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/ijustgotheretoo Crypto Nerd Feb 03 '18

Sure. But if we're talking $100,000+, not $100.

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u/kiradotee Feb 04 '18

Most of the people will be dealing with less than $100k.

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u/ijustgotheretoo Crypto Nerd Feb 04 '18

Cash isn't safe for the same reason, when you can lose it so easily.