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Which is why I cringed at patio11's twitter thread where he insisted that the banking system is one giant kumbaya circle that works together to Do The Right THi
by SilasX 5y ago
Which is why I cringed at patio11's twitter thread where he insisted that the banking system is one giant kumbaya circle that works together to Do The Right THing
https://twitter.com/patio11/status/1443745867572277250 https://twitter.com/patio11/status/1443745867572277250
- jacquesm 5y agoI've worked for a bank, let's just say that I can't agree with that. A US bank at that. I just noticed: https://twitter.com/patio11/status/1443756566822285334 https://twitter.com/patio11/status/1443756566822285334
- kasey_junk 5y agoI’ve worked for several us financial institutions, including banks and that exchange seems extremely typical to me. Especially the “hold harmless” bits. Which particular part of that story telling rang false to you?
- SilasX 5y agoThe part where the banking system is a giant kumbaya circle run on gentlemen’s agreements to do the right thing. When you are clearly defrauded or scammed, banks do nothing about it. His entire thread advertises, “I’ve never wired money to a scammer”.
- Thorrez 5y agoThe thread seems to be saying banks get along with each other. It doesn't seem to me to be saying banks get along with their customers.
- SilasX 5y agoIt's saying they'll drop everything to Do The Right Thing. Letting scammers walk away with easily recoverable money isn't the right thing, and doesn't benefit the banks either.
- Thorrez 5y agoIt didn't seem to be a Do The Right Thing story to me. To me it said they are nice to each other because they want to be on good terms with each other.
- SilasX 5y agoScroll up [1]. The thread was him defending the banking system as being obviously superior, by this collegiality, to the crypto world. If you're right, that his point was just, "between powerful agents within this platform, there exists a state of mutually assured destruction that makes them play nice", then ... well, that's not much of a defense. The test of a platform is whether it defends the rights of everyone, not whether the few big-time power-brokers can defend themselves by such long-term game-theoretic threats. [1] https://twitter.com/patio11/status/1443738002065268736 https://twitter.com/patio11/status/1443738002065268736
- Thorrez 5y agoTo me he's not saying banks are morally better, but rather that banks solve problems better than cryptocurrencies. He's specifically talking about what happens if the bank misplaces $70M. In most cases the other bank gives it bank, if not then they say "who cares" and declare it "ops loss".