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Comment · Sat, February 10, 2018

Paying without crypto

Original post in this thread

sigmatic787 · 5 points

Will there soon be an option to pay with crypto currencies? They are not only volatile but it can be problematic to go through a f@ckton of requirements/verifications with sites like Coinbas to get started. I used to simply pay with Visa

What they were answering

PookeySagan · 2 points

Peptide companies have sidestepped these issues by using Venmo. Cheaper and more realisable than cryptocurrencies. This also allows for CC processing and it is very discreet.

u/MisterYouAreSoDumb

As I was saying in my PM, that only works for low volumes, and only for so long. We have over 150,000 customers. Some of our orders used to be a few thousand dollars by themselves. We would be putting tens of thousands of dollars through it every single day. That would raise red flags at Venmo so fast, we would be banned within a few days. Furthermore, Venmo is owned by PayPal. Not sure how long you have been following us, but we are banned from PayPal, along with me personally, my finance director, and my strategic director. All our company accounts were banned, along with our personal accounts. PayPal does not like us. So any of our names on a Venmo account doing any sort of volume would be shut down almost instantly. This is a fight we have been fighting for a long time now.

Some of the newer peptide vendors are likely small enough to fly under the radar, and may have yet to learn the lessons we have in the processing and banking industries. I've sat in more bank lobbies than I care to remember. I've gotten more shitty calls about accounts being closed in a single year than most people do in a lifetime. I've spoken to more underwriters and risk managers than you can even imagine. I've also learned about how your financial life can be ruined for getting caught trying to side skirt these bank's rules. I have always said I am building something much bigger than just Ceretropic. I can't afford to burn myself or companies associated with me. I know how these peptide vendors are doing it. I've spoken to the people they are doing it with. They will always be running. They will always be walking on eggshells and hiding. They will always be waking up in the morning dreading getting the call that their processing was shut down. They will always be worried that their reserves will be stolen by the shady processors they are forced to work with, or settlements will just stop coming. I've lived it. Trust me, it's no way to live. I am sick of it. I've fought for so long, I just don't want to fight them anymore.

Cryptocurrency completely changes everything, but everyone is so focused on making fucking money, they have lost sight of the point. Do you want to control your money, or do you want banks to tell you what you can and can't spend it on? Furthermore, they CHARGE you for the privilege of controlling your financial life. They profit off this system of control. Then they seed doubt in people about the alternatives that threaten that control. Is it any mystery why PayPal bought Venmo, and why any disruptive financial company that pops up gets bought by a large institution? They are fighting to maintain that control. They can't buy control of decentralized cryptocurrencies, though. So their fight against them uses a lot more subversive tactics. They want crypto to be difficult to use, and for people to think it's a scam. They want nothing more than to keep their stranglehold on everyone's money. The frustrating part is people keep letting them.

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