Re:How credit cards make money
by Thorrez on Saturday November 06, 2021 @04:27AM
(#29128393)
The thread seems to be saying banks get along with each other. It doesn't seem to me to be saying banks get along with their customers.
[ Parent
| on HN ]
It's saying they'll drop everything to Do The Right Thing. Letting scammers walk away with easily recoverable money isn't the right thing, and doesn't benefit the banks either.
It didn't seem to be a Do The Right Thing story to me. To me it said they are nice to each other because they want to be on good terms with each other.
Scroll up [1]. The thread was him defending the banking system as being obviously superior, by this collegiality, to the crypto world.
If you're right, that his point was just, "between powerful agents within this platform, there exists a state of mutually assured destruction that makes them play nice", then ... well, that's not much of a defense.
The test of a platform is whether it defends the rights of everyone, not whether the few big-time power-brokers can defend themselves by such long-term game-theoretic threats.
To me he's not saying banks are morally better, but rather that banks solve problems better than cryptocurrencies. He's specifically talking about what happens if the bank misplaces $70M. In most cases the other bank gives it bank, if not then they say "who cares" and declare it "ops loss".