Bitcoin Ban Expands Across Credit Cards as JPMorgan, BofA Recoil

They're just hedging themselves against stupidity.

1. Poor fag with no money but a credit card decides he's going to get rich with cryptos

2. Maxes out the starter visa throwing money into trading account.

3. Loses it all, can't pay his credit card bill, says fuck you visa.

4. Visa can't reverse charges, or even complain to anyone since people chose to create an unregulated market.

This is kind of like when they read the writing on the wall and quietly stopped supporting no-doc loans as the crash was developing.

It isn't about them being "the man" trying to stop free people etc, it's about them managing their own risk and preventing their riskiest customers from leaving them holding the bag.

(though, on a personal level, it pisses me off. I've paid off my monthly credit card bill every month for 30 years. It's none of their fucking business what I spend my money on)

It's credit cards brainlet. Who the fuck uses credit cards for buying crypto.

They can't do that to debit cards because that's your money. They're just safeguarding themselves from brainlets who loose a lot of their credit from literal gambling.

I did.
Faster than bank transfers.

But they started charging cash advance fees on debit card accounts.

Well then change your ways. It'll take a bit slower but
>This kills crypto. Tell me it doesn't, tell me, please.
Doesn't mean shit in the grand scheme of things .

Do a fucking wire transfer it's even slower but no fees. Think in advance when you want to get your fiat in the market.

I don't know what the fees are, but there have been a lot of bit ATM's popping up at party stores. I've got 2 within a 4 mile radius.

You can't withdraw, but you can feed in cash and convert to bitcoin.

o so what your telling me that the 3 banks that created the houseing bubble and went bankrupt and the usa goverment bailed out becuase to big to fail is not letting me buy bitcoin? who give a fuck fuck them and anyone that uses then before this bitcoin topic is stupid as fuck theres a thing called credit unions they are a non profit fucking bank. they can use your money to support afica how about u get a bank account there umm k

>muh crypto cant be taken down by companies or govs

>govs ban exchanges
>banks tell crypto to fuck off
>price drops by 90% as normies leave to trade stocks or whatever

it would be that easy

apparently 1 in 5 were using credit cards

ya but does not get rid of bitcoin so your stupd. yes it would make the valve change but wont get rid of it

You could probably add one more....

> banks refuse to accept deposits from businesses who accept crypto-payment because they might be facilitating money laundering.

Similar to what is happening with the legal pot shops around the country. Since it's still illegal on a federal level (even though legal in the state), banks won't accept deposits for fear of being part of potential future charges. So now you have these shops who can't do anything with their boxes of cash.

It would eventually.

Once you get past the speculation on the coin exchanges, it still comes down to the fact that the only reason why coins have any value at all is because they have the potential for utility.

But if you ever reached a time, for example, where bitcoin couldn't be used for anything --- you couldn't buy anything with it, you can't sell it, you can't convert it..... you would be left with nothing but an electronic version of Pogs.

The bitcoin market is already 90% speculative value already. Remove the utility and there is no reason to own them at all.

Laundering cash is easy.

Anyone remember when there was a movement to close your bank account on the same day so as to call the bluff of fiat, and citibank went so far as locking the doors on customers, calling the police and having everyone arrested due to "financial terrorism"?

probably not

And I'm sure that's a handy skill if you're operating a criminal enterprise. But if you're running a legitimate business, where you have payroll and inventory and rent and utilities and accountants and taxes and everything else, you can't just launder your money. You have to have a legitimate way to process legitimate cash.

More likely the (((banks))) stop accepting deposits from the fiat gateways entirely. Can't cash out wouldn't just be a meme.

It doesn't kill crypto. You'll still be able to buy it through prepaid cards and paypal. However, it does kill BTC and nearly all altcoins. Only the best *coins will survive, and it's likely those *coins don't exist yet.

Which is to say, expect BTC to be at $1,000 by 2019.

hahahahahahahahahha

yeah its just gets rid of 90% of the value

.....I always knew they would put an end to cryptos.....

