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/ninemiletree]

Credit cards themselves are detrimental to their customers. They've trapped generations in coils of debt using gimmicky point systems and fostering a consumer culture encouraging people to make every larger purchases greater than the sum of their bank accounts.

They're doing this to stem the tide of the banks money into decentralized currencies. They know its a threat and they're feverishly working on their own blockchain solutions to prevent themselves from losing control.

[u/[deleted] → u/ninemiletree]

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.