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by protomyth
3437 days ago
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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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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.