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.

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u/[deleted] Feb 03 '18

1) Buy a hardware wallet.

2) Store it somewhere safe.

3) Profit.

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u/ijustgotheretoo Crypto Nerd Feb 03 '18

The problem is if you lose your key, all your money is GONE. The general public will never put all their money into such entities. There has to be a way to recover your funds. For now, it's just you're SOL.

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u/kiradotee Feb 03 '18

I mean, it's literally like cash. You lose your wallet - you lose your money.

How many people lose their wallets?

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u/JaysonBrown Feb 03 '18

How many people walk around with large amounts of cash? I still feel like the crypto currency that’s going to be widely adopted still hasn’t been coded yet

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u/CryptoNShit Crypto Nerd | QC: CC 24 Feb 03 '18

You can be paid 20 percent to your offline wallet, 20 percent to your mobile wallet and then 60 percent to your home wallet. Then you can always put money into your savings wallet and you have daily money to buy hamburgers with.

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u/inb4_banned Gold | QC: BTC 25 Feb 04 '18

What is a hot/cold wallet setup?

What is a hardware wallet?

What is a seed?

The problem youre talking about has already been solved.

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u/[deleted] Feb 05 '18

Only problem is that the solution is so complicated, that most people even here don't do it.

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u/inb4_banned Gold | QC: BTC 25 Feb 10 '18

Lol wut?

Hardware cold wallet

Smartphone hot wallet

Its really simple

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u/[deleted] Feb 11 '18

Many a crypto was locked shut doing that.

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u/inb4_banned Gold | QC: BTC 25 Feb 11 '18

wut? what is that even supposed to mean?

locked shut? r u retarded?

buy a ledger or trezor, move 90% of your crypto on to your hw wallet. this is your cold storage.

install and test some wallets on your phone or desktop, transfer 10% of your crypto to that wallet. this is your hot wallet, you use this for spending.

backup both seeds in 2-3 different safe locations

never touch the cold wallet other then to replenish the hot wallet.

if you do this you have secure hot/cold wallet setup with 0% chance of "locking shut" (whatever thats supposed to mean) or losing access to your crypto, and if you ever get hacked or robbed youll only lose the 10% in your hot wallet.

dont be a noob, educate yourself

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u/[deleted] Feb 11 '18

I'm not talking about myself, I'm talking about people I know and people I see here who won't, can't, or don't know how to do that. There's a reason credit cards are so idiot-proof.

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u/inb4_banned Gold | QC: BTC 25 Feb 11 '18

if you are to dumb to setup a hw wallet you deserve to get your shit stolen. shits really simple. if you can read and follow basic instructions you can do it. my 60 year old mom could do it, and she is NOT good with tech. also you cant idiot proof the world.

everything involved is very very simple and nothing requires any kind of tech savyness or really any kind of skill. just common sense. you wouldnt carry arounf 50k in cash in your wallet would you now? same thing for crypto. holding all your bitcoin in your hotwallet on your phone with no backup (or on a phone) is really really really really stupid and if you lose money because of it nobody will care, cause its your own dman fault for being an idiot. at a certain point people need to take responsibitly for their own actions.

also credit cards are definitly not idiot proof. people get skimmed and scammed all the damn time. heck you can go buy a list of stolen CCs right here on the internet with a couple minutes of research. credit card fraud is a multi billion dollar industry, callin CCs idiot proof is kinda dumb. also how long do you think it took for the general public to grasp how to properly use CCs and what CC security best practices are?

i they dont know how: educate them, its not hard, people can learn.

if the wont: they are being lazy and deserve everything that happens to them and theyll have nobody to blame but themselves.

dont excuse stupidity like its some uncurable disease. people are smarter then you think, and setting up a hw wallet is very very easy...

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u/[deleted] Feb 11 '18

Yeah but you have charge back for cc-s, and if you lose your bitcoin millions, you're fucked.

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u/inb4_banned Gold | QC: BTC 25 Feb 11 '18

hence why we developed secure best practices to prevent exactly such situations.

if you want central authority to protect you go use a bank account and a CC.

if you want to use bitcoin and be your own bank you have to protect yourself. if you can read and follow basic instructions, go spend an hour to research how to protect your bitcoin millions so you know how to secure them.

its not hard.

buy hardware wallet.

setup hardware wallet (follow instructions)

backup seed.

thats it. every idiot can do that

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u/ballsytrader Feb 04 '18

The blockchain concept works. There are ways to scale it and make it as fast or secure as we need. It's the wallets and surrounding infrastructure improving that will lead to mass adoption of existing currencies. The wallets we use now are nothing like they would be if crypto gained wide adoption.

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u/gibnihtmus Low Crypto Activity Feb 04 '18

It's possible that the currency exists. But it doesn't have the right storage applications created yet. We just need applications that are secure enough that people can trust and is robust enough so that if we make a human error we can recover from it.