Two Major Banks Ban Crypto Purchase w/ Credit Cards
Here's a new load of crap from the central banks - They are banning the purchase of cryptcurrency with their credit cards. Two major banks, Bank of America and J.P. Morgan have released a report stating that they will no longer allow the purchase of cryptocurrencies with their credit cards, citing money laundering as a primary cause. They also say that they are concerned that consumers may purchase more crypto than they can afford to. Yet, I have never seen them concerned that families are using their credit cards to put themselves into debt at Christmas time.
For our own good
Previously transactions were limited to whether or not the vendor was willing to accept the card - now it seems like the centralized banks want to play big brother with us and have decided what is good for us to buy and what isn't. They want to be the one that decides how the best way for us to spend our money is - after all - If I want a $5,000 tattoo but cant really afford it - are they going to look after me and decline the purchase with a note that says :
"I'm sorry, we've determined that you really can't afford a tattoo so we are going to decline this purchase"
No. They would not do that.
Also, they would not give two shits if I wanted to take my credit card to a casino and buy booze, cigars, and a bunch of chips with it - but suddenly buying crytpo is a decision that they feel they have a right to make for us.
What it comes down to is that they are threatened by the entire blockchain system and are looking for ways to cash in on it. By limiting the purchase of it, and making moves to restrict the acquisition of it, they position themselves to purchase it themselves. Meanwhile, I'm sure they are stacking it to the roof, doing everything they can to push the prices down while they accumulate it on their own terms.
In any case -I'm never a proponent of "big brother" types of scenarios and I think it is obvious that they are showing bias towards cryptocurrency. When you tell me it's for my own good - I say " how do YOU know what is My own good?" Personally , I don't think it is a good idea to buy crypto on credit - but that is my own decision to make for myself. If they say they care ONE IOTA about the fact that people are getting themselves into more debt than they can afford , I call bullshit. Credit card companies spend most of their marketing dollars doing exactly that -getting people into perpetual debt - it's how they make their bread and butter. So the fact that they have launched a war against crytpo tells me that they are feeling extremely threatened and are making desperate knee jerk reactions to something that they can probably already see is going to make them obsolete.
The idea of a decentralized monetary system is about as welcome as a hole in a lifeboat to the banks. It's very existence is a threat to their entire banking system and you can bet your bottom dollar they are actively looking for ways to either take over cryptocurrency or make it illegal.
Some of the moves against Crypto that we have seen far include:
- Visa Bans Cryptocurrency-Backed Cards | CNBC
- South Korean Regulation Crashes the Market
- Facebook bans cryptocurrency advertising
What are we going to see next? are the world's financial elite closing ranks on crypto or are they just jockeying for position? I see this as only the beginning. I believe we will see many more similar moves regarding digital currency and don't believe that they are going to be favorable for crypto investors.
Reads more about the latest attack on crytpo here:
Report: Bank of America, JP Morgan Ban Credit Crypto Purchases
Do you think that the major banks are trying to desperately to get their foot in the door to attempt a takeover of the market or is this them just fighting off their extinction?
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In reality, the #crypto ban has something to do with a pre-emptive attempt of Government to try to regulate #cryptocurrency period. They are getting desperate to get ahead of this thing. Therefore I believe they went to the big banks & asked for support!
Governot can push all it wants, but the people will push back - decentralisation is the name of the game!
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I agree! great angle - I hadn't considered the government asking them to step in .. but it makes sense and possibly a big relief to the banks to have the blessing of the government as they work out deals for them to run the exchanges where "fedcoins" will be traded...
This is definitely a defensive action. Chase, bank of america declined transactions.
Earlier heard that capital one and discover take similar stands.
Interesting to see how democratic and free people of america take this.
I think with time the banks will start to appreciate crypto currency for what it is and try to make the best out of it but for now this is a defensive move.
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