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Tue Feb 20, 2018, 02:11 PM

Buy bitcoin with credit cards? Big banks say 'no',why not say no to gun sales for with credit cards

Barclays in U.S. set to join cryptocurrency credit card ban: report

LONDON (Reuters) - Barclays is likely to follow other major lenders in the United States in stopping customers from buying Bitcoin and other cryptocurrencies with its credit cards, according to an interview with a senior executive at its credit card unit.

“We are making the decision that we will likely no[t] allow cryptocurrency purchases on the card,” Paul Wilmore, managing director at Barclaycard, told Bank Innovation blog.

A spokeswoman for Barclays in London said that the bank is reviewing its policy on a country-by-country basis and that it had not yet changed its policy.

Barclaycard is one of the biggest credit card providers in both Britain and the U.S. that is yet to formally announce a ban on card purchases of digital currencies.

Lloyds Banking Group Plc, which issues just over a quarter of all credit cards in Britain, and Virgin Money announced such a ban last week, following the lead of JP Morgan Chase & Co and Citigroup.


https://www.reuters.com/article/us-markets-bitcoin-barclays/barclays-in-u-s-set-to-join-cryptocurrency-credit-card-ban-report-idUSKBN1FT1AC


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Response to turbinetree (Original post)

Tue Feb 20, 2018, 03:02 PM

1. Perhaps because one is a speculative currency swap, while the other is purchasing a legal product?

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Response to MichMan (Reply #1)

Tue Feb 20, 2018, 03:26 PM

4. Banks are, and have been wholly engaged in speculative currency swaps

Banks are, and have been wholly engaged in speculative currency swaps, the only difference being form and method.

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Response to LanternWaste (Reply #4)

Tue Feb 20, 2018, 03:56 PM

5. Using their own money to do so is different than lending to others

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Response to MichMan (Reply #5)

Wed Feb 21, 2018, 06:49 PM

6. Thats exactly right...

They loan at 3% and the user invests and get 1000%? I don't blame the banks either - they should be speculating directly. I'm sure they wouldn't bet the farm on it, but I could see a bank tossing in 3 to 5 percent.

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Response to MisterProton (Reply #6)

Wed Feb 21, 2018, 08:40 PM

9. This is more likely IMO

Someone with a couple thousand $$ to their name buys $5K in bitcoin on a credit card expecting it will go way up in value and he can make a quick profit. Instead it loses and now the buyer is on the hook for paying the bill, but can't

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Response to MichMan (Reply #9)

Wed Feb 21, 2018, 08:45 PM

11. I don't think that is the scenario banks banked their decision on

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Response to turbinetree (Original post)

Tue Feb 20, 2018, 03:06 PM

2. It won't help law enforcement much if ALL gun sales are cash-only.

The idea is to make cops' jobs easier.

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Response to turbinetree (Original post)

Tue Feb 20, 2018, 03:25 PM

3. I'm guessing it's a risk aversion policy.

I'm guessing it's a risk aversion policy. Bitcoin is new, thoroughly untested in crisis, and to date, lacks testable measures to the degree which would allow big banks to embrace it.

On the other hand, gun stocks typically experience a boost of roughly 1.5 percent in the five days following a mass shooting tragedy amid fears of tighter gun control legislation (further indicating that markets appear to have accepted mass shootings as the “new normal”)

Were I without soul or conscience, interested only in profit margins (which I presume with all large financial institutions), guns would be a solid buy, not so much Bitcoin.

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Response to turbinetree (Original post)

Wed Feb 21, 2018, 07:01 PM

7. Bitcoin is the biggest bestest Ponzi-Pyramid scheme ever.

Its creators wisely decided to remain anonymous.

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Response to turbinetree (Original post)

Wed Feb 21, 2018, 07:57 PM

8. I remember Paypal and some banks shunning internet piracy transactions.

Back when the RIAA was in the news a lot, cutting off currency transactions was the subject of cable news debates. I think it had to do with Pirate Bay advertising payments.

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Response to turbinetree (Original post)

Wed Feb 21, 2018, 08:43 PM

10. It would be better to require all guns to be paid for with cards, either credit or debit

It would provide another audit trail.

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