BREAKING NEWS : Bank of America and JP Morgan Are banning CC purchases

[HabBear]

Is anyone concerned about this?

No.

If Mastercard or Visa ban cryptocurrency purchases, we should be worried. But one bank doesn't mean anything to us, especially Bank of America. JP Morgan is an investment house, and while they offer debit cards for their wealthy clients to spend cash out of investment accounts their customer base is significantly smaller than Bank of America and comprised of people that will still buy Bitcoin regardless of whether they can use a JP Morgan card.

[1715139801]

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[1715139801]

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[severaldetails]

More and more people buy cryptocurrencies with borrowed money. People who have no idea of cryptocurrencies or trading. Some of them lose mone and can't pay it back to the bank. A bank is no charity organisation, they want to earn money as well. I assume the banks have evaluated if they lose or make money with clients who invest in cryptocurrencies, and then they have acted on that result.

[Zagitta]

Bank of America and JP morgan don't like Bitcoin.

[LeonardoDiCrypto]

This is totally understandable and quite wise actually. People in the USA were buying Bitcoins on credit, without actually having money. This is not really possible on large scale in Europe, but quite normal in the USA. Now, to buy Bitcoins without having the money necessary to buy them IS-NOT-GOOD. Especially if that becomes a large scale behavior.

[TimtheYoutuber]

Bank of America and JP morgan don't like Bitcoin.

I dont think this news means they dont like it.

[drakegon]

JP Morgan is aiming to ban CC on February 3rd and Bank of America to ban CC on February 2nd.


Looks like for right now they will only be banning CC purchases, which is not as bad as it sounds. If someone steals your CC and maxes it out buying cryptocurrency, then that could be a huge problem. Plus people can likely max it out as a way of getting "lent" money they cant afford to pay back.

As long as you can make Bank wires, and Debit card purchases this really shouldn't be a big deal.






Source: https://www.coindesk.com/report-bank-america-jp-morgan-ban-credit-crypto-purchases/


Also dont forget Bank of America has a patent for an exchange system : https://www.coindesk.com/bank-of-america-outlines-cryptocurrency-exchange-system-in-patent-award/

This is just part of the regulations that are necessary for the cryptos. Sooner or later more regulations like this will be applied, in the interest of the people of course.

[gabinsight]

Is this suppose to be bad news for cryptocurrencies?

[HasHe]

Since cryptos have high volatility,such banks have taken such a decision .Otherwise they would have to suffer loss when customers buy cryptos using credit cards and don't pay back when crypto prices fall down.In future,it would be followed by other banks too.Purchases using debit cards doesn't seem to have such issues.

[jaocoincrypto18]

Is anyone concerned about this?

Not me, especially that i hate using credit cards because it will drive you to be indebt. In fact lot of people are now in trouble on how to settle their debt with the banks and regretting that they should not own and use these cards so better we stay away from these type of cards and focus to support Bitcoin and other digital currencies that it can be use in any establishments. Anyway JP morgan is already very famous of hating Bitcoin so there is no big deal about this news.

[TimtheYoutuber]

Since cryptos have high volatility,such banks have taken such a decision.In future,it would be followed by other banks too.Purchases using debit cards doesn't seem to have such issues.

No debit cards are fine, and I don't see them banning that for awhile.

[BartS]

It's a good move. Too many people lost money they didn't have by speculating on Bitcoin in the last gold rush.

So you're supporting the babysitting policy. People can't handle their money, lets limit their options so they can be happy and never gain or lose anything. Mediocre, balanced society where there are no rich or poor but everyone has exactly the same is what we're aiming at, right?
People are irresponsible, let's be responsible for them, let's take their money and decide for them.

It's another proof that your money don't actually belong to you and that you should avoid banks at all cost. What next? They will monitor your CC purchases and block you from making "bad" decisions? Too much alcohol in your diet - transaction denied, buy another drink instead! Cigarettes? That's a big nono, transaction denied!

They tried the alcohol thing in the twenties with the prohibition in the US and it did not work which is why the war against illegal drugs it is never going to be won and it is just a big money sink, those that are addicted and those that use drugs recreatively will keep doing so whether drugs are legal or illegal and those that do not use them will keep abstaining from the consumption of drugs regardless of their legal status, so babysitting policies need to stop but it is unlikely that is going to happen since there is a lot of money there.

[ChiBitCTy]

Is anyone concerned about this?

