Lloyds Bank bans credit card purchases of Cryptocurrencies.
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https://www.theguardian.com/business/2018/feb/05/lloyds-bank-bans-buying-bitcoins-credit-cards
So the banks, and Governments, have begun the process of dealing with Cryptocurrencies. I'm surprised it has taken this long! Back in 2009 when Satoshi Nakamoto mined Bitcoin genesis block and the Open Source client was released I too was very sceptical "It's pretend money in't it?"
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I'll even admit that up until a couple of years ago I still didn't take cryptocurrencies seriously, it seemed to me that it was a system based on trust "Look, this value I have in my wallet, I'll give you 0b10100 for that Pizza?" and relying on the Pizza shop being willing to hand over a Meat Feast Pizza for no fiat. Interestingly there is a president for this and yet I suspect 98% of the (UK) population doesn't even realise it. We in fact buy and sell on trust every single day because in actual fact the coins and notes we all pass around are technically worthless. In fact (UK) fiat notes are Promissory notes, it actually says on them
I promise to pay the bearer on demand the sum of [Value]
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I'll be honest, it kind of confuses me too? I mean if I take a Five Pound note to the bank of England and hand it over what exactly are they going to give me 'On demand'? LOL.
The action by Lloyds bank is actually a good thing, there are lots of people out there who are not as skilled in Trading as lot of people I see on Steemit. While it's great to be able to shout from the rooftops the successes of Bitcoin, Steem and Cryptocurrencies in general there are some people, caught up the euphoria, who will gamble with funds they don't have in the hope of joining in with the large returns some have made over the past few months. I suspect fairly soon the [UK] government will start sniffing around, legislation in hand, and then we'll be in the same situation as the Internet that I've said for years "The government trying to control soup with their bare hands."
If you take your fiver to the bank they will just give you another one. There's no gold behind it these days. I think there's an argument that crypto is more real as you can verify every transaction. Much harder to fake than cash. I think this story is about banks protecting people from themselves. I've heard of people borrowing to buy bitcoin and that's just crazy. We've seen that it's not guaranteed to keep rising.
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Yeah. What a weird world we find ourselves in these days. Back in 2007 (Subprime) the banks would have been falling over themselves to loan you money to speculate on the Crypto markets. Now they're all focused on protecting the customer rather than fleecing them. I wonder how long that sea-change will last?
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I also wonder if abuse of chargebacks have some to do with this. It would definitely be possible that they have seen an increase in chargebacks either due to criminals using stolen credit cards to buy crypto on bought verified accounts from popular exchanges, or just from people who regretted buying due to a sudden drop in price.
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Can you claim back on a credit card after buying crypto? (I have no idea by the way)
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IIRC you can claim back for at least 30 days after payment and in case of fraud they might even extend that period. The rules are a bit confusing and may vary from case to case.
So, I think it is definitely a possibility that chargebacks occur after buying crypto, but nowadays it happens less afaik because exchanges are better protected against it.
Source: https://www.coindesk.com/how-fraud-sunk-bitcoin-exchange/
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I'm gonna follow you because clearly, you're a man who's learnt that some people won't believe you unless you back it up with a link. #hugs :-D
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You might be interested in seeing some pictures of Fosdem (as a FOSS advocate ).
Listing sources is just something that everybody should do, especially when you're publishing on a public ledger ;-)
Edit: I started following you yesterday because @steevc mentioned that you were one of the few people on Steemit that was also interested in FOSS.
Source: https://steemit.com/vlog/@steevc/chicken-vlog-thoughts-on-voting-bots#@daan/re-steevc-chicken-vlog-thoughts-on-voting-bots-20180204t175352786z
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Correction. I am FOSS LOL
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I was going to go to FOSDEM this year but I'm right in the middle of selling my mums house and telling the DWP there's no money for them from my mum's estate.
I'm thinking of going to OggCamp in August http://oggcamp.org/
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Note it's credit cards (not current accounts). Lloyds don't want customers borrowing money to invest in crypto - and then suffer losses. It's fine to invest and lose money that you already have.
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Like all rules, if you implement some that people don't mind abiding by it is much easier further down the line to implement ones people aren't happy about. :-D
That's why I said it was a good thing. Stops you buying crypto with money you don't have. Unless of course, it's a mobile phone, sofa, cooker freezer or 110" inch TV https://goo.gl/7ZJ8qA
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