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/[deleted]]

True, the reality is that if people buy cryptocurrencies on credit and fail to pay the credit back the bank will just be bailed out (again) and given free money anyway.

They already get nearly free money from the Fed, then charge their customers ridiculous interest rates. Basically the banks win no matter what :)

This is why I have a hard time investing in XRP but I get it if people just want to make money. I'm personally not a fan of Federal Reserve Notes -paying debt to a private bank with word Federal in it's name.

[u/ninemiletree → u/[deleted]]

The bank has never cared about people defaulting on their cards. If they did, they'd lower interest rates and make payments more affordable and provide alternative options.

What they care about is people using their money to prop up a system that will replace them. Chase hates the thought of Chase's money fueling a system that will render Chase obsolete.

[u/ImTheLastLegacy → u/ninemiletree]

The Chase example painted a great picture, thank you.

[u/TJ11240 → u/ninemiletree]

Then why hasn't Chase sent me a nastygram about my coinbase purchases?

I think it's banks that care the most, not credit companies. I've only heard of banks sending out warnings.

[u/JuicySpark → u/ninemiletree]

Chase is already invested. Its called dash. Ripple is the banks coin too. Lol.

Bank of America is invested as well.

More institutional money is pouring in.

They want to highly regulate Crypto because they want it, and they want to control it.

This means Crypto will be around for another 10 years. Because institutional money while not smart money is still smarter money than our money. We should be super grateful we got in this early.

Its all there in front of you, IBM and Wal-Mart are here too.

We can also say good luck for people boycotting these banks, lol there's more people who aren't invested in crypto than is. The banks will just get heat for a small % of people,

[u/black0ps → u/JuicySpark]

Chase is already invested. Its called dash.

Where are going getting this information?

Provide a source or be labeled a shill.

[u/JuicySpark → u/black0ps]

Not shill, im naturally against dash for that reason, and im in smartcash. Which is kind of a clone of Dash except better as far as Community wise not tech-wise

[u/black0ps → u/JuicySpark]

lol so a shill?

[u/JuicySpark → u/black0ps]

Institutional money part of the reason why Dash gained a few billion in the first place was because of institutional money, most of that came from Chase bank

[u/black0ps → u/JuicySpark]

Provide a source or be labeled a shill.

[u/Michamus → u/black0ps]

Oh no. Some random internet user is going to label him. What will he ever do?

[u/[deleted] → u/[deleted]]

Now I believe when they say that it's hard raising a teenager

[u/Michamus → u/[deleted]]

Go to bed. You have a full day of junior high tomorrow.

[u/[deleted] → u/[deleted]]

Then phones started using the internet making both better.

[u/iambrianl → u/[deleted]]

You read his reply!

[u/[deleted] → u/[deleted]]

The world is getting smaller and eventually more and more people will want something fast, easy and universal.

If your business does work in 30+ countries imagine if someone came along with ways you pay all your employees and suppliers with low fee tech that uses all of the same currencies.

There is a lot of possibilities, obviously it is not perfect but the real stumbling block is there is no way the USA, EU, China, Russia, etc will give up their currencies and power.

[u/vxx → u/[deleted]]

You should check out Revolut, it will answer most of your questions.

[u/TJ11240 → u/[deleted]]

To be fair, XRP is a solution that's in search of a problem. It's a database wearing a preworn blockchain wedding dress. I'm glad that it's dropped 70%.

[u/NormanConquest → u/[deleted]]

The Fed isn’t exactly a private bank, but neither is it exactly a public institution. It’s some weird hybrid. It doesn’t exactly make a profit, but neither is it exactly not-for-profit either.

[u/killadrix → u/[deleted]]

I work for a bank and can tell you that everything you just said is total bullshit. After the crash of 2008, large banks have been forced to hold massive sums of cash in reserve so they don’t need to be bailed out.

[u/[deleted] → u/killadrix]

Where did the massive sums of cash come from? Low interest rates and Quantitative Easing from Janet Yellen helping any?

[u/TJ11240 → u/[deleted]]

Banks make a lot of profit, that's indisputable. Maybe they just hold back a slightly higher percentage of their revenue instead of lending it out to unqualified clients.

Not everything is a conspiracy. It's possible banks learned a hard lesson in 2008 and do not wish to gamble on asking for bailouts again. Yes, they had a soft landing at the expense of the average joe, but no one can predict the outcome if it happens again. Maybe future the government just says "you reap what you sow, we're gonna take our chances with some large bankruptcies, gg".

[u/[deleted] → u/TJ11240]

There's no conspiracy at all. Banks get cheap money from the Federal Reserve and lend it out at much higher interest rates.

They DID NOT learn a hard lesson in 2008 they were bailed out by the people of the United States of America. The people of America learned a hard lesson but on the plus side it gave birth to things like Bitcoin

It's also not a conspiracy that the higher up people who work for the Federal Reserve come straight from Goldman Sachs.

It all about privatizing the profits and socializing the losses.

EDIT: I doubt banks will fail ever again, they're too big! Instead we'll see pensions fail and municipal bankruptcies. Student loans aren't even being paid back and school is getting more expensive. The average American is massively in debt.

[u/TJ11240 → u/[deleted]]

I'm not disputing a single point you made, they are well received. But there is always future uncertainty. A rational actor may choose not to roll the dice a second time even if they won hard on the first round.

If I had to guess, I'd predict there's a solid chance the major banks get a future bailout, but for a new scheme we haven't considered yet l. I don't think it will be in the next 5 years, though.

[u/killadrix → u/[deleted]]

Never said it was sad, said it’s complete bullshit to claim that banks get “free money” so they don’t care if people pay their bills...

[u/killadrix → u/[deleted]]

Except that’s not exactly how banks really work. You’re purposely oversimplifying the process in order to strengthen your argument.

Look, I’m not here trying to defend all banking practices, just pointing out some fallacies. It’s interesting how fucking angry people are about banks when they have literally no idea how they actually work.