4 ms·

Unbanked?

by throwaway4good 5y ago

Unbanked?

vmception 5y ago
Debanked Notbanked Sansbanked
- throwaway4good 5y ago
  And they use Monero instead? (I am actually curious; who are these people who do not have a bank account but use Monero?)
  - vmception 5y ago
    > And they use Monero instead? they can use Monero as well, not instead. As there are lots of other interchangeable options for non-banked or unhosted crypto payments and commerce. > (I am actually curious; who are these people who do not have a bank account but use Monero?) to me, your question is similar to asking "who are these people that use their cell phone in a subway tunnel" after cellular service was extended underground. the similarity being that the answer is "I don't know" and "you're not going to get a dissertation or a source about it, people just use whats available" and "who cares". What I wrote earlier is just a list of what happens when the expanded availability is there.
michaelt 5y ago
'Unbanked' is a term used in policy circles for people who don't have bank accounts. For example undocumented migrants, homeless people, people fleeing abusive partners, people with a history of bankruptcy, and so on. This can be politically important because if the state wants to pay all benefits by bank transfer to keep admin costs down, they've got to make sure even the most vulnerable people in our society can get a bank account. Of course, usually the unbanked use cash.
- throwaway4good 5y ago
  In crypto circles it is also code word for "criminals". As in for example "banking the unbanked" which translates into "providing extremely expensive banking like services for criminals."
  - michaelt 5y ago
    I'll be honest, I've never heard 'unbanked' used in relation to cryptocurrency or criminals before vmception used it above. I know my drug dealer can't pay duffle bags full of cocaine-covered $100 bills into the bank - but he can still get a personal checking account and pay in $100 a week or so. So I would not describe him as 'unbanked' in the conventional sense.
    - vmception 5y ago
      When the state moves to seize and freeze his bank accounts and flag his unhosted bitcoin addresses, he'll wish he had some Monero and Tornado.cash notes to pay his lawyer with.
- vmception 5y ago
  One of the flaws of policy circles is that they assume the unbanked are victims. The term, for that sector, is a proxy for the desire and recognition of people lacking access to capital and services, which is what the policy circle really wants to occur and being in the banking system had been the route to that for so long. Now it is not necessary, with peer to peer digital cash operating in a parallel economy, that allows access to goods, services, investments, insurance, capital and more.

Unbanked?

vmception 5y ago

Debanked Notbanked Sansbanked

throwaway4good 5y ago
And they use Monero instead? (I am actually curious; who are these people who do not have a bank account but use Monero?)
- vmception 5y ago
  > And they use Monero instead? they can use Monero as well, not instead. As there are lots of other interchangeable options for non-banked or unhosted crypto payments and commerce. > (I am actually curious; who are these people who do not have a bank account but use Monero?) to me, your question is similar to asking "who are these people that use their cell phone in a subway tunnel" after cellular service was extended underground. the similarity being that the answer is "I don't know" and "you're not going to get a dissertation or a source about it, people just use whats available" and "who cares". What I wrote earlier is just a list of what happens when the expanded availability is there.

michaelt 5y ago

'Unbanked' is a term used in policy circles for people who don't have bank accounts. For example undocumented migrants, homeless people, people fleeing abusive partners, people with a history of bankruptcy, and so on. This can be politically important because if the state wants to pay all benefits by bank transfer to keep admin costs down, they've got to make sure even the most vulnerable people in our society can get a bank account. Of course, usually the unbanked use cash.

throwaway4good 5y ago
In crypto circles it is also code word for "criminals". As in for example "banking the unbanked" which translates into "providing extremely expensive banking like services for criminals."
- michaelt 5y ago
  I'll be honest, I've never heard 'unbanked' used in relation to cryptocurrency or criminals before vmception used it above. I know my drug dealer can't pay duffle bags full of cocaine-covered $100 bills into the bank - but he can still get a personal checking account and pay in $100 a week or so. So I would not describe him as 'unbanked' in the conventional sense.
  - vmception 5y ago
    When the state moves to seize and freeze his bank accounts and flag his unhosted bitcoin addresses, he'll wish he had some Monero and Tornado.cash notes to pay his lawyer with.
vmception 5y ago
One of the flaws of policy circles is that they assume the unbanked are victims. The term, for that sector, is a proxy for the desire and recognition of people lacking access to capital and services, which is what the policy circle really wants to occur and being in the banking system had been the route to that for so long. Now it is not necessary, with peer to peer digital cash operating in a parallel economy, that allows access to goods, services, investments, insurance, capital and more.