Posted on 02/18/2021 7:27:40 AM PST by Tolerance Sucks Rocks
With the looming threat that the financial industry may shut its doors to the gun industry, a Utah man is hoping that his cryptocurrency geared toward purchasing firearms will take off.
Since Democrats took full control of the government last month, a proposed rule that would protect businesses such as the firearms industry has been scuttled, opening the possibility that companies will see their financial services cut off. Rob McNealy, a Second Amendment supporter, created the Universal Settlement Coin (TUSC), a cryptocurrency that focuses on providing the firearms industry with a tool that would allow gun stores and firearm-related manufacturers to provide goods and services completely outside of the banking industry.
Cryptocurrencies are increasingly seen as a viable alternative for purchasing goods. They exist completely outside of the banking system, which allows stores, suppliers, and customers to make transactions that can’t be cut off by banks worried about their reputation, the primary reason given for cutting off services. Earlier this week, Tesla announced it would start accepting Bitcoin, joining such companies as Microsoft, Home Depot, and Starbucks.
McNealy created the currency three years ago in response to Operation Choke Point, an Obama administration policy which increased scrutiny on banks that did business with the firearms industry and caused many to cut ties with the industry completely. Though Operation Choke Point was ended in the first months of the Trump administration, many banks continued to deny services to the firearms industry due to pressure from gun-control activists.
McNealy said gun companies failed to anticipate the bind being cut off from financial services would put them in. "No one thought we'd see the de-platforming we do today," McNealy said.
(Excerpt) Read more at freebeacon.com ...
Banks cutting off legal companies IS NOT AMERICA
This sounds like a better way to purchase firearms, either that or with folding green stuff. Government will seriously track credit purchases of firearms and related stuff from now on. Bank on it.
PING!
I wish somebody would provide a list of these banks, so that if my bank was one of these anti-gun jihadists, I could close my accounts there.
I’m not even sure it’s legal. If redlining loans for blacks was illegal, why isn’t this?
Accepting cryptocurrency payments is a good idea, but we don’t need another cryptocurrency added to the mix—in fact, that would be harmful, not helpful. If gun shops want to accept cryptocurrencies, they should simply accept Bitcoin. Many businesses already do.
“Many businesses already do.”
I wonder if businesses that accept it turn bits in to cash ASAP. I think they almost have to avoid sudden drops, maybe hang onto a small portion.
>>I wonder if businesses that accept it turn bits in to cash ASAP. I think they almost have to avoid sudden drops, maybe hang onto a small portion.
That applies to any company that accepts multiple currencies, not just crypto.
“This sounds like a better way to purchase firearms...”
I don’t know... With the ups and downs of crypto-currencies, I could end up paying $12.27 for an AR...or $18,573.
Hopefully, there would be some way to level out the swing in those currencies. Cash would be my go-to payment method.
Agreed. Vocally boycotting businesses that don’t share my values can be an effective way to influence policy. If somebody doesn’t want my business and my money, somebody else will.
Cash has one direction for value: down. The Federal Reserve’s own mandated target is to devalue the cash in your pocket by about 2% each year. $100 in your hands today is worth $81 in ten years and $67 in twenty years if things are going according to their plan. Sometimes, that plan goes sideways and your cash’s value drops much faster.
You mean lure everyone in before the makers or their hacks Break the Chain and or Cash out!
Well BOA for sure as per everything they do for Dems since they were bailed out and then put under the DOJs thumb!
“Cash has one direction for value: down.”
That’s a big fear of mine. That...and going to a “cashless” society. The good news...I’m getting older faster than my cash is devaluing and I’ll be gone in twenty years...maybe less.
Pretty sure that banks cutting off ANY legit business would be violating many Commerce Laws in the USA.
They cannot operate themselves without a charter..IIRC.
Bitcoin could go PC too and say it won’t be used in the Gun industry. That is why this is a possible good option.
That’s not how Bitcoin works. There’s nobody to “go PC,” as there’s no centralized control whatsoever. Making a new cryptocurrency for this is stupid.
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