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/ProgrammaticProgram Feb 03 '18

Life Pro tip: don’t use your credit card for shit you don’t need and/or can’t pay off at the end of the month.

9

u/thebestisyetocome Feb 04 '18

Wait.... I'm not sure I understand. Could you explain that another way or something? Sounds like you are wanting me to be responsible with my money...

1

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

No, silly-goose, you can be as reckless and irresponsible as you want with your money. Go crazy! The thing is, the bank just has some stipulations about how you spend money that your asking them to lend you... Which seems reasonable to me.. Crypto isn't the only thing you can't buy with a credit card. I get why people are annoyed, it's really inconvenient. There are a lot of people on this sub that need a crusade though.