Re:Proposed New York State Virtual Currency Regulations [pdf]
by wdewind on Thursday July 17, 2014 @10:16PM
(#8051337)
Yep, I think that's totally fair. European banking infrastructure is definitely superior. I work in payments, believe me I know about the short comings of the ACH system :)
A lot of my main comment was more about how the Fed/Govt handled/handles the fiat currency of the US and the bailout. On those fronts I think we are doing significantly better than the Euro and Europe's response to the financial crisis.
- ACH/normal bank transfers take days
- Files and money transfers are handled via SFTP
- There's no checks in place to see if the account transferring the money actually has enough funds. The money is moved and rolled back once the bank finds out
- It's legitimately difficult to move or accept non-cash payments through a bank (without Stripe/Braintree etc.)
- Checks are still valid
- Banks charge for incoming transfers (I don't understand this still)
It's more like it has had to do well; it's all we have had. Compared to Europe, it's really not great.
There is a much better alternative out there now. And it's tenable.