topic Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards in Credit in the News

People Desperate to Buy Bitcoin Are Paying With Credit Cards

Anonymous — Fri, 12 Jan 2018 04:38:16 GMT

"About 18 percent of bitcoin investors used a credit card to fund purchases of the cryptocurrency, according to a LendEDU survey of 672 active investors conducted in December. Of those, 22 percent could not pay off their balance after buying the digital coin."

https://www.bloomberg.com/news/articles/2018-01-11/bitcoin-buyers-turn-to-credit-cards-as-fomo-breeds-risk-taking

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards

marty56 — Fri, 12 Jan 2018 10:09:08 GMT

Going from bad to worse.

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards

Anonymous — Fri, 12 Jan 2018 16:09:49 GMT

I would use a CC too if the rewards outweighed any convenience fees. But buying with money you don't have on-hand already and are willing to lose? That's just not smart at all.

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards

Anonymous — Sat, 13 Jan 2018 02:57:56 GMT

Way back people got into buying silver and so much of it that they couldn't pay their bills and had to sell... doesn't sound so different.

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards

Anonymous — Sat, 13 Jan 2018 04:41:42 GMT

@Anonymous wrote:
"About 18 percent of bitcoin investors used a credit card to fund purchases of the cryptocurrency, according to a LendEDU survey of 672 active investors conducted in December. Of those, 22 percent could not pay off their balance after buying the digital coin."

https://www.bloomberg.com/news/articles/2018-01-11/bitcoin-buyers-turn-to-credit-cards-as-fomo-breeds-risk-taking

And to make matters worse. Some banks close down all accounts with that user for buying crypto currency with credit cards. Chase is a big one for that. People wanting to invedt in that should use their own actual money to be safe.

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards

Anonymous — Wed, 17 Jan 2018 01:13:04 GMT

Something interesting happen today my card from Wells Fargo was decline so when I called into to find out what had happen... Rep told me that in fact many people are calling in to make sure they can buy bitcoin I'm like? I was just reading that here but I didn't tell her that but needless to say I was cleared turned out because I used Lyft and did a few other transactions Wells Fargo wanted to make sure I was using my card and not someone else.

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards

arkane — Wed, 17 Jan 2018 01:41:27 GMT

Short this sucker and wait for the bubble to burst.

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards

Anonymous — Wed, 17 Jan 2018 01:46:33 GMT

It’s already bursting. There’s a reason why crypto currencies are so popular with potheads.

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards

Anonymous — Wed, 17 Jan 2018 01:49:29 GMT

@arkane wrote:
Short this sucker and wait for the bubble to burst.

Lol. It’s already ready to burst. It will never be a real currency. Coming up is probably the time to sell before the bubble bursts lol. That’s a speculative product for ya....

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards

arkane — Wed, 17 Jan 2018 01:52:05 GMT

@Anonymous wrote:
@arkane wrote:
Short this sucker and wait for the bubble to burst.
Lol. It’s already ready to burst. It will never be a real currency. Coming up is probably the time to sell before the bubble bursts lol. That’s a speculative product for ya....

I'm actually amazed they offer futures on crypto. What, crypto isn't speculative enough for you? Well now you can speculate on the speculation! Way too meta man, hurts my head LOL

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards

marty56 — Wed, 17 Jan 2018 11:06:35 GMT

Someday Bitcoin will make a great episode for American Greed.

I might be interested in paying taxes with it though.

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards

Anonymous — Wed, 17 Jan 2018 15:43:28 GMT

I wonder how much of the trillion was pushed to btc... $1b? $50b?

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards

Anonymous — Wed, 17 Jan 2018 17:25:42 GMT

My suspicion some may have been asking for CLI to purchase bitcoin or other alt crypto personally after my dealings with silver I know not to buy on the highs.

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards

Anonymous — Thu, 25 Jan 2018 17:13:58 GMT

@Anonymous wrote:
My suspicion some may have been asking for CLI to purchase bitcoin or other alt crypto personally after my dealings with silver I know not to buy on the highs.

But it's not a high, it's going to $100k, baby!

Yeah, mm hmm.

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards

marty56 — Fri, 26 Jan 2018 13:58:54 GMT

I read that 50 Cent become a bitcoin millionare and didn't even know it.

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards

BM3 — Sun, 04 Feb 2018 20:17:53 GMT

hey, banks are doing the right thing - https://www.bloomberg.com/news/articles/2018-02-02/bofa-to-decline-all-cryptocurrency-transactions-on-credit-cards

I mean...ugh..well, technically protecting losses, and uhh, not letting people get in and those trying to dollar average actually attempt to have chance to get from under their losses.

But, kind of the right thing. (for now..once it heads back they already put in 'we'll review this later" clause lol)