UK high street banks are quarantining from crypto
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UK high street banks are quarantining from crypto
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Re: UK high street banks are quarantining from crypto
#2Found this enlightening ...
"White is also sceptical about solutions purporting to show which crypto companies represent a risk for banks and their customers. “It’s hard to individually predict which companies might later become a problem because, if banks knew a project was fraudulent, then people wouldn’t really be putting money into it,” she says."
and this quite validating:
"As financial institutions and the crypto industry continue to grapple over the right amount of regulation, others in the private sector have begun questioning the longevity and relevance of the industry itself after back-to-back scandals. Earlier this month in The Economist, the FTX collapse was described as a ‘catastrophic blow to crypto’s reputation and aspirations’ while a Reuters podcast similarly declared that the incident ‘consigns crypto to fringes of finance’. "
Re: UK high street banks are quarantining from crypto
#3Found this enlightening ... "White is also sceptical about solutions purporting to show which crypto companies represent a risk for banks and their customers. “It’s hard to individually predict which companies might later become a problem because, if banks knew a project was fraudulent, then people wouldn’t really be putting money into it,” she says." and this quite validating: "As financial institutions and the cryp…
yeah, it'd be interesting to see how the recent scandals like FTX shape opinions about crypto among other mainstream sectors beyond banking
Re: UK high street banks are quarantining from crypto
#4If this policy expanded to all UK banks, it could plausibly make the UK a less interesting target for ransomware and similar cryptocurrency-backed extortion schemes.
Re: UK high street banks are quarantining from crypto
#5If this policy expanded to all UK banks, it could plausibly make the UK a less interesting target for ransomware and similar cryptocurrency-backed extortion schemes.
I imagine you'll always be able to use something like Western Union to make such payments.
Re: UK high street banks are quarantining from crypto
#6How about letting people do what they want with their own money?
Re: UK high street banks are quarantining from crypto
#7Looking at the actual report, only Monzo and Revolut (yes, I haven't heard of them either) are "crypto friendly". The others could best be described as wary and watchful.
Re: UK high street banks are quarantining from crypto
#8> This crypto ban by Starling comes off the heels of Santander’s decision to limit customer deposits to crypto exchanges to £1,000 per transaction and a monthly limit of £3,000
This, ironically, validates the argument for crypto that banks cannot be trusted to let you do what you want with your own money.
Re: UK high street banks are quarantining from crypto
#9I first learned about blockchain years ago talking to some middle eastern clients who had implemented something with it. After looking at the technology from a data & software engineering pov, I thought it was basically useless and incredibly niche. I said as much, but they didnt believe me; they also thought ML was where you "fed data to a machine and it did everything" because that's what some lecturer had told them.
For years I was mostly just confused that "crypto" was anything at all, and latterly it seemed pretty clearly insane. The pitch to replace governement-back currencies with deflationary tokens clearly a fever dream of some political moron. Then it became very clear that it was just a scam: the dream was the hook. And "tokens" fit the collectables mould, in which assets with only ephemeral value to collectors boom in speculative bubbles.
Two years ago a friend wanted to get into the industry, and I said that soon it'll be a black mark on a CV and everyone will be hiding it.
What is interesting is that amongst professional finance much of this has been apparent the whole time. I've spoken to senior people in UK banking and they've confirmed as much. And as much is clear by reading the FT.
What is interesting is how much "elite tech" has captured the elite and silenced professional finance. The Economist article cited above, for example (and on HN the other day), was absurdly pro-crypto giving the scam-sales-pitch verbatim.
Some documentary is no doubt in the works on this, and I can see an Adam-Curtis style one on "how silicon valley beat the financial elites and captured the political imagination of a generation"
Re: UK high street banks are quarantining from crypto
#10How about letting people do what they want with their own money?
Because politicians will blame the banks when too many people lose their money