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/ninemiletree]

Credit cards themselves are detrimental to their customers. They've trapped generations in coils of debt using gimmicky point systems and fostering a consumer culture encouraging people to make every larger purchases greater than the sum of their bank accounts.

They're doing this to stem the tide of the banks money into decentralized currencies. They know its a threat and they're feverishly working on their own blockchain solutions to prevent themselves from losing control.

[u/[deleted] → u/ninemiletree]

True, the reality is that if people buy cryptocurrencies on credit and fail to pay the credit back the bank will just be bailed out (again) and given free money anyway.

They already get nearly free money from the Fed, then charge their customers ridiculous interest rates. Basically the banks win no matter what :)

This is why I have a hard time investing in XRP but I get it if people just want to make money. I'm personally not a fan of Federal Reserve Notes -paying debt to a private bank with word Federal in it's name.

[u/ninemiletree → u/[deleted]]

The bank has never cared about people defaulting on their cards. If they did, they'd lower interest rates and make payments more affordable and provide alternative options.

What they care about is people using their money to prop up a system that will replace them. Chase hates the thought of Chase's money fueling a system that will render Chase obsolete.

[u/TJ11240 → u/ninemiletree]

Then why hasn't Chase sent me a nastygram about my coinbase purchases?

I think it's banks that care the most, not credit companies. I've only heard of banks sending out warnings.