I don't really understand this. I'm very, very bearish to all things crypto, but how is banks stopping their customers transferring money to crypto businesses meant to prevent risk to the banks itself?
UK high street banks are quarantining from crypto
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Re: UK high street banks are quarantining from crypto
#12How about letting people do what they want with their own money?
Sadly that is what scammers say too.
Re: UK high street banks are quarantining from crypto
#13Looking 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.
Monzo and Revolut are well-known in the UK, I use Monzo myself and have for several years.
Re: UK high street banks are quarantining from crypto
#14UK financial industry brings $100 billion dirty money a year into the country. If the banks support the crypto they can double that amount in short span of time.
I think UK could do it.
Re: UK high street banks are quarantining from crypto
#15> 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.
>that banks cannot be trusted to let you do what you want with your own money.
Well that's because we put them partially on the hook for when we, Joey Public, fall for scams, we expect and demand that the banks give us back the money we were scammed for.
I mean, I personally haven't, but I've read multiple newspaper articles about it.
Re: UK high street banks are quarantining from crypto
#16> 47% of UK banks don’t allow customers to interact with crypto exchanges
And yet the state asks you to pay your taxes when you make added-value on crypto.
There are literally people who have taxes on added-value made on crypto due but are unable to pay them because their banks are refusing their money.
Take 10 K EUR out: easy. Take 1 million+ EUR out: it's extremely difficult.
The hypocrisy here is phenomenal: "cryptos are scams" / "cryptos are only for money laundering and drug dealing" / etc.
But then: "don't forget to pay your taxes to the nanny state on your crypto winnings".
And it's really vicious for the state says: "Oh, crypto went up 10000%, you hence have lots of taxes due to the state!" but the bank goes "Oh, you have a 7 digits sum in crypto, you must be a fraudster".
Sneaky bastards.
Re: UK high street banks are quarantining from crypto
#17A lot of mainstream banks felt uncomfortable about getting involved with crypto. But at the tail end of a monetary bubble when everyone is chasing yield, the pressure from your board, your major investors, and your trend-following employees can be impossible to resist. It's just easier to go with the flow. But after FTX, the hype is dead and they can quietly shelve their projects and move on.
Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally. — John Maynard Keynes
Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, one by one. ― Charles MacKay
Re: UK high street banks are quarantining from crypto
#18I 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 the…
> I thought it was basically useless and incredibly niche
Quite, I tried on and off for years to imagine a single use case for the real world. Always came up dry because the Blockchain Oracle problem is unsolvable.
Re: UK high street banks are quarantining from crypto
#19They've banned crypto, but actual gambling is more popular and more heavily advertised then ever
Re: UK high street banks are quarantining from crypto
#20How about letting people do what they want with their own money?
Society picks up the bill when mom and dad bet the pension savings on crypto and they have to take public money into retirement. The banks are trying to essential provide a cooling off period so regular people don't get obliterated. The same people that complain about the impinging government are usually the first to ask for a handout the moment something goes wrong etc etc.