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Chase UK is the first bank on the list, and they have an official statement about it: https://www.chase.co.uk/gb/en/support/crypto/ https://www.chase.co.uk/gb/

by jchw 3y ago

Chase UK is the first bank on the list, and they have an official statement about it: https://www.chase.co.uk/gb/en/support/crypto/ https://www.chase.co.uk/gb/en/support/crypto/ > Why don't you allow crypto asset payments? > We've made this decision because fraudsters often use crypto assets to steal large sums of money from people. Blocking these payments is one of the ways we help keep you and your money safe. Doesn't really seem that unreasonable, but I definitely have mixed feelings. I mean, if it's my money and I can confirm it's where I want to send it, my bank should send it, full-stop. You could argue it's an excuse, since technically cryptocurrency competes with traditional bank transfers, but the fact is that it's actually pretty plausible and I'm not sure what this says about banking systems that it is.

mistrial9 3y ago
A bank's misuse of money is carefully hidden, covered with a generations-old veneer. Read about the last three bank system crisis with the London-New York system in dollars.. there are dozens of good books about it. Decide for yourself who you want to do business with..
ibejoeb 3y ago
You were never able to do what you want with your money after you've given custody to a bank. For example, try taking it back...
- ubermonkey 3y ago
  This is a done with a transaction called a "withdrawal."
  - xattt 3y ago
    What an age we live in!
  - wkat4242 3y ago
    Try taking it all back now. Bring a few friends too to do the same. And see what happens.
    - School-Cotton 3y ago
      What are you talking about? At least in the US you can definitely take all your money out of the bank whenever you want.
    - toomuchtodo 3y ago
      If your argument is "I can't do a bank run," that is the point. That is what regulators and policies to prevent systemic failures is for. Either my bank won't fail (JPMC) because it is GSIB [1] or FDIC will step in. There is someone with authority and trust of last resort. With crypto, it's just a bunch of tech bros saying "trust me." [2] If you trust tech bros more than regulators with regards to making your deposits whole (See: SVB, even when exceeding insurance limits [3]), ¯\_(ツ)_/¯. [1] ("Global systemically important banks") [2] https://web3isgoinggreat.com/charts/top https://web3isgoinggreat.com/charts/top ("$69,522,310,172 has been lost to hacks, scams, fraud, and other disasters since January 1, 2021.") [3] https://fortune.com/2023/03/12/all-silicon-valley-bank-depositors-will-be-fully-protected-federal-reserve-janet-yellen-fdic/ https://fortune.com/2023/03/12/all-silicon-valley-bank-depos... ("‘Systemic risk exception’ invoked to fully protect all Silicon Valley Bank depositors, Fed rolls out new backstop for banking sector")
    - tudorw 3y ago
      Everyone can withdraw all their money at any time, as long as the any time is not the same time. According to the Bank Of Englad, 96% of money is held electronically (bank deposits), 4% of money is held physically in the form of cash (banknotes and coins), so while they may allow it, you'd need to give them time to print up some notes.
      - wkat4242 3y ago
        I don't even mean in terms of cash. Even if everyone transfers their money to another bank the bank will fall. Cash isn't really a thing here anymore due to the government's extreme incompetence at guaranteeing our safety.
  - curiousObject 3y ago
    > This is a done with a transaction called a "withdrawal." Yes, but… Just Google “large withdrawal problem” Or just read this: https://www.theguardian.com/money/2015/sep/12/big-cash-withdrawals-bank-barclays-denied-access https://www.theguardian.com/money/2015/sep/12/big-cash-withd... It depends who you are and where you are, but there’s no doubt that bank customers often have sudden, expensive, unexplained hold-ups in their attempts to withdraw. Sometimes, even for tiny amounts of very low 4 figures even. It can be terribly inconvenient. It’s annoying, but you can ameliorate withdrawal bank hitches by advising the bank in advance of your plans. But if you don’t confirm it first, then do not expect to roll up at your bank and be handed $10,000 without hassle. Especially if you didn’t do it before. This is NOT usually an issue of banks being frightened of a bank run, like some folks are guessing here. It mostly is the bank’s low-level staff concern that a scam is in progress, that you are an idiot being cheated, and their fear that the bank will be liable and have to pay for your loss.
