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Often, when the market doesn't provide an essential gateway service to a law-abiding subpopulation, some sort of 'public option' is proposed. Not enough market

by gojomo 6y ago

Often, when the market doesn't provide an essential gateway service to a law-abiding subpopulation, some sort of 'public option' is proposed. Not enough market housing, offer public/subsidized options. Not enough low- or no-cost private education, offer public schools. Too little affordable healthcare/insurance, offer Medicaid, a 'public option', single-payer. Public transport. Should the government offer a 'public option' payment-processor of last resort, with guaranteed service for all legal but unpopular businesses? A service that couldn't reject camgirls, weed-sellers, Alex Jones, gun shops, etc?

icelancer 6y ago
We call this Bitcoin.
Noos 6y ago
You have this already. It's called "using checks and money orders." The problem is that people want the convenience credit cards use, and don't want to wait for the check to clear to get their stuff.
- jimmydorry 6y ago
  Banks can and will close your account for any reason under the Sun. How do you write a check or receive one without a bank account? I'm not familiar enough with money orders, but I assume the same applies. Then, on top of all of that, you can't run a business through a personal account. So you still require a business type bank account, and the above options are terrible for any eCommerce site, which is pretty much the only kind of business that will be discussed here on HN.
  - totalZero 6y ago
    You can get a money order without a bank account. There's often a limit on the amount, so in some cases you may need to buy several in order to amass the full balance. You may also need to show ID. You can also cash a money order without a bank account.
- gojomo 6y ago
  Exactly, modern e-commerce convenience requires credit-card-equivalent payment mechanisms. The delays & extra expense/staff required for mailed checks are an onerous barrier to legal commerce, for both merchants & buyers. The market is afraid to provide them to unpopular, but legal services. Earning a living is an important human right. So perhaps the government – maybe the Department of Health & Human Services, or the Fed – should provide a alternative to protect this human right.
orthecreedence 6y ago
From what I understand USPS used to offer bank accounts. Seems the idea has had some revival recently. I'd love a public competitor to America's privatized financial system. Also see Bank of North Dakota: https://bnd.nd.gov/ https://bnd.nd.gov/. Municipal banking is also starting to come back in vogue. And why not? Why should Wall St. earn interest from our tax dollars? That's just silly.

by gojomo 6y ago

icelancer 6y ago

We call this Bitcoin.

Noos 6y ago

You have this already. It's called "using checks and money orders." The problem is that people want the convenience credit cards use, and don't want to wait for the check to clear to get their stuff.

jimmydorry 6y ago
Banks can and will close your account for any reason under the Sun. How do you write a check or receive one without a bank account? I'm not familiar enough with money orders, but I assume the same applies. Then, on top of all of that, you can't run a business through a personal account. So you still require a business type bank account, and the above options are terrible for any eCommerce site, which is pretty much the only kind of business that will be discussed here on HN.
- totalZero 6y ago
  You can get a money order without a bank account. There's often a limit on the amount, so in some cases you may need to buy several in order to amass the full balance. You may also need to show ID. You can also cash a money order without a bank account.
gojomo 6y ago
Exactly, modern e-commerce convenience requires credit-card-equivalent payment mechanisms. The delays & extra expense/staff required for mailed checks are an onerous barrier to legal commerce, for both merchants & buyers. The market is afraid to provide them to unpopular, but legal services. Earning a living is an important human right. So perhaps the government – maybe the Department of Health & Human Services, or the Fed – should provide a alternative to protect this human right.

orthecreedence 6y ago

From what I understand USPS used to offer bank accounts. Seems the idea has had some revival recently. I'd love a public competitor to America's privatized financial system. Also see Bank of North Dakota: https://bnd.nd.gov/ https://bnd.nd.gov/. Municipal banking is also starting to come back in vogue. And why not? Why should Wall St. earn interest from our tax dollars? That's just silly.