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Fintech dystopia

fintechdystopia.com

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Re: Fintech dystopia

#271

Post by queenkjuul »

coderatlarge wrote: post #203
queenkjuul wrote: post #157

Earlier quoted context omitted.

That system is still deciding your financial future

i use one of the largest credit unions in the usa (grown through m&a over the last twenty years). their ability to follow instructions is at best at tech-intern level. their fees are incredibly fat and their people exhibit serious cya and complacency in almost every interaction. my confidence is at an all-time low in their competence.

I don't care about them; the big banks are still deciding how things work, even with regards to crypto

Re: Fintech dystopia

#272

Post by carleverett »

lavezzi wrote: post #266
carleverett wrote: post #146

Earlier quoted context omitted.

But stablecoins are backed by real dollars. People hold dollar-backed stablecoins because they believe the US dollar to be the most durable unit of account on the planet. All the proof you really need for that is that most crypto users outside the US still consider the value of their crypto tokens in terms of how many US dollars it’s worth. The author of this article talks about this being a “parasite” to the US mone…

Please tell me you're not linking to one of the biggest frauds of all time as evidence of doing the right thing and being backed by real dollars?

If it's a fraud, then it's one with a working product.

In 2022 when confidence in stablecoins plummeted after the Terra collapse, $20 billion in Tether was liquidated in a month - $10 billion of that in a single day: https://www.coingecko.com/en/coins/tether

Through that black swan event Tether did its job, processing redemptions for collateral dollar for dollar.

Re: Fintech dystopia

#273

Post by carleverett »

w10-1 wrote: post #249
carleverett wrote: post #146

Earlier quoted context omitted.

But stablecoins are backed by real dollars. People hold dollar-backed stablecoins because they believe the US dollar to be the most durable unit of account on the planet. All the proof you really need for that is that most crypto users outside the US still consider the value of their crypto tokens in terms of how many US dollars it’s worth. The author of this article talks about this being a “parasite” to the US mone…

Stable coins are mostly backed by Treasuries, so it’s engineering instability: a run on coin redemption triggers treasury sales which raises interest rates which triggers a run on any asset backed by treasuries like coins, and so on. It’s like the 2008 crash: people speculating because they think housing never goes down, except a market-scale drop can trigger an uncontrollable rush for the exit. With banks and compan…

No one is speculating on stablecoins.

Keep in mind stablecoins aren't a product built for Americans, they're built for people outside the US financial system to give them access to some of the benefits of the US's relatively solid money.

Re: Fintech dystopia

#275

Post by throwaway290 »

atemerev wrote: post #269
throwaway290 wrote: post #263

Earlier quoted context omitted.

People like you champion crypto to work around pain and by this they prop up the same government that caused them this pain, good job > will be immediately sent to prison were I to return to Russia If this is true you can apply to asylum but for most people who fear this it is not true. Uunless you are literally famous, a rich guy or journalist or inconvenient criminal you are fine. Putler is not a total idiot and ke…

I cannot apply for asylum as I left Russia many years before the war, so I technically wasn't "prosecuted". And there are many cases where people who are not famous journalists were jailed for a single comment like "Russia bombed Mariupol", do you need proofs of these cases, or you can find those yourself?

No I can't, please post proof. I know journalists who rot in jail and I have a pro Ukraine friend who shares stories about different беспредел but not about random regular people jailed for things online. And that friend travels from Russia with no issues

> cannot apply for asylum as I left Russia many years before the war, so I technically wasn't "prosecuted"

you CAN apply for asylum if there is evidence that you will be prosecuted if you return. Really bro. I think even gay/trans people for example used this. But for being pro Ukraine anti war I don't think there's evidence you would be prosecuted unless you are famous or something

Re: Fintech dystopia

#276

Post by coderatlarge »

queenkjuul wrote: post #271
coderatlarge wrote: post #203

Earlier quoted context omitted.

i use one of the largest credit unions in the usa (grown through m&a over the last twenty years). their ability to follow instructions is at best at tech-intern level. their fees are incredibly fat and their people exhibit serious cya and complacency in almost every interaction. my confidence is at an all-time low in their competence.

