2018-2-4] [ BANKS OF AMERICA BANNING BITCOIN"

[jomz312]

Bank of America started declining transactions with cryptocurrency exchanges on Friday; JPMorgan Chase enacted the ban Saturday.
Jamie Dimon, the chief executive of JP Morgan, has been a vocal adversary of the movement calling it a fraud. That JPMorgan, Bank of America, and Citigroup are all trying to freeze Bitcoin in its track is not surprising, as there’s been a massive surge of mainstream interest that I call the Crypto Singularity.
In the west payments, credit cards and access to cryptocurrency exchanges remains a confusing mess and primitive user experience for the consumer.


https://medium.com/@Michael_Spencer/banks-are-banning-bitcoin-buys-via-credit-cards-76e956e73cde

[Gotottack]

Bank of America started declining transactions with cryptocurrency exchanges on Friday; JPMorgan Chase enacted the ban Saturday.
Jamie Dimon, the chief executive of JP Morgan, has been a vocal adversary of the movement calling it a fraud. That JPMorgan, Bank of America, and Citigroup are all trying to freeze Bitcoin in its track is not surprising, as there’s been a massive surge of mainstream interest that I call the Crypto Singularity.
In the west payments, credit cards and access to cryptocurrency exchanges remains a confusing mess and primitive user experience for the consumer.


https://medium.com/@Michael_Spencer/banks-are-banning-bitcoin-buys-via-credit-cards-76e956e73cde

Really? Well, good luck to them! They would be needing extensive data gathering collection system whereby they would need to monitor each and every transaction that comes their way. Nonetheless, if money transactions involving Bitcoin would be between persons alone, say, I bought Bitcoins from 'B' thereby I would have to transfer funds directly to B's account. In this sense, you see that there is an evident exchange of cryptocurrencies but it need not pass through a software, app or any system that can be detected by bank's as coming or emanating from a purely Bitcoin transaction. We all know we can always do a workaround this, just that it would require us time, money, and effort. Also, I find this purely arbitrary to think there are NO laws banning Bitcoin in the US. Laws should be made to once and for all settle the US government's side on this global issue. They cannot just decline transactions to the detriment of all those who only work for a living sans any laws requiring otherwise.

[beachbummer]

Bank of America started declining transactions with cryptocurrency exchanges on Friday; JPMorgan Chase enacted the ban Saturday.
Jamie Dimon, the chief executive of JP Morgan, has been a vocal adversary of the movement calling it a fraud. That JPMorgan, Bank of America, and Citigroup are all trying to freeze Bitcoin in its track is not surprising, as there’s been a massive surge of mainstream interest that I call the Crypto Singularity.
In the west payments, credit cards and access to cryptocurrency exchanges remains a confusing mess and primitive user experience for the consumer.


https://medium.com/@Michael_Spencer/banks-are-banning-bitcoin-buys-via-credit-cards-76e956e73cde

Really? Well, good luck to them! They would be needing extensive data gathering collection system whereby they would need to monitor each and every transaction that comes their way. Nonetheless, if money transactions involving Bitcoin would be between persons alone, say, I bought Bitcoins from 'B' thereby I would have to transfer funds directly to B's account. In this sense, you see that there is an evident exchange of cryptocurrencies but it need not pass through a software, app or any system that can be detected by bank's as coming or emanating from a purely Bitcoin transaction. We all know we can always do a workaround this, just that it would require us time, money, and effort. Also, I find this purely arbitrary to think there are NO laws banning Bitcoin in the US. Laws should be made to once and for all settle the US government's side on this global issue. They cannot just decline transactions to the detriment of all those who only work for a living sans any laws requiring otherwise.

Don't think they are looking at all transactions. Just those transactions that are for BTC purchases on credit cards. I guess that's another way of saying they will be banning crypto exchanges and crypto retailers as valid credit card merchants.

[Kakmakr]

The topic is ClickBait. These Banks did not BAN Bitcoin, they simply banned the buying of bitcoins with Credit cards issued by them. The Banks are protecting people from themselves. A lot of people are buying bitcoins with money that they do not have and this is just stupid. < We always tell people NOT to do that >

This will not stop people from buying physical assets and selling that at a loss and then buying bitcoins with that. These Banks are just doing this to wash their hands, so when the government step in later, they can say that they banned Bitcoin purchases with their credit cards. ^lol^

[InvoKing]

The topic is ClickBait. These Banks did not BAN Bitcoin, they simply banned the buying of bitcoins with Credit cards issued by them. The Banks are protecting people from themselves. A lot of people are buying bitcoins with money that they do not have and this is just stupid. < We always tell people NOT to do that >

This will not stop people from buying physical assets and selling that at a loss and then buying bitcoins with that. These Banks are just doing this to wash their hands, so when the government step in later, they can say that they banned Bitcoin purchases with their credit cards. ^lol^

I don't get it. So, let's say that I have $10k in this bank and I want to buy amazon gift card so it passes, then when I try to buy bitcoin (virtual card) I can't. I am not buying a harmful stuff, i am free to buy everything with my money. Simply banks trying to protect itself and profitable circuit from a hard competitor.