What really killed crypto is over-supply of new coins.

For reasons too long to explain, the market can support (and requires three different coins).

Any above or below that number hurts the market. And when you've got 1500+ coins (and rising daily), it dilutes the entire crypto brand.

So you start with something that could have been something, and you drown it in a sea of coin scams, fake ICO's, and too many choices.

get to know a stripper. a real hot one too.

throw her cash. she deposits it tell her she gets a percentage, you get to fuck her and do drugs with her hot friends, you get popular with them. win win.

I don't see anything wrong with this because it's obvious what the problem is, people spending money that's not theirs. It does make crypto less accessible which will stunt the growth however.

Ah. Occupy. One of the jew's very successful campaigns in infiltrating and destroying a movement from the inside. Infected with faggotry and feminism, open forums on banking corruption turned into talks on safe spaces for trannies, and the media coincidentally spending all of their air time taking statements from sexual deviants that identified as ketchup.

The president of the American Atheists is also, coincidentally, a jew. Right around the time they changed from simply not believing in god to becoming a Reddit cult that worshipped (((science))) and openly attacked Christianity... while somehow simultaneously defending Islam and remembering the six gorillion. Coincidentally.

>if we all chip in just a few dollars the gas bill will be quite reasonable

>not knowing about student loans

honestly it was fucking insane that you could ever buy bitcoin on credit

Are you suggesting there isn't a market need for a blockchain project hedged on the price of organic bananas?!

I still expect people to blow their loans on crypto because that's harder to stop than blocking purchases with a credit card

You can buy all sorts of speculative assets on credit. Maybe not stuff quite as volatile as crypto, but still.

Banks are simply protecting themselves from retarded normies.

so I just spend my paycheck on crypto and use my cards for my daily purchases

nothing changes for me, except for these sweet deals in front of me

I wonder if there was ever a time where it wasnt controlled opp
it was the climax of public discontent, not the catalyst after all

no, BTC will fail all by itself, being an underperformant expensive shitcoin that can't do shit properly.

> The Yahoo of crypto

>credit cards owned by banks are declining crypto transaction because they are afraid people can't pay it back

uh huh, i'm sure they're watching out for the people's interests.

As funny as BananaCoin is, it's almost right because it's attempting to fill in what's missing in the whole crypto world.

This may take a minute, it's a hard one to get across...

Cryptos right now operate as just another fiat currency. Yes, just like dollars and gold, but in the case of gold you have 2800 years of history and in the case of dollars you have the full faith and credit of a nation.

So cryptos basically have "value" because the users agree they do, and they agree to trade goods and services for them.

But as soon as users are no longer do do so with any (or all) coins, they stop having value.

BananaCoin attempts to change this by pegging the value of a coin to a physical object with value. It's crazy that they're using bananas, but it's really a step in the right direction.

For example... let's say someone wises up and decides to create a coin that is backed by silver.

For every one ounce of silver you send them (or transfer to them), you get 1 silver crypto.

And imagine that the market is controlled enough that there is a rock solid verifiable warehouse where all of the silver is kept and monitored.

At that point, you now have a real functioning currency because it is backed up by a physical object with value.

Of course it would still be subject to all of the panics and swings we had when the US was under the gold standard, but it would be leaps and bounds beyond what we currently have, a strictly fiat currency based on the "trust" between people who are anonymous and have never met each other.

>Buy the dip

...

youtube.com/watch?v=4JuK1Yr35Io

US dollar was backed by gold until 1970's

now the nation is a debt infested 3rd world shithole run by trannies

wonder who insisted that the US not back their currency with anything?

Why did they fuck the jew bankers.
Are they shorting BTC?

*with

That's a factor but it's really the proliferation of low-quality coins that ruined everything. A market can tolerate a supply glut, alts would just die as consolidation occurs (in one form or another). This is normal and expected, and most people would profit from it (buy low when there is great supply, sell high when supply is constrained).

