Lloyds Bank first in UK to stop credit card Bitcoin purchases

[3dcandy]

I think you will find that this decision has come from pressure within our government who technically still own a huge chunk of Lloyds

[DanceswithUnix]

And again, there's nothing inherently more risky with buying bitcoin, and buying any other thing.

The from a quick squint at the graph the overall trend seems to be a loss of $5000 per month per bitcoin since the peak. Even if I bought a brand new car on credit I know I would be losing about half the value over three years and can plan accordingly for it and in the mean time would have the use of a new car. Bitcoin right now is just peeing money up the wall for no good reason, unless you want to take on the professional quants that are dabbling in the marketplace to make money out of the volatility.

[kalniel]

I think you will find that this decision has come from pressure within our government who technically still own a huge chunk of Lloyds

Thought they had zero shares since May last year. http://www.telegraph.co.uk/business/...ate-ownership/

[Saracen]

There's a massive massive difference between fraud and spending irresponsibly. And again, there's nothing inherently more risky with buying bitcoin, and buying any other thing.

Well, the "risk" is what's being assessed, and Lloyds seem to disagree with your assessment of risk on bitcoin .... which is why thdy have no view on you (or any of us) gambling with our own money, but have put a stop to people doing it with theirs.

The point about fraud, suspicious transactions, etc, was that, contrary to assertions, they don't just extend a line of credit and then anything goes, but do indeed do a degree of per-transaction risk assessnent. If they consider the risk of a "suspicious" transaction meets their 'stop' criteria, then they stop it.

I grant you that stopping an entire trading type is new, but the principle being applied is identical - their risk assessment is that the risk to them is too high, and they aren't funding it.

Personally, I'd like them to block all gambling transactions on credit ... but they're probably making too much money out of the fees to do it.

[peterb]

As this thread is about credit cards, not graphics card, OT posts removed!

In case there is still any confusion, please don't try to use your GPU in a chip and pin reader, or put your credit card in a GPU or pcie slot - they won't work

[Zak33]

there's an issue with theft going on with Credit cards and bit-coin too.

get a credit card approved with stolen ID and buy a thing with it.... you can see it's purchases site and the address it was delivered too....tentative but solid at some point.

Not the same with and crypto... get a stolen card/falsely applied for and acepted card... whoosh... all gone