[HN Gopher] Kraken Wins Bank Charter Approval
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Kraken Wins Bank Charter Approval
Author : kensai
Score : 77 points
Date : 2020-09-20 19:10 UTC (3 hours ago)
(HTM) web link (blog.kraken.com)
(TXT) w3m dump (blog.kraken.com)
| mudlus wrote:
| Funny this was like the day before this article about how banks
| have corrupted the governance of the world came out:
| https://news.ycombinator.com/item?id=24535241
|
| I thought banks were the enemy of Bitcoin? Guess it's market cap
| is high enough that it too must be corrupted by the powers at be.
| simias wrote:
| Only some clueless cryptocurrency enthusiasts think that
| cryptocurrency is at odds with banking. Banks offer services
| that can't be replicated by cryptocurrencies and wouldn't
| really have a problem switching to them if necessary. You still
| need a bank to get a loan, you still need a bank to take care
| of your money if you don't want to be one hard drive failure
| away from losing access to the entirety of your funds. Banks
| and currencies are not the same thing.
|
| The funny part is that I've often seen crypto enthusiasts
| (including here on HN) claim that cryptocurrencies are the
| future and not as hard to use as people say, and then they go
| on to talk about their Coinbase provided Visa card how
| convenient it is. Good work guys, you've reinvented banks with
| extra steps.
| vmception wrote:
| Bitcoin was and still is an enemy/ignorable other thing to many
| banks, who are incentivized not to care while also operating
| under an unclear regulatory environment.
|
| Wyoming passed new laws to address that.
|
| An existing cryptocurrency exchange decided to become a bank.
| rahimnathwani wrote:
| More information about Wyoming's SPDI regulations here:
| http://wyomingbankingdivision.wyo.gov/home/areas-of-regulati...
|
| Banks usually borrow short-term from depositors, lend/invest
| long-term, and make money due to (i) the upward sloping yield
| curve, and (ii) profitability pricing credit risk.
|
| If that's how you understand what banks are, then SPDIs seems
| less like banks (which borrow from depositors) than to safe
| deposit box operators (which provide a place where depositors can
| keep valuables they don't want disturbed).
|
| So what is Kraken getting from the SPDI designation? Access to
| bank payment networks like ACH etc.?
| hd4 wrote:
| It may help to amend the title to point out that Kraken is
| essentially a cryptocurrency exchange/trading platform.
| hrudham wrote:
| Not related the article, but I cannot get off of Kraken's mailing
| list, and they won't stop spamming me. Clicking on the
| unsubscribe link in any of their emails has this quote in it:
| "Please note that this process will take 30 days to implement
| across our system". They they simply don't honour this, despite
| the 30 days in itself being ridiculous.
| MichaelBurge wrote:
| Click the unsubscribe link once, and mark all future emails
| from them as spam and move on. They have no reason to act on
| your request, and this gives them one.
| Wintereise wrote:
| You can get that filter to auto forward them to SpamCop
| (https://www.spamcop.net/) too!
|
| More than likely will get their ESP's attention.
| gostsamo wrote:
| GDPR if in EU (remove my data). Also, a filter to spam or even
| direct delete might prove useful.
| oh_sigh wrote:
| CAN-SPAM covers this in the US. Not honoring an unsubscribe
| request can lead to fines up to $43,280
| companyhen wrote:
| Majority of HN hates to hear it, but crypto is the future.
| Onwards!
| seibelj wrote:
| HN's never ending hatred of crypto is so funny to me. On the
| one hand it's "Disrupt incumbents! Software eats the world!
| Through the Internet all things can be made better!" But when
| it comes to crypto "No! We love our stodgy ancient corrupt
| banking system and the money laundering crooks that run them
| and extract ridiculous fees for terrible service!" Permanent
| "psyduck confused" look on my face.
| birdyrooster wrote:
| I think it's because if bitcoin continues this trend, we
| might not like who we have just enriched. Do you really want
| the new largest currency market to be dominated by a handful
| of families from one or two nations?
| nico_h wrote:
| it's because it only compounds the existing problems of the
| current banking system: more anonymity, not actually that
| decentralized, not less corrupt, still concentrated power.
| the only improvement is possibly fees.
| simias wrote:
| 10+ years on, billions of dollars poured into various coins
| and ICOs and still nothing to show for it. It's like an even
| nerdier Star Citizen.
| vmception wrote:
| Its the strange higher standard put on crypto that's oddest
| to me.
|
| Those ICO issuers have a great business model, haven't
| cracked recurring revenue yet, but alot of revenue!
|
| There is also a large services sector, no different than
| the adtech sector that has questionable utility.
|
| I worked on many mobile apps that weren't worth it for the
| company, and was praised for it. But crypto is the one that
| has to convince you of...... what?
|
| "There are alot of customers, go where the customers are -
| Except if it's crypto, then I'll just spend all my energy
| talking about unrelated crypto issues in a incoherent
| tirade."
| marcinzm wrote:
| >"Disrupt incumbents! Software eats the world! Through the
| Internet all things can be made better!"
|
| I don't see much of that to be honest. Lots of fears about
| the impact of things like AI, broken VC system having a net
| negative impact, advantages of limiting freedom of speech on
| online platforms, abuses by large software companies, etc,
| etc. If anything there's a pervasive view against rampant
| unrestricted capitalism and crypto generally ties itself to
| rampant unrestricted capitalism.
| bawolff wrote:
| > No! We love our stodgy ancient corrupt banking system and
| the money laundering crooks that run them...
|
| Ah yes- Cryptocurrencies are definitely going to put money
| laundering crooks out of business.
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