Why Banks Are Suddenly Closing Down Customer Accounts

Re:Why Banks Are Suddenly Closing Down Customer Accounts by constantly on Sunday November 05, 2023 @06:14PM (#38156745)

Patriot Act is more than 20 years old at this point and, in this case, deals with a 5,000 year old framework of money.

Crypto is significantly newer and only started being 99.999% scammers and on balance detrimental to society relatively recently. It’s also less understandable than exchanging money.

If it makes you feel any better, crypto regulation is around the corner.

[ Parent | on HN ]

Re:Why Banks Are Suddenly Closing Down Customer Accounts by jdiff on Sunday November 05, 2023 @06:39PM (#38156957)

Crypto has been a scam from the beginning, the only thing that's changed is the public perception after NFTs bombed massively and crypto was once again left without any use case.

[ Parent | on HN ]

Re:Why Banks Are Suddenly Closing Down Customer Accounts by vivekd on Sunday November 05, 2023 @06:58PM (#38157105)

Depends on where you live, if you live in Zimbabwe suddenly it starts to look very attractive. Too many countries play fast and loose with their currency.

[ Parent | on HN ]

Re:Why Banks Are Suddenly Closing Down Customer Accounts by Mistletoe on Sunday November 05, 2023 @07:09PM (#38157184)

I live in the USA and it's also very attractive.

https://fred.stlouisfed.org/series/BOGMBASE

[ Parent | on HN ]

Re:Why Banks Are Suddenly Closing Down Customer Accounts by jancsika on Sunday November 05, 2023 @07:02PM (#38157130)

It definitely has uses cases.

E.g., use it to donate to sci-hub, ...

...

It definitely has a use case.

[ Parent | on HN ]

Re:Why Banks Are Suddenly Closing Down Customer Accounts by jdiff on Monday November 06, 2023 @06:01AM (#38161031)

Even that. If it can be done better and easier without crypto, I don't consider it a use case.

[ Parent | on HN ]

Re:Why Banks Are Suddenly Closing Down Customer Accounts by jancsika on Monday November 06, 2023 @11:40AM (#38164862)

How do you donate money to sci-hub without crypto?

I mean, I'd love to change my snarky one-element list to a zero-element list!

[ Parent | on HN ]

Re:Why Banks Are Suddenly Closing Down Customer Accounts by matheusmoreira on Sunday November 05, 2023 @09:22PM (#38158055)

Huh? I've gotten paid for services in XMR. It already works. Even banks see the benefits of Ethereum.

[ Parent | on HN ]

Re:Why Banks Are Suddenly Closing Down Customer Accounts by throw08112023 on Tuesday November 07, 2023 @03:18AM (#38174423)

Hey you dumb fuck, try living in a third world country and you'll find the use case real fast. Actually, you'll find out either way beause USA will collapse soon.

[ Parent | on HN ]

Re:Why Banks Are Suddenly Closing Down Customer Accounts by MrVandemar on Sunday November 05, 2023 @07:45PM (#38157449)

> on balance detrimental to society relatively recently

Let's not forget Crypto mining has a not insignificant energy footprint, and is a driver of climate change. Really, detrimental to society from the get-go.

[ Parent | on HN ]

Re:Why Banks Are Suddenly Closing Down Customer Accounts by ClumsyPilot on Sunday November 05, 2023 @08:07PM (#38157602)

> Crypto mining has a not insignificant energy footprint

So do casinos and Las Vegas. Its basically the same thing

[ Parent | on HN ]

Re:Why Banks Are Suddenly Closing Down Customer Accounts by hanniabu on Sunday November 05, 2023 @09:00PM (#38157927)

Ethereum doesn't use mining and is incredibly energy efficient, estimated at 0.0026 TWh/yr (1/100th of Paypal)

https://ethereum.org/en/energy-consumption/

[ Parent | on HN ]

Re:Why Banks Are Suddenly Closing Down Customer Accounts by jdiff on Monday November 06, 2023 @12:23AM (#38159168)

Paypal has far more than 100x the adoption of Ethereum

[ Parent | on HN ]

Re:Why Banks Are Suddenly Closing Down Customer Accounts by hanniabu on Monday November 06, 2023 @12:36AM (#38159243)

Ethereum processes 6x more than PayPal

[ Parent | on HN ]

Re:Why Banks Are Suddenly Closing Down Customer Accounts by jdiff on Monday November 06, 2023 @06:02AM (#38161041)

That's... the kinda claim that begs a source and an air freshener.

[ Parent | on HN ]

Re:Why Banks Are Suddenly Closing Down Customer Accounts by hanniabu on Monday November 06, 2023 @08:19PM (#38171829)

https://money-movers.info/

[ Parent | on HN ]

Re:Why Banks Are Suddenly Closing Down Customer Accounts by JCharante on Sunday November 05, 2023 @10:20PM (#38158435)

minting coins and printing bills has a huge energy footprint too

[ Parent | on HN ]