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Visa Shuts Down Crypto Credit Card Company Without Warning: “All the Cards Were Shut Down in One Second”

Fri Jan 5, 2018 5:01pm EST 23

Gibralta based payment solutions company, Wavecrest, was shut down by Visa today — stranding thousands of people with Bitcoin credit cards now effectively worthless.

Source: CNBC

The card provider, WaveCrest, confirmed in an email to CNBC that it was required “to immediately close all Visa cards.”

“As a licensed E-Money Institution, WaveCrest is required to safeguard funds to cover all of its issued electronic money and we can confirm that these funds are safe and available for redemption through other channels,” the statement read.

Visa, a payment network, did not immediately respond to a request for comment.

Wavecrest provided its services to a number of crypto-card companies, including Bitwala, Cryptopay, Wirex and TenX. These companies convert people’s cryptocurrencies into cash that is loaded on to a prepaid card, allowing people to use the currency for everyday transactions.

Now these cards are invalid.

Tenx is -19% and Cryptopay -18% on the news, a rather tepid response considering the news.

Apparently, Tenx is already working on a solution and have taken to Twitter to assuage users.

Monaco, another Bitcoin based debit card, reassured people they were not affected by the shut down.

People are understandably upset.

According to Wirex, the shut down by Visa was without warning, saying “all the cards were shut down in one second.” Dmitry Lazarichev, CEO of Wirex said Wavecrest was not responding to their concerns: “we asked for more information, but they haven’t provided any.”

Wirex has over 500,000 crypto currency cards around the world

In a statement by Visa, they said the reason for the shutdown had nothing to do with crypto currencies, but the fact that Wavecrest was not in compliance with regulations.

We can confirm that WaveCrest’s Visa membership is being terminated due to continued non-compliance with our operating rules. All of WaveCrest’s Visa card programmes will be closed as a result.

Visa has other approved card programmes that use fiat funds converted from cryptocurrency in a number of jurisdictions. The termination of WaveCrest’s Visa membership does not affect these other products.

Visa is committed to the security of its ecosystem and compliance with Visa’s operating rules is critical for ensuring the safety and integrity of the Visa payment system. Our issuers’ card programmes must comply with our membership regulations, as well as all applicable laws.

A representative from Bitwala isn’t buying it.

The change came very suddenly which gave us no time to properly notify our customers. Right now assuring them is our first priority. The decision also symbolises that Visa, and by proxy other traditional finance corporations, is not willing to service the growing crypto economy. This in turn motivates us to proceed further with our vision of building a crypto first bank which provides a bitcoin debit card with uninterrupted service.

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The Dow, Nasdaq Bolt Out the Gates — The Very Best Start Since 2006

Fri Jan 5, 2018 2:22pm EST 9

In my first short story published in 2017, I discussed my grand time during the dot com rise — the ups and more ups that caused me to become a greedy caitiff, believing I was invincible and immune to the pangs of disappointment. In my second story, which I highly recommend — especially for young traders — I outlined how hubris and easy gains nearly ruined me. There is a third part to this story that will eventually be told. Sadly, it might take a few years to complete, as I am too busy with other things now. But the narratives are very relevant for today, as we ascend higher — marking the best start to a New Year since 2006.

Back in 2006, everyone I knew was flipping homes, making fortunes off real estate. Now everyone is buying cryptos and crypto proxies, banking millions.

Right now, I am moving in 100% increments, totally bereft of fear and accustomed to easy money. I’ve been at the forefront in Exodus on this crypto-proxy trade — something that comes in the form of a press release that gifts enormous riches to those lucky enough to partake. While I do not think the party will ever end, some people believe it will. Eventually, enough people will begin to believe it and then a stampede will occur — people taking flight — knocking down the gas lamps on their way out — burning all those left inside alive to a cinder. After the ashes are cleaned up and the venue redecorated, a new party will emerge, with fresh new faces, peppered with the occasional old face who was there before the fire, who knew those who perished, and was aware of the dangers of having cocaine parties amidst gas lamps.

I was once a young face at this party urinating on the gas lamps — but now I’m an older one — a survivor and witness to debauchery gone wrong. Many of you reading this will lose all of your money, AND MOAR, when it all ends and even though I’m warning you directly, you will not heed the warning. You’ve never seen the flesh melt off the bones and the face cracked in half thanks to a stampede of drunken idiots.

All that aside, it has been a fine week and my Quant is +3%. Gains in my discretionary account are too absurd for me to boast about. No one would believe me if I told them. Enjoy the balance of your day and have a good weekend. We’ll make even MOAR next week.