I don't care about them; the big banks are still deciding how things work, even with regards to crypto

i still find the original idea of credit unions appealing: ie a small local organization focused on outserving a specific membership who are naturally bound together by meaningful preexisting ties.

the trouble seems to come when the credit union decides it needs to “scale “ sort of defeating the original thing that made it any good. perhaps that comes from just greed (ie the ability to charge fees on a larger customer base) or maybe it’s a requirement of the costs of providing an ever-widening array of newly “expected” services.

Re: Fintech dystopia

#277

Post by jongjong »

ta12653421 wrote: post #174
jongjong wrote: post #7

I was in relatively early in the web as a developer, I was in early on the crypto movement, also as a developer. These technologies didn't fix the problems. There is too much regulation, you can't do anything without a license. The only solutions are political, not technological. Everything feels like a scam within a scam. I feel dizzy just thinking about it. I'm completely demoralised. Everything related to career f…

>>It's illegal to live in a tent on 'your own' property, want to elaborate which country this is?

Australia.

Re: Fintech dystopia

#278

Post by queenkjuul »

coderatlarge wrote: post #276
queenkjuul wrote: post #271

Earlier quoted context omitted.

I don't care about them; the big banks are still deciding how things work, even with regards to crypto

i still find the original idea of credit unions appealing: ie a small local organization focused on outserving a specific membership who are naturally bound together by meaningful preexisting ties. the trouble seems to come when the credit union decides it needs to “scale “ sort of defeating the original thing that made it any good. perhaps that comes from just greed (ie the ability to charge fees on a larger custome…

I mean i enjoy the idea as well, it doesn't change that our socioeconómico (i'll leave this autocorrect lol) system is controlled by the giant financial institutions, and the moves they're making with regards to crypto are only to ensure their existing positions

Re: Fintech dystopia

#279

Post by jksflkjl3jk3 »

lmm wrote: post #159
jksflkjl3jk3 wrote: post #158

Earlier quoted context omitted.

How are there not real use cases for crypto already? Surely more business is being done with crypto today than was done using the internet in the 80's. I've been paid my salary in crypto for the last 8 years. The company I work for pays nearly all their expenses in crypto. I pay for my rent and most major purchases with crypto. A significant portion of my savings is in crypto. For fiat purchases, I'll use a reloadabl…

> I've been paid my salary in crypto for the last 8 years. The company I work for pays nearly all their expenses in crypto. I pay for my rent and most major purchases with crypto. Where's the value creation? At some point value has to be coming into the system, and as far as I can see that side still all bottoms out in crime or scams. > For fiat purchases, I'll use a reloadable crypto visa card. I've always felt thos…

> and as far as I can see that side still all bottoms out in crime or scams.

A lot of the value is technically from crime, i.e., using crypto to skirt government laws and financial regulations that I believe are unjust.

> I've always felt those were an admission of failure of the whole crypto enterprise. All of the downsides and none of the upside.

Ideally they wouldn't be needed, but they still allow one to take advantage of the other benefits of crypto (like unrestricted cross-border transfers) and still have access to a large markets of products and services.

Re: Fintech dystopia

#280

Post by coderatlarge »

queenkjuul wrote: post #278
coderatlarge wrote: post #276

Earlier quoted context omitted.

i still find the original idea of credit unions appealing: ie a small local organization focused on outserving a specific membership who are naturally bound together by meaningful preexisting ties. the trouble seems to come when the credit union decides it needs to “scale “ sort of defeating the original thing that made it any good. perhaps that comes from just greed (ie the ability to charge fees on a larger custome…

I mean i enjoy the idea as well, it doesn't change that our socioeconómico (i'll leave this autocorrect lol) system is controlled by the giant financial institutions, and the moves they're making with regards to crypto are only to ensure their existing positions

yes i love the ideas of crypto. but the irs checkbox about owning it gives me pause.
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