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You have no idea what you are talking about. Unless we live in a 100% free market, then what you are saying is totally invalid. We actually ARE forced to use t
by apostacy 8y ago
You have no idea what you are talking about.
Unless we live in a 100% free market, then what you are saying is totally invalid. We actually ARE forced to use the established banks and payment processors, we have no choice. The government provides all sorts of privileges and protections to them that make it impossible to just build your own.
When the government strips payment processors of all of their privileges, and when the Communications Decency Act no longer protects media companies masquerading as communications platforms (eg Twitter, YouTube and Facebook), then and only then will your assertions begin to make any sense.
Unless you are trying to send money to ISIS, then payment processors should be obligated to support you.
And indeed, payment processors and banks are far more worried about you donating money to people who's politics they disagree with than actual violent terrorists or child pornographers.
- joshuamorton 8y agoWhat protections is stripe or square provided that a payment processing business I set up tomorrow isn't? The government doesn't actually give any specific payment processors special privileges. Yes, all payment processors have special privileges, but so to would the one you start tomorrow. But instead you want to force another to serve you. Why?
- apostacy 8y agoI was referring to financial companies higher up, like Visa and Mastercard. Banks implicitly have government protections and privileges. But in addition to that, the barriers to entry are extreme, to the point where they are essentially monopolies. And they are using their disproportionate powers to play politics.
- joshuamorton 8y agoWhat unique protections do they have that your company wouldn't have if you started a (regulation compliant) bank tomorrow?