Topic: JPMorgan and BofA ban cryptocurrency transactions for their credit cards (Read 249 times)
February 13, 2018, 09:59:18 AM
It's not the end of the world. When you see major banks doing this, they are actually validating the growth of cryptocurrency. The adoption and use of crypto is a threat to the traditional banking model.
February 13, 2018, 09:53:24 AM
I think this is another manipulation of the rates of crypto-currencies. JP Morgan has already been seen in operations with bitcoin futures, so it's likely that this downturn was most likely beneficial to them.
February 13, 2018, 09:19:57 AM
I thought all the banks were going to use ripple 
Seriously though, this is not a big deal, there are many credit card companies out there who will take payments. It is going to be their loss as customers decide to switch banks. When they realise how much they have lost, it will probably be reversed as their competitors milk the rewards.
JPMorgan is a huge bank but also not a very honest one in my opinion. It is clinging to its financial power but hopefully in the future it will lose it all! Seriously though, this is not a big deal, there are many credit card companies out there who will take payments. It is going to be their loss as customers decide to switch banks. When they realise how much they have lost, it will probably be reversed as their competitors milk the rewards.
February 13, 2018, 09:19:39 AM
This actually isn't that big of a deal, but some crypto news outlets have used it to spread around FUD. Using a credit card basically means you're borrowing money from the bank, which you have to pay back. So it's understandable why banks don't want skeptical investors using a credit card to buy a huge amount of crypto when there's a chance that the person might not ever be able to pay back the bank.
February 13, 2018, 09:16:35 AM
It's quite hypocritical isn't it? These are the same gamblers that led to such homelessness in 2008 by gambling with high yielding derivative futures. In fact it was their actions that led to the very creation of Bitcoin itself. And now they ban that because they view trading it as a gamble? Hilarious hypocrisy, it should be embedded in the history books of ultimate hypocrisy actually.
February 13, 2018, 09:16:19 AM
And this is sad news of course. But on the other hand, such actions can be regarded as an attempt to stop the development of the crypto currency, because I believe that the current financial system will not stand against the crypto-currency financial system.
February 13, 2018, 09:10:09 AM
Very soon you will hear about 2 top banks of USA stop support credit cards for work with crypto exchanges and you go to drop your batch of crypto coins and dump more. I want to say "DON"T PANIC" and hodl, whales already wait till you come and dump. Thats all 
https://www.bloomberg.com/news/articles/2018-02-02/bofa-to-decline-all-cryptocurrency-transactions-on-credit-cards
https://www.bloomberg.com/news/articles/2018-02-02/bofa-to-decline-all-cryptocurrency-transactions-on-credit-cards
I believe that in this way they want to save people from losing money. Many people can buy too many trash coins for credit money and stay at a loss.
February 04, 2018, 12:07:41 PM
I thought all the banks were going to use ripple Seriously though, this is not a big deal, there are many credit card companies out there who will take payments. It is going to be their loss as customers decide to switch banks. When they realise how much they have lost, it will probably be reversed as their competitors milk the rewards.
Seriously though, this is not a big deal, there are many credit card companies out there who will take payments. It is going to be their loss as customers decide to switch banks. When they realise how much they have lost, it will probably be reversed as their competitors milk the rewards.Don't forget Stellar and its Stellar Consensus Protocol, which is based on the Ripple protocol.
Both coins are designed for cheap and particularly rapid worldwide payments.
As I understand Ripple is more for banks and financial institutions, while Stellar is more for small, medium business and individual use.
February 04, 2018, 10:32:23 AM
I thought all the banks were going to use ripple Seriously though, this is not a big deal, there are many credit card companies out there who will take payments. It is going to be their loss as customers decide to switch banks. When they realise how much they have lost, it will probably be reversed as their competitors milk the rewards.
Seriously though, this is not a big deal, there are many credit card companies out there who will take payments. It is going to be their loss as customers decide to switch banks. When they realise how much they have lost, it will probably be reversed as their competitors milk the rewards. February 04, 2018, 10:25:29 AM
One more bad news arrived. Manipulation damages the markets. Now there is no panic. However, speculation news is spreading from China, South Korea and United States of America. Whales wants to steal our money.
Absolutely right. Who cares about cryptocurrency ban from few banks?
Today we have thousands of intermediary payments systems that provide full range cryptocurrency transactions and accept various credit cards, banks transfers and so on.
