On February 6th, 2018 we embarked on a little game of "let's see" after multiple banks banned using their credit and debit products from being used to purchase virtual currency.
They stated that it's for their customers "protection". That preventing customers from buying bitcion will "protect" them from losing their money.
The full details of the game and how/why we started this journey can be found this article.
In a nutshell, we felt we needed to hold them accountable and keep an eye on how much they are "saving" customers with this noble act of self-sacrifice. In other words, we plan to show that they're full of shit and have done nothing more than adopted a CYA (cover-your-ass) policy in their ongoing war on bitcoin.
At the one month mark, have banks saved us from the "evils of bitcoin" in its ban?
One Month Review
You can jump straight to the game and view the full details along with every transaction as recorded here:
To summarize the one month mark:In just a handful of trade beginning on February 6th, we managed to earn over $4,900 USD trading bitcoin on a regular exchange with 0.25% trade fees.
To be fair, the banks are on our heels with their product earnings. They've earned us 63 cents (BofA) and a whopping $1.25 (Capital One) via a 3 year fixed CD and a Money Market account respectively.
On February 6th, 2018 we put $1000 in a Capitol One MM account, $1000 in a BofA fixed rate CD and $1000 in another commodity, Gold, which banks aren't protecting us from. We put an equal amount of $3000 into virtual currency, choosing bitcoin for all trades thus far.
The details of one month of transactions are as follows.
To date, we've conducted a few more trades putting our total earnings at $5925.52, meaning banks have "protected" us negative ($5,925,52).
To be fair, sure, we'd have still had that $3000 in the bank accounts, and had we put in in Capital One's MM account, we'd have earned about $3.75 USD, so there is that claim they can still make, but had we listened or obeyed this ban, we'd be out nearly $6,000 in losses thanks to their "protection".
I'm assuming at some point the banks "protection" is going to kick in and the brainchild of this brilliant plan is going to be realized, earning this individual or group a shiny metal? Is that how this works?
We're not sure on that one, however, what we can see is the data as we've recorded every single transaction thus far and that shows us that banks are very far in the red as far as what they have protected anyone investing $3000 into bitcoin in Feb through today.
Bank can say whatever line of garbage they want to and package it up with a pretty bow, but the data doesn't lie.
You can watch the game via the link above or on the sidebar there's a new widget with the amount in USD banks are "protecting" us from losing.
Either we're missing something or as suspected, banks are just full of it.
As previously reported, we intend to continue this game for the next year and see where we're at on February 6th, 2019.
Image Credits: Banner Image by dinbits.com staff