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With inflation, “worker shortages”, and prices rising - 10,000 will soon become within reach for lots of normal people. Pushing them to NEED to use a profit dr

With inflation, “worker shortages”, and prices rising - 10,000 will soon become within reach for lots of normal people. Pushing them to NEED to use a profit driven banking system. Forcing them to be tracked. To have data mined and sold. To rely on “too big to fail” banking systems that practically schedule economic downturns every 20 years or so.

mrfumier 4y ago
"Forcing them to be tracked." Source ? "To have data mined and sold." Which is completely illegal according to GDPR.
sofixa 4y ago
> Pushing them to NEED to use a profit driven banking system. Profit driven, but available literally for free for an account and transfers (depending on the bank). > To have data mined and sold. GDPR says no. > To rely on “too big to fail” banking systems that practically schedule economic downturns every 20 years or so. We're talking about the EU here, not the US. There are a ton of challenger new banks.
- BlargMcLarg 4y ago
  >GDPR says no. GDPR isn't infallible. The EU and its individual countries have plenty of controversies. >ton of challenger new banks. Ton is a gross overstatement. It's a few that are truly independent from anyone else. The remainder are puppet / daughter banks. Their existence barely influences the status quo and it certainly doesn't prevent outrage whenever banks used by over half the country's population threaten to fall.
- ilyt 4y ago
  > Profit driven, but available literally for free for an account and transfers (depending on the bank). So not for free. It would be one thing if banks had to guarantee those transactions being free but many banks want % of transaction in fees
  - sofixa 4y ago
    That's what i mean, bank transactions in the SEPA space are free at the point of use. The only exception is certain banks add fees for SEPA Instant (transfer time in seconds instead of days) and fees for exchanging between currencies.
- omginternets 4y ago
  Most of those challenger banks are backed by old school banks.
throw_m239339 4y ago
10000€ will soon be 5000€, then 2500€... make absolutely no mistake it's all about replacing cash with "Digital Euro", something the EU will have entire control on.
- gattilorenz 4y ago
  Ah, good ol’ slippery slope arguments
  - eastbound 4y ago
    “You will never have to show a QR code to enter a restaurant.” — France’s health minister in 2020.
  - cjbgkagh 4y ago
    Usually they allow inflation to slowly bracket creep which has the same effect. For example the Bank Secrecy Act of 1970 sets reporting at $10K which would be ~$80K today. I've seen legislation for fines that has built in modifiers for inflation so the government knows how account for it.
  - flandish 4y ago
    The slippery slope is, quite truly, how nation states operate. If they were worried abt terrorism, they’d stop terrorists. But this “change” … treats innocent people with the brush they use for terrorists… it’s a slippery slope by design.
  - retinaros 4y ago
    dont worry others will fight so that you too can be free to take your blue pill
  - deleted 4y ago
    [deleted]
  - mdp2021 4y ago
    Yes. Good old "look where the trend is going, foresee the risks". Ah, remembering the surprise of upset people when they did not raise a suspect in front of bank clerks telling you "It's contactless, limited risk, 25u per transaction" (and already then the child-basic retort is "Times by how many transactions?"), and then were reached by the bank information that "owing to progress the limit is now raised to 50u / 100u / 150u ..."

mrfumier 4y ago

"Forcing them to be tracked." Source ? "To have data mined and sold." Which is completely illegal according to GDPR.

sofixa 4y ago

> Pushing them to NEED to use a profit driven banking system. Profit driven, but available literally for free for an account and transfers (depending on the bank). > To have data mined and sold. GDPR says no. > To rely on “too big to fail” banking systems that practically schedule economic downturns every 20 years or so. We're talking about the EU here, not the US. There are a ton of challenger new banks.

BlargMcLarg 4y ago
>GDPR says no. GDPR isn't infallible. The EU and its individual countries have plenty of controversies. >ton of challenger new banks. Ton is a gross overstatement. It's a few that are truly independent from anyone else. The remainder are puppet / daughter banks. Their existence barely influences the status quo and it certainly doesn't prevent outrage whenever banks used by over half the country's population threaten to fall.
ilyt 4y ago
> Profit driven, but available literally for free for an account and transfers (depending on the bank). So not for free. It would be one thing if banks had to guarantee those transactions being free but many banks want % of transaction in fees
- sofixa 4y ago
  That's what i mean, bank transactions in the SEPA space are free at the point of use. The only exception is certain banks add fees for SEPA Instant (transfer time in seconds instead of days) and fees for exchanging between currencies.
omginternets 4y ago
Most of those challenger banks are backed by old school banks.

throw_m239339 4y ago

10000€ will soon be 5000€, then 2500€... make absolutely no mistake it's all about replacing cash with "Digital Euro", something the EU will have entire control on.

gattilorenz 4y ago
Ah, good ol’ slippery slope arguments
- eastbound 4y ago
  “You will never have to show a QR code to enter a restaurant.” — France’s health minister in 2020.
- cjbgkagh 4y ago
  Usually they allow inflation to slowly bracket creep which has the same effect. For example the Bank Secrecy Act of 1970 sets reporting at $10K which would be ~$80K today. I've seen legislation for fines that has built in modifiers for inflation so the government knows how account for it.
- flandish 4y ago
  The slippery slope is, quite truly, how nation states operate. If they were worried abt terrorism, they’d stop terrorists. But this “change” … treats innocent people with the brush they use for terrorists… it’s a slippery slope by design.
- retinaros 4y ago
  dont worry others will fight so that you too can be free to take your blue pill
- deleted 4y ago
  [deleted]
- mdp2021 4y ago
  Yes. Good old "look where the trend is going, foresee the risks". Ah, remembering the surprise of upset people when they did not raise a suspect in front of bank clerks telling you "It's contactless, limited risk, 25u per transaction" (and already then the child-basic retort is "Times by how many transactions?"), and then were reached by the bank information that "owing to progress the limit is now raised to 50u / 100u / 150u ..."