it wouldn't destroy anything, but the effects would be greater than people anticipate IMO.
February 03, 2018, 05:35:52 PM
Banks slitting their own throats. Watch them cry in a few years when crypto exchanges start cutting ties and refusing to deal with problem banks, and the banks lose customers every time it happens because we need our exchanges more than we need the banks.
February 03, 2018, 05:34:43 PM
This is just how the sponsored media presents their head or news that will trigger panic selling. I was alarmed by the title of this write up but on reading it further, i discovered that the content was not as bad as the title. I am looking forward, when the capital base of cryptocurrencies are more evenly distributed , i don't think we will happen like this.
February 03, 2018, 05:31:38 PM
the day these big banks will no longer dictate the rules of finance
February 03, 2018, 05:29:46 PM
Is anyone concerned about this?
not really. it's sensible, in a way. bitcoin/altcoins are speculative assets. they are investments. nobody should be buying them on credit. and knowing how markets work, a lot of people probably maxed out credit cards buying on the way to $20k and are now sitting on huge paper losses. plus, buying with credit cards = cash advance fees, which is basically the highest rate you can pay.
if you really need to run a balance cuz you got that itch to buy some coins, you should at least shift your day-to-day expenses to credit cards and ACH/wire money to an exchange. screw paying cash advance rates. it's not like they are cutting off exchanges from the banking system.
February 03, 2018, 05:14:40 PM
It’s been bad for a while... BoA “froze” my debit card and cancelled my purchase the first time I tried to use coinbase. I had to call and authorize the use, and try again. Which again froze my account and cancelled the purchase. I had to call again and it worked the 3rd time ...
And that was my debit card, it was my money. This is why people are getting into crypto. Banks trying to control how you spend your own money, and the reason they give you for locking your account is “suspicious behavior”? It’s like they are admitting they so unsecured that the can’t tell a real purchase from a scammer, so they overreact to protect themselves, and inconvience you.
It doesn’t surprise me they are now stopping CC purchases, but When you have an 800+ credit score, a perfect payment record, and pay it off in full every month, it does kind of piss you off.
And that was my debit card, it was my money. This is why people are getting into crypto. Banks trying to control how you spend your own money, and the reason they give you for locking your account is “suspicious behavior”? It’s like they are admitting they so unsecured that the can’t tell a real purchase from a scammer, so they overreact to protect themselves, and inconvience you.
It doesn’t surprise me they are now stopping CC purchases, but When you have an 800+ credit score, a perfect payment record, and pay it off in full every month, it does kind of piss you off.
February 03, 2018, 05:09:12 PM
This makes cryptocurrency more decantralized and nobody concern about this i guess. This is just easy attempts to finish bitcoin. There will be more like this. Just ignore them and look at your way.
How is this the bank trying to finish bitcoin? To my knowledge you can still use bank wires and debit cards. So it is really just to save the banks from having to pay out when users get hacked and the scammers use the cc to buy bitcoin which cant be charged back.
February 03, 2018, 04:26:16 PM
This makes cryptocurrency more decantralized and nobody concern about this i guess. This is just easy attempts to finish bitcoin. There will be more like this. Just ignore them and look at your way.
February 03, 2018, 04:24:15 PM
JP Morgan is aiming to ban CC on February 3rd and Bank of America to ban CC on February 2nd.
Looks like for right now they will only be banning CC purchases, which is not as bad as it sounds. If someone steals your CC and maxes it out buying cryptocurrency, then that could be a huge problem. Plus people can likely max it out as a way of getting "lent" money they cant afford to pay back.
As long as you can make Bank wires, and Debit card purchases this really shouldn't be a big deal.
Source: https://www.coindesk.com/report-bank-america-jp-morgan-ban-credit-crypto-purchases/
Also dont forget Bank of America has a patent for an exchange system : https://www.coindesk.com/bank-of-america-outlines-cryptocurrency-exchange-system-in-patent-award/
They do have some points on some areas where those CC would be lost then those coins inside would be lost too and it is really a huge problem but as a user we are really know the risk.I believe the true aim on this kind of banning cc purchases is that they do already saw that there is already a competition regarding on this are. They shows that they can block things that they want. Looks like for right now they will only be banning CC purchases, which is not as bad as it sounds. If someone steals your CC and maxes it out buying cryptocurrency, then that could be a huge problem. Plus people can likely max it out as a way of getting "lent" money they cant afford to pay back.
As long as you can make Bank wires, and Debit card purchases this really shouldn't be a big deal.
Source: https://www.coindesk.com/report-bank-america-jp-morgan-ban-credit-crypto-purchases/
Also dont forget Bank of America has a patent for an exchange system : https://www.coindesk.com/bank-of-america-outlines-cryptocurrency-exchange-system-in-patent-award/
February 03, 2018, 04:20:37 PM
It's a good move. Too many people lost money they didn't have by speculating on Bitcoin in the last gold rush.
So you're supporting the babysitting policy. People can't handle their money, lets limit their options so they can be happy and never gain or lose anything. Mediocre, balanced society where there are no rich or poor but everyone has exactly the same is what we're aiming at, right?
People are irresponsible, let's be responsible for them, let's take their money and decide for them.
It's another proof that your money don't actually belong to you and that you should avoid banks at all cost. What next? They will monitor your CC purchases and block you from making "bad" decisions? Too much alcohol in your diet - transaction denied, buy another drink instead! Cigarettes? That's a big nono, transaction denied!
I do think people should be responsible with their money to some degree. We need better awareness with cryptocurrency, and actual sites that will educate the youth. ( This is just a humanity awareness ) However with Credit Cards, banks dont care if people mismanage personally. They care when someone gets hacked and then buys $1k, $2k (whatever it may be ) worth of cryptocurrency and they have to back it up. Although if someone buys what they can not afford it will hurt the bank as well. Which is why they will let debit cards continue. If you wanna buy $1k of bitcoin but really cant afford it, as long as you have the $1k available then you can buy it.
February 03, 2018, 02:48:14 PM
It's a good move. Too many people lost money they didn't have by speculating on Bitcoin in the last gold rush.
So you're supporting the babysitting policy. People can't handle their money, lets limit their options so they can be happy and never gain or lose anything. Mediocre, balanced society where there are no rich or poor but everyone has exactly the same is what we're aiming at, right?
People are irresponsible, let's be responsible for them, let's take their money and decide for them.
It's another proof that your money don't actually belong to you and that you should avoid banks at all cost. What next? They will monitor your CC purchases and block you from making "bad" decisions? Too much alcohol in your diet - transaction denied, buy another drink instead! Cigarettes? That's a big nono, transaction denied!
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