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This is a strange viewpoint considering that crypto is 100% reliant on some of the most complicated and high-maintenance infrastructure ever built by man: the i
by _Algernon_ 1y ago
This is a strange viewpoint considering that crypto is 100% reliant on some of the most complicated and high-maintenance infrastructure ever built by man: the internet.
If "everything else fails" the internet has failed, and crypto will be worthless. Gold will probably still have some value, unless shit really hits the fan.
- notpushkin 1y agoWe’re talking about different “everything else fails” scenarios. Basically, I’m concerned about my bank accounts being frozen (happened with my Revolut account for example).
- sofixa 1y agoThe solution for that is to have redundancy via multiple bank accounts, ideally in multiple countries. Then nothing short of planning a serious terrorist act can get you kicked out of all accounts.
- ferbivore 1y agoIs that really the case? Per https://www.bitsaboutmoney.com/archive/money-laundering-and-aml-compliance/ https://www.bitsaboutmoney.com/archive/money-laundering-and-... you can be pretty much completely debanked for only a couple of SARs/STRs, and it doesn't seem particularly hard to have one filed against you.
- immibis 1y agoAre you a resident of multiple countries?
- sofixa 1y agoDon't have to be - fintechs like Revolut, Wise, N26 are based in different countries, but service customers in a decent chunk of Europe.
- immibis 1y agoand you can get debanked from all of them in the same incident.
- sofixa 1y agoThe "incident" has to be pretty severe for you to be debanked in multiple EU+UK countries. Little less than terrorism would do it (I was going to say coup attempt might, but the Catalan leaders who tried to illegally secede from Spain didn't get debanked, so probably not).
- immibis 1y agoRemember that Germany considers not liking the Gaza holocaust to be terrorism, and has issued Schengen area bans against EU politicians for this crime.
- notpushkin 1y agoAh, yes, the classic 3-2-1 method: three accounts in two different countries, one of them being an offshore. Yeah, I’m doing all that (not the offshore part... at least not yet).