However, we instead had exit scams like Bitconnect and Prodeum. Not only did this permanently pull wealth out of the crypto market (and into the pockets of literal thieves), but it also scares investors from investing or causes them to divest out of fear. Ultimately, regulators were proven right in that fully unregulated markets will only lead to speculation and scams which crash the entire system.

Eventually cryptos will find their place, but this will only happen after both speculators and scammers are dealt with. Personally I think the former will be done through ethorse, and the latter is done when most investors in the market are wary and are willing to enforce some basic community standards.

thanks Pepe, I will

well they have too get credit card max out into crypto, go bankrupt, they cant get your assets. free money and devalues fiat

June 1933, but that's beside the point.

As much as it might rub us the wrong way, the federal reserve system is still better than being on the gold standard. The gold standard created too many panics; moved the power to originate wealth to south africa and only the countries who had gold; prevented the economy from expanding; and created a shit load of problems when America become a net debit country.

As far as 1971 goes, Nixon found out that the arab countries were sucking out all the gold as payment for our debt, so he fucked them

...

The more I think about the solution I mentioned here , the more I think that might be the only solution, especially if a depository were set up in Switzerland or something.

So, for example, you have a silver depository set up, one that gets audited and regulated.

For every once that is put in, 100 or 1000 silver cryptos are created, which function like any other crypto.

This would allow users to keep the anonymity and the block chain and the public ledger, but the currency would be backed up by a store of wealth, which would eliminate nearly all of the price swings and much of the speculation.

This. Very logical position they've taken with credit cards. Though I did use credit cards for crypto, I've always paid off my balance. The people who don't care about paying back their loans are the ones that ruin it.

thats retarded , I thought this was America

Bank are multi-national, borders don't matter to them.

Sure, but it also ties it into the Swiss government, which goes against the basic notion of cryptos as a 100% anonymous and "open source" transaction system (not a currency or store of wealth).

I mention ethorse (itself a prototype) because it is literally gambling. It uses investor greed (and fear) against themselves rather than allowing them to wreck the market by pumping and dumping. In theory, at least.

You can thank the normies for trying to chargeback exchange transactions after they fomo'd in at the top of the market and lost their ass.

this. lmfao at anyone trading against fiat without using a credit card to buy in at the bottom of the dip.

I disagree. I use Switzerland as an example and suggestion because of their historical neutrality and their historical banking business.

But it could be any location where the existence of the silver could be verified and physically protected.

It would still protect the anonymity. If you and I start the exchanged and put in 100 oz of silver, creating 1000 coins, those coins are still being transferred out to anonymous addresses.

The only difference between the existing system and this idea is that...

1. All coins are backed up by a precious metal.

2. The number of coins in circulation isn't limited (so it can be an expanding economy), and isn't based on the ability to do an arbitrary math equation

>For every once that is put in, 100 or 1000 silver cryptos are created, which function like any other crypto.

They're already done this.

It was called money.

And also, back to something I said earlier, if it's neither a currency or a store of wealth, it has no value because it has no utility.

I understand history slightly different than what you are sharing. Might want to revisit your history books.

1971, we were completely bankrupt, again, and needed a plan to ensure King Dollar remained King Dollar. We made an agreement with the OPEC and House of Saud that all oil transactions would be only finalized in dollars. No other currency. Those Arab countries agreed to this because they would become rich far beyond thier wealth at that time as well as receive the backing of the US military. Particularly Saudi Arabia, Kuwait, Egypt.

This agreement has been strained as of late with the decline of oil, a spiralling debt cycle and will ultimately slowly unravel the US dollar hegemony going forward. I would expect a new "plan" by the next collapse. My bet is a Gold backed Yuan, an oil backed Yuan or some other NATO backed currency. It's coming, like it or not.

Well ya, but that's what crypto's want to be... an anonymous form of money.

the cash advance is on credit cards not debit cards
>cash advance
>advance
fucking brainlet

How do you back a crypto with a commodity traded on the Jewmarkets? Just as they do now, they could paper over any value in the form of contracts and drive the price down. JPMorgue has been doing it for years.

