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Re:Why is everyone a bank? by bryanrasmussen on Tuesday November 19, 2019 @03:11AM (#21571377)
I'm pretty sure that whoever disrupts banking will do it the Uber way, by disregarding all the laws that they are required to follow and trying to claim not to be what they actually are, with the same eventual success this route has had for Uber.
Re:Why is everyone a bank? by oarsinsync on Tuesday November 19, 2019 @03:58AM (#21571557)
Financial crime is something that is heavily enforced on an (inter)national scale.

Local transportation violations aren't enforced in quite the same way.

Re:Why is everyone a bank? by __MatrixMan__ on Tuesday November 19, 2019 @11:50AM (#21575084)
Yeah, but it's generally enforced by freezing your funds until you show up in court. If you've come up with an alternative, maybe just leave out the government-facing API that lets them freeze funds.
Re:Why is everyone a bank? by dflock on Tuesday November 19, 2019 @04:13PM (#21578355)
This will just mean that they get to write their "amazing journey" post from prison.
Re:Why is everyone a bank? by imtringued on Tuesday November 19, 2019 @08:51AM (#21572764)
This is now how the banking sector works. Most of the newcomers like N26 and Revolut are pretty much just an average bank with modern technology. The reality however is that they don't have a sustainable business model. They offer bank accounts for free and keep bleeding cash because no one wants their premium accounts, presumably because people don't use them as their primary bank account and just as a middle man for easy access to Google or Apple Pay.
Re:Why is everyone a bank? by joosters on Tuesday November 19, 2019 @03:19AM (#21571418)
Uber is succeeding? Its finances don't think so.
Re:Why is everyone a bank? by satanspastaroll on Tuesday November 19, 2019 @03:39AM (#21571481)
It's really amazing how a company can run for so long on so much loss. IIRC Twitter has never turned a profit either, and yet there it stands
Re:Why is everyone a bank? by rco8786 on Tuesday November 19, 2019 @08:07AM (#21572500)
Twitter has made profit now. But didn’t for a while. I worked there until 2015 and the consensus was that they had enough money to continue operating at the then current loss levels for like 50 years.

It’s hard to visualize how much money these big tech cos are actually taking in investment. If you have a $B you can lose $10mm a year for one hundred years.

Re:Why is everyone a bank? by bryanrasmussen on Tuesday November 19, 2019 @10:16AM (#21573655)
In English if you say "their lack of morality will lead them to have the eventual success of Al Capone" one is generally assumed to mean that the person under discussion will end up in Federal Prison, although also with the chance of running a highly lucrative criminal enterprise first.