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My online banks keep getting worse, crypto keeps getting better. That resonates with me after my bank shut down my ability to transfer money (via eTransfer) be

My online banks keep getting worse, crypto keeps getting better. That resonates with me after my bank shut down my ability to transfer money (via eTransfer) because I hit their arbitrary $20,000 limit for the month. I had to wait THREE weeks before I could send another transfer.

dkarras 5y ago
It's also worth reflecting on the fact that banking being terrible is predominantly an American problem among the developed nations. Even in 3rd world countries, banking is pretty awesome. Checks have been obsolete for decades, any kind of money transfer takes around 5 seconds after you press send from your bank's app, even during weekends and between different banks. Transfer limits are generally settable from the apps as well. Worst case they sort you out through phone immediately. Waiting for 3 weeks for something like that is unheard of where I live which is a developing country.
- bhawks 5y ago
  And crypto gives the entire world that great experience, without needing a bank or a government. It is hard to say that isn't an amazing technical solution to an organizational problem. There are worse countries to manage your finances in than the US by the way. Lebanon is in the midst of a terrible bank and currency crises. People literally are not allowed to take money from the bank. This happens repeatedly throughout history.
  - dkarras 5y ago
    Yeah, no. Crypto does not provide (or even support) the experience I talk about when I say "great".
  - retube 5y ago
    > And crypto gives the entire world that great experience, without needing a bank or a government ha ha keep drinking the kool aid: - crypto is difficult to use (really, no one wants the hassle of managing private keys) - transactions are irreversible (i realise by design, but actually most people just want some measure of fraud protection) - often high transaction costs - slow transaction times (>10 mins for btc, often longer, versus literally instant for conventional payments) - very, very limited transaction rates. - oh and you could easily lose your cash with no recovery (go to point one re private keys)
- deleted 5y ago
  [deleted]
scoopertrooper 5y ago
Every bank will reimburse you in the event of getting hacked or fraudulent withdrawals (to varying degrees), so withdrawal limits reduce their liability. Bitcoin doesn't provide any protections in the case of your money being stolen, so it doesn't impose any limits. Depends what you prioritise I suppose.
- bhawks 5y ago
  Federal reserve regulation D puts strict limitations on transfers from savings to ensure bank capital ratios and solvency, not liability. Fraudulent withdrawals (eg: check forgery, ACH fraud) are caused by the nature of our high trust banking system. Account takeovers are easiest to pull off via social engineering vectors. Alternatively build a good key management UX and don't talk to any Nigerian princes. I'd rather prioritize that.
- Shorel 5y ago
  No they don't. They will weasel out of reimbursing you any time they can. Looking at you, BBVA.
fukd 5y ago
where i live daily upper limit is $20k and transcation costs from 0 to 20 cents and money is transfered instantly. It makes me belive USA is far behind when it comes to financial tech
elliekelly 5y ago
It’s not an arbitrary limit, it’s for money laundering risk-monitoring and reporting purposes.

dkarras 5y ago

It's also worth reflecting on the fact that banking being terrible is predominantly an American problem among the developed nations. Even in 3rd world countries, banking is pretty awesome. Checks have been obsolete for decades, any kind of money transfer takes around 5 seconds after you press send from your bank's app, even during weekends and between different banks. Transfer limits are generally settable from the apps as well. Worst case they sort you out through phone immediately. Waiting for 3 weeks for something like that is unheard of where I live which is a developing country.

bhawks 5y ago
And crypto gives the entire world that great experience, without needing a bank or a government. It is hard to say that isn't an amazing technical solution to an organizational problem. There are worse countries to manage your finances in than the US by the way. Lebanon is in the midst of a terrible bank and currency crises. People literally are not allowed to take money from the bank. This happens repeatedly throughout history.
- dkarras 5y ago
  Yeah, no. Crypto does not provide (or even support) the experience I talk about when I say "great".
- retube 5y ago
  > And crypto gives the entire world that great experience, without needing a bank or a government ha ha keep drinking the kool aid: - crypto is difficult to use (really, no one wants the hassle of managing private keys) - transactions are irreversible (i realise by design, but actually most people just want some measure of fraud protection) - often high transaction costs - slow transaction times (>10 mins for btc, often longer, versus literally instant for conventional payments) - very, very limited transaction rates. - oh and you could easily lose your cash with no recovery (go to point one re private keys)
deleted 5y ago
[deleted]

scoopertrooper 5y ago

Every bank will reimburse you in the event of getting hacked or fraudulent withdrawals (to varying degrees), so withdrawal limits reduce their liability. Bitcoin doesn't provide any protections in the case of your money being stolen, so it doesn't impose any limits. Depends what you prioritise I suppose.

bhawks 5y ago
Federal reserve regulation D puts strict limitations on transfers from savings to ensure bank capital ratios and solvency, not liability. Fraudulent withdrawals (eg: check forgery, ACH fraud) are caused by the nature of our high trust banking system. Account takeovers are easiest to pull off via social engineering vectors. Alternatively build a good key management UX and don't talk to any Nigerian princes. I'd rather prioritize that.
Shorel 5y ago
No they don't. They will weasel out of reimbursing you any time they can. Looking at you, BBVA.

fukd 5y ago

where i live daily upper limit is $20k and transcation costs from 0 to 20 cents and money is transfered instantly. It makes me belive USA is far behind when it comes to financial tech

elliekelly 5y ago

It’s not an arbitrary limit, it’s for money laundering risk-monitoring and reporting purposes.