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I hate to be "that guy", but this is why I hate banks and like crypto. Both the fact that crypto is obviously trivial to automate, and that banks can unilateral

I hate to be "that guy", but this is why I hate banks and like crypto. Both the fact that crypto is obviously trivial to automate, and that banks can unilaterally ban you and steal your money.

kinjba11 4y ago
Doesn't crypto have the same problem, with money laundering and other crimes? If you lose money with crypto, there is no one to sue nor government insurance.
- redox99 4y ago
  > Doesn't crypto have the same problem, with money laundering and other crimes? I don't see how that's the same problem? They are clearly separate, distinct problems. There are obviously both advantages and disadvantages to both crypto and banking. As someone who lives in a country that has been through a lot of bullshit, I highly value the fact that the bank can't just take away my money.
  - nicbou 4y ago
    Hackers, on the other hand, can. As can exchanges as repeatedly happened in the last few months. The only difference is that crypto fraud is irreversible, and that the blame will be put on you.
    - joyfylbanana 4y ago
      In my understanding most fraud in the fiat world is similarly irreversible, different actors just absorb the costs of the fraud, in the end consumers foot the bill as increased prices. Fraud is huge industry, the fraud models and attack vectors in the fiat world is different than in the crypto world. In the end wherever there is enough money, there will be fraud as well.
    - cypress66 4y ago
      If I have my money stolen I prefer it to be my fault (got phished or whatever) than be something I have no control over.
- ajmurmann 4y ago
  Crypto has the money laundering problem, but not the problem that you cannot have APIs because of it.
taberiand 4y ago
Crypto of course being famously free of fraud and theft, with no tendency at all towards coalescing control around a small, centralised set of decision makers.
- pydry 4y ago
  It's actually all an elaborate conspiracy to prove that banking regs had a purpose after all.
rutierut 4y ago
It's pretty easy to not "ban you and steal your money" when you're not required/able to prevent people from laundering money/evading taxes.
2rsf 4y ago
I am not sure that banks can "unilaterally ban you and steal your money", they are regulated and work under the laws of the hosting country. If anything banks can add a level of security and safety for example by adding insurance to your funds and having legal liability to handle them correctly. If you don't trust "the system" as a whole then you are right, I can't argue with mistrust.

I hate to be "that guy", but this is why I hate banks and like crypto. Both the fact that crypto is obviously trivial to automate, and that banks can unilaterally ban you and steal your money.

kinjba11 4y ago

Doesn't crypto have the same problem, with money laundering and other crimes? If you lose money with crypto, there is no one to sue nor government insurance.

redox99 4y ago
> Doesn't crypto have the same problem, with money laundering and other crimes? I don't see how that's the same problem? They are clearly separate, distinct problems. There are obviously both advantages and disadvantages to both crypto and banking. As someone who lives in a country that has been through a lot of bullshit, I highly value the fact that the bank can't just take away my money.
- nicbou 4y ago
  Hackers, on the other hand, can. As can exchanges as repeatedly happened in the last few months. The only difference is that crypto fraud is irreversible, and that the blame will be put on you.
  - joyfylbanana 4y ago
    In my understanding most fraud in the fiat world is similarly irreversible, different actors just absorb the costs of the fraud, in the end consumers foot the bill as increased prices. Fraud is huge industry, the fraud models and attack vectors in the fiat world is different than in the crypto world. In the end wherever there is enough money, there will be fraud as well.
  - cypress66 4y ago
    If I have my money stolen I prefer it to be my fault (got phished or whatever) than be something I have no control over.
ajmurmann 4y ago
Crypto has the money laundering problem, but not the problem that you cannot have APIs because of it.

taberiand 4y ago

Crypto of course being famously free of fraud and theft, with no tendency at all towards coalescing control around a small, centralised set of decision makers.

pydry 4y ago
It's actually all an elaborate conspiracy to prove that banking regs had a purpose after all.

rutierut 4y ago

It's pretty easy to not "ban you and steal your money" when you're not required/able to prevent people from laundering money/evading taxes.

2rsf 4y ago

I am not sure that banks can "unilaterally ban you and steal your money", they are regulated and work under the laws of the hosting country. If anything banks can add a level of security and safety for example by adding insurance to your funds and having legal liability to handle them correctly. If you don't trust "the system" as a whole then you are right, I can't argue with mistrust.