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Regardless of how you feel about crypto (I have never been a fan), the fact that banks and credit card companies have become non-elected dictators regulating al
by pembrook 3y ago
Regardless of how you feel about crypto (I have never been a fan), the fact that banks and credit card companies have become non-elected dictators regulating all of global commerce should be alarming to you.
A banking license, granted by the government, is quite literally a license to print money via the fractional reserve system.
If we're granting you a license to print money, you cease to be a private business who can choose your customers. You are a provider of government infrastructure, and should not be allowed to block any commerce that hasn't been declared illegal by legislation created by our elected representatives.
- anon23432343 3y agoWhat are you talking about... The Crypto Bro Force is still high with this one...
- pembrook 3y agoYou can check my comment history, I have never purchased a cryptocurrency in my life and have been loudly critical of it since the first mainstream mania in 2017. However, I do not believe banks, which we allow to exist, should be allowed to become non-elected dictators, blocking fully legal transactions based on whatever the media mood of the day is.
- pavel_lishin 3y ago> A banking license, granted by the government, is quite literally a license to print money via the fractional reserve system. How do new Bitcoins enter circulation again?
- marginalia_nu 3y agoPutting all the blame on the banks is simplifying matters. A lot of this is consequence of regulation. KYC requirements makes touching customers with crypto really risky, since KYC essentially codifies guilty until proven innocent. High volume cash businesses have been seeing this a lot too.