Crypto is dead because credit card companies stop crypto purchases - page 2.

wheelz1200

legendary

Activity: 3752

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Quote from: Digital Drug Lord on April 03, 2018, 05:48:50 PM

Quote from: wheelz1200 on April 03, 2018, 02:27:22 PM

OP sorry but there is a long line ahead of you and we all laugh at each one of these remarks. Bitcoin was dead in 2011, 2012, 2013, 2014, etc etc....and well how did that turn out for those future tellers. If credit card banning of crypto is your biggest argument to why bitcoin is dead you need to dig deeper just a tad bit. Thanks for trying though....and this belongs with the speculation sub spam as well please move this nonsense.

Yes all those years you mentioned there was no real regulations on crypto. Now miners are getting hit with crypto tax on their taxes this year... Don't report your crypto earnings and your looking at tax evasion charges

It's a new day and age and yesteryears gains don't apply anymore.

Funny thing is you can still use your credit card at a gambling casino... So it's the final nail in the coffin for crypto. Without investors being able to use credit cards to buy crypto there will be no bull run

I'm calling bullshit on any bull run that mysteriously just happens out of the blue

Bitcoin isnt propped up by credit cards kid....sorry but bull runs and new money that pushes markets isnt credit cards if you think thats the case you are a moron.

mbdmbn

member

Activity: 146

Merit: 10

This guy again Grin

You do make me laugh with your zero day FUD.

FYI, I can easily buy bitcoin right now with my credit card and even with Paypal, who would've thought that in the digital age you wouldn't be able to purchase the digital currency of your choice with your digits on your digital credit card.

Talking about digits, how about you put your "own" digits to better use, and be more productive, maybe by helping folks out here in the "Altcoin mining sub forum", rather than spreading nonsense about Bitcoin.

You might gain some respect that way, instead of people rightfully taking the piss out of your BS threads.

gotminer

member

Activity: 644

Merit: 24

Quote from: Digital Drug Lord on April 03, 2018, 05:48:50 PM

Quote from: wheelz1200 on April 03, 2018, 02:27:22 PM

OP sorry but there is a long line ahead of you and we all laugh at each one of these remarks. Bitcoin was dead in 2011, 2012, 2013, 2014, etc etc....and well how did that turn out for those future tellers. If credit card banning of crypto is your biggest argument to why bitcoin is dead you need to dig deeper just a tad bit. Thanks for trying though....and this belongs with the speculation sub spam as well please move this nonsense.

Yes all those years you mentioned there was no real regulations on crypto. Now miners are getting hit with crypto tax on their taxes this year... Don't report your crypto earnings and your looking at tax evasion charges

It's a new day and age and yesteryears gains don't apply anymore.

Funny thing is you can still use your credit card at a gambling casino... So it's the final nail in the coffin for crypto. Without investors being able to use credit cards to buy crypto there will be no bull run

I'm calling bullshit on any bull run that mysteriously just happens out of the blue

Grow up kid. BTC doesn't need to be purchased with credit cards for any bull run to happen ... Lol. Do you think institutional investors whip out their VISA card when they want to buy 500 BTC? BTC does not need a bunch of irresponsible retail investors to blindly buy in for a bull run to happen any time in the future.

Also the IRS has been giving guidance on how to pay taxes on your crypto since 2014. Where the fuck have you been? Just because they are just now enforcing it, doesn't mean anyone who hasn't paid taxes in the past won't be fucked over, if they were stupid.

JaredKaragen

legendary

Activity: 1848

Merit: 1166

My AR-15 ID's itself as a toaster. Want breakfast?

if someone charge-backs my Shift card, I can get crypto for visa..... lol. I guess that's one way to look at it.

But, I think the credit companies choices are just them not wanting to loose the financial stranglehold on you; since you are using their instrument to buy an instrument that frees you from their grip.

Just like; imagine the day the FED and other huge banks buy into BTC and other crypto as well..... This is where exponents come in; since their supply is limitless.

lunobird

full member

Activity: 846

Merit: 115

So one way around to pay for crypto with credit like an american bum you are. Is to go out and buy nvidia cards on credit cards. No cash advance fees, like you would get on coinbase, You'll be hedge against a downtrend market and wont' get rekt. You'll even get an equipment deduction when you do your taxes. And if all else fails you can always sell ur gpus and probably break even.

This I think this is a much better way to average cost buy your coins into the market with your gpu mining rigs all funded by credit.

An alternative is to pay for your day to day living cost on credit. So by the time you get your paycheck you can quickly buy bitcoin cash and send it to bitmain to get an ethereum asic miner.

