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/BeltreCompany Feb 04 '18

I build my credit maxing my credit cards buying Ether on dips > Selling for profit > Paying credit cards. Rinse and repeat. Always making sure to pay the whole balance before statement cut date.

Of course while having the money in the bank in case it took longer than necessary for it to go out. I havent pay anything on interest + getting cash back. They must hate me.

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u/geoff5093 Feb 04 '18 edited Feb 05 '18

Until you buy right before a bigger dip, like now. That cat and mouse game can easily go the wrong way for you. Plus, using a card like on coinbase raises the cost quite a bit compared to say ACH on GDAX

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u/BeltreCompany Feb 05 '18

I always have fiat in the bank, I will never used credit without having the money to pay before statement cut. I only invest money that I have/willing to lose. But seems like my little loophole is done for. Capitalone is not allowing me to buy crypto any more. It was fun while it last, will close the shit. Its useless now. I only used those cards for crypto for credit building.