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The points make well enough sense, but the author is also the professed founder of this: https://betterbank.app/ https://betterbank.app/

by _bxg1 7y ago

kaushikktiwari 7y ago
does that make the points less valid? I felt it added to the credibility of the piece? Looking forward to your criticism on that
- scott_s 7y ago
  No, it does not make your points less valid, if they are valid. But it is reasonable to assume that the arguments of this piece form the foundational assumptions of the product you are selling. People will want to take this into account when considering your arguments.
  - kaushikktiwari 7y ago
    You are right! This one is more of a general overview of the space. I will write one about the assumptions we are making wrt to betterbank.app
- _bxg1 7y ago
  It makes the points worthy of scrutiny.
kevindong 7y ago
I'm genuinely curious to see how they could possibly make money given this FAQ question [0]: > What is the safety net? What does it cover? > Our community safety net is an in-built accident insurance policy that will provide upto $5000 directly in your betterbank account in case of an accident or medical emergency. [0]: https://betterbank.app/faq https://betterbank.app/faq
- rauchp 7y ago
  According to their site, they make the necessary money for that safety net by splitting the profit from the interchange fee they get from big banks. That statement reminds me of Martin Shkreli telling the media he was profiting by overcharging insurance companies. There's no way loudly telling the world how you're screwing over the big players doesn't result in you getting squished at some point. Sure, now I understand their business model. But if they ever get traction these big banks will put an end to their medical bill subsidy real quick.
  - kaushikktiwari 7y ago
    We make money off interchange--its protected by regulation for small banks and we partner with those small banks in return for them getting to keep our deposits. No one is getting squished---there are regulations protecting banking from being monopolizes. Big banks win because of branch networks and that doesn't matter for online banks

The points make well enough sense, but the author is also the professed founder of this: https://betterbank.app/ https://betterbank.app/

by _bxg1 7y ago

The points make well enough sense, but the author is also the professed founder of this: https://betterbank.app/ https://betterbank.app/

kaushikktiwari 7y ago

does that make the points less valid? I felt it added to the credibility of the piece? Looking forward to your criticism on that

scott_s 7y ago
No, it does not make your points less valid, if they are valid. But it is reasonable to assume that the arguments of this piece form the foundational assumptions of the product you are selling. People will want to take this into account when considering your arguments.
- kaushikktiwari 7y ago
  You are right! This one is more of a general overview of the space. I will write one about the assumptions we are making wrt to betterbank.app
_bxg1 7y ago
It makes the points worthy of scrutiny.

kevindong 7y ago

I'm genuinely curious to see how they could possibly make money given this FAQ question [0]: > What is the safety net? What does it cover? > Our community safety net is an in-built accident insurance policy that will provide upto $5000 directly in your betterbank account in case of an accident or medical emergency. [0]: https://betterbank.app/faq https://betterbank.app/faq

rauchp 7y ago
According to their site, they make the necessary money for that safety net by splitting the profit from the interchange fee they get from big banks. That statement reminds me of Martin Shkreli telling the media he was profiting by overcharging insurance companies. There's no way loudly telling the world how you're screwing over the big players doesn't result in you getting squished at some point. Sure, now I understand their business model. But if they ever get traction these big banks will put an end to their medical bill subsidy real quick.
- kaushikktiwari 7y ago
  We make money off interchange--its protected by regulation for small banks and we partner with those small banks in return for them getting to keep our deposits. No one is getting squished---there are regulations protecting banking from being monopolizes. Big banks win because of branch networks and that doesn't matter for online banks