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posted by Fnord666 on Sunday February 04 2018, @10:34PM   Printer-friendly
from the too-much-risk dept.

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.

Source: https://www.bloomberg.com/news/articles/2018-02-02/bofa-to-decline-all-cryptocurrency-transactions-on-credit-cards


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  • (Score: 2) by requerdanos on Monday February 05 2018, @02:26AM (4 children)

    by requerdanos (5997) Subscriber Badge on Monday February 05 2018, @02:26AM (#633113) Journal

    you talking of bitcoin as fiat, just like the dollar [showed] a lack of empathy to homeless people who need dollars, not bitcoin.

    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."

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  • (Score: 0) by Anonymous Coward on Monday February 05 2018, @02:48AM

    by Anonymous Coward on Monday February 05 2018, @02:48AM (#633120)

    Cool! Sounds like we agree!

  • (Score: 2) by MichaelDavidCrawford on Monday February 05 2018, @07:04AM

    by MichaelDavidCrawford (2339) Subscriber Badge <mdcrawford@gmail.com> on Monday February 05 2018, @07:04AM (#633174) Homepage Journal

    ... 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)

    by Anonymous Coward on Monday February 05 2018, @12:59PM (#633261)

    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

      by requerdanos (5997) Subscriber Badge on Monday February 05 2018, @03:37PM (#633296) Journal

      Nobody, certainly not homeless people, needs it.

      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.