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I HAVE TWO MORE CHINESE BURRITOS STOCKS FOR YOU TODAY

Fri Jan 5, 2018 12:43pm EST 0

Coming down from my horse after enjoying triumphant victory this morning, long a sundry of stocks all doing very fine and well, I decided to stick my hand in a pile of feces in order to fish for treasure. Upon rummaging through the fecal matter, I believe I found two small things of value, which I will soon have appraised and I hope it ends up being worth my while.

I am back on my horse now, see, and I do not have much idle time to chin-wag with the likes of you. My gains are too spectacular and grotesque to bother doing so. However, I will, on occasion, dictate a few words, here or there, to my private secretary, who will then pass them onto you. Should you need to speak to me directly, leave a message here on the blog and my private secretary will read them and determine if they’re worth brining to my attention.

I am a very busy man now, much busier than you — plus I am richer — which means I do not have time to chin-wag.

Today’s picks are NCTY and KBSF.

Off you go.

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Fly Sales: $CNIT, $CCIH

Fri Jan 5, 2018 12:06pm EST 3

Had a lot of errands to run this morning and I was unable to enjoy the early runs in both CNIT and CCIH. They were higher earlier — but tis’ is life. I sold both, one for roughly a 100% 1 day return and the other for a paltry +50%.

Sometimes we have to take small gains in order to pave the way for the much larger ones.

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RBC Analyst: ‘We’re Rebuilding the Internet’; Crypto Currency Market Going to $10 Trillion

Thu Jan 4, 2018 8:01pm EST 27

Before bashing this man for his insane projection for the crypto world, understand the dynamics behind the blockchain and its disruptive aspects. It’s entirely possible that all of the cynics will be proven wrong. That’s not to say there isn’t a stark pullback just beyond the bend, but at $750 billion and growing daily, I think we should at least pay attention to people who study the blockchain and get paid for making balls to the wall calls.

Here’s Mitch Stevens from RBC talking shit about cloud storage companies like Dropbox, suggesting they’ll get fuck hard with the proliferation of the blockchain. Stevens predicts the chain could rise in value, over the next decade or so, to over $10 trillion.

Plainly, he calls it Web 3.0 and considers this an entire rebuild of the internet as we know it.

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I HAVE ONE MORE CHINESE STOCK FOR YOU BEFORE THE DAY ENDS — GET IN HERE FAGGOTS

Thu Jan 4, 2018 3:40pm EST 6

My brokerage account is fucking lit right now. I got hamburgers on fire, via BURG, 20% returns in CCIH from 20 minutes ago — IZEA running hard with its dick out. And, I just bought some RCON. This is a pure play from the hottest hand in Exodus now, @TGiR. He’s been straight fire.

Check out the fucking chart, so good.

Other small winners on my books today include: BBG +3.7%, SLCA +2.4%, GSUM +2% and a mere +12% in IZEA since I bought it 10 minutes ago.

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In an Effort to Find the Next $CNET, Here’s My Latest Picks

Thu Jan 4, 2018 3:03pm EST 7

In an effort to find the next CNET (+700% today), I sought out into the reviled world of Chinese burritos to find potential blockchain plays. There has been commonality amongst the breakouts in Exodus, namely in the delta found in our Hybrid scores. Using this information, I chose the following three stocks and tossed some money at it, whilst sipping on some tea.

CCIH
CNIT
SOGO

Also, shares of IZEA have been spiraling higher on no news. At least that’s what normies at brokerage houses think, literal fuck for brains banned from using social media because MUH FINRA said it’s evil. Well, in the real fucking world, men of industry take to Twitter to shit post. That’s exactly what the CEO of IZEA is doing today — talking greasy and boasting about the MUH blockchain. This has men like me thinking a blockchain announcement is imminent; so I bought now in anticipation of selling it to your fuckhead broker who’ll get this news later.

The goal here is the find the next CNET, naturally.

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President Trump Says Dow Broke Through 25,000 ‘Very Substantially’; 30,000 is Next

Thu Jan 4, 2018 1:43pm EST 13

The President is quite pleased with the performance in the Dow. You can see him sitting there in the video below, with his arms cross with a small statue of a bull eviscerating a bear in the background, boasting about the market’s gains and how 30,000 is next. With a nod and a wink of the eye, the President assures us that nothing could go wrong. Jobs are being created. Prosperity is on the rise. The Dow is bolting past 25,000 and onto greener pastures, perhaps 30,000 in the not too distant future.

The Dow is up nearly 40% since Trump was elected in November of 2016.

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