If your a good accountant you can win in the crypto mining game. But like most of us doing account work is no fun.

Digital Drug Lord

member

Activity: 308

Merit: 12

Quote from: wheelz1200 on April 03, 2018, 02:27:22 PM

OP sorry but there is a long line ahead of you and we all laugh at each one of these remarks. Bitcoin was dead in 2011, 2012, 2013, 2014, etc etc....and well how did that turn out for those future tellers. If credit card banning of crypto is your biggest argument to why bitcoin is dead you need to dig deeper just a tad bit. Thanks for trying though....and this belongs with the speculation sub spam as well please move this nonsense.

Yes all those years you mentioned there was no real regulations on crypto. Now miners are getting hit with crypto tax on their taxes this year... Don't report your crypto earnings and your looking at tax evasion charges

It's a new day and age and yesteryears gains don't apply anymore.

Funny thing is you can still use your credit card at a gambling casino... So it's the final nail in the coffin for crypto. Without investors being able to use credit cards to buy crypto there will be no bull run

I'm calling bullshit on any bull run that mysteriously just happens out of the blue

wheelz1200

legendary

Activity: 3752

Merit: 1415

Why is this even still being entertained. If bitcoin is dead because you cant use credit cards to buy it its pretty worthless to begin with. This has ZERO bearing on the utility and market of bitcoin and if it will survive or not. Stop this nonsense.

gotminer

member

Activity: 644

Merit: 24

Quote from: dhouse on April 03, 2018, 03:24:08 PM

you can use debit cards on coinbase Cheesy

Debit cards are not credit cards.

dhouse

jr. member

Activity: 266

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you can use debit cards on coinbase Cheesy

adaseb

legendary

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Merit: 1723

The reason why banks are denying credit card purchases for crypto has nothing to do with the fear that "Bitcoin will put them out of business".

It's because many people get their credit card and bank account information stolen which is used to buy crypto which is never reversed.

There is provably like 10x people who got their credit card info stolen vs 1x who actually want to buy crypto so it's just easier to block all the transactions.

You can still buy Bitcoin by wire transfers, ATMs , localbitcoins, etc.

gotminer

member

Activity: 644

Merit: 24

Quote from: BennyT on April 03, 2018, 03:06:01 PM

Jeez.. talk about someone joining a forum to spread FUD to the max. No clue on what crypto is or what it stands for.

This is the only the beginning. Except the laws and banks to clamp down even harder. And expect crypto to grow even stronger. I feel stupid to have to even clarify that around here.

He's just pissed that he bought the top and is going to have to wait a little longer to move out of his moms basement.

gotminer

member

Activity: 644

Merit: 24

Quote from: NateDoggETH on April 03, 2018, 02:36:06 PM

Banks banned Credit Card purchases for Crypto because they are missing out on a CASH ADVANCE FEE plus the HIGHER APR ON CASH ADVANCE FEES.

I know this because I am a banker at a USA bank.

Yes there are a lot of other reasons (some probably more important that the fees the banks are missing out on) that banks will not let you use "Credit" to buy Cryptocurrency.

The thing is, banks (yes not all of them) will allow you to use the money you worked for anyway you want to. It is very limited to what you cannot get with using our bank debit card

Credit=Money the banks trust you with but its not physically there

Hard earned dollars=the money you deposited into the account

If I were the big banks, I would be more worried about people who have no idea what they're doing buying an extremely volatile asset on credit, market takes a down turn, they panic sell at a low point, bank never sees their money again.

gotminer

member

Activity: 644

Merit: 24

Quote from: swogerino on April 03, 2018, 02:19:27 PM

Quote from: gotminer on April 03, 2018, 12:56:31 PM

Quote from: swogerino on April 03, 2018, 12:46:09 PM

It is just a correction in the price, volatility is very common and is what defines bitcoin as a currency. Credit card companies haven't stopped anyone to buy crypto, they only put a "somewhat law" that you should buy from well known vendors.

As far as I know Coinmama supports buying crypto with credit card and everyone can use their service to buy crypto. Their fees are high but that is another topic.

JP Morgan Chase and BOA (in the usa) do not allow crypto purchases with credit cards. If you go to CoinBase and try to buy BTC with one of their credit cards, it will get denied. Not that I think anyone should be buying crypto on high interest credit, but just wanted to clear that up.

That is why internet is great. Coinmama is not based in US so you can buy there through internet and through your credit card. What I want to point out that banks stopping payment with credit cards is not a reason why crypto is or will be dead.

