JPMorgan and BofA ban cryptocurrency transactions for their credit cards

[KryptoKai]

I thought all the banks were going to use ripple   Seriously though, this is not a big deal, there are many credit card companies out there who will take payments. It is going to be their loss as customers decide to switch banks. When they realise how much they have lost, it will probably be reversed as their competitors milk the rewards.

[Thadeous]

I thought all the banks were going to use ripple  Seriously though, this is not a big deal, there are many credit card companies out there who will take payments. It is going to be their loss as customers decide to switch banks. When they realise how much they have lost, it will probably be reversed as their competitors milk the rewards.

Don't forget Stellar and its Stellar Consensus Protocol, which is based on the Ripple protocol.
Both coins are designed for cheap and particularly rapid worldwide payments.
As I understand Ripple is more for banks and financial institutions, while Stellar is more for small, medium business and individual use.

[sakokinak]

Very soon you will hear about 2 top banks of USA stop support credit cards for work with crypto exchanges and you go to drop your batch of crypto coins and dump more. I want to say "DON"T PANIC" and hodl, whales already wait till you come and dump. Thats all

https://www.bloomberg.com/news/articles/2018-02-02/bofa-to-decline-all-cryptocurrency-transactions-on-credit-cards

I believe that in this way they want to save people from losing money. Many people can buy too many trash coins for credit money and stay at a loss.     

[dicaprio]

And this is sad news of course. But on the other hand, such actions can be regarded as an attempt to stop the development of the crypto currency, because I believe that the current financial system will not stand against the crypto-currency financial system.

[littleDarper]

It's quite hypocritical isn't it? These are the same gamblers that led to such homelessness in 2008 by gambling with high yielding derivative futures. In fact it was their actions that led to the very creation of Bitcoin itself. And now they ban that because they view trading it as a gamble? Hilarious hypocrisy, it should be embedded in the history books of ultimate hypocrisy actually.

[MV7]

This actually isn't that big of a deal, but some crypto news outlets have used it to spread around FUD. Using a credit card basically means you're borrowing money from the bank, which you have to pay back. So it's understandable why banks don't want skeptical investors using a credit card to buy a huge amount of crypto when there's a chance that the person might not ever be able to pay back the bank.

[Julia_KA]

I thought all the banks were going to use ripple   Seriously though, this is not a big deal, there are many credit card companies out there who will take payments. It is going to be their loss as customers decide to switch banks. When they realise how much they have lost, it will probably be reversed as their competitors milk the rewards.

JPMorgan is a huge bank but also not a very honest one in my opinion. It is clinging to its financial power but hopefully in the future it will lose it all!

[CryptoCastle]

I think this is another manipulation of the rates of crypto-currencies. JP Morgan has already been seen in operations with bitcoin futures, so it's likely that this downturn was most likely beneficial to them.

[Bold Gold Team]

It's not the end of the world. When you see major banks doing this, they are actually validating the growth of cryptocurrency. The adoption and use of crypto is a threat to the traditional banking model.