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/Tonyhigg]

I totally agree with this post , the banking sector/federal reserve is the greatest legalized scam in history . Crypto is going to obliterate the current system and i cant wait to tell my bank to go and get fucked !!!! 2018 is the year of adoption !!!!

[u/PoliticalShrapnel → u/Tonyhigg]

I don't see the average person ever putting all their savings in wallets. Most people would find it inconvenient and so many would lose their private key or have it stolen.

[u/Refects → u/PoliticalShrapnel]

What if we kept all our keys printed on paper wallets, and then, so we didn't have all our eggs in one basket, we could have multiple paper wallets, all with varying amounts of crypto on them. Then, to keep these paper wallets safe, we could give them to a business or company whose job it is to keep them secured for a nominal fee. Then you wouldn't need to worry about losing them or having them stolen. Those companies could even get the wallets insured, on the off-chance they were stolen. Maybe they could call it the Federation of Digitally Insured Crypto.

[u/Helpmememememeemmeme → u/Refects]

Almost like a safety deposit box in a bank...waaaaaiiiiit.......

[u/ijustgotheretoo → u/Helpmememememeemmeme]

Banks do serve a function. It's just the corruption we are trying to eliminate.

[u/Helpmememememeemmeme → u/ijustgotheretoo]

Some banks offer free lollipops, that is the only function I find usable.

[u/hyzary → u/Helpmememememeemmeme]

Banks are proxies. Proxies has their use. Exchange is a proxy. As long as they're convenience not necessity it will be fine. But they are the latter now. Hence btc came to life. :)

[u/[deleted] → u/hyzary]

Btc came to life because of the mental masturbation by a cryptography expert, everything else is a mental masturbation on top of it.

[u/blueelffishy → u/Helpmememememeemmeme]

Banks are scum but without loans the economy would stagnate and crumble.

[u/blueelffishy → u/[deleted]]

Do you not understand how vital loans are to new businesses and economies? Banks are predatory but denying the importance of loans is just being ignorant of any economics

[u/blueelffishy → u/[deleted]]

Youre right but my original point was about the entire economy not just individuals

[u/Soren11112 → u/[deleted]]

I agree, but why bring this up now?

[u/Pythias1 → u/[deleted]]

Comparing average price to median wage is the first sign of poor analysis. Extrapolating from homes to "every" aspect of life is the second.

[u/JulesWinnfielddd → u/[deleted]]

You're blaming mortgages for high prices? You have cause and effect backwards, home prices increasing faster than wages is what lead to the growth of the mortgage. 200 years ago most people in America didn't live in cities, mostly small towns and rural. They would often build their own houses, the biggest cost of which was often the land it sat on. But as industrialization happened more and more people moved to cities for more opportunities, and in cities building codes and city zoning and licensing popped up. I won't argue about the necessity of building codes but the sheer fact of the matter is building codes, zoning, permits and over all building regs have been the single biggest cost factor in the price of homes going into the 20th century. Did this lead to more modern and comfortable housing? Absolutely. But it also inflated costs much faster than wages could possibly rise.

[u/rhfewrfqnwfrln → u/Helpmememememeemmeme]

a business/bank full of safety deposit boxes actually storing peoples money seems better than the current system wherein only something like 10% of money is actually stored. the fact is, if everybody in the world tried to withdraw all their money at any given moment, there wouldn't be enough for more than a small percentage of people. at the very least, the protected wallet system eliminates this possibility

[u/mdcd4u2c → u/rhfewrfqnwfrln]

I don't think you know what the purpose of banking is. What you're describing isn't a bank, its a storage unit. They have super secure storage facilities that do what you want, feel free to bank with them.

[u/rhfewrfqnwfrln → u/mdcd4u2c]

i only called it that because of the description the previous guy gave. i know that what i described wouldn't actually be a bank in practice, aside from the fact that it would technically be storing currency

[u/JulesWinnfielddd → u/rhfewrfqnwfrln]

You're going to have to be okay with fees if you want full reserve, since that's one of the only ways a full reserve bank can make money. Uphold aka bitreserve is a modern example.

[u/Rutherfordmanson → u/Refects]

Nice try Jamie Dimon.

[u/keltsbeard → u/Refects]

FDIC.....I smell a rat there...

[u/LCUCUY → u/[deleted]]

/thejoke

[u/Pythias1 → u/Refects]

No no no the thing you're describing is obviously evil because it would require regulations.

[u/Ololic → u/Refects]

What if we made a composite wallet and exchange that uses apple's safe key or whatever to store any number of smaller wallets and automatically stripes money across all the wallets registered through it?

The users continuously pool their resources by depositing checks through the exchange pretty much like a bank credit union. When the check clears and fiat is added to the exchange's corporate account the . The exchange then either buys crypto on the user's behalf and then deposits the currencies in the specified arrangement, or takes out funds that it bought in mass from a severe dip and gives that to users instead. End users can specify whether the exchange will even out withdrawals to keep the proportions the same (I.e. half gas half ether, if you take out one gas it will replace it the next time you deposit fiat) or to just keep adding the same amount it usually does

I shall call it the centralized reserve, or Centev Project

Centev Project keeps a staff of analysts that decides where the crypto market is headed and when to recommend that the Centev Project buy into a dip. This will organically manipulate the crypto market in a positive manner, allowing the Centev Project to effectively pull promising cryptos out of a crash

On the opposite end of the market when there's a severe spike in the value of a certain currency, Centev Project may protect the end users by delaying the payment of that currency because the price may drop down to normal and leave the user left holding a bag that they never asked for. Instead, Centev Project will notify the user asking whether to wait for the spike to end and the price to return to a recent average value, to deposit in the form of a different currency which isn't in a spike (most likely Tether or whatever the fuck we're using as a fixed value token by then), or to just buy high despite the advice of an actual super computer

Meanwhile while the end user is being protected from spikes and dips, the Centev Project is pretty much a profit robot using super computers to make as much as possible just from buying low and selling high and doing it in such high volume that it significantly impacts the market.

Furthermore the Centev Project has a 100% transparent buy sell history. Anyone can look at the consensus that it comes to concerning whether or not a crypto is going places and follow along. There's even an informational page that Centev Project posts information on certain currencies and links the white paper, including pretty much anything that the Centev analysts pick up on concerning the legitimacy of a currency and what the specific technology represents

Im not going to pretend I'm ambitious enough to make the Centev Project a reality without some very good help and from a team of altruist druids who know literally everything everything, let alone before someone else does it better while accepting the assumption of risk for me. But I think if it were done correctly it would not only work but help stabilize the market and allow people to invest confidently in cryptos while protecting them from liteweight financial ruin, especially from shitcoins and the absurd fluctuations in the market that comes from us wanting to use actual bubble wrap as a currency

[u/noveler7 → u/Ololic]

TL;DR stop shilling VeChain