Not me, especially that i hate using credit cards because it will drive you to be indebt. In fact lot of people are now in trouble on how to settle their debt with the banks and regretting that they should not own and use these cards so better we stay away from these type of cards and focus to support Bitcoin and other digital currencies that it can be use in any establishments. Anyway JP morgan is already very famous of hating Bitcoin so there is no big deal about this news.

Well that's not a smart way of looking at it.  The fact of the matter is right now (at least in the united states) using a credit card is very important for many peoples future.  First off using cash makes little to no sense here in the U.S. and it makes me sick seeing it.  Using a credit card allows one to build "credit" which is VERY important.  Also, most credit cards offer rewards for using those cards.  Personally I use an airline card and get great benefits from this card ( a lot of free flights).

It is true too many people were buying bitcoin on credit they don't have to re-pay.  That's just as dangerous as buying anything on credit with money you don't have.  Don't just ignore CC's, but be smart about them.

[squatter]

This is totally understandable and quite wise actually. People in the USA were buying Bitcoins on credit, without actually having money. This is not really possible on large scale in Europe, but quite normal in the USA.

Why is that? How is Europe different in this respect?

In reality, I think the problem was fairly limited. To begin with, cash advance limits are only a small fraction of overall credit limits. And exchange limits on credit cards are very low due to fraud risk, so I doubt credit cards purchases are a significant portion of global investment.

Having said that, a recent study showed that 22% of those buying with credit cards weren't immediately paying off their balances. Reckless people are reckless! But that doesn't mean that the middle class is swimming in debt from buying Bitcoin.

They tried the alcohol thing in the twenties with the prohibition in the US and it did not work which is why the war against illegal drugs it is never going to be won and it is just a big money sink, those that are addicted and those that use drugs recreatively will keep doing so whether drugs are legal or illegal and those that do not use them will keep abstaining from the consumption of drugs regardless of their legal status, so babysitting policies need to stop but it is unlikely that is going to happen since there is a lot of money there.

That's all irrelevant here. Credit card companies have been snooping on peoples' purchases and leveling adverse action on their accounts for "risky behavior" for decades. AMEX is infamous for this. They are private companies. This is their privilege.

[TimtheYoutuber]

Why is that? How is Europe different in this respect?

In reality, I think the problem was fairly limited. To begin with, cash advance limits are only a small fraction of overall credit limits. And exchange limits on credit cards are very low due to fraud risk, so I doubt credit cards purchases are a significant portion of global investment.

Having said that, a recent study showed that 22% of those buying with credit cards weren't immediately paying off their balances. Reckless people are reckless! But that doesn't mean that the middle class is swimming in debt from buying Bitcoin.

They tried the alcohol thing in the twenties with the prohibition in the US and it did not work which is why the war against illegal drugs it is never going to be won and it is just a big money sink, those that are addicted and those that use drugs recreatively will keep doing so whether drugs are legal or illegal and those that do not use them will keep abstaining from the consumption of drugs regardless of their legal status, so babysitting policies need to stop but it is unlikely that is going to happen since there is a lot of money there.

That's all irrelevant here. Credit card companies have been snooping on peoples' purchases and leveling adverse action on their accounts for "risky behavior" for decades. AMEX is infamous for this. They are private companies. This is their privilege.

I am from the US and so I was looking at the US market, but I am sure it is the same around the world. I just don't think this is a huge issue since you can use debit cards. If you have the money then you should be allowed to buy it, if you are buying it with a credit card and using a companies money as a short term loan, then they have the right to tell you not to buy.

[gotminer]

It's a good move. Too many people lost money they didn't have by speculating on Bitcoin in the last gold rush.

So you're supporting the babysitting policy. People can't handle their money, lets limit their options so they can be happy and never gain or lose anything. Mediocre, balanced society where there are no rich or poor but everyone has exactly the same is what we're aiming at, right?
People are irresponsible, let's be responsible for them, let's take their money and decide for them.

It's another proof that your money don't actually belong to you and that you should avoid banks at all cost. What next? They will monitor your CC purchases and block you from making "bad" decisions? Too much alcohol in your diet - transaction denied, buy another drink instead! Cigarettes? That's a big nono, transaction denied!

They are talking about credit cards, not debit cards and checking accounts.  Your available credit isn't your money, it belongs to the creditor.

Chase and BOA are telling people that they cannot buy crypto with the credit card companies money.

