Bitcoin Forum

http://abclocal.go.com/wls/story?section=news/consumer&id=9369195

like cyprus

max withdrawal $100 and max purchases $300 with your chase debit card.

but again, only for 10% of chase customers

lots of ppl talking about it at work and dont know about bitcoin

Define failing?

Banks are not failing, the sector just made new highs and is looking as strong as ever.

http://finviz.com/quote.ashx?t=XLF&ty=c&ta=0&p=w

Why have they limited it to $100?

Not failing just yet because there isn't any competition. They wouldn't be able to dictate their terms as freely once Bitcoin makes to mainstream  ;D  

Something to do with the recent Target breach according to the link in the OP.

I never heard of this bank and now this bank stand representative for all banks? A little optimistic, huh? ;)

It's a big bank in the states. If you're not American then you probably wont have heard of it.

I think the "Chase" stands for JP morgan CHASE :-), you had probably heard about that one, didnt you :-).

Many debit cards were compromised due to a big security breach at Target Stores. Chase is limiting debit card transactions for cards known to have been used at a Target store. This will only last until Chase can get new cards out to their customers, or the customer goes to a bank branch to get a temporary card or withdraw money. Customers can still write paper checks, too.
Bitcoin has far worse problems.

The worst problem for Bitcoin is its negative price. Isn't that right Nagle  :D

JP Morgan Chase is doing the right thing here and being prudent, by limiting withdrawals using debit cards affected by the Target breach. This is one more reason why one should never use a debit card. I use cash, credit cards, cheques and now Bitcoin instead. The advantage of a credit card over a debit card in this situation is that one's bank account is not impacted. As for cash and Bitcoin the advantages are clear. Cheques being an older, and unpopular, method of payment are also way less likely to this kind of fraud.

Indeed. This is one of the largest banks worldwide. Being European is no excuse to have never heard of this one :)

No, but it could fuck up your credit rating, especially if you can't prove fraud was involved. At least if they gain access to your debit card they can only spend the funds in there and not max out your credit.


I don't think I've ever seen a JP Morgan / Chase bank in the UK, but obviously if you follow current /world affairs you'll have heard of it.

There is a dirty little secret that the banking industry does not want you to know here namely that it is they who have to prove that you owe the money; however to protect one's rights one has to be prepared to go to court. The way to protect one's credit in identity theft situations is to sue the credit grantor’s and credit bureaus. I would not waste my time in dealing with their "customer service" lines. Instead upon receipt of the first "dunning letter" or "collection call" I would file a lawsuit, and make it their problem. Paying an attorney in these situations is well worth the cost and aggravation.

PS. I would rather pay an attorney 10x the amount in question to litigate rather than settle with a credit grantor or a credit bureau in an identity theft situation.

Edit: The above applies where there is no prior relationship with the credit grantor, since in that situation it is always the credit grantor who is at fault since one did not agree to do business with them. If there is a prior relationship, then one must immediately advise them of the fraudulent transactions and co-operate with them. In the latter case litigation becomes an option only if they refuse to reverse the fraudulent transactions.

Well, the reason seems to be that there was hacking and a lot of card details were stolen, so this is their way to try to deal with it. Cards will probably be replaced soon, and limits raised again.

Not that their way of dealing with this is how I would've done it, but at least that makes some kind of sense.

One important advantage of credit cards over debit cards when dealing with the risk of identity theft is that with a credit card one gets cash back typically about 0.5%. One can use the cash back to purchase BTC and hold the BTC as a "legal reserve". Then in the future the BTC can, if necessary, be used to finance litigation in order to protect one's credit rating.

Cyprus time for our own protection

Another reason Bitcoin is failing. www.inputs.io

I got hit with this over the weekend.  Luckily the ATM I was using was at a branch that happened to be open.  I can see how this might have been a minor inconvenience to some people but I think the title is a bit over dramatic.

I've heard some horror stories from friends and elsewhere about Chase, but honestly my personal experience with them has been good.  I'd love to dump them and run my businesses out of a bitcoin wallet but unfortunately we aren't nearly there yet.

Has the USD failed too?


http://www.vice.com/read/international-cyberthieves-stole-40-million-from-a-bank-in-ten-hours

I hope for your own sake that you are just trolling.

The failure of a single service, usually a lack of security precautions, and it might even be an insider job, is not at all indicative of the performance of bitcoin.

The protocol is solid as ever.

Most of the attacks I see on the supposed 'weaknesses' or flaws of Bitcoin can also be applied to fiat systems as well.