Submitted via IRC for TheMightyBuzzard
A growing number of big U.S. credit-card issuers are deciding they don't want to finance a falling knife.
JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. said they're halting purchases of Bitcoin and other cryptocurrencies on their credit cards. JPMorgan, enacting the ban Saturday, doesn't want the credit risk associated with the transactions, company spokeswoman Mary Jane Rogers said.
Bank of America started declining credit card transactions with known crypto exchanges on Friday. The policy applies to all personal and business credit cards, according to a memo. It doesn't affect debit cards, said company spokeswoman Betty Riess.
And late Friday, Citigroup said it too will halt purchases of cryptocurrencies on its credit cards. "We will continue to review our policy as this market evolves," company spokeswoman Jennifer Bombardier said.
(Score: 4, Interesting) by requerdanos on Sunday February 04 2018, @11:20PM (7 children)
This is good, and appreciated, advice.
I don't mean that having one's idealistic notions taken away by losing all one's invested money is necessarily a bad thing.
For most, that money was tuition.
Money paid to learn something. Specifically, "That was probably not a good investment idea."
It seems like the credit card providers are sending a signal along the lines of "We'd rather you learn before, not after." Doesn't always work that way.
(Score: 0) by Anonymous Coward on Monday February 05 2018, @01:41AM (5 children)
Sure! I was more referring to you talking of bitcoin as fiat, just like the dollar. That showed a lack of empathy to homeless people who need dollars, not bitcoin. You were, instead, signaling your intelligence by stating that bitcoin is fiat, just like the dollar is fiat.
(Score: 2) by requerdanos on Monday February 05 2018, @02:26AM (4 children)
Thanks. I guess the disparity might arise because when I was last homeless, bitcoin was under $20 (iirc), not inflated like it is now. But I would have been glad to accept bitcoin at the time, and would have cheerfully set up a bitcoin wallet for the purpose. Would have had to go to a coffee shop or library for the Internet access to do it.
Heck, I seem to also recall that there were very, very few places to spend your bitcoin in those days; it might have been a good idea to set up a wallet and pass around a payment address on the chance that someone would have said "Finally! Somewhere I can spend these bitcoin."
(Score: 0) by Anonymous Coward on Monday February 05 2018, @02:48AM
Cool! Sounds like we agree!
(Score: 2) by MichaelDavidCrawford on Monday February 05 2018, @07:04AM
... when I was totally busted.
I don't have a clue who my benefactor was but quite likely he - or she - was a Soylentil.
Yes I Have No Bananas. [gofundme.com]
(Score: 0) by Anonymous Coward on Monday February 05 2018, @12:59PM (1 child)
Back then Bitcoin was a viable payment option. While not necessarily accepted at as many places as it was, say, 6 months ago, when you made a transaction, it went through quickly. And, at that time, it was being touted as a currency that had 0 transaction fees. Try putting through a transaction on the blockchain now with no fee paid and see what "never going through" looks like.
Lightning may restore viability in the form of off-blockchain payments, but right now, without SOMETHING to restore it's status as a payment system, bitcoin is dead in the water. Nobody, certainly not homeless people, needs it.
(Score: 2) by requerdanos on Monday February 05 2018, @03:37PM
That's a dead tie for the dumbest thing I ever heard, no offense intended.
What's more, anyone who no longer needs their cryptocurrency balance is cheerfully encouraged to transfer it to me; I will deal with the hassles and problems for you. You can convert to Litecoin and send to Litecoin: LeqjwaBNTHjH3NyVXkGmSBL4eerDLKaBv1 [litecoin] or email me at requerdanos at freworld dot removethis info if you need an address in your cryptocurrency of choice (such as bitcoin).
Those cryptocurrency speculation problems will be long gone, along with your money. I am here to help.
(Score: 2) by MichaelDavidCrawford on Monday February 05 2018, @07:03AM
Despite having a great client.
Upon some reflection I decided to stick with this client because I'm learning quite a lot about the innards of USB.
What could be easier than USB? You plug in a keyboard or a mouse and it just works. Plug in a stick and a storage volume appears on the desktop.
Surely USB must be so easy to code that a child could do it.
It is my solemn duty to inform you that all that simplicity comes at the cost of coding drivers for a fiendishly complex electrical and software protocol. The mind simply reels.
Yes I Have No Bananas. [gofundme.com]