21–30 of 131 posts
If 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.
How about letting people do what they want with their own money?
Looking 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.
I 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…
> 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.
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?
How 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.
I'm not particularly pro-crypto, but it's an interesting question that we haven't answered very well. It's clear to me that the state shouldn't stop you doing anything risky with your money - that also means stopping people starting businesses. But where do you draw the line? Problem gamblers often funnel every penny they have into betting sites - losing their house in the process. Wall street bets makes it clear that leveraged stocks can cause the same problems. Should we ban them too?
I 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…
There is value in being able to anonymously and stably transfer value uncensored.
But which state will stand aside while you realize this dream? Not a one.
> 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.
Better than giving it to crypto scammers
How 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.
Really? This doesn't seem to match my experience.