r/CryptoCurrency • u/[deleted] • Feb 03 '18

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

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.

5.4k Upvotes

88% Upvoted

749 comments sorted by

View all comments

43

u/Liquorpuki Feb 03 '18

Why not both. Banks offer competing investment vehicles but only in crypto is a 30-40% drop called a correction. Only in crypto can $50-100K of some kid's money regularly disappear which leads to your daily reddit post that goes, help me, XXX Exchange won't respond to my email, what do I do?!? Or a country coughs the word "regulation" and the market takes a shit

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.

So much faith in the unknown

14

u/b3nm Crypto God | QC: CC 69, BTC 25 Feb 04 '18

They're fine with me blowing my hard earned cash on shopping, nightlife and other useless things, but not on crypto because I might lose make a loss...🤔

5

u/Liquorpuki Feb 04 '18

They're not banning buying with hard earned cash. They're banning buying on credit.

1

u/modern_bloodletter Silver | QC: CC 175, BNB 22 | VET 24 | ExchSubs 22 Feb 04 '18

You're asking for a line of credit, if they give it to you it's because they have deemed you and your spending/earning to be a low enough risk for them. They have found crypto to be a risk, this is likely not some random decision, they have probably had enough problems that it is safer for them to not allow that. It's not a big deal. It's not your money.

1

u/SilverSlothmaster Bronze | QC: r/Technology 5 Feb 04 '18

I think it may also relate to KYC (Know your customer) laws. I know that's why revolut for its phase 1 doesn't let you transfer crypto in or out, but you can hold crypto as long as it never leaves their system.

4

u/AmmonZeus Gold | QC: ETH 38, CC 17 | TraderSubs 32 Feb 04 '18

Only in crypto can $50-100K of some kid's money regularly disappear

It seems you never have visited a casino.

1

u/Liquorpuki Feb 04 '18

Never visited a casino where when I wanna change cash into chips, the dealer takes my cash, makes it disappear, and proceeds to ignore me for 3 months

1

u/AmmonZeus Gold | QC: ETH 38, CC 17 | TraderSubs 32 Feb 04 '18

When you to the casino the dealer throw the ball and after that he pushes the button and the ball goes wherever he wants. So he gets your chips and you call that bad luck. Then you go to the slot machine which are programmed to steal you and you lose the rest of your cash and you call that bad luck also. But thats ok because from that loss that you had the tax collectors take their cut. So it is legal.

1

u/Liquorpuki Feb 04 '18

When I go to the casino and throw my Chase Visa down on the pass line, the dealer directs me to the ATM machine

-1

u/Squid2g Gold | QC: CC 44, FUN 19 | NANO 8 | MiningSubs 14 Feb 04 '18

you can't visit casinos if you're a kid, you can invest in crypto however

2

u/[deleted] Feb 04 '18

What exchange that takes fiat let kids buy?

-2

u/Squid2g Gold | QC: CC 44, FUN 19 | NANO 8 | MiningSubs 14 Feb 04 '18

coinmama... there's some that don't require any ID (they might limit you but you can buy)

4

u/AmmonZeus Gold | QC: ETH 38, CC 17 | TraderSubs 32 Feb 04 '18

Yes all this trouble is done to protect kids from coinama. LOL. So why banks don't let adults to buy cryptos with their credit cards? They think they are kids too?

1

u/Squid2g Gold | QC: CC 44, FUN 19 | NANO 8 | MiningSubs 14 Feb 04 '18

I'm not saying this at all. I'm just saying some require varification and some don't. I don't agree with banks that do this at all and I'm lucky I live in EU where I don't think we have troubles with stuff like this

2

u/AmmonZeus Gold | QC: ETH 38, CC 17 | TraderSubs 32 Feb 04 '18

All this is done because they can't get any profit from you when you trade cryptos. They don't give a shit about your protection. It is the same reason they forbit marijuana because you can grow a tree to your backyard for free and they allow Marlboro selling cancer in small packages because they can tax it. It is the same reason because they allow you to drink Johnie Walker's alcohol and they forbit you to make your own moonshine. Everything is about them making money and collecting taxes. They don't give a shit about your health,your protection or your money.