I'm going to have to steal one of my all-time favorite quote from none other than tennis great, John MacEnroe:
You Cannot Be Serious!
The news people are publishing: "Bank of America: Latest Bank to Ban Bitcoin"
A Bank? Banning Bitcoin? Seriously?
Now, it's one thing to say banks are no longer allowing you to buy crypto-currencies with a credit card or line of credit or by taking out loans to buy crypto-currencies. It's another thing to go around saying banks are banning cryptocurrencies. And even worse, writing your entire article in such a way as to leave no other conclusion to draw from your post than that banks somehow have the power to ban crypto-currencies!
Any reporter, any author, or any blogger coming out and declaring banks are banning crypto-currencies are instantly losing my respect and their credibility. If they're not aware of the difference between banning (as in making a thing illegal) and disallowing, then they have no business reporting the news. More than likely, I think these authors are fully aware they are quoting out of context and with the intent to stir up the FUD (fear, uncertainty, and doubt). That, too, goes down in my book as total loss of credibility.
So let's be clear!
- Banks are not allowing their in-house financial advisors to buy Bitcoin on behalf of their clients.
- Banks are not allowing CREDIT PURCHASES of crypto currencies. That is, no loans or cash advances.
To also try to lend credibility or ridicule to banking industry by also pointing out they're investing in blockchain so as to insinuate a hypocritical positioning by the banks is a clear indication to me that the author is trying to stir up trouble instead of reporting the facts of the matter.
Take note: There is a huge difference between stating, "Bank of America Bans Bitcoin" and stating, "Bank of America to Decline All Cryptocurrency Transactions on Credit Cards."
As Kevin O'Leary says:
Stop the Madness!
They are shitting their pants. Generations of ultra rich people were feasting upon the poor, leaving them with no options but to sell their time for money. Now, the tables have turned. And them overreacting proves they know it.
They are maybe worried about cryptocurrencies replacing the banking system, and don't want to promote them, but it's not any of there business what I do with my money.
That's really worrying, pinnacle of hypocrisy. Banks deciding how you spend your money. They don't ask us for an opinion when they leverage our money lending it to someone else. This is the biggest problem i think. Banks lack liquidity to pay everyone out due to fractional reserves, and they can't afford to let you spend money in crypto. That's the harsh truth.
But what are they trying to accomplish with these posts declaring a ban!?
Their only hope is for people to be sheeple, and give up the most powerful idea of our century.
Great post! My financial advisor at my bank advised me not to make random or too frequent deposits to my bank account, or I would be flagged as suspect for money laundering. I had direct transfers(Interac) cancelled to Coinbase and another broker, but they didn't ban me from the bank. I'm a little worried about the direction banks are taking, to be honest.
So, what do you do? Infrequent, but larger deposits?
I didn't cash out yet, but my advisor told me to deposit the same day as my paycheck, or to get a business acccount. I can also use Bylls(located in Montreal) to pay any bills with Bitcoin.
Maybe just buy cash/visa cards with crypto and have those mailed to your house?
Really good advice here. I'll try few cards myself.