Monitoring the Crypto Bubble

Where do you think we are in the crypto bubble?

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A 50% crash is a lot easier to stomach when you have a few K play money "invested" in it back when it was an unknown tech play thing vs a few hundred K people are putting in these days because it's gone mainstream.
 
What next ? Brothels and Bottleshop's ?

The Commonwealth Bank has banned its customers from buying bitcoin on credit cards after the recent plunge in the cryptocurrency's value, saying such purchases are no longer "appropriate."

The country's largest bank on Wednesday started sending text messages alerting affected customers to the ban, which follows similar action by large banks overseas in the wake of a more than 50 per cent plunge in bitcoin's value from last year's peaks.
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http://www.smh.com.au/business/bank...dit-cards-to-buy-bitcoin-20180214-p4z0bf.html
 
Arizona, Colorado, & Wyoming Push Legislation Supporting Cryptocurrency
Lawmakers in Arizona, Colorado, and Wyoming have all recently taken legislative action that seeks to further support cryptocurrency.

On Thursday, the Arizona Senate passed a bill that would allow residents to pay income taxes using Bitcoin and other cryptocurrencies. This implementation has practical significance, allowing the use of cryptocurrencies as a payment option in a state revenue system legitimizes them as an everyday alternative payment medium.

A provision in the bill mandates that the cryptocurrency payments be exchanged for fiat currency within 24 hours. This provision seeks to address the volatility of cryptocurrency and mitigate state revenue concerns.

Republican Arizona State Representative Jeff Weninger, who co-sponsored the bill, said he wants Arizona to be at the forefront of technological innovation. He told Fox News:
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https://www.zerohedge.com/news/2018...ng-push-legislation-supporting-cryptocurrency
 
southerncross said:
What next ? Brothels and Bottleshop's ?
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Good point but it is the Commonwealth Bank's risk to do as it wishes. Permitting the purchases of cryptos on CCs would raise the risk profile of any CDOs sold. Of course there's always the chance that the bank has an unterior motive to reducing risk exposure.
 
I'm actually fine with what CBA have done there. You shouldn't be borrowing and putting yourself in debt to get into crypto
 
ING has introduced NPP, nothing to do with blockchain technology at all, just an instant payment system.

No more waiting

No more two-day waits for your money when you can transfer eligible payments in real time instead - even on the weekends! (Between participating banks, that is.)

What does it mean for you?

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Receive real time payments - available from today, into your Orange Everyday.
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Make real time payments - rolling out shortly, from your Orange Everyday (capped at $1,000/day). We'll be in touch when it's ready to go.

Forget your BSB and account number

With real time payments, there's no need to remember your BSB or account number. All you need is a PayID - something as simple as a mobile number or email address linked to your account.

So next time you're splitting the bill after a night out with friends, it's going to be so much easier to pay or be paid in real time... and infinitely less awkward.
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It could be tht ING and the other banks introducing the tech agree to "take on" the deposits and withdrawals as a kind of debt obligation until funds are transferred. Unless of course they can actually transfer funds immediately. This is not Ripple technology by the way, but it's good to have a competing system out there.
 
^ I think all the main banks in Australia are doing instant payment now (NPP New Payments Platform).

Be interesting to know how this works under the hood. How is it different from the old bank transfer way?
 
That's been coming for a while now

Check "PayID" which launches this month. I just registered with CBA for it a few days ago

About time this is happening although not sure what this has to do with the crypto bubble lol
 
mmm....shiney! said:
Good point but it is the Commonwealth Bank's risk to do as it wishes. Permitting the purchases of cryptos on CCs would raise the risk profile of any CDOs sold. Of course there's always the chance that the bank has an unterior motive to reducing risk exposure.
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I don't agree with this. Once a bank has issued you a credit card with a defined limit then they have no right to tell you what to spend that predetermined limit on. Presuming you met all the financial requirements of being assigned a debt limit, how is it different to taking it all out as a cash advance and putting it through pokie machines or betting on a horse?

