People should abolish banks; they contribute nothing good to society and are a literal Ponzi scheme, creating credit that has inflated the prices of everything, including the housing market. It's crazy how banks are taken for granted too. When was the last time you were offered to get paid in cash as an option as an employee (not some local gig you do)? Why do only two private companies (Visa/MasterCard) control payments online and offline, mostly worldwide too?
conception · 33m ago
If you abolish banks people would recreate them as they serve many purposes (see crypto’s inadvertent trend towards reinventing banking).
tamimio · 13m ago
They might recreate them but it will be real banks up to their names, which is a concept that has been around for thousands of years where banks stored gold and grains, for example. Modern banking, however, was only created in the 1600s by giving receipts for the gold they held, but the money creation from lending (aka credit and making money from loans beyond deposits) only happened in the 1800s. Yet, it was still controllable until 1933 when the gold standard ended in the US and 1971 internationally, where money now is literally paper backed by no real value but rather credit and trust, so the whole concept of credit creation out of nothing is very modern, and that should be abolished for the sake of sustaining the society.
nadermx · 58m ago
This would only apply to businesses in the UK though? Not sure how Ofcom could pursuade a foreign based processor to shut down a legitimate businesses processing within their own jurisdiction, not the UK
While in practice 'developed' countries are doubling down on censorship and de-banking.
Telaneo · 1h ago
Rome wasn't built in a day.
Proton have already gotten a 2000% increase in VPN customers following the Online Safety Act being passed,[1] and we haven't even gotten to the point of Ofcom heavily enforcing this yet. It hasn't even been a month. Governments haven't gotten to see how ineffective their enforcement will be yet, since barely any time has passed.
While in practice 'developed' countries are doubling down on censorship and de-banking.
Proton have already gotten a 2000% increase in VPN customers following the Online Safety Act being passed,[1] and we haven't even gotten to the point of Ofcom heavily enforcing this yet. It hasn't even been a month. Governments haven't gotten to see how ineffective their enforcement will be yet, since barely any time has passed.
[1]https://www.uktech.news/cybersecurity/proton-vpn-uk-online-s...