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 ...
I've spent many days working/shivering in server rooms (not banks, but who cares) I know what servers do and what they don't do. They don't have graphics cards attached. I am glad you are leveraging that list and glad you posted it. I have been using other lists that are not as comprehensive or organized.
This idea that it’s all kids is frankly hokum. Kodak is in. Big tobacco is in. Some of the vape companies have pivoted. Digital Power created a mining division. The kids have been outbid, they aren’t running the game anymore.
I'm surprised you didn't mention power utilities. They can replace dump loads with variable money generators and get a more stable grid. I had not heard of DIgital Power but from a quick read they strike me as similar to some CC VCs in philosophy.
You have to admit though the main use of money by banks is lending. There's currently a problem with CC in that they can't be lent out for productive use unlike real money. But that is changing, and I'm sure banks will get in on that. But that mainly applies to the top 10-20 in your list like everything else the new speculative money will be made or lost in the other 1480. But here's the thing: the kids don't need to lose any money because they don't need to spend anything to get in. They get free electricity in their dorms and all they need is a graphics card.
Perhaps you believe that the banks are on the threads manipulating the kids into mining their brand new CCs. Possible. But the threads are full of people on the lookout for exactly that. Alternatively you think the banks have stocked their server rooms with graphics cards and use those cards on CCs outside of the top 10-20 or brand new ones. I kind of doubt that. But if they are that's a pleasant surprise because it will validate the business case for the kids.
They maybe didn’t, they do now. Or will within a week of the bank deciding they want to mine. Those machines are for buying and selling stuff to make money. They will use them to make money.
No the main use of money by banks is NOT lending. It’s GROWING. Sometimes through lending, but often not. As I said, these guys are sitting on trillions of dollars, there just isn’t that much loan market. Banks put a lot of manpower into loans, but their real push is buying and selling. That’s what all those computers are doing, buy and selling, anything and everything, rapidly. The kids DO NOT MATTER, that’s your obsession and not part of reality. Every time you reference “the kids” what I read is “my delusional true believer bullshit”. They’ve been over powered.
Banks don’t need to manipulate kids to anything. They’re buying and selling. That’s driving the price up, which is encouraging other big businesses to get in the game. The kids don’t matter. They’re out.
And so am I. True believers won’t listen, as you’ve proved. You’re wrong on all counts, and the game is on, and much more interesting than any true believer ever. have fun helping the banks get more powerful while foolishly thinking you’re beating them.
Think of this example. You are a rich Chinese with one child. You send that child to an American university and hope to retire in America. You buy CC and wait for right time to leave. Those Chinese are not trying to "beat the banks" and have a positive effect on price.
The kids who are the source of your hangup are trying to beat the banks, but they are not true believers like me. They are just killing time, using the free electricity given to them, and cashing in when the banks get interested in their CC. They don't choose an existing CC, they make a new one. The bank doesn't tell them what to do or how to do it. The bank doesn't sell graphics cards.
Will there be billions more now for the kids? Probably. The alt-coin bubble is just getting started. Was there billions for them in the past? Absolutely. Who mined and bought them at the outset? You are delusional if you think that was the banks.
Modern banking is an adjunct to the modern state. Aside from the idiocy of a “currency” that lost 50% in the last month, does anyone really think every major government in the world is gonna rollover and watch this take on their banking cartels? Really?
The governments don’t have a choice. That’s the fun part about untracable currency. Banks are gonna do what they want. And there’s just too much money to be made in this market for them to ignore it.
You really need to learn basic math. with only 7.6 billion people on the planet there are NOT billions of kids in CC and will NOT be billions more. Your addiction to hyperbole and true believer bullshit shows you are a moron. The reality of the situation is that the corporations, including the banks, have already taken over the CC industry, and all you true believing idiots are doing nothing more than using your electricity and time to help make sure they own it. You’re fools and tools, and beneath contempt. Have fun helping your enemy, further missives from you will not be read, I just don’t have time for any more painful stupidity.
Jun 11, 2013 - Well, all transaction between Bitcoin addresses are stored forever, and so are fully traceable. What this means in your case is indeed that the credit card company can trace the coins you bought from them. However, there are a few things to note. Bitcoin addresses don't have a name assigned. F.e. Bitstamp ...
They can’t be traced in any meaningful way. That’s part of the point of them. If you’ve had ownership of a coin you can do a bit of tracing, but not that much, and anybody who hasn’t owned the coin can’t trace anything.
Well, except the NSA. If you think government cannot trace bitcoin you are naive.
That is completely untrue.
Every transaction is written on a public ledger that everyone can see. If you are a criminal, the best route is still good ole $20 bills.
Sorry but I don’t live in moron paranoid land where the NSA knows all things. Too much volume of data.
It’s anonymized and useless.
Credit cards cannot be used to buy lottery tickets in my state, and probably all the others. It is considered gambling. It does not surprise me that bitcoin would be banned from credit card purchases, as cryptocurrency is NOT a normal investment yet. I see it becoming so very soon!
The people warning about crypto currencies are fighting the last war.
Your professional finance cabal, along with the Fed have ruined the dollar. Let’s see what happens when the inflation, held captive by the fed over the last eight years is unleashed.
Last week was just a taste.
Wow, you have all the answers.
I guess I will just tell the IRS that the cash from bitcoin is make-believe. I don’t think they will agree.
That's the dilemma of the current price. The more governments try to ban it, the more the demand goes up until they succeed or the bubble pops or something takes its place. Like all other internet censorship it is pretty much trivial to route around a ban. But like all other Chinese government bans it might cost you your life. So a dilemma.
Oh brother what a load of jargon festered nonsense.
You want a “stable currency” that sure as hell doesn’t describe Bitcoin. As far as underlying investment it isn’t an equity stake in anything nor does it pay a dividend. Finally, it isn’t a collectible of value either.
It is pure “blue sky” bullshit.
The people here peddling Bitcoin are the same cabal of losers beating the war cry of gold a few years back. But that shtick dried up and this new jargon driven nonsense has far bigger trading spreads.
Going back to the article, the banks don’t want to back Bitcoin purchases for two reasons. First, the purchase is a low iq investor that can’t afford the loss. Nobody should invest or speculate with credit card money! Second, the lenders are likely to get shafted by bankrupt card holders when they loses money.
Going forward. I’ll only respond to folks that list their academic or work related credentials in finance and economics. I have better things to do than chat financial pornography with a bunch of prepped hillbillies.
If you put that money in the bank you have claim it as some form of income, if you don’t they won’t know about it.
Your addiction to hyperbole and true believer bullshit shows you are a moron.
I definitely appreciate the feedback since my explanations were obviously inadequate to start and I was able to improve along the way. But being a true believer is fine, nothing wrong with that. As for being a tool there's a lot of zero sum thinking in that contention. There doesn't have to be a loser if a bank is a winner and banks are definitely not my enemy. I am certainly not a loser even though you think I ought to be. On paper and in lifestyle (thanks to purchases with BTC), etc I am a big winner. The IRS will lose however. I donated appreciated BTC and the writeoff will exceed the long term cap gain taxes on the rest.
Excellent. Less clutter on the BTC threads.
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