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by noarchy 3437 days ago
The linked text mentions that even Coinbase dropped Fetlife, because they (Coinbase) still processes credit card transactions.

So it looks like any use of a cryptocurrency has to be completely decoupled from the credit card world.
2 comments
protomyth 3437 days ago
The interface between me receiving cryptocurrency and me paying bills and food with said cryptocurrency is problematic. I get the feeling we are stuck in a credit card world. I cannot imagine a big payment outfit that gets accepted by merchants to not have credit card companies or deal with merchants without bank accounts.

This is really one of those issues that cuts across party (in the US 2 party system) lines. We've seen the crackdown on gun shops, marijuana merchants, and adult industry companies. I don't think I've heard questions asked my the big media to candidates about their feelings toward these type of laws.

I might not like some of these businesses, but every legal business should be able to get paid. I am not comfortable with a politician's beliefs affecting the banking of a legal business.

Normally, I would like the market to handle this but as the article points out, this is not really a free market. "The banks maintain a shared list that contains all merchant account closings." makes sense from a fraud point of view, but it is a process without appeal. Second, banks have a history of legislation requiring fairness of lending. It is probably time to look at the credit card companies with the same eye.

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LyndsySimon 3437 days ago
> We've seen the crackdown on gun shops

The issue with firearms sales seems to be at the payment processor level, not the credit card issuers. The big names (e.g., Authorize.net) categorize firearms sales as "highly regulated industries" - even though they really aren't.

There are payment processors out there that specifically work with FFLs (Federal Firearms Licensees, a/k/a gun stores), but they charge a couple of percent higher transaction fees, and they just seem a little skeezy. A lot of them also service the adult industry.

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protomyth 3437 days ago
The DoJ was going after gun shop merchant accounts also. Gun shops or Fetish sites should be just as protected as any other legal business.
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Senji 3437 days ago
Step one: Start a political party

Step two: Get in power

Step three: Make refusing credit transactions to patrons on grounds of "morality" illegal.

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nerfhammer 3437 days ago
> Start a political party

> Get in power

Almost impossible in a FPTP voting system

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robhu 3437 days ago
Surely it is possible and only requires a majority to support you.
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Senji 3434 days ago
You can take over an established party, eg: alt-right and the mainstream conservative right.
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FussyZeus 3437 days ago
What exactly is the difference between enforcing morality with law and enforcing no morality with law? Morality is an incredibly subjective thing between differing cultures, I don't think it has a place in the justice/civil law systems.
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Senji 3434 days ago
You don't have to write the word "morality" in the law itself. Just make it so they can't deny service to anyone ever.
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