Conversation

Notices

1. LinuxWalt (@lnxw48a1) {3EB165E0-5BB1-45D2-9E7D-93B31821F864} (lnxw48a1)'s status on Friday, 16-Dec-2022 18:27:42 UTC LinuxWalt (@lnxw48a1) {3EB165E0-5BB1-45D2-9E7D-93B31821F864}

   Remote profile options...
   One of the reasons why people left money in #cryptocurrency exchanges (which violates all the precepts of using #cryptocurrencies) is because of the lack of on-ramps. If #FTX's customers maintained near-zero balances, there would have been no money to steal to prop up #Alameda_Research. That lack of on-ramps, by the way, is due to financial regulations.
   
   Likewise, there would be no need for exchanges to provide "proof of reserves", because they'd only need to hold enough reserves to handle expected transaction volume.
   
   As I read the financial news, I'm ever more convinced that the standard financial system's built-in racism will never be fixed. It exists at every level from regulators to Joe Banker who denies you a loan to buy a used car, and is reinforced from the top, but means of regulations and orders that often disguise their effect in high-sounding phrasing.
   
   When I read "Bitcoin and Black America", I felt like he overstated his point, but his point--that Blacks need to get out from under the racist financial system and find a way to fund their own businesses and jobs outside of it--still stands. Even though I'm not wedded to cryptocurrencies, I believe they offer the best shot at doing this of any financial medium I've ever heard of.
   • LinuxWalt (@lnxw48a1) {3EB165E0-5BB1-45D2-9E7D-93B31821F864} (lnxw48a1)'s status on Friday, 16-Dec-2022 22:40:28 UTC LinuxWalt (@lnxw48a1) {3EB165E0-5BB1-45D2-9E7D-93B31821F864}

     Remote profile options...

     in reply to
     https://www.forbes.com/sites/jasonbrett/2020/06/19/interview-with-bitcoin-and-black-america-author/ [www forbes com] author of "Bitcoin and Black America" interviewed.
   • LinuxWalt (@lnxw48a1) {3EB165E0-5BB1-45D2-9E7D-93B31821F864} (lnxw48a1)'s status on Friday, 16-Dec-2022 23:47:57 UTC LinuxWalt (@lnxw48a1) {3EB165E0-5BB1-45D2-9E7D-93B31821F864}

     Remote profile options...

     in reply to
     https://nu.federati.net/url/288945 [lawandcrime com]
     
     One of the USA's largest insurers sued for racial discrimination against Blacks using the company's own internal data that documents the practice.
     
     You'd think that financial regulators would have tackled this sometime between 1960 and today, but they apparently still have not.