    - onlyrealcuzzo 3y ago
      Less than 1% of people have more than $100,000 in cash in a single bank account. The amount of those people that want to take all of their cash out - and not pop it in another bank (which includes buying something, assets, equities, etc) - is probably close to 0. This is a non-issue for almost everyone.
      - curiousObject 3y ago
        > This is a non-issue for almost everyone. Very true. It’s almost always a non-issue (and could probably be ameliorated if you’re prepared in advance). But, I’ll guarantee you, that one time in your life when you suddenly NEED $25,000 for emergency medical costs, or to close a critical business deal, or to pay for your wedding, or a parent’s funeral, or to help out friend or family in dire trouble? Then, that one time, it is the biggest issue of your life. If a polite and cautious bureaucrat blocks it, then you will be angry about it forever. And that one time is enough for one life. You will not understand this until it happens to you.
        3y ago
wkat4242 3y ago
I just so wish I didn't need a bank at all. I hate them and their 'policies', I don't trust them at all. They monitor my data and have their own goals that overrule my own. But I can't live without one in today's world. Bitcoin was the proposal to become independent from banks. Everyone could be their own bank. But then the speculators twisted the original intentions to safeguard their investments. And it basically became the banking system rebuilt in bitcoin. Like the exchanges instead of banks (the EU even has a proposal to make it illegal to keep money on private wallets), the KYC stuff so it's no longer possible to just create an account and work with it. I don't support bitcoin anymore, the idea was independence from big money but they simply took it over.
- deweller 3y ago
  It is not Bitcoin that is the problem. It is the banks that are the problem. Bitcoin is not the perfect bankless system of money that you might hope. But cryptocurrency is one step closer to making that happen. With cryptocurrency, there is an option to transact digitally outside of the government. That didn't exist before.
  - toomuchtodo 3y ago
    People trying to solve people problems with tech problems are sad when reality sets in and they discover the code is just a tool, not an enforcement mechanism or power structure that can override people. It is an OSI layer misunderstanding. Money is the currency of trust. People and trust.
    - ForkMeOnTinder 3y ago
      You could say the same about SSL/TLS. Why don't we just pass laws that make spying/wiretapping illegal, and then send our passwords over the wire in plaintext? Privacy is a people problem, but we can still fight for it using tech. Tech won't solve all our problems, but it can definitely solve some. I view bitcoin as on the same layer as TLS. The spirit of the internet was corrupted by Facebook/Google/etc, but the underlying tech still works. The spirit of bitcoin was corrupted by the exchanges and speculators, but the underlying tech still works. Both give you the power to take back some of the power that ordinary citizens have lost—if you know how to avoid the bad parts.
andirk 3y ago
A few jobs ago, there was a huge influx of hacking attempts coming from some specific part of India. Until we could figure out the best way to detect and block those nefarious connections, we decided to just block ALL traffic from that area. It felt wrong to me, but as long as it was temporary, it made sense. That said, I'm against a bank deciding they're uncomfortable with a very popular, secure digital asset indefinitely. Figure it out, bank. Don't be so bankey.

