Posted on 02/04/2018 3:49:25 AM PST by C19fan
J.P. Morgan Chase, Bank of America and Citigroup said Friday they are no longer allowing customers to buy cryptocurrencies using credit cards. "At this time, we are not processing cryptocurrency purchases using credit cards, due to the volatility and risk involved," a J.P. Morgan Chase spokesperson said in a statement to CNBC. "We will review the issue as the market evolves."
(Excerpt) Read more at cnbc.com ...
> “Timeshares are a track-able asset that you could be forced to liquidate during a bankruptcy to pay off creditors.”
Spoken like a true Banker drone. It’s all about debtors and creditors. Anything outside that blinded view is verboten.
Got news for you. Just as the internet and its social media are taking down state-sponsored media, so too will BCT take down the centralized banking oligarchs and their CIA goons. Of course, there will be a fight, but the wheels are already set in motion. The only way for the banking families to avoid their demise is to shutter free speech, the internet and social media which they are now trying to do, and to control the evolution of BCT in society which they are preparing to do.
On balance, the criminal cosa-nostra banking groups have entrapped too much and too many. The rising social awareness can’t be stopped. Within a decade you can revisit this page to find that the truth was staring its readers in the face.
I spoke like someone who bothers to understand what they’re talking about.
When it comes to what credit cards will allow their debtors to buy, yeah it is all about debtors and creditors because THAT’S WHAT WE’RE TALKING ABOUT.
Got news for you, the internet hasn’t taken down anything, and probably won’t. And BCT is taking down even less. Do you really think the banks aren’t invested in crypto? Really? Are you actually stupid enough to not think that banks, which regularly get involved in ALL methods of storing and transmitting value, are none of the anonymous sources of the hundred of crypto out there? And that none of them have bought crypto? Cause if that’s honestly what you think, you aren’t thinking. These same banks that ALL got involved in laundering cocaine money in the 80s until government ratcheted up the penalties to the point where the banks got scared aren’t passing up untraceable currency.
On balance your revolutionary dork talk lacks basic understanding of the real world.
> “When it comes to what credit cards will allow their debtors to buy, yeah it is all about debtors and creditors because THAT’S WHAT WE’RE TALKING ABOUT.”
Again, spoken like a true banking drone.
Was it not written above that anything outside the realm of debtors and creditors is verboten?
You are programmed to confine your thoughts and to attempt to confine the thoughts of others to debtor-creditor business model items. Everything else is ‘not open for discussion’.
The bankers are going down. You can take that to the ‘bank’.
The evolution of technology has brought into existence their mortal threat, BCT. It’s in its infancy but it will kill off your worldview and there is nothing the bankers can do about it because it is an evolution to a decentralized economy that is efficient, secure, convenient. THERE IS NO ROLE FOR THE BANKERS. They are roadkill.
The NSA has its backdoors to it so they don’t care what happens to anachronist banking and their good ol’ boys and gals networks. They won’t care.
In the next ten years, bankers are going to be screaming, crying, whining, getting their goons to launch psyops and false flags, anything to stop the evolution.
I’ll be looking for opportuities to short the SOBs.
“This bitcoin thing is just but another scam that I’ve witnessed in my long career.”
yep. just like tulips, trading sardines, and all the weird, short-lived “future” contracts for various intangibles (e.g., “broadcast advertising time”) invented and traded by Enron.
i really get a kick out of how many Freepers passionately defend bitcoin like it’s the greatest thing since sliced bread.
“But there’s a store of value you are ignoring.”
Do tell, what is the underlying asset that has value? Debt? Precious metals? Salt?
“The bankers are going down. You can take that to the ‘bank’.”
BWAhahahaha.....
It’s true. I have contacts in a number of high profile financial places that say they are in fear. Goldman-Sachs is churning out weak patent applications to try and trip up BCT companies by patenting indefensible things (roadblocks) that will take money to clear away.
The Federal Reserve is muttering about getting involved in some sort of cryptocurrency because if they don’t, their monopoly and role become irrelevant.