February 03, 2018, 12:47:03 PM
Many credit cards do not work on gambling sites either and if you're investing in cryptocurrencies, you shouldn't be using a credit card to invest anyways. The interest rates and fees are high. You can always use your debit card from those banks and it should work. I don't think this news will affect the market.
February 03, 2018, 12:34:08 PM
The banks new policy relates to concerns over credit risk. Voicing that more than one-fifth of investors who use credit cards to purchase cryptocurrencies carry the balance, and prolonged market corrections could render them unable to make their payments. Still, Bank of America avers that the new policy would not affect debit cards. These seem prudent policy decisions and not a move for panic or concern.
February 03, 2018, 12:20:59 PM
This is positive news for crypto, no matter how any one sees it, i see this as a positive moving forward. Restricting retards from making and investing $1000 USD into the shittiest ICO's imaginable should not be permitted on the bank's expenses.
Thought i'd never agree on a banks decision.
The downside to this news is future regulations by the banks and voiding any small fish from giving their money into the markets, or entering crypto.
Thought i'd never agree on a banks decision.
The downside to this news is future regulations by the banks and voiding any small fish from giving their money into the markets, or entering crypto.
February 03, 2018, 12:17:50 PM
People need to get in their head that this wasn't because banks hate crypto and want to see it fail. This is because people are gambling on crypto by maxing out their credit cards and likely wont be able to pay off their bills when they come due. This was banks trying to protect themselves and protect their consumers. Crypto investments are way too speculative to purchase on credit
February 03, 2018, 12:12:09 PM
In my opinion, the ban on the use of credit cards is not honest. A person should be free to make decisions about the use of money, even credit. What difference does it make to a bank that I spend money on buying a TV or buying a token? In any case, TV can not bring profit, and financial investments can. And I sincerely hope that these bad news in the pockets of whales will end.
February 03, 2018, 08:58:57 AM
This is another negative news that will reduce the price of bitcoin. It is interesting when the whales have run out of negative news and they will stop holding bitcoin at the bottom. I see that they are prepared for this dump very well 
February 02, 2018, 08:02:23 PM
Wow this is pretty bad news and just sucks for many people that want to invest. Ugh. As long as I can still deposit back into my account through coinbase I am good I guess. It seems like they are concerned with money laundering though on top of other issues.
I wonder if they will decline deposits from major exchanges and coinbase in the near future? That would be an absolute killer.
I wonder if they will decline deposits from major exchanges and coinbase in the near future? That would be an absolute killer.
February 02, 2018, 05:20:37 PM
Very soon you will hear about 2 top banks of USA stop support credit cards for work with crypto exchanges and you go to drop your batch of crypto coins and dump more. I want to say "DON"T PANIC" and hodl, whales already wait till you come and dump. Thats all
https://www.bloomberg.com/news/articles/2018-02-02/bofa-to-decline-all-cryptocurrency-transactions-on-credit-cards
https://www.bloomberg.com/news/articles/2018-02-02/bofa-to-decline-all-cryptocurrency-transactions-on-credit-cards
Good for them. And in the long run, good for crypto. Crypto needs to find a way to really truly get people to use crypto as it was meant to. peer-to-peer. Not peer to Visa to peer or peer to some payment portal to visa to peer, like some of the ICO projects have been claiming to want to do and now will face a real challenge to achieve.
There has to be a way, if Ripple can make a system to challenge Swift, surely there is a system to challenge and replace Visa. Is Bitcoin the way? with Lightning Network who knows?
February 02, 2018, 05:14:15 PM
That's scary actually but i am not in a rush so hodl till the end .I recommend to everyone this kinda news are just for the people panic sell.Don't panic.
.I recommend to everyone this kinda news are just for the people panic sell.Don't panic. February 02, 2018, 05:13:35 PM
I wonder who is doing all these stuffs? i mean the manipulation in the market,the spreading of all the FUDs lately because it causes a lot of panic to all the people and investors,maybe theres someone who can explain why they are doing this? is this jsut for the money or they want to take down the cryptocurrency community,either way they will not prevail thats for sure.
Well bankers really hate bitcoin so it only make sense as to who is to blame about all the FUD that we have been hearing. And this is another attack from them, I'm sure that the market will be affected by such negative news coming from JP Morgan and BoA. So we need to brace ourselves, I mean tie ourselves to something strong. lol.
Of course everything is just for the "money". They know that significant amount of money have been flowing in the crypto world specially last year. They want a piece of it, that they will resorted by attacking it, started by Jamie Dimon last year.
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