by jchw 3y ago

mistrial9 3y ago

A bank's misuse of money is carefully hidden, covered with a generations-old veneer. Read about the last three bank system crisis with the London-New York system in dollars.. there are dozens of good books about it. Decide for yourself who you want to do business with..

ibejoeb 3y ago

You were never able to do what you want with your money after you've given custody to a bank. For example, try taking it back...

ubermonkey 3y ago
This is a done with a transaction called a "withdrawal."
- xattt 3y ago
  What an age we live in!
- wkat4242 3y ago
  Try taking it all back now. Bring a few friends too to do the same. And see what happens.
  - School-Cotton 3y ago
    What are you talking about? At least in the US you can definitely take all your money out of the bank whenever you want.
  - toomuchtodo 3y ago
    If your argument is "I can't do a bank run," that is the point. That is what regulators and policies to prevent systemic failures is for. Either my bank won't fail (JPMC) because it is GSIB [1] or FDIC will step in. There is someone with authority and trust of last resort. With crypto, it's just a bunch of tech bros saying "trust me." [2] If you trust tech bros more than regulators with regards to making your deposits whole (See: SVB, even when exceeding insurance limits [3]), ¯\_(ツ)_/¯. [1] ("Global systemically important banks") [2] https://web3isgoinggreat.com/charts/top https://web3isgoinggreat.com/charts/top ("$69,522,310,172 has been lost to hacks, scams, fraud, and other disasters since January 1, 2021.") [3] https://fortune.com/2023/03/12/all-silicon-valley-bank-depositors-will-be-fully-protected-federal-reserve-janet-yellen-fdic/ https://fortune.com/2023/03/12/all-silicon-valley-bank-depos... ("‘Systemic risk exception’ invoked to fully protect all Silicon Valley Bank depositors, Fed rolls out new backstop for banking sector")
  - tudorw 3y ago
    Everyone can withdraw all their money at any time, as long as the any time is not the same time. According to the Bank Of Englad, 96% of money is held electronically (bank deposits), 4% of money is held physically in the form of cash (banknotes and coins), so while they may allow it, you'd need to give them time to print up some notes.
    - wkat4242 3y ago
      I don't even mean in terms of cash. Even if everyone transfers their money to another bank the bank will fall. Cash isn't really a thing here anymore due to the government's extreme incompetence at guaranteeing our safety.
- curiousObject 3y ago
  > This is a done with a transaction called a "withdrawal." Yes, but… Just Google “large withdrawal problem” Or just read this: https://www.theguardian.com/money/2015/sep/12/big-cash-withdrawals-bank-barclays-denied-access https://www.theguardian.com/money/2015/sep/12/big-cash-withd... It depends who you are and where you are, but there’s no doubt that bank customers often have sudden, expensive, unexplained hold-ups in their attempts to withdraw. Sometimes, even for tiny amounts of very low 4 figures even. It can be terribly inconvenient. It’s annoying, but you can ameliorate withdrawal bank hitches by advising the bank in advance of your plans. But if you don’t confirm it first, then do not expect to roll up at your bank and be handed $10,000 without hassle. Especially if you didn’t do it before. This is NOT usually an issue of banks being frightened of a bank run, like some folks are guessing here. It mostly is the bank’s low-level staff concern that a scam is in progress, that you are an idiot being cheated, and their fear that the bank will be liable and have to pay for your loss.
  - onlyrealcuzzo 3y ago
    Less than 1% of people have more than $100,000 in cash in a single bank account. The amount of those people that want to take all of their cash out - and not pop it in another bank (which includes buying something, assets, equities, etc) - is probably close to 0. This is a non-issue for almost everyone.
    - curiousObject 3y ago
      > This is a non-issue for almost everyone. Very true. It’s almost always a non-issue (and could probably be ameliorated if you’re prepared in advance). But, I’ll guarantee you, that one time in your life when you suddenly NEED $25,000 for emergency medical costs, or to close a critical business deal, or to pay for your wedding, or a parent’s funeral, or to help out friend or family in dire trouble? Then, that one time, it is the biggest issue of your life. If a polite and cautious bureaucrat blocks it, then you will be angry about it forever. And that one time is enough for one life. You will not understand this until it happens to you.
      - 3y ago

wkat4242 3y ago

I just so wish I didn't need a bank at all. I hate them and their 'policies', I don't trust them at all. They monitor my data and have their own goals that overrule my own. But I can't live without one in today's world. Bitcoin was the proposal to become independent from banks. Everyone could be their own bank. But then the speculators twisted the original intentions to safeguard their investments. And it basically became the banking system rebuilt in bitcoin. Like the exchanges instead of banks (the EU even has a proposal to make it illegal to keep money on private wallets), the KYC stuff so it's no longer possible to just create an account and work with it. I don't support bitcoin anymore, the idea was independence from big money but they simply took it over.

deweller 3y ago
It is not Bitcoin that is the problem. It is the banks that are the problem. Bitcoin is not the perfect bankless system of money that you might hope. But cryptocurrency is one step closer to making that happen. With cryptocurrency, there is an option to transact digitally outside of the government. That didn't exist before.
- toomuchtodo 3y ago
  People trying to solve people problems with tech problems are sad when reality sets in and they discover the code is just a tool, not an enforcement mechanism or power structure that can override people. It is an OSI layer misunderstanding. Money is the currency of trust. People and trust.
  - ForkMeOnTinder 3y ago
    You could say the same about SSL/TLS. Why don't we just pass laws that make spying/wiretapping illegal, and then send our passwords over the wire in plaintext? Privacy is a people problem, but we can still fight for it using tech. Tech won't solve all our problems, but it can definitely solve some. I view bitcoin as on the same layer as TLS. The spirit of the internet was corrupted by Facebook/Google/etc, but the underlying tech still works. The spirit of bitcoin was corrupted by the exchanges and speculators, but the underlying tech still works. Both give you the power to take back some of the power that ordinary citizens have lost—if you know how to avoid the bad parts.

andirk 3y ago

A few jobs ago, there was a huge influx of hacking attempts coming from some specific part of India. Until we could figure out the best way to detect and block those nefarious connections, we decided to just block ALL traffic from that area. It felt wrong to me, but as long as it was temporary, it made sense. That said, I'm against a bank deciding they're uncomfortable with a very popular, secure digital asset indefinitely. Figure it out, bank. Don't be so bankey.