[Betwrong]

The topic is ClickBait. These Banks did not BAN Bitcoin, they simply banned the buying of bitcoins with Credit cards issued by them. The Banks are protecting people from themselves. A lot of people are buying bitcoins with money that they do not have and this is just stupid. < We always tell people NOT to do that >

This will not stop people from buying physical assets and selling that at a loss and then buying bitcoins with that. These Banks are just doing this to wash their hands, so when the government step in later, they can say that they banned Bitcoin purchases with their credit cards. ^lol^

I don't get it. So, let's say that I have $10k in this bank and I want to buy amazon gift card so it passes, then when I try to buy bitcoin (virtual card) I can't. I am not buying a harmful stuff, i am free to buy everything with my money. Simply banks trying to protect itself and profitable circuit from a hard competitor.

Yes, you are free to buy anything with your money and the above mentioned ban doesn't change that, you still can purchase cryptocurrencies using your debit card or ATM card. The ban is limited to credit cards only and the main goal of the ban is to stop people from buying Bitcoin or other cryptos with money they don't have.
The average credit card limit is around $8,000 but of course many people can spend much more than that using their credit cards and that's what some of them were doing buying cryptocurrencies. The banks just want to stop this insanity which is right imo.

[Qartersa]

The topic is ClickBait. These Banks did not BAN Bitcoin, they simply banned the buying of bitcoins with Credit cards issued by them. The Banks are protecting people from themselves. A lot of people are buying bitcoins with money that they do not have and this is just stupid. < We always tell people NOT to do that >

This will not stop people from buying physical assets and selling that at a loss and then buying bitcoins with that. These Banks are just doing this to wash their hands, so when the government step in later, they can say that they banned Bitcoin purchases with their credit cards. ^lol^

I don't get it. So, let's say that I have $10k in this bank and I want to buy amazon gift card so it passes, then when I try to buy bitcoin (virtual card) I can't. I am not buying a harmful stuff, i am free to buy everything with my money. Simply banks trying to protect itself and profitable circuit from a hard competitor.

Yes, you are free to buy anything with your money and the above mentioned ban doesn't change that, you still can purchase cryptocurrencies using your debit card or ATM card. The ban is limited to credit cards only and the main goal of the ban is to stop people from buying Bitcoin or other cryptos with money they don't have.
The average credit card limit is around $8,000 but of course many people can spend much more than that using their credit cards and that's what some of them were doing buying cryptocurrencies. The banks just want to stop this insanity which is right imo.

Hold on, let me put emphasis on the statement of yours which says "the ban is to stop people from buying Bitcoin or other cryptos with the money they don't have". Why, in the first place? This is intrusion pf private property for all intents and purposes. In line with your argument, let me cite an example. Say I have $5,000 credit limit. If I buy a watch worth $4,500, even if I do not have such amount in my bank, I can do so because I have not yet reached my credit limit. Hence, it is inaccurate for you to say "the money they don't have" because the credit limit is decided by the bank to give to its depositors. It is they that have the power to issue and grant certain credit limits. Coming forward, to say that they are only doing this to protect the people is just plainly absurd because they do not have any business to meddle into the affairs or expenditures of its depositors save for the fact that its interest is duly at stake in cases of mortgages and the like.

[BellaBitBit]

More FUD and not even spelled right, clickbait.  Bank of America is not banning bitcoin, you can still use your debit card or bank account to buy and sell bitcoin.  Many banks are declining CREDIT CARD transactions and they should because it is risky for someone, especially new to crypto to put bitcoin on credit. Nice try though with this post.

[jhenfelipe]

Indeed a MISLEADING THREAD TITLE, better fix it OP. Missing some info makes a huge difference.

On topic, maybe there have been a huge number of customers who borrowed last December to purchase BTC on exchanges and unable to pay, that's why they end up with this decision. There's a saying that "Don't invest what you can't afford to lose", if you invest, consider that there's a 50% chance that your money will be gone imo. So, borrowing isn't a good idea, especially if you're not sure that you could pay the debt even you lose your investment. Just buy with the money that you have and don't end up like having debt because of FOMO ~~

[vit05]

How big is the market to buy cryptocurrency using credit card? I have always found it very difficult, unsafe and expensive to use credit card for this market. I do not know if something like that will interfere much with price. You can't buy stocks, bonds, mutual funds with credit card either .

[konigilya]

It's never worth it - to buy with credit card. Risks are too high- buying in DEBT. Honestly, this is the only limitation that I personally DO SUPPORT.