Ancestors

Toot

Written by Mark Gritter on 2024-12-12 at 01:30

"Anyhow, when a crypto founder couldn’t find a bank in 2011, one could be excused for blaming reflexive banker conservatism and low levels of technical understanding. Crypto has had a decade and a half to develop a track record to be judged on. Crypto is being judged on that track record."

https://www.bitsaboutmoney.com/archive/debanking-and-debunking/

An article on "debanking" explaining why it is sometimes Kafkaesque (you got an SAR but the bank is not allowed to tell you that so it institutionally forgets the fact as soon as possible) and sometimes "duh, the bank management can read the paper too" (banks have gotten badly burned by servicing crypto companies, and the profit in doing so is very low.)

=> More informations about this toot | More toots from markgritter@mathstodon.xyz

Descendants

Written by jbz on 2024-12-12 at 02:22

@markgritter even the banks that solely work with the defi ecosystem went bust.

Regulations aside, it remains extremely risky to operate with this type of people. Too much volatility on exchanges and the clientele can go rogue any minute leaving you holding the bag or worse.

=> More informations about this toot | More toots from jbz@indieweb.social