When I and others in my circle make statements about the bankers going down, we are looking at the long view. For now, their networks and drones can feel comfortable, fortified, secure. But the people at the top are scared sh*tless because they know what’s going down over the long term.
They can’t stop it and there’s nothing they can do about it although they will try their damnedest to slow it. They will go the way of the buggy whips, outdated shells of yesteryear.
And like was said already, the NSA doesn’t care. They have their backdoors already operating. So the banks won’t be able for long to be going to them crying for help.
No, again spoken like somebody who bothers to know what the hell they’re talking about. Which is clearly NOT you.
I’m not confining my thoughts. Actually you’re the one confining your thoughts, you think it’s either or on banks, it’s not. It’s HOW banks. Banks will always be there, the question is how they’re doing what they do.
BCT is NOT a threat. Really bother to use your brain and not your exuberance to two minutes. These banks have been involved with money laundering for hundreds of years. They INVENTED it. If you actually think the organizations that INVENTED money laundering aren’t heavily involved a currency that is perfect for money laundering you’re a moron. I guarantee each of these major banks is the power behind at least 1 crypto currency, and they all have money tied up in all the others.
Bankers aren’t going to be screaming. They’re going to be laughing at all the idiot revolutionaries buying crypto currency made BY THE BANKS and thinking they’re part of the rebellion. And then these fools will be wondering why the banks aren’t going under while they keep exchanging bank issued money.
“I have contacts in a number of high profile financial places that say they are in fear.”
BWAhahaha....
++++
> “BCT is NOT a threat.”
Answer this: how is a centralized bank clearing house going to operate in a decentralized world?
Answer this: how is a banking network going to control independent decentralized networks that operate independently outside them?
Answer this: Andy and Molly agree to transact business via a BCT based Acme P2P personal computer accounts. How will a bank insert itself as the middleman?
Answer this: Similar to the previous, Scott and Dilbert agree to transact stock using a BCT P2P App. How does a bank get a piece of that action?
Answer this: ABC Bankhole offers its account holders a cryptocurrency feature. Account holders Susan and Eric have been transacting P2P using a homegrown crypto program when an annoying popup ad emerges on their screens announcing the latest crypto offer from their old useless bank. Why should they bother to respond other than get malware blockers to block this bankhole pop up?
The banks are the road to obsolescence. There is no other road for them to get on. They had their day, a very long day, and its coming to an end.
Here are the only things they can do to SLOW the inevitable:
1. Start a war
2. Buy legislation
3. Stifle, shutter free speech
4. Trap people with teaser credit offers
It’s true. One of them is now an office holder, elected in Delaware. Last year he had a Bloomberg terminal and was able to see what 90%+ of the population could not see.
The bank boys are not happy with BCT. It nags at them in weekly meetings. They’re pissed because their programmers and IT guys can’t get control of it.
The world won’t be decentralized. The fact of the matter is for large portions of our economy centralization is necessary. There’s core information (who owns what) that MUST be processed centrally or the whole system falls apart.
They don’t need to control anything. They just need some of the stuff being traded. That’s all banks do, collect stuff that’s trade, and distribute stuff that’s traded. Banks will (and probably already do) buy and sell cryptos in the exact same way they buy and sell stocks and bonds and real estate and every other thing people trade. In the end that’s all crypto currency is, something to be bought and sold. Banks buy and sell currency all the time. From a banks position there’s no difference between buying Marks to sell later for more and buying Bitcoins to sell later for more.
Bank doesn’t need to insert itself as the middleman. Banks don’t make money on being the middleman, they make money on hoarding and distributing. Your example is no different than any other pure cash transaction, banks aren’t afraid of that either.
Do Susan and Eric want to use their crypto as a provable asset to help them buy a home? Or any other large asset that will involve a long term loan and review of their credit history? Gotta have money in the bank to prove you have money.
Nope, banks are just adding another bunch of currency that they’re trading. Over all it changes nothing for them.
