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> that all future fintechs would build on This also sounds awfully like a single point of failure and embodiment of what's wrong with late stage capitalism - w
by varispeed 3y ago
> that all future fintechs would build on
This also sounds awfully like a single point of failure and embodiment of what's wrong with late stage capitalism - where competition is an illusion.
- ehhthing 3y agoI'm confused by this statement. fintechs aren't just proxies for banks, they're financial products that people want to use. There are plenty of cool and innovative things you can do with just a banking API beyond just creating another bank Sure the costs for any fintech using these products are the same, but they can offer a million different types of products which make them unique.
- varispeed 3y agoThen company underpinning those fintech businesses decides to pull the plug and suddenly everyone finds themselves up in a creek without a paddle.
- ehhthing 3y agoThis is true for basically everything powered by an API. I mean if you want to start your own bank and deal with compliance then sure do that! I don't see your point here, there is no sensible alternative to this problem.