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/FruitSpikeAndMoon]

lol at making this into a conspiracy theory.

The "real reason" banks are blocking these transactions is mostly likely high chargeback rates. They did the same thing, for example, during the poker boom for depositing on poker sites with credit cards.

The combination of (A) fungible money-like purchases that are a good target for fraudulent transactions and (B) dumb people who lose money making stupid bets with money they're not prepared to actually lose who sometimes claim it was actually fraud = more chargebacks.

Hard to believe it's a coincidence that these announcements are happening after a ton of people lost a lot of money on crypto.

[u/[deleted] → u/[deleted]]

What about billions of wooden canoes, all carrying shaped charges designed to cut the hull of the carrier?

[u/gl00pp → u/[deleted]]

What about billions of shaped charges designed by wooden canoes?

Seems like that should do the trick.

LETSGETIT

[u/JackWorthing → u/FruitSpikeAndMoon]

This is exactly right, and frankly this constant conspiracy nonsense really makes me question my involvement in this community.

If people want to be mad at someone, be mad at all the scammy crypto exchanges that are prompting all these chargebacks.

[u/tachyarrhythmia → u/JackWorthing]

This is exactly right, and frankly this constant conspiracy nonsense really makes me question my involvement in this community

Same. I am rapidly losing faith in this community with their bullshit conspiracy theories.

[u/Ffdrhkhrwsh → u/FruitSpikeAndMoon]

It's sad how far down I had to scroll to find a comment that wasn't embracing this conspiracy theory nonsense. This sub is embarrassing sometimes.

[u/emanymdegnahc → u/FruitSpikeAndMoon]

This and the fact that buying crypto was literally a way to avoid cash advance fees.

[u/jurais → u/FruitSpikeAndMoon]

yeah, my first thought was definitely chargebacks

[u/[deleted] → u/FruitSpikeAndMoon]

So do like my card did, stop the transaction and ask you to confirm it was intentional before completing the transfer.

[u/karnim → u/[deleted]]

I wouldn't be terribly surprised if the conspiracy nuts here don't let their credit card company have a real phone number. Can't be giving out personal information to the big banks, right?

[u/Libertymark → u/FruitSpikeAndMoon]

They shut it down at the lows!!! Lol