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

[TimtheYoutuber]

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/

[TimtheYoutuber]

Is anyone concerned about this?

[Jet Cash]

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

[InBTC4years]

Concerned? No. It is just one more nail in the coffin of the credit card industry. They should not be singling crypto out like this. But, I'm actually just surprised they waited this long. Maybe the new attention is a good sign because it shows they now finally see crypto as competition.

[Simple_Man]

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

On the other hand, a lot of people also made huge profits during last years gold rush. You should not deny that fact. Bitcoin is a speculative investment and everyone knows the risk around it. So if someone starts screaming after the price gone down, it's their own fault. Bitcoin's price will have fluctuations, so an investor should know when to enter and when to pull out the plug.

Now if someone have bought bitcoin at the wrong time and sold at lower price, it is their own fault and their own greed. Not every person can be happy in the speculative market. JPM was always against the bitcoin and cryptos and BA has joined the party recently. They will come up with more bans, just wait and watch.  

[Beerwizzard]

Breaking news? Banks were already blocking crypto related transfers and refused to put crypto related money on their cards. JP Morgan CEO is already famous for his anti bitcoin sights and spreading FUD in 2017. Since the last year Warren Buffett (he has been saying several times that cryptocurrencies will come to a bad ending) bought  a big part of Bank of America so there is nothing strange that this bank is providing this kind of policy.
Do not spread extea FUD. Nothing changed.

[btcgreen63]

It is news. I know someone who used a BoA CC last week to make a purchase. The policy is new.

It isn't helpful to the market to reduce people's options into getting Bitcoin.

[hakans]

I don't like it at all, it's already hard enough for some to buy crypto currencies with their regular bank accounts.

[localcrypto]

one more time  banks trying to stop people buying BTC these banks are trying to stop members forever but bitcoin is decentralised

[Xiomara]

so, in fact they stop people from making low purchases, controlling how people spend their own money.
It seems to me that this is not illegal, is it?

[darkangel11]

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!

[TimtheYoutuber]

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!

I do think people should be responsible with their money to some degree. We need better awareness with cryptocurrency, and actual sites that will educate the youth. ( This is just a humanity awareness )  However with Credit Cards, banks dont care if people mismanage personally. They care when someone gets hacked and then buys $1k, $2k (whatever it may be ) worth of cryptocurrency and they have to back it up. Although if someone buys what they can not afford it will hurt the bank as well. Which is why they will let debit cards continue. If you wanna buy $1k of bitcoin but really cant afford it, as long as you have the $1k available then you can buy it.

[Quidat]

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/

They do have some points on some areas where those CC would be lost then those coins inside would be lost too and it is really a huge problem but as a user we are really know the risk.I believe the true aim on this kind of banning cc purchases is that they do already saw that there is already a competition regarding on this are. They shows that they can block things that they want.

[EnaksiS]

This makes cryptocurrency more decantralized and nobody concern about this i guess. This is just easy attempts to finish bitcoin. There will be more like this. Just ignore them and look at your way.

[TimtheYoutuber]

This makes cryptocurrency more decantralized and nobody concern about this i guess. This is just easy attempts to finish bitcoin. There will be more like this. Just ignore them and look at your way.

How is this the bank trying to finish bitcoin? To my knowledge you can still use bank wires and debit cards. So it is really just to save the banks from having to pay out when users get hacked and the scammers use the cc to buy bitcoin which cant be charged back.

[Crypington]

It’s been bad for a while... BoA “froze” my debit card and cancelled my purchase the first time I tried to use coinbase.  I had to call and authorize the use, and try again.  Which again froze my account and cancelled the purchase.  I had to call again and it worked the 3rd time ...

And that was my debit card, it was my money.  This is why people are getting into crypto.  Banks trying to control how you spend your own money, and the reason they give you for locking your account is “suspicious behavior”?  It’s like they are admitting they so unsecured that the can’t tell a real purchase from a scammer, so they overreact to protect themselves, and inconvience you.

It doesn’t surprise me they are now stopping CC purchases, but When you have an 800+ credit score, a perfect payment record, and pay it off in full every month, it does kind of piss you off.

[figmentofmyass]

Is anyone concerned about this?

not really. it's sensible, in a way. bitcoin/altcoins are speculative assets. they are investments. nobody should be buying them on credit. and knowing how markets work, a lot of people probably maxed out credit cards buying on the way to $20k and are now sitting on huge paper losses. plus, buying with credit cards = cash advance fees, which is basically the highest rate you can pay.

if you really need to run a balance cuz you got that itch to buy some coins, you should at least shift your day-to-day expenses to credit cards and ACH/wire money to an exchange. screw paying cash advance rates. it's not like they are cutting off exchanges from the banking system.

[Paul stuart]

the day these big banks will no longer dictate the rules of finance

[sirkings0003]

This is just how the sponsored media presents their head or news that will trigger panic selling. I was alarmed by the title of this write up but on reading it further, i discovered that the content was not as bad as the title. I am looking forward, when the capital base of cryptocurrencies are more evenly distributed , i don't think we will happen like this.

[ebliever]

Banks slitting their own throats. Watch them cry in a few years when crypto exchanges start cutting ties and refusing to deal with problem banks, and the banks lose customers every time it happens because we need our exchanges more than we need the banks.