Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

UK high street banks are quarantining from crypto

techmonitor.ai

Post reply on HN
Print view View original

51–60 of 131 posts

Re: UK high street banks are quarantining from crypto

#51

Post by Melting_Harps »

gonzo41 wrote: post #20
tibanne wrote: post #6

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.

> 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.

Banks and Megacorps?

Are we all going to just forget 2008 and the simple fact that this technology was created to counter the UK's baiput policy (it's written in the genesis block!) and subsequent inflation tht is due to the rampant increase in money creation PRIMARILY made to bail-out businesses who couldn't or didn't have any savings and were on the verge on bankruptcy at the onset of COVID? The people got crumbs by comparison (extended UI benefits and some never got them at all) and were allowed to enter a roaring hot stock market created by tis glut f Capital pumped into the system and busineses lookign for yield any where they can find it and the minority of this sector (home owners) benefited from the sky high real estate appreciation boom, but it's peak tech-bro to say it was the average person who was the benefactors of any of this (some Industries were completely obliterated and many died in order to return to work despite being deemed essential workers) when it's clear it's the parasitic banking and corporations who are the ones that benefit the most.

I agree that 'crytpo' has been a misused moniker to describe the entirety of cryptocurrencies, but if you have anything but cursory knowledge on any of it and can resist letting yourself be swayed by click bait-headlines you'll realize that it's Bitcoin separated from the rest of crypto.

Re: UK high street banks are quarantining from crypto

#52

Post by mjburgess »

isthisthingon99 wrote: post #28
mjburgess wrote: post #9

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…

I'm a tech guy, also trade, also teeter on end the fed vibes 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.

A world without political control on the money supply is a vastly inferior one to either (1) no control; (2) automated control; or (3) control by gold miners.

(1) leads to great depressions (mass poverty, famine, etc.); (2) leads to feudalism; and (3) to colonialism, war and poverty.

Political control over the money supply is one of the most stabilising, peaceful and moral inventions of the 20th century.

For human history the poor have been destroyed by deflationary currency which was always better to bury than invest (see, for example, Jesus' story of the talents (coins) where he recommends burying rather than investing -- incomprehensible today, but sane with metal currency).

The trans-A slave trade was a more-or-less direct result of the massive inflation of the discovery of gold in the americas which made labour impossible to pay.

People discovering rocks in the ground is no basis on which to design a world-wide political system; and the origin of a vast amount of evil. Comparatively, central banks targeting 2% inflation is an unalloyed good.

Re: UK high street banks are quarantining from crypto

#53

Post by HeckFeck »

sfe22 wrote: post #29
boeingUH60 wrote: post #25

Earlier quoted context omitted.

Better than giving it to crypto scammers

Not a crypto fan but I think you should be allowed to give your money to any scammer of your choice.

I hate scammers with unbridled fury, but I will not transact with any bank that thinks it can impose what I do with my own money.

Do they remember this thing called asking? I will respect the opinion of bankers and investors if they ask me, or I ask them, but ultimately the decision should be mine.

Otherwise it is going to the banking equivalent of Google's customer service. Callous, automated, unreachable.

Re: UK high street banks are quarantining from crypto

#55

Post by antihero »

automatic6131 wrote: post #15
zarzavat wrote: post #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.

>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.

I wish there was a switch that let me accept the consequences of my own actions but be allowed to take them in the first place. I don’t use crypto but it isn’t my bank’s job to tell me where I can send my money.

Re: UK high street banks are quarantining from crypto

#56

Post by mjburgess »

htkibar wrote: post #45
mjburgess wrote: post #9

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…

Bad take regarding black mark. Fintech and swinging for the fences is not a bad thing per se. As long as you aren’t an executive for a scam or something; I have never seen in my career experience being treated as a bad thing. Might perhaps get some added questions to get you, but it is also a unique selling point. Crypto essentially allows you to make trust less systems with tokens, what those tokens mean or not depe…

When and whether it should be a black mark is separate to whether it will be.

On highly technical roles with a highly technical hiring process, sure, it'll be fine. I think, however, lots now are scrambling to decrypto their image.

Re: UK high street banks are quarantining from crypto

#57

Post by bluepizza »

isthisthingon99 wrote: post #28
mjburgess wrote: post #9

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…

I'm a tech guy, also trade, also teeter on end the fed vibes 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.

> There is value in being able to anonymously and stably transfer value uncensored.

You mean when someone hands somebody else a 20?

Re: UK high street banks are quarantining from crypto

#58

Post by Melting_Harps »

TacticalCoder wrote: post #49
jarym wrote: post #39

Earlier quoted context omitted.

Is it really much different from the UK attitude to prostitution? Illegal to solicit but the actual act of exchanging money for sex is totally legal as long as it’s declared on taxes.

> Is it really much different from the UK attitude to prostitution? It's actually quite similar I'd say. The hypocrisy behind that one is strong too.

> It's actually quite similar I'd say. The hypocrisy behind that one is strong too.

The City makes the rules, and it doesn't like competition in the only competitive sector they have left (finance), but you can rest assured they will get their cut while making it as difficult as possible for anyone to do so legally.

I really want people to see the inherit hypocrisy of this system, people get riled up about woke-based politics which is decisive and ultimately effective at letting these type of brazen injustices continue unabated.

Re: UK high street banks are quarantining from crypto

#59

Post by quietbritishjim »

prohobo wrote: post #47
automatic6131 wrote: post #15

Earlier quoted context omitted.

>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.

Do you think that's a real problem, or a convenient (manufactured/inflated) problem? I'm pretty sure they could simply add to their terms of service "no refunds for crypto purchases" and that'd be understandable, legal, and enforceable. Advertising this position prominently would make naive crypto "dabblers" second-guess themselves. So, in my opinion the problem you're referring to is not real. There are no such limi…

> I'm pretty sure they could simply add to their terms of service "no refunds for crypto purchases" and that'd be understandable, legal, and enforceable.

It definitely wouldn't work. I'm sure they have similar conditions for "don't read your PIN out on the phone" but people still do and still often get refunded for it.

Re: UK high street banks are quarantining from crypto

#60

Post by pavlov »

htkibar wrote: post #45
mjburgess wrote: post #9

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…

Bad take regarding black mark. Fintech and swinging for the fences is not a bad thing per se. As long as you aren’t an executive for a scam or something; I have never seen in my career experience being treated as a bad thing. Might perhaps get some added questions to get you, but it is also a unique selling point. Crypto essentially allows you to make trust less systems with tokens, what those tokens mean or not depe…

Black mark is exactly right. I wouldn’t hire someone who spent more than a couple of months at a crypto job — that’s enough time to realize what’s going on and get out. If they stayed longer, it invites the question of whether they’re gullible, incompetent, pathologically greedy, or too good at compartmentalizing.

Do you think “I was an accountant at Enron” is considered positive career experience in that field? Crypto is the equivalent in software engineering.

Post reply on HN