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It's Time to End the Bureaucrat's Secret Weapon: Debanking
- talldayo 2y ago> The term refers to a controversial practice where crypto companies and other businesses have been cut off from banking services, allegedly due to pressure from federal regulators. That tends to happen when your core business fundamentally enables money laundering.
- smgit 2y agoThey know it enables money laundering. They don't care because their goal is enriching themselves any which way possible. This is standard practice where they re-frame the issue to find the largest number of cows (customers, investors, employees) to milk. Like with social media they spent years claiming they were defenders of Freedom of Speech. With 2008 Subprime mortgages it was about how they are going to provide housing for everyone. These are extremely ambitious, have too much energy but are basically stupid people. Its a bad combo and society gives them too much space to exist.
- bdangubic 2y agolong read… https://www.bitsaboutmoney.com/archive/debanking-and-debunking/ https://www.bitsaboutmoney.com/archive/debanking-and-debunki...
- ggm 2y agoPeople who "sell" rugpulls and stonks, complain when banks who have signed fiduciary obligations in law and backed by huge asset piles which could be seized say "not through us" It is kind of shitty that fintech is gate-keeped by the incumbents if you want to make a shitload of money being disruptive but if you are an ordinary joe with income being banked and bills to pay, that $250,000 state backed guarantee of my money is worth having. I am strongly in favour of debanking. Should there be an appeal process? Sure.