[farhaan]

Thats what State bank of India is doing too but it has gone a step ahead by deciding not only to ban CC purchases but also debit card purchases.That's the beauty of SBI.Lets hope that not other banks follow such a move.

[gotminer]

Thats what State bank of India is doing too but it has gone a step ahead by deciding not only to ban CC purchases but also debit card purchases.That's the beauty of SBI.Lets hope that not other banks follow such a move.

Does the State Bank of India also ban funding crypto purchases with funds from checking and savings accounts or is it just with credit and debit cards?  I don't know how the banking system in India works, but I would just move my fiat to a bank that allowed it.

There are lots of options in the usa as far as banking goes.  We have local credit unions, regional banks, and big banks like BOA and JP Morgan Chase. 

I don't see an all out ban throughout the banking systems in the United States, unless it happens due to government regulation.  And after listening to the audio from the U.S. Senate hearing regarding crypto last week, it appears they have no intention of causing harm to anyone involved in the industry, other than those that are doing harm themselves.  Scam ICO's, BitConnect type pyramid schemes, ect.

[Schirer]

JP Morgan is aiming to ban CC on February 3rd and Bank of America to ban CC on February 2nd.


Looks like for right now they will only be banning CC purchases, which is not as bad as it sounds. If someone steals your CC and maxes it out buying cryptocurrency, then that could be a huge problem. Plus people can likely max it out as a way of getting "lent" money they cant afford to pay back.

As long as you can make Bank wires, and Debit card purchases this really shouldn't be a big deal.






Source: https://www.coindesk.com/report-bank-america-jp-morgan-ban-credit-crypto-purchases/


Also dont forget Bank of America has a patent for an exchange system : https://www.coindesk.com/bank-of-america-outlines-cryptocurrency-exchange-system-in-patent-award/

1) I was under impression that VISA and MAsterCard has banned all crypto purchases outside of EU.
2) In any case it is understandablesince US has amazingly poor security regarding CC purchases, seems that they are still living in 90s.

[gotminer]

JP Morgan is aiming to ban CC on February 3rd and Bank of America to ban CC on February 2nd.


Looks like for right now they will only be banning CC purchases, which is not as bad as it sounds. If someone steals your CC and maxes it out buying cryptocurrency, then that could be a huge problem. Plus people can likely max it out as a way of getting "lent" money they cant afford to pay back.

As long as you can make Bank wires, and Debit card purchases this really shouldn't be a big deal.






Source: https://www.coindesk.com/report-bank-america-jp-morgan-ban-credit-crypto-purchases/


Also dont forget Bank of America has a patent for an exchange system : https://www.coindesk.com/bank-of-america-outlines-cryptocurrency-exchange-system-in-patent-award/

1) I was under impression that VISA and MAsterCard has banned all crypto purchases outside of EU.
2) In any case it is understandablesince US has amazingly poor security regarding CC purchases, seems that they are still living in 90s.

1)  No ... The US is outside of the EU and Visa/Mastercard has not banned crypto purchases.
2) What do you mean that the US has poor security regarding CC purchases.  The consumer has very good security.  If you end up with an unauthorized charged, the cc company will charge it back, and give you your money back.

[tekcomm]

Breaking news,

Well hmm If I had billions of dollars and a bank what would I do. Buy all the companies in the town where I own the bank. Fire everyone and take over all the property. JP Morgans Grandpa made over 20 billion during the worst depression is us history.

Bitcoin.

Well hmm if i had billions of dollars and a bank what would I do. Yes. Buy all the options to sell that expire today which happen to sell out on the first day at 17,500 Chicago exchange on the first day they listed. Then tell all my traders they would be fired if they sell any. While I buy the options to sell it last weds at 17,500.  

But for that I would need a forex and lots of asian traders.
Hmmmm What exactly were the traders you hired that your being investigated for? So far they found the asian,saudi  ones probably they should check south africa too ;0

Sorry but the chinese are taking over the ico's and 4 billion wongs do make it right
https://www.irs.gov/newsroom/irs-virtual-currency-guidance
Yes strange indeed how just after all the darkweb busts and the amount of crypto the US Gov holds probably is a bit worth a bit more then the ohh 231 billion in gold in for knox.


Crypto is here to stay. Enjoy the ride..

The more ya know


I once told a man to sell everything he owned and buy at 60....
Now I get free plane rides.