How would we peg the value to something where value is controlled by an outside entity?

I truly hope someone can figure this out. I admit I have not been able to see a way around this. The problem is the "old world" viewpoints on how money works. We need something new. Bitcoin...for all its flaws is actually really good. But the stability is the crux.

America isn't even top 10 in Economic Freedom.

lmfao
If they stop accepting crypto related deposits then how the fuck would you pay taxes? It's a win win situation. Worst case you just revoke citizenship in this hell hole and move somewhere else to realize your gains.

Maybe it should be backed by gold instead.

Aside from attracting the libertarian crowd, it would also be harder to be manipulated by the banks, since their own wealth is indirectly tied to gold and since gold as a store of wealth is at least 2800 years old and therefore hard to ruin.

And unlike an earlier similar project where the price was tied to an ETF (which can be manipulated), tie it to physical gold storage.

I'm serious that I think this is really the only way to go forward. It keeps the good stuff (anonymity, public ledger), and gets rid of the bad parts (not backed by anything, wild price changes)

It would also make sense in terms of the economic relationship between standard currency / stocks and crypto.

When the economy tanks, stocks drop, the value of dollars drop, the value of gold (and therefore cryptos) rises.

Fuck this noise,

what are the bro tier cards that do let you buy crypto? amex?

Maybe your brain should be backed by a stem.
Backing it with anything physical like precious metals that could be stolen or have the true amount fudged creates a central point of failure. CENTRAL

>the cash advance is on credit cards not debit cards

I got charged 5 dollars, for using my debit.

Nobody takes amex for cryptos.

sue them

class action law suit

government said crypto is a commodity, not cash

Which is why I earlier talked about a location that could be guarded and audited.

And even if it CAN be stolen, it still beats the shit out of what we have now with exchanges being hacked and looted, with coins with no backing but the hope that they won't lose all their value, etc.

We could also probably think of it as a corporation. Golding Holding Inc or something.

1. The corporation exists solely for the purpose of storing and maintaining a gold supply.

2. The company is wholly owned by the shareholders, so each "share" of stock represents a certain percentage of the gold

3. The coin IS the share. It is a publicly held company whose share are now traded off any exchange by person to person.

4. As more gold is put into the depository, more shares are issued representing that gold, so the economy expands.

I mean, I get that people want to "fight the man", but unless there is at least some connection to established monetary theory, we're back to nothing more than electronic pogs.

In other words, the problem now is that cryptos are backed by nothing. That is the root of their problem.

being backed or not isn't the problem. The fact that you can directly speculate on it without any kind of regulations is a problem. There needs to be something like crypto-bonds or something gay like that so that people can support it without directly jacking the price up.

You're right, though the whole "regulation" thing would scare people away, even though regulation would be a net positive.

But I also still maintain that the fact that it's backed by nothing is one of the major flaws of the whole crypto system.

Basically, crypto is an attempt to create an independent fiat currency; but those creating it refuse to use either the economic theory or regulation on which all past successful currencies are based.

Bitcoin has a very basic foundation on the darknet as the main means of payment. It went from 0 to 200 based on this alone. The retards speculating are just that and they deserve all their loses. Therefore to eliminate bitcoin the government would need to make it completely illegal while at the same time winning the war on drugs. Good luck with that senpai.

True, but it's also hard to build a stable fiat currency that relies on nothing more than the good will of a bunch of people operating in a criminal enterprise.

Kind of reminds me when drug dealers used Tide as an alternative currency. Though even that was backed by its own intrinsic value

The black market can launder stolen household goods. pun absolutely intended.
Freight theft is a thing. Plenty of sketchy grocers looking to stock their shelves on the cheap.

You think this /pol/ brainlets will just take the facts you summarized and believe it was not the kike boggeyman? Please let em rot in blissful ignorance.