This is simply banks trying to keep the money in their system. People have to be responsible for their own choices.
 
how are they able to know what you are buying? going to try this on coinbase now, they love collecting the $7 international fee so cant see how they will enforce this with their snouts in the fee trough.

**edit** payment was rejected.
 
dozerz said:
how are they able to know what you are buying? going to try this on coinbase now, they love collecting the $7 international fee so cant see how they will enforce this with their snouts in the fee trough.
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I guess they have a list of accounts that are for crypto exchanges, so if you send money to one of accounts on the black list it will get block.
 
ParanoidAndroid said:
I don't agree with this. Once a bank has issued you a credit card with a defined limit then they have no right to tell you what to spend that predetermined limit on. Presuming you met all the financial requirements of being assigned a debt limit, how is it different to taking it all out as a cash advance and putting it through pokie machines or betting on a horse?

This is simply banks trying to keep the money in their system. People have to be responsible for their own choices.
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Fair point, but i would say people should be responsible for their own money. Save up some money then you can do whatever you like.
You can't really complain that you don't like the rules someone is applying to the credit they are offering. Now i may not agree with the rules they make, but at the end of the day they are free to set any rules they like and you are free not to use that service.

Now if they start putting bans on what you do with your savings account then ill be up in arms with you.
 
Soprano16 said:
About time this is happening although not sure what this has to do with the crypto bubble lol
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The ability of mainstream financial institutions to respond to the threat of a fast, cheap means of sending money may negatively impact upon the potential magnitude and profitability of those coins touted as an alternative to sending/receiving fiat, particularly in commercial applications.
 
leo25 said:
Fair point, but i would say people should be responsible for their own money. Save up some money then you can do whatever you like.
You can't really complain that you don't like the rules someone is applying to the credit they are offering. Now i may not agree with the rules they make, but at the end of the day they are free to set any rules they like and you are free not to use that service.

Now if they start putting bans on what you do with your savings account then ill be up in arms with you.
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You don't think it is a bit like moving the goal post's leo ?
As P.A stated, if you already qualify for their CC and meet their credit criteria what is the difference between Dan Murhpy's, Hookers, Pokies, or a Cash withdrawal ?
This is aimed purely at Crypto purchases and nothing else.

Does anyone have any other examples of where a CC can not be used to purchase certain products at all ?

While I don't at all condone or suggest that people use any sort of credit to purchase Crypto (or anything else for that matter) it just seem's to me that the CBA is specifically picking out Crypto as a pet hate (Or threat).
 
Some banks already prohibit the use of CCs for gambling.

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And that's fair enough too, while others have argued that once you've been approved a credit card you should be able to use it as you see fit, it must be realised that every new transaction is a new debt obligation using money you borrow from other people. The CBA and others have a responsibility to their guarantors that any credit issued is done so with a more than reasonable expectation that it can be repaid. They are concerned that with the volatile and deregulated nature of the market, these expectations can't be assured.

Crypto enthusiasts can't celebrate on the one hand the decentralised, unregulated and bird-flipping nature of the crypto market and then whinge about the restrictions that these same mainstream financial institutions that you've just flipped the bird at impose on those who wish to use credit to enter that market.

When someone spends other people's money, they do so on other people's terms, whether it's a mortgage, credit card or welfare card. Yes there appears an anomaly between gambling and cryptos, but its their money, so move on.
 
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mmm....shiney! said:
Some banks already prohibit the use of CCs for gambling.
And that's fair enough too, while others have argued that once you've been approved a credit card you should be able to use it as you see fit, it must be realised that every new transaction is a new debt obligation using money you borrow from other people. The CBA and others have a responsibility to their guarantors that any credit issued is done so with a more than reasonable expectation that it can be repaid. They are concerned that with the volatile and deregulated nature of the market, these expectations can't be assured.
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But it's presumably ok to go and blow the limit each month on hookers and booze?

When someone spends other people's money, they do so on other people's terms, whether it's a mortgage, credit card or welfare card.
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Agreed.
I wonder if this limitation is also on debit VISA cards? i.e. your money, not theirs.
 
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