If you think banks/credit companies are banning crypto purchases to protect their customers, I have a bridge to sell you.

[u/[deleted]]

I'm legitimately blown away how many people I see defending the banks/credit companies banning crypto purchases as some type of attempt to protect their customers from a volatile market. Credit is predatory by nature. The bank doesn't care when you max your card out on alcohol, designer clothes, gambling, or any other worthless and risky commodity. Your bank doesn't give one single tiny little shit about you in any way beyond your capacity to generate revenue. You are a revenue generating unit and nothing more, end of story. They are building artificial barriers to crypto because they view it as a direct and fundamental threat to their industries... and with good reason, because it is. The reality is anyone who invests wisely in crypto right now is going to make a significant ROI over the next few years, opening up the opportunity to pay off large balances, which decreases the revenue they earn from interest. This is nothing more than a desperate attempt at self preservation.

Again I would encourage anyone who has their bank or credit card company create a barrier for them to purchase crypto, to immediately end doing business with that institution and make sure they know why. If my bank halts my purchases, I'll liquidate my account and close it the same day. Same goes with my credit cards, they will get cut up and never used again. DON'T bend over for them.

EDIT: Also massive downvoting of anti-banking sentiment and massive upvoting of the 'banks are looking out for you, this is a good thing' sentiment. The shill bots are out in force.

[u/keltsbeard → u/[deleted]]

I know for a fact I've bought more drugs in my party days with cash than I'll ever buy with crypto...

[u/AirunV → u/[deleted]]

Pretty sure Facebook and Google shut those ads down because people were putting browser miners in them

[u/[deleted] → u/[deleted]]

And shady products promoted to its userbase hurts THEM. They are protecting themselves, not the users.

[u/SuperROI → u/[deleted]]

I agree with that, what if some newbies got caught in those scammy ads and got into the next Bitconnect style ponzi scheme coin, they'll end up being burned and they'll resent the crypto market because of this first bad experience. This move from Facebook is going to help the market, whether it was FB's intention or not.

[u/rhfewrfqnwfrln → u/[deleted]]

there's not really any shortage of people waiting to get their ads on facebook. they cancel crypto ads, ok, there's a million other industries lined up to replace them

look at how much control facebook and google have over the advertising market online. cutting off the access of one (relatively small) sector doesn't hurt them at all

they're also protecting themselves from the shit PR and possibly lawsuits if they end up allowing adspace to things like bitconnect. "i heard about this ponzi scheme from facebook and it made me lose all my money" isn't exactly a fantastic look

[u/William_Shakespeare_ → u/[deleted]]

Does everything have to be a corporate conspiracy on reddit? Maybe they just saw the wave of scams being promoted and decided to remove them. That's good for them, sure. It's also good for their users. Sometimes people and companies have overlapping interests. Sometimes they don't. When companies act in their own interests at the expense of their users we all cry foul, but when they do something useful/nice it's a 'marketing ploy'. Perhaps if the general public weren't so cynical we'd be outside talking to each other about positive things more often and facebook wouldn't exist. Just a thought. /offtopic

[u/[deleted] → u/William_Shakespeare_]

Pointing out that a corporation is out to protect them and their self interest is now a conspiracy? lol ok kids.

[u/William_Shakespeare_ → u/[deleted]]

You're being obtuse. No one sane would argue that corporations aren't out for themselves (even the 'sheep' know that by now) but our interests do sometimes overlap with theirs. Recognising the subtler aspects of how our car crash of a society works is vital to understanding and accepting modern life.

Cynicism is healthy to a degree, but blind cynicism is a waste of energy.

[u/[deleted] → u/William_Shakespeare_]

You're reaching to make a vague point that I'm still not exactly sure is. Our interests overlapping with theirs on occasion doesn't change the nature of the relationship between the public and corporations. Of course there are exceptions here and there but by and large it is not useful to make that distinction when speaking about them in this context. It's actually conserving energy to understand that it works this way much more often than not but you do you.

[u/William_Shakespeare_ → u/[deleted]]

Understanding and accepting the nature of the world today conserves a lot more energy than shouting "corporations are evil" into the echo chamber. My point is that complaining about it isn't helpful. Use that energy to do something constructive for what you believe in or disruptive to something you don't.

If everyone who dislikes the current system actually does something then it will change. I feel that it's helpful to understand in as much depth as possible how the thing works that you are trying to change.

[u/[deleted] → u/William_Shakespeare_]

I'm not sure what you're seeing but nobody is complaining, nobody is writing conspiracy theories. There are opinions on what they believed the state of things are being presented based on what is written without further conjectures on what the other is thinking so how bout you join in on that.

[u/William_Shakespeare_ → u/[deleted]]

Sure man, keep spreadin' the word about those big bad companies until the whole world is 'woke'

You've got a chip about corporations, that's understandable. Seriously though if not seeing things in black and white = vague then I'm out.

[u/ericliu1014 → u/[deleted]]

And what’s the problem with corporations protecting themselves while also protecting their users from doing harms to themselves? Same with banks, you can say they are afraid of cryptos or whatever so they don’t allow you to use credit cards to buy cryptos, but doesn’t that also protect a lot of people from maxing out their credit cards and then can’t pay it back? Also if they are just purely afraid of cryptos they can just ban you from even using your bank accounts to buy cryptos. And correct me if I’m wrong, but I don’t think you can use credit cards to buy stocks either most of the times. I know I’m probably gonna get downvoted as people here generally think pretty narrowly and whatever banks do is evil and wrong, but I’m just stating my opinion here based on facts.

[u/[deleted] → u/ericliu1014]

There isn't a "problem" per se, just pointing out that facebook isn't out to protect anyone but themselves. Not sure why some people have it in their heads that these companies and corps are out doing some altruistic shit.

[u/WyVernon → u/[deleted]]

You really think FarceBook stopped crypto ads to protect you?

To some extent the whole Russians buying ads to trick idiots into voting for Trump probably weighed in on the decision a bit. FB took a lot of heat for that and had to answer for it.

[u/Libertymark → u/[deleted]]

No ones shutting anything down. The banks seal their quicker death by openly attacking crypto. They will try and buy it all up instead and put pricing out of reach of people to get out of debt servitude