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There is an interesting false equivalence here between pension funds and banks. But it's a personal annecdote, so really it's up to you what made you lose faith

by verall 5y ago

There is an interesting false equivalence here between pension funds and banks. But it's a personal annecdote, so really it's up to you what made you lose faith in "the system".

EL_Loco 5y ago
I know they're not equivalent. But banks have broken here too, and people lost a lot of their money. By the way, credit card interest here is over 300% annually. Can get up to 800 depending on the bank.
x-complexity 5y ago
> There is an interesting false equivalence here between pension funds and banks. The dissimilarity of pension funds & banks is present, and so there's no opposition to that objection. > But it's a personal annecdote, so really it's up to you what made you lose faith in "the system". I'll admit my pro-crypto stances upfront, but the anti-crypto stance of "Oh it's just your opinion that 'the system' messed up" is highly non-conducive when it comes to getting people out of crypto & trusting the current financial system once again. To those people, their rightfully legitimate concerns of corruption, non-transparency, & failure to even partially repay the funds lost are dismissed as 'anecdotal', much like the concerns of every privacy-concerned individual before Snowden's leaks were made public. To that end, verall, your dismissal of the parent's experiences as anecdotal will sour the opinions of the concerned & cause them to dig in their heels even further. It does not help alleviate their concerns, nor does it help in re-establishing trust. With regards to the actual improvements that I would like to see implemented in the current financial system, the creation of a triple-ledger accounting system [1] where transactions are anonymized-but-traceable would help a long way in re-establishing trust in the current financial system. The 3rd party in this picture wouldn't even need to be a blockchain: It would just need to be a neutral 3rd party that would make transactions on the aforementioned ledger transparent to the general public. [1] https://www.simpleaccounts.io/tag/tripleentrysystem/ https://www.simpleaccounts.io/tag/tripleentrysystem/

by verall 5y ago

There is an interesting false equivalence here between pension funds and banks. But it's a personal annecdote, so really it's up to you what made you lose faith in "the system".

EL_Loco 5y ago

I know they're not equivalent. But banks have broken here too, and people lost a lot of their money. By the way, credit card interest here is over 300% annually. Can get up to 800 depending on the bank.

x-complexity 5y ago

> There is an interesting false equivalence here between pension funds and banks. The dissimilarity of pension funds & banks is present, and so there's no opposition to that objection. > But it's a personal annecdote, so really it's up to you what made you lose faith in "the system". I'll admit my pro-crypto stances upfront, but the anti-crypto stance of "Oh it's just your opinion that 'the system' messed up" is highly non-conducive when it comes to getting people out of crypto & trusting the current financial system once again. To those people, their rightfully legitimate concerns of corruption, non-transparency, & failure to even partially repay the funds lost are dismissed as 'anecdotal', much like the concerns of every privacy-concerned individual before Snowden's leaks were made public. To that end, verall, your dismissal of the parent's experiences as anecdotal will sour the opinions of the concerned & cause them to dig in their heels even further. It does not help alleviate their concerns, nor does it help in re-establishing trust. With regards to the actual improvements that I would like to see implemented in the current financial system, the creation of a triple-ledger accounting system [1] where transactions are anonymized-but-traceable would help a long way in re-establishing trust in the current financial system. The 3rd party in this picture wouldn't even need to be a blockchain: It would just need to be a neutral 3rd party that would make transactions on the aforementioned ledger transparent to the general public. [1] https://www.simpleaccounts.io/tag/tripleentrysystem/ https://www.simpleaccounts.io/tag/tripleentrysystem/