Knew this had to be Jason. Poor guy has been put through the ringer. Running into a new update on twitter has me like, "How is this still going on?".
brutal 'it'll be over once i visit'
'i'll be over when i send the paperwork'
it'll be over when...
Cautionary tale on using Chase bank for indie business
231–240 of 282 posts
Re: Cautionary tale on using Chase bank for indie business
#232Complains about big banking. Hawks a referral code for a non-FDIC insured “bank”. Some people never learn, I guess?
mercury ceo dm'ed me to check in, honestly at least i can message the ceo
Re: Cautionary tale on using Chase bank for indie business
#233I feel bad for the people who went through this Kafkaesque nightmare. > After months of back-and-forth, [...] I finally got my money. I didn't find any mention of a lawyer in the article. When you realize you're dealing with people who aren't operating in good faith, seriously consider consulting a lawyer. (A harder problem is realizing when people aren't operating in good faith. Especially if you're a Pollyanna, or…
It assumes you know which one was first, the chicken or the egg. One option is that the author found/got a referral deal with an alternative provider, so thought they could write this article complaining about a competitor. Or... They were so pissed with Chase due to this nightmare they had to go through, they looked for alternatives, found something, so they mentioned it in the post. Disregarding is fine as you don'…
after my money was withheld i messaged a mercury investor to see if i could get set up asap, they set me up so i could get paid and reroute all my payroll.
Re: Cautionary tale on using Chase bank for indie business
#234Earlier quoted context omitted.
> I'm more inclined to believe it's Chase-specific now, or at least more likely with Chase, esp. based on other anecdotes in this thread! The only reason anecdotes in this thread are about Chase is that Chase is the bank you mentioned in your article. If you had mentioned any other of the big banks I am sure you would get similar anecdotes. All of the big banks work basically the same way. For example, as I commented…
I’ve had business accounts with almost every large US bank. I’ve founded quite a few businesses - venture-backed and bootstrapped product and consulting companies, going back to the 90s. I’ll repeat: I’ve never had an experience as bad as the one I had with Chase. Not sure what would possess you to post something so condescending about a statement of opinion and then to make incorrect assumptions about the extent of…
Also: the same company that got flagged by Chase had an account with Bank of America open at the same time and later opened accounts with a couple of other banks. No KYC issues with any of them despite exactly the same set of facts. And again, we did nothing even remotely shady or suspicious.
Re: Cautionary tale on using Chase bank for indie business
#235Earlier quoted context omitted.
> I'm more inclined to believe it's Chase-specific now, or at least more likely with Chase, esp. based on other anecdotes in this thread! The only reason anecdotes in this thread are about Chase is that Chase is the bank you mentioned in your article. If you had mentioned any other of the big banks I am sure you would get similar anecdotes. All of the big banks work basically the same way. For example, as I commented…
I’ve had business accounts with almost every large US bank. I’ve founded quite a few businesses - venture-backed and bootstrapped product and consulting companies, going back to the 90s. I’ll repeat: I’ve never had an experience as bad as the one I had with Chase. Not sure what would possess you to post something so condescending about a statement of opinion and then to make incorrect assumptions about the extent of…
> I’ve had business accounts with almost every large US bank.
Ok. I would suggest making that very clear up front in your article. I think that would considerably increase the article's impact.
Re: Cautionary tale on using Chase bank for indie business
#236Consider also that you probably could not sue your Bank if you wanted to. All the small print you agreed to. This was brought to my awareness due to the recent news about how somebody could not sue Disney because they had opened a Disney+ streaming account. We need financial reform customer protections. Let us hope the party that fights for big businesses and billionaires does not win in the next election.
That doesn't mean the arbitrator would have agreed with the bank.
Re: Cautionary tale on using Chase bank for indie business
#237Step 1. Think "this is probably fine" Step 2. Find out it's actually a fucking nightmare Step 3. Finally stop thinking everyone who worries about obstacles you assume don't happen are tinfoil hat weirdos. It's always step 3 that gets people.
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Re: Cautionary tale on using Chase bank for indie business
#238Sadly, also happens with smaller banks that cater to startups. Happened to us with https://www.grasshopper.bank
Re: Cautionary tale on using Chase bank for indie business
#239Earlier quoted context omitted.
> That's trusting a third party. It's not, Phoenix is a non-custodial wallet. They provide one shortly-custodial service to on-board on the Lightning Network (to provide a seamless experience, but you can do the process manually with your own node if you prefer). Once the channel on LN is open, it is non-custodial and trustless. For Hardware Wallets, plenty of other providers exist, exempt of data breaches and dodgy…
> It's not, Phoenix is a non-custodial wallet. What difference does that make? You're still trusting them not to have put in a backdoor, and to have sufficient security in their development process that an attacker cannot insert a backdoor. Also, what happens to your keys if your smartphone fails? Is there a backup? Is that self-hosted too? Is it adequately encrypted? Unless you do everything yourself (which ultimate…
At which point does this no true Scotsman stops?
Controlling your keys (yes this implies a backup, all wallets guide/help you to do it these days), having access to the source code of your wallet, and being able to verify the data of Bitcoin's public and open blockchain is obviously much better than blindly trusting your bank and getting cut off from your assets at any point through NO fault of your own.
> Until your keys are lost or compromised. Then you are irredeemably screwed.
Yes, you have discovered the big secret everyone in crypto is "hiding"... when they say self-custody they very sneakily imply you, yourself, have custody and responsibility of your assets. If this NEW digital option is not for you, don't use it, go trust custodians. Before Bitcoin you had no such choice.
In the case of banks you are also pretty screwed... just slightly less iredeemably in some cases... in the worste cases you might need to find a lawyer willing to help you, depending the amount it might just not be worth your time or the time of lawyers/judge. Unless the bank decides to hear reason magically or gets tired of your nagging like in OP's case... seem like a lot of trust and no control at all, at any point.
Re: Cautionary tale on using Chase bank for indie business
#240Earlier quoted context omitted.
What are you up to these days? Were you able to predict or see the advent of modern AI and LLMs coming from earlier in your career? Thoughts on the future of computing? Thank you.
https://youtu.be/Gj8IA6xOpSk?t=140
Thank you for this. I had never seen it before.
All truth is one. In this light may science and religion labor here together for the steady evolution of mankind from darkness to light; from prejudice to tolerance; from narrowness to broadmindedness.
https://library2.buffalo.edu/archives/campuses/detail.html?I...