4 ms·

"...because I don’t really trust any of these exchanges..." Not to put too fine a point on it, but that's exactly why many banks will begin to take actions lik

"...because I don’t really trust any of these exchanges..." Not to put too fine a point on it, but that's exactly why many banks will begin to take actions like these. It is terrible though that crypto purchases are starting to be placed in the same risk category as porn. (Actually, now I think about it, crypto is being put in a HIGHER risk category than porn. Ouch.)

pavlov 8y ago
The correct point of comparison is probably gambling, since that’s the outcome most people expect from cryptocurrency.
FireBeyond 8y ago
> (Actually, now I think about it, crypto is being put in a HIGHER risk category than porn. Ouch.) Which isn't unwarranted. Porn companies have challenges, and as shady/deceptive as some of them are in rebilling, they also have a limited number of processors they can use, so they have an interest in not getting kicked off. Shitcoins don't care. Milk up all the cash you can, disappear. Who cares whether the processor cans your account?
- woah 8y ago
  What are you even talking about? Shitcoins? These are exchanges which have just as much reason to want to keep their credit card processing as any business.
  - soundwave106 8y ago
    Sure, but the problem is the seemingly very high amount of shady behavior in cryptocurrency. EG: In one category, you have reports like this that say 81% of ICOs are scams. (https://www.bleepingcomputer.com/news/cryptocurrency/81-percent-of-recent-icos-were-scams-research-finds/ https://www.bleepingcomputer.com/news/cryptocurrency/81-perc...) That's pretty damning to me. I would be willing to bet that 81% of porn sites are not scams. So putting crypto as a higher risk category seems correct to me. (I also recognize that there's legit exchanges, especially outside of the world of ICOs, but crypto seems to have a massive fraud issue now.)
bdcravens 8y ago
> crypto purchases are starting to be placed in the same risk category as porn > crypto is being put in a HIGHER risk category than porn Most banks won't let you open up a merchant account for your porn site, but they typically won't block purchases from said sites.

pavlov 8y ago

The correct point of comparison is probably gambling, since that’s the outcome most people expect from cryptocurrency.

FireBeyond 8y ago

> (Actually, now I think about it, crypto is being put in a HIGHER risk category than porn. Ouch.) Which isn't unwarranted. Porn companies have challenges, and as shady/deceptive as some of them are in rebilling, they also have a limited number of processors they can use, so they have an interest in not getting kicked off. Shitcoins don't care. Milk up all the cash you can, disappear. Who cares whether the processor cans your account?

woah 8y ago
What are you even talking about? Shitcoins? These are exchanges which have just as much reason to want to keep their credit card processing as any business.
- soundwave106 8y ago
  Sure, but the problem is the seemingly very high amount of shady behavior in cryptocurrency. EG: In one category, you have reports like this that say 81% of ICOs are scams. (https://www.bleepingcomputer.com/news/cryptocurrency/81-percent-of-recent-icos-were-scams-research-finds/ https://www.bleepingcomputer.com/news/cryptocurrency/81-perc...) That's pretty damning to me. I would be willing to bet that 81% of porn sites are not scams. So putting crypto as a higher risk category seems correct to me. (I also recognize that there's legit exchanges, especially outside of the world of ICOs, but crypto seems to have a massive fraud issue now.)

bdcravens 8y ago

> crypto purchases are starting to be placed in the same risk category as porn > crypto is being put in a HIGHER risk category than porn Most banks won't let you open up a merchant account for your porn site, but they typically won't block purchases from said sites.