Re: BREAKING NEWS : Bank of America and JP Morgan Are banning CC purchases

Quote from: Schirer on February 16, 2018, 01:33:52 AM

Quote from: TimtheYoutuber on February 03, 2018, 12:37:41 AM

JP Morgan is aiming to ban CC on February 3rd and Bank of America to ban CC on February 2nd.

Looks like for right now they will only be banning CC purchases, which is not as bad as it sounds. If someone steals your CC and maxes it out buying cryptocurrency, then that could be a huge problem. Plus people can likely max it out as a way of getting "lent" money they cant afford to pay back.

As long as you can make Bank wires, and Debit card purchases this really shouldn't be a big deal.

Source: https://www.coindesk.com/report-bank-america-jp-morgan-ban-credit-crypto-purchases/

Also dont forget Bank of America has a patent for an exchange system : https://www.coindesk.com/bank-of-america-outlines-cryptocurrency-exchange-system-in-patent-award/

1) I was under impression that VISA and MAsterCard has banned all crypto purchases outside of EU.
2) In any case it is understandablesince US has amazingly poor security regarding CC purchases, seems that they are still living in 90s.

1) No ... The US is outside of the EU and Visa/Mastercard has not banned crypto purchases.
2) What do you mean that the US has poor security regarding CC purchases. The consumer has very good security. If you end up with an unauthorized charged, the cc company will charge it back, and give you your money back.