You missed one very important thing they can do in this crypto currency world:
Make and issue their own money
https://coinmarketcap.com/all/views/all/
There’s over 1500 crypto currencies on the market today. Most of which are NOT minable, meaning the creator gets to decide who gets the first issuance. And we don’t know who created the vast majority of them. ANYBODY can make a crypto currency. You, me, Kodak. If you don’t think every single major bank anonymously has a currency on that last you’re dumb as a post.
There are several components to the value. One is relative permanence. The caveat is that the PKI will be brute-forced in 60 years maximum, with no new advances in cryptoanalysis, only the normal progression of computing power. So it is doomed at that point or earlier, but "permanent" until then. Second value is aesthetics which is why there are new CC all the time (alt-coin bubble is just getting started). Some new currencies have the advantage of extending the "permanence". Those that truly do (not just hype) will be much more valuable.
Third is the utility of digital currency in a digital world. I can purchase purely digital assets through a purely digital transaction which is not possible with any other currency. Fourth is how easy it is to keep from losing your asset. The physical assets you mention, PMs and salt, can be stolen. The debt or obligations can unwind in an economic collapse of a country. All of your mentioned assets can be easily (trivially) confiscated by the authorities. By owning a private key there are 1000 ways to get your value out some shithole (the usual ones or the ones created by Dem takeover) to somewhere where the CC is still valued. A worldwide synchronous collapse negates that value along with a lot of other asset classes.
Finally you are asking the wrong question. What is the underlying value of a bunch of splattered paint on a canvas? What is the underlying value of an open source software product that everyone can download for free? What is the value of a simple worldwide pure digital asset network? Obviously zero, in your narrow view.
The difference is that they do not control it, and that gives them less power than they have with currencies they control (e.g. inflate).
Yep, you are right. They can also manipulate it and drive CCs up or down at the margins. I suspect some banks benefitted from punp and dump in the recent runup. But it is an absolute certainty that their benefits were trivial compared to the average joe, including teens and millenials.
A - they can issue their own currency and make it not minable which means they DO control it (and can even do it anonymously)
B - they don’t need to control it. They don’t control dollars, they just collect a whole bunch of them. It’s all just stuff in and stuff out for a bank. American money, German money, British money, parts of companies, parcels of land, issuances of credit. They buy and sell EVERYTHING people buy and sell. And they’re probably buying and selling (also making) cryptocurrencies right now.
Sure the banks can create and control (to some extent) a CC. But they have to meet my criteria for value (see my previous post) like better permanence, better aesthetics, etc in the open market of CCs just like you, me and everyone else. We are all equal players, a truly level playing field.
They don’t have to meet your criteria for anything. That’s the fun part about the crypto market, they’re basically functioning just like foreign currency right now. Being bought and sold with most folks not even knowing it exists:
https://coinmarketcap.com/all/views/all/
This is old hat for banks. One of the things they started doing heavily in the 80s (to help them launder drug money) was fast trading in foreign currency. Buy a million dollars of random foreign currency X (don’t know what country it, don’t care) first thing in the morning, watch the exchange market until it shifts up against the dollar just a little bit, sell it for over a million dollars later in the morning. It accomplishes two great things for the bank: makes a profit (they always like that), and gives them a lot of a transactions to hide money in and sift drug money through.
Crypto lets them do the same thing only more so. Instead of the less than 200 foreign currencies they used to have to play that game with they now have 1500 and growing. And they can make one anonymously, “buy” it, “sell” it, and drug money just became clean.
We’re not equal players. Banks have access to billions, trillions of dollars. There’s never an equal playing field when they’re involved. They can pump or crash any crypto out there. And they’re definitely hoarding them. Same as they hoard everything else we like to store value in.
The mismatch in assets that you mention just means more kids will get richer faster when a bank pumps a CC. Of course the banks hoard, but that's not really an advantage in a fast changing CC universe. The key in the future is knowing which to jump in and out of while keep it all virtual. Recent example: the rise in Ether as BTC tumbled.
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