{"id":128492,"date":"2018-05-03T12:00:01","date_gmt":"2018-05-03T16:00:01","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=128492"},"modified":"2021-08-19T15:15:09","modified_gmt":"2021-08-19T19:15:09","slug":"banking-woes-erik-voorhees-says-chase-closed-his-credit-card-account","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/banking-woes-erik-voorhees-says-chase-closed-his-credit-card-account","title":{"rendered":"Banking Woes: Erik Voorhees Says Chase Closed His Credit Card Account"},"content":{"rendered":"

Highlighting the fact that trusted third parties in the traditional world of finance are literally only trust deep, ShapeShift CEO and long-time bitcoiner Erik Voorhees revealed on Twitter that Chase Bank \u2014 a subsidiary of JPMorgan Chase & Co., its own CEO being crypto-detractor Jamie Dimon \u2014 has shuttered his credit card account with \u201cNo warning. No explanation.\u201d<\/strong><\/p>\n

Also see:\u00a0Buterin\u2019s Proof of Concept Shows Simplified Sharding Is Nigh<\/a><\/em><\/strong><\/p>\n

Join the\u00a0Bitsonline Telegram channel<\/a>\u00a0to get the latest Bitcoin, cryptocurrency, and tech news updates:\u00a0https:\/\/t.me\/bitsonline<\/a><\/em><\/strong><\/p>\n

Voorhees: \u2018You [Will] Slide Into Stagnancy\u2019<\/p>\n

There\u2019s been a spate of frictional banking episodes as of late<\/a> that highlight why anti-banking sentiments are so high in the cryptoverse, where it\u2019s often touted one can \u201cbecome your own bank.\u201d<\/p>\n

If you facilitate financial services through a trusted third party, you will always be at the mercy of that party\u2019s whims, however well-intended, unjust, or arbitrary those whims may be. ShapeShift\u2019s<\/a> Erik Voorhees has been smacked over the head with this reality once more via Chase\u2019s fresh closure of his credit card account.<\/p>\n

Voorhees pictured.<\/p>\n

Voorhees declared as much in a furious Twitter salvo:<\/p>\n

Chase just closed my credit card account. No warning. No explanation of any kind. Won’t tell me why. No wonder people hate that company. Fuck you Jamie Dimon and fuck you @Chase<\/a> Enjoy the next decade as you slide into stagnancy and decay. I’m aware of nobody who will miss you.<\/p>\n

\u2014 Erik Voorhees (@ErikVoorhees) May 2, 2018<\/a><\/p>\n

I queried Mr. Voorhees through tweet as to whether he thought the closure had anything to do with his affiliation to the crypto space, though he did not immediately respond. In the absence of an explanation from Chase, we\u2019re all left to speculate for now as to the why<\/em>.<\/p>\n

Digging In<\/p>\n

Alluding to his earlier representation of Chase as a \u201ccompany,\u201d Voorhees quickly fired off another tweet arguing that such a characterization wasn\u2019t apt, insofar as he said the bank was more like a \u201cSoviet-style state-appendage\u201d that thrives off cronyism:<\/p>\n

Sorry, I shouldn’t have used the word “company.” Company refers to a market-based organization that has to bring a product to market and compete openly. More akin to a Soviet-style state-appendage that wraps itself in regulatory cronyism than a company.<\/p>\n

\u2014 Erik Voorhees (@ErikVoorhees) May 2, 2018<\/a><\/p>\n

Now, reasonable people inside and beyond the cryptoverse can debate Voorhees\u2019 description here. But the takeaway as I see it is that there is Kafkaesque senselessness \u2014 whether it be derived from arbitrariness or nefariousness \u2014 in traditional finance\u2019s status quo, and this status quo poses very practical and material pains against the people it claims to serve.<\/p>\n

And it\u2019s such pains that the cryptoverse may contain the solutions for. And it may be these solutions that bring in Chase\u2019s \u201cstagnancy and decay,\u201d as Voorhees put it.<\/p>\n

What\u2019s your take? Do you think it\u2019s wrong for financial accounts to be shuttered without explanation or recourse? Let us know what you think in the comments below.\u00a0<\/em><\/strong><\/p>\n

Images via CNBC, Hustler Money Blog<\/em><\/p>\n

The post Banking Woes: Erik Voorhees Says Chase Closed His Credit Card Account<\/a> appeared first on Bitsonline<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Highlighting the fact that trusted third parties in the traditional world of finance are literally only trust deep, ShapeShift CEO and long-time bitcoiner Erik Voorhees […]<\/a><\/div>","protected":false},"author":654,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"\nBanking Woes: Erik Voorhees Says Chase Closed His Credit Card Account - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"ShapeShift CEO and long-time bitcoiner Erik Voorhees revealed that Chase Bank has shuttered his credit card account with \u201cNo warning.\" \/>\n<meta name=\"robots\" content=\"max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/128492\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banking Woes: Erik Voorhees Says Chase Closed His Credit Card Account\" \/>\n<meta property=\"og:description\" content=\"ShapeShift CEO and long-time bitcoiner Erik Voorhees revealed that Chase Bank has shuttered his credit card account with \u201cNo warning.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-03T16:00:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-19T19:15:09+00:00\" \/>\n<meta name=\"author\" content=\"William Peaster\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"William Peaster\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/128492#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/128492\"},\"author\":{\"name\":\"William Peaster\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/7c22d01882c551fd6c38f9857e6e118b\"},\"headline\":\"Banking Woes: Erik Voorhees Says Chase Closed His Credit Card Account\",\"datePublished\":\"2018-05-03T16:00:01+00:00\",\"dateModified\":\"2021-08-19T19:15:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/128492\"},\"wordCount\":540,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2018\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/128492#primaryimage\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/128492\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/128492\",\"name\":\"Banking Woes: Erik Voorhees Says Chase Closed His Credit Card Account - 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