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No one is disrupting banks – at least not the big ones

popularfintech.com

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Re: No one is disrupting banks – at least not the big ones

#381

Post by radlad »

Kiro wrote: post #357
bArray wrote: post #305

What does "disruption" look like in the banking space? Banks want the perception of immovable, confidence, reliable, resilience, etc. It's what gives them the credibility to move big money. They don't want to "move fast and break things". Some may think about digital currencies. My warning is this: Be careful what you wish for. If we were to switch to a full digital currency, there are significant concerns that money…

Cash is already practically gone in a lot of countries. I don't know anyone who uses it and don't even know how the bills look nowadays. Must have been at least 10 years since I even touched physical cash.

To the detriment of many. See https://news.ycombinator.com/item?id=42696204

Re: No one is disrupting banks – at least not the big ones

#382

Post by kbolino »

paperpunk wrote: post #372
ForHackernews wrote: post #367

Earlier quoted context omitted.

How are they incompetent? My boring old bank has never lost my money, it sends out bill payments on time. Those are the main things I ask for it to do, and it has done them competently for decades. As far as I can see, none of the fintech/web3/crypto-nonsense companies can be trusted to do those things well.

How do you know it’s never lost your money? Do you audit each transaction on your statements?

I would hope so. I certainly do. In 25 years of using them, I have never had a conventionally regulated financial institution (NCUA-insured credit union, FDIC-insured bank) lose so much as a penny. Whether they are keeping proper reserves is another question entirely, but also not really my problem (NCUA and FDIC exist for a reason).

Re: No one is disrupting banks – at least not the big ones

#383

Post by kbolino »

bArray wrote: post #305

What does "disruption" look like in the banking space? Banks want the perception of immovable, confidence, reliable, resilience, etc. It's what gives them the credibility to move big money. They don't want to "move fast and break things". Some may think about digital currencies. My warning is this: Be careful what you wish for. If we were to switch to a full digital currency, there are significant concerns that money…

These incentives already exist. The tax code has been manipulated to encourage or discourage behavior since at least WW2. A digital currency makes a lot of these incentives easier to create and easier to enforce, but they wouldn't be new.

Re: No one is disrupting banks – at least not the big ones

#384

Post by bear141 »

dghlsakjg wrote: post #378
delusional wrote: post #361

Earlier quoted context omitted.

Why would "the government" do that? I hate it when people talk about "the government" doing something. The real mechanics you'd see in your example is that the business elite would begin astroturfing support from the American public, with some nonsense about helping the poor better control their finances. Nobody would believe it, and progressives would be against it. In reality it will be driven by the commercial des…

The government already does this. SNAP, colloquially foodstamps, can only be used on certain forms of food. Frozen goods are fine, but cannot be prepared hot, even if there is not a charge or it is the exact same food product. So my local corner grocery is allowed to sell anyone frozen food, whether they pay with SNAP or cash. But they also have a microwave that anyone can use to heat up purchased food, except for SN…

Requiring people who get government money for food to not use it on prepared food is a good thing I would think. Technicalities like the one you presented do seem ridiculous on their own however.

Re: No one is disrupting banks – at least not the big ones

#385

Post by [deleted] »

paperpunk wrote: post #372
ForHackernews wrote: post #367

Earlier quoted context omitted.

How are they incompetent? My boring old bank has never lost my money, it sends out bill payments on time. Those are the main things I ask for it to do, and it has done them competently for decades. As far as I can see, none of the fintech/web3/crypto-nonsense companies can be trusted to do those things well.

How do you know it’s never lost your money? Do you audit each transaction on your statements?

[deleted]

Re: No one is disrupting banks – at least not the big ones

#386

Post by EduardoBautista »

Kiro wrote: post #357
bArray wrote: post #305

What does "disruption" look like in the banking space? Banks want the perception of immovable, confidence, reliable, resilience, etc. It's what gives them the credibility to move big money. They don't want to "move fast and break things". Some may think about digital currencies. My warning is this: Be careful what you wish for. If we were to switch to a full digital currency, there are significant concerns that money…

Cash is already practically gone in a lot of countries. I don't know anyone who uses it and don't even know how the bills look nowadays. Must have been at least 10 years since I even touched physical cash.

My main issue with cash is that I hate receiving coins. If it weren't for coins, I would try to do occasional transactions in cash, just to support something that is truly anonymous.

Re: No one is disrupting banks – at least not the big ones

#387

Post by Detrytus »

malfist wrote: post #143
abdullahkhalids wrote: post #119

Earlier quoted context omitted.

US economy has been second largest for over 10 years now [1]. [1] https://ourworldindata.org/grapher/gdp-maddison-project-data...

I don't know where that site is pulling their data from, but not even the Chinese government claims their GDP is as high as that. And our GDP is higher than that site claims

This is Purchase Power Parity GDP (as indicated by the subtitle "This data is adjusted for inflation and differences in the cost of living between countries.")

Re: No one is disrupting banks – at least not the big ones

#389

Post by danielmarkbruce »

kbolino wrote: post #383
bArray wrote: post #305

What does "disruption" look like in the banking space? Banks want the perception of immovable, confidence, reliable, resilience, etc. It's what gives them the credibility to move big money. They don't want to "move fast and break things". Some may think about digital currencies. My warning is this: Be careful what you wish for. If we were to switch to a full digital currency, there are significant concerns that money…

These incentives already exist. The tax code has been manipulated to encourage or discourage behavior since at least WW2. A digital currency makes a lot of these incentives easier to create and easier to enforce, but they wouldn't be new .

It's a huge difference. Incentives are one thing, being able to force or take money directly is a whole different level.

Right now you need someone in the government administration + a court + a bank to do anything like this. With a digital dollar, you lose the last two.

Re: No one is disrupting banks – at least not the big ones

#390

Post by danielmarkbruce »

Kiro wrote: post #357
bArray wrote: post #305

What does "disruption" look like in the banking space? Banks want the perception of immovable, confidence, reliable, resilience, etc. It's what gives them the credibility to move big money. They don't want to "move fast and break things". Some may think about digital currencies. My warning is this: Be careful what you wish for. If we were to switch to a full digital currency, there are significant concerns that money…

Cash is already practically gone in a lot of countries. I don't know anyone who uses it and don't even know how the bills look nowadays. Must have been at least 10 years since I even touched physical cash.

But the option is there. It matters.
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