Jump to content

Anyone into bitcoins?


Jewtoys

Recommended Posts

Almost every financial adviser is going to be against this type of thing for a whole slew of reasons. It's unregulated, not dependent on a tangible resource, extremely volatile to the point of 30%+ swings per day, also this is designed to get people AWAY from the fees/charges of the established monetary system. One reason many of the big banks will deny charges/transfers for buying coins.

 

On that note, a friend of mine trying to get into the market yesterday banks with Chase. He used a Chase debit card to try and make a $500 purchase from Coinbase once their system came back online. Chase flagged the purchase of fraudulent and refused to approve the transaction. He linked his checking account to the account and tried to make a purchase but it seems to be denied as well. Who do the rest of you bank with thats a States side bank that is friendly to the Bitcoin purchasing process. He's nervous about banking Offshore at this point

Link to comment
Share on other sites

  • Replies 653
  • Created
  • Last Reply

Top Posters In This Topic

Almost every financial adviser is going to be against this type of thing for a whole slew of reasons. It's unregulated, not dependent on a tangible resource, extremely volatile to the point of 30%+ swings per day, also this is designed to get people AWAY from the fees/charges of the established monetary system. One reason many of the big banks will deny charges/transfers for buying coins.

 

On that note, a friend of mine trying to get into the market yesterday banks with Chase. He used a Chase debit card to try and make a $500 purchase from Coinbase once their system came back online. Chase flagged the purchase of fraudulent and refused to approve the transaction. He linked his checking account to the account and tried to make a purchase but it seems to be denied as well. Who do the rest of you bank with thats a States side bank that is friendly to the Bitcoin purchasing process. He's nervous about banking Offshore at this point

 

Schwab works flawless for me

Link to comment
Share on other sites

Good to know, I've never personally banked with Huntington so glad to hear there are some options. He called Chase to try to authorize the transaction and the person he spoke with in the fraud department told him not only will they not allow the transaction but if he continued to his account would be closed. Which is quite an interesting position for a bank who is investing in Bitcoin themselves.
Link to comment
Share on other sites

Good to know, I've never personally banked with Huntington so glad to hear there are some options. He called Chase to try to authorize the transaction and the person he spoke with in the fraud department told him not only will they not allow the transaction but if he continued to his account would be closed. Which is quite an interesting position for a bank who is investing in Bitcoin themselves.

 

Well, they probably don't want you removing money from the account to invest in bitcoins... because they are already using your money to invest in bitcoins, but for their benefit

 

Good old banksters.

Link to comment
Share on other sites

Good to know, I've never personally banked with Huntington so glad to hear there are some options. He called Chase to try to authorize the transaction and the person he spoke with in the fraud department told him not only will they not allow the transaction but if he continued to his account would be closed. Which is quite an interesting position for a bank who is investing in Bitcoin themselves.

 

I don’t think Chase is investing in it themselves; however, they are processing orders for clients.

 

https://www.google.com/amp/amp.timeinc.net/fortune/2017/09/18/jpmorgan-buy-bitcoin-ceo-callingfraud

Link to comment
Share on other sites

As of Tuesday at least in this one specific instance they weren't allowing transaction, at least through Coinbase. He has moved transactions to an alternate state side bank to give it another go on the next "dip"

 

In other news for those playing with 5 digit investments in the BC market, are we thinking it's going to taxed on more of a ForEx rate or straight capitol gains? So incredibly well timed that this ruling went through RIGHT after so many people got in and out of coins following the rally!

Link to comment
Share on other sites

Almost every financial adviser is going to be against this type of thing for a whole slew of reasons. It's unregulated, not dependent on a tangible resource, extremely volatile to the point of 30%+ swings per day, also this is designed to get people AWAY from the fees/charges of the established monetary system. One reason many of the big banks will deny charges/transfers for buying coins.

 

On that note, a friend of mine trying to get into the market yesterday banks with Chase. He used a Chase debit card to try and make a $500 purchase from Coinbase once their system came back online. Chase flagged the purchase of fraudulent and refused to approve the transaction. He linked his checking account to the account and tried to make a purchase but it seems to be denied as well. Who do the rest of you bank with thats a States side bank that is friendly to the Bitcoin purchasing process. He's nervous about banking Offshore at this point

 

I use Chase and Coinbase, no problem.

Link to comment
Share on other sites

I use Chase and Coinbase, no problem.

 

Interesting, I wonder what it was about his transaction that they flagged and got so aggressive about? Believe his first buy was only something like $500 so nothing that should have really thrown up flags.

 

On a more interesting note looks like the EU is going down the same path of the US lately, moving to require end user identification for transactions..

Link to comment
Share on other sites

FWIW: When this thread started five weeks ago, Bitcoin was selling at 5800. It just went over 12000. Very volatile. I've decided to sell a big chunk of mine, leave some in it for the long haul.

 

Epic investing skills? Nope, just some dumb luck. Congrats to those of you who rode this ride.

Link to comment
Share on other sites

Chatted with a Chase personal assistant today about bitcoin/Coinbase issues. They are not flagging all transactions but would not say which ones they do/do not. It will probably be in an updated user agreement very soon. They plan to flag all outgoing and incoming transactions after their legal department is done with their side. So now I’m looking at intermediary measures. If the transaction goes through another means (paypal, etc) before Chase then its a non issue.

 

But again....this is from the mouth of a banking assistant. Whatever weight that holds.

Link to comment
Share on other sites

Chatted with a Chase personal assistant today about bitcoin/Coinbase issues. They are not flagging all transactions but would not say which ones they do/do not. It will probably be in an updated user agreement very soon. They plan to flag all outgoing and incoming transactions after their legal department is done with their side. So now I’m looking at intermediary measures. If the transaction goes through another means (paypal, etc) before Chase then its a non issue.

 

But again....this is from the mouth of a banking assistant. Whatever weight that holds.

 

So maybe he just got the luck of the short straw at this point, while they work on handing everyone short straws. I can definitely see some big shake ups/crack downs from the banks on Bitcoin transactions as the mainstream is starting to pay attention and continue to drive the valuation higher and higher. In the meantime if you are going to play in this make sure your bank isn't going to shut you down, if you get blocked from a transaction there's potential for huge lost opportunities.

Link to comment
Share on other sites

From a banker's perspective, two terms you guys need to understand that every bank has to operate under from a regulatory standpoint:

 

AML: Anti-Money Laundering

KYC: "Know Your Client"

 

I'll let you Google the various regs that the above two concepts bring to bear.

 

From a bank's perspective, if I allow my clients to transact in BTC, it holds similar weight from an AML/KYC standpoint to conducting foreign exchange (FX) trades with a client doing business with Russia, North Korea, Iran, etc...an extreme example, but you don't know fully who the counterparty is on the other end of the transaction. Because the market is not regulated, you could be dealing with the Dark Web, funding from a drug kingpin, a Russian businessman, or ISIS.

 

Money (USD) is "dirty" as well, but if I'm buying or selling stocks on a regulated exhange, there is less chance of a criminal backlash against the banks/customers involved.

 

 

 

 

 

Not justifying the banks' concerns, nor criminalizing all cryptocurrency participants....but while the current benefits are HUGE, there are possible risks that could rear their ugly heads at any time.

Link to comment
Share on other sites

Absolutely valid points Clay, and I'm sure anyone who's at least done a minimum of homework on cryto-currency is aware that money from all sorts of disreputable sources have trickled in. What a fantastic way to hide your ill gotten drug money and move it around the world! Fortunately there's no semi shady establishment that you can drive up to with a van full of $20 bills and start buying coins. At least, not in the US yet ;)
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


×
×
  • Create New...