and we are damn well drawing a line in both cases because these companies have run roughshod over community well-being. In Today’s (3/17) Tweets: Uber’s forced NEW REGULATION on Valencia & elsewhere: https://twitter.com/MLNow/status/974867176271368193 … Oh look, Homeaway/AirBNB toohttps://twitter.com/vacation_rent/status/975261976115912704 …
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Replying to @JimYoull @AustenAllred
You might salvage this train of though by dumping the examples and reconsidering the premise. That is, let’s hