>Lending can still be franchised out, but there's nothing interesting about running a big RMDBS that it shouldn't be a state monopoly
I don't want the government to own all banking. The government would know even more about our transactions. They already have a massive amount of information when it comes to banking, let's not give them everything.
The government at least has some accountability - FOIA, anti-discrimination laws, and the like. Better them than the likes of Experian.
Re:Community Banking and Fintech
by Ericson2314 on Monday October 25, 2021 @02:30PM
(#28991383)
Then you should look up https://mronline.org/2021/07/01/digital-money-beyond-blockch....
Putting our transaction data in a gazillion different RMDBs run by private companies looking to curry favor with law enforcement is no solution. In fact, State accounts are better because the Federal Reserve has far less reason to give a fuck what the goons in the FBI think.
But if you really want privacy, than any sort of money as persistent-account-balances is a red flag, and you want something like that instead.
Re:Community Banking and Fintech
by toomuchtodo on Sunday October 24, 2021 @10:13PM
(#28983848)
The Biden administration’s OCC nominee agrees with you, so hopefully they’ll get some traction.
Re:Community Banking and Fintech
by Ericson2314 on Sunday October 24, 2021 @11:19PM
(#28984181)
Yeah, quite stoked about her. She's not being nominated to a position to make it happen, but it's a great reason for excitement nonetheless.
Lending can still be franchised out, but there's nothing interesting about running a big RMDBS that it shouldn't be a state monopoly.
As far as analytics go, there is no reason we can't simply have interfaces to plug your fed account data into whatever 3rd party service one likes.