Buying crypto with credit card is good, if you buy the dip it is the easiest way for you to make a profit.

If they really wanted to, why wouldn't JP Morgan Chase and BOA just decline credit card transactions to Coinmama? They can do whatever they want. It's not your money that you're spending, it's theirs. They are just letting you borrow it at a high interest rate. The reason I don't like seeing people buy crypto with credit cards is because the majority of those doing it aren't doing any research whatsoever to even know anything about whether or not it's a good time to buy.

Doesn't matter whether you buy a dip with credit or your own money. Buying it with a credit card does not make it easier to make a profit ... Lol.

And also ... You are correct. The market isn't down, because some banks stopped people from running up their credit limits to buy crypto.

BennyT

full member

Activity: 259

Merit: 108

Jeez.. talk about someone joining a forum to spread FUD to the max. No clue on what crypto is or what it stands for.

This is the only the beginning. Except the laws and banks to clamp down even harder. And expect crypto to grow even stronger. I feel stupid to have to even clarify that around here.

NateDoggETH

jr. member

Activity: 76

Merit: 1

Banks banned Credit Card purchases for Crypto because they are missing out on a CASH ADVANCE FEE plus the HIGHER APR ON CASH ADVANCE FEES.

I know this because I am a banker at a USA bank.

Yes there are a lot of other reasons (some probably more important that the fees the banks are missing out on) that banks will not let you use "Credit" to buy Cryptocurrency.

The thing is, banks (yes not all of them) will allow you to use the money you worked for anyway you want to. It is very limited to what you cannot get with using our bank debit card

Credit=Money the banks trust you with but its not physically there

Hard earned dollars=the money you deposited into the account

wheelz1200

legendary

Activity: 3752

Merit: 1415

OP sorry but there is a long line ahead of you and we all laugh at each one of these remarks. Bitcoin was dead in 2011, 2012, 2013, 2014, etc etc....and well how did that turn out for those future tellers. If credit card banning of crypto is your biggest argument to why bitcoin is dead you need to dig deeper just a tad bit. Thanks for trying though....and this belongs with the speculation sub spam as well please move this nonsense.

hummer113

member

Activity: 686

Merit: 10

The crypto may come to an end, and there are many different reasons, some are more possible some less, but what is written in this article is not at all the reason.

swogerino

legendary

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Bitcoin Casino Est. 2013

Quote from: gotminer on April 03, 2018, 12:56:31 PM

Quote from: swogerino on April 03, 2018, 12:46:09 PM

It is just a correction in the price, volatility is very common and is what defines bitcoin as a currency. Credit card companies haven't stopped anyone to buy crypto, they only put a "somewhat law" that you should buy from well known vendors.

As far as I know Coinmama supports buying crypto with credit card and everyone can use their service to buy crypto. Their fees are high but that is another topic.

JP Morgan Chase and BOA (in the usa) do not allow crypto purchases with credit cards. If you go to CoinBase and try to buy BTC with one of their credit cards, it will get denied. Not that I think anyone should be buying crypto on high interest credit, but just wanted to clear that up.

That is why internet is great. Coinmama is not based in US so you can buy there through internet and through your credit card. What I want to point out that banks stopping payment with credit cards is not a reason why crypto is or will be dead.

Buying crypto with credit card is good, if you buy the dip it is the easiest way for you to make a profit.

gotminer

member

Activity: 644

Merit: 24

Quote from: swogerino on April 03, 2018, 12:46:09 PM

It is just a correction in the price, volatility is very common and is what defines bitcoin as a currency. Credit card companies haven't stopped anyone to buy crypto, they only put a "somewhat law" that you should buy from well known vendors.

As far as I know Coinmama supports buying crypto with credit card and everyone can use their service to buy crypto. Their fees are high but that is another topic.

JP Morgan Chase and BOA (in the usa) do not allow crypto purchases with credit cards. If you go to CoinBase and try to buy BTC with one of their credit cards, it will get denied. Not that I think anyone should be buying crypto on high interest credit, but just wanted to clear that up.

swogerino

legendary

Activity: 3318

Merit: 1247

Bitcoin Casino Est. 2013

It is just a correction in the price, volatility is very common and is what defines bitcoin as a currency. Credit card companies haven't stopped anyone to buy crypto, they only put a "somewhat law" that you should buy from well known vendors.

As far as I know Coinmama supports buying crypto with credit card and everyone can use their service to buy crypto. Their fees are high but that is another topic.

Topic: Crypto is dead because credit card companies stop crypto purchases - page 2. (Read 812 times)