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I'm just an engineer, but even I know that if you create an entity and expect to perform financial transactions as that entity, you need a bank account. Corpora
by dboreham 4y ago
I'm just an engineer, but even I know that if you create an entity and expect to perform financial transactions as that entity, you need a bank account. Corporations, LLCs, HOAs, clubs, lemonade stands. Well, perhaps not lemonade stands... If you don't have the bank account open yet, then don't initiate any transactions.
It stretches credulity very far to believe someone running a financial institution did not know this.
- scotcha1 4y agoI think the assumption you're making is: 1) SBF cared about traditional rules of banking/finance 2) SBF cares about doing things the 'right way' He may have been doing it purposefully wrong, or he may have just wanted to do it as fast as possible ("Move Fast and Break Things") and so he skipped the requesite steps to get to what he wanted done, faster. Not a justification for his actions, but simply why he may have done it
- blitzar 4y ago> 1) Crypto cared about traditional rules of banking/finance They do not - they actively reject such rules > 2) Crypto cares about doing things the 'right way' In crypto, the "right way" is the way that you make money - the "right way" is also the traditional way.