Bitcoin (cryptocurrency)

[Scottyboi]

Said I would stop posting in here but I have one question that has been bugging me all day.

Now today Lloyds ect banned people using credit cards to buy crypto, made me wonder why do they care? Isn't you credit limit based on what you can realistically afford to pay back? I could use 10 grand on my credit card now and buy fuck loads of clothes or moet or whatever. Seems strange.

I thought the whole idea of credit cards was to make you use them and be a good money earner for banks? I'm not claiming illuminati or anything I am just wondering why banks suddenly don't want people making bad credit choices.

 

[smudgedj]

Said I would stop posting in here but I have one question that has been bugging me all day.

Now today Lloyds ect banned people using credit cards to buy crypto, made me wonder why do they care? Isn't you credit limit based on what you can realistically afford to pay back? I could use 10 grand on my credit card now and buy fuck loads of clothes or moet or whatever. Seems strange.

I thought the whole idea of credit cards was to make you use them and be a good money earner for banks? I'm not claiming illuminati or anything I am just wondering why banks suddenly don't want people making bad credit choices.

Fraud prevention I suspect.
You have to be dumb as fuck to borrow money at 23% (or whatever it is) interest just to speculate on bitcoin.

 

[Scottyboi]

Fraud prevention I suspect.
You have to be dumb as fuck to borrow money at 23% (or whatever it is) interest just to speculate on bitcoin.

Fraud protection? You have to send in all your details before you can even deposit though. And yes imagine the interest hahaha! Was reading about some forex trader that would use a credit card clear up and then pay it off the next day the dodgy fucker.

 

[Manchester33]

Said I would stop posting in here but I have one question that has been bugging me all day.

Now today Lloyds ect banned people using credit cards to buy crypto, made me wonder why do they care? Isn't you credit limit based on what you can realistically afford to pay back? I could use 10 grand on my credit card now and buy fuck loads of clothes or moet or whatever. Seems strange.

I thought the whole idea of credit cards was to make you use them and be a good money earner for banks? I'm not claiming illuminati or anything I am just wondering why banks suddenly don't want people making bad credit choices.

Here's a quote from an article:

On Friday, Bank of America started declining credit card payments to cryptocurrency exchanges, itself following in the footsteps of J.P. Morgan Chase and Citigroup. A J.P. Morgan spokesperson said to CNBC: “At this time, we are not processing cryptocurrency purchases using credit cards, due to the volatility and risk involved.”

These three are all in the top four biggest banks in the US, and Lloyds is the second biggest in the UK. Wells Fargo, the second biggest bank in the US, has not yet made such a move, but its head of equity strategy Christopher Harvey recently expressed worry that a crash could “spill over” into the regular finance market.

So Volatility and Risk is your answer. Interpret that as you will.



Banks can have huge influence over governmental decisions. This is an example of why I wouldn't touch crypto currencies with a barge pole. The banks don't like it, they are the most powerful institution in western society and the economy would be so badly damaged if they were to fail that governments wouldn't let that happen. They will fight crypto currencies to bitter end and I fancy the institutions that have built our economy to ward of this new threat.

Metaphors aside, I completely agree with the usefulness of block-chain, especially if you're either committing fraud or living in a 3rd world nation. However it's volatility would make it impossible to use as a real-world currency.

 

[Gareth Barry Conlon]

Crypto currency has the scope for massive massive fraud! It is totally unregulated and exists on the internet not in any one country where consumer protection laws apply.

Think about it, what is behind crypto other than web content, then think how good are Russian fraudsters at manipulating web content and real opinions and behaviours via social media? Where is the money you have put into Crypto? What stops the people behind it turning off the server and running to the hills!

I agree it could serve a purpose however the scope for fraud is unprecedented!

 

[Manchester33]

Honestly I’m fed up with banks and their monopoly, they will finally have some competition. So happy to see Uber and similar apps destroy the business of all the taxis around the world that were effectively scamming their customers charging enormous prices. What Uber did to Taxi companies, crypto currencies will do to banks.

Banks already have competition, what makes you think the likes of bitcoin would drastically change that? What makes them so ethical? Innovation is usually brought about through greed.

Let's think of the implications to wider society. No one would pay tax. That might sound like heaven to some people, but how would we fund the Emergency services, our countries defence, prisons, courts, the NHS, pensions, roads, welfare etc etc etc.... Whether you like the political system within the UK or not, at least we have a say in it. Our government and banks work together in ways that would render crypto-currencies useless.

I think they're good for those of us who want to commit fraud or who're incredibly untrustworthy of our government.

Banks are a necessary evil and will never be toppled.

 

[Scottyboi]

Here's a quote from an article:



So Volatility and Risk is your answer. Interpret that as you will.



Banks can have huge influence over governmental decisions. This is an example of why I wouldn't touch crypto currencies with a barge pole. The banks don't like it, they are the most powerful institution in western society and the economy would be so badly damaged if they were to fail that governments wouldn't let that happen. They will fight crypto currencies to bitter end and I fancy the institutions that have built our economy to ward of this new threat.

Metaphors aside, I completely agree with the usefulness of block-chain, especially if you're either committing fraud or living in a 3rd world nation. However it's volatility would make it impossible to use as a real-world currency.

Like I said though I could just max my credit cards out on food and beer, why does it matter to them? They agree to give you credit limits so why are they interfering with what you can spend it on.

 

[Gareth Barry Conlon]

Like I said though I could just max my credit cards out on food and beer, why does it matter to them? They agree to give you credit limits so why are they interfering with what you can spend it on.

The answer is in charge back obligations in cases of fraud. If you are ripped off on any purchase made with a credit card you can claim your money back. Banks are responding to the fraud risk! Debit cards do not have the same protection so you can still buy as many magic beans as you like.

 

[Scottyboi]

The answer is in charge back obligations in cases of fraud. If you are ripped off on any purchase made with a credit card you can claim your money back. Banks are responding to the fraud risk! Debit cards do not have the same protection so you can still buy as many magic beans as you like.

Abit of fraud never hurt anybody. I could just use my credit card get the money in cash and put it in my debit account to buy. Or go to a bitcoin atm. There are ways round it, could even buy phones and sell them straight away ect. I just find it abit odd.

 

[Gareth Barry Conlon]

Abit of fraud never hurt anybody. I could just use my credit card get the money in cash and put it in my debit account to buy. Or go to a bitcoin atm. There are ways round it, could even buy phones and sell them straight away ect. I just find it abit odd.

You can and the bank wouldn’t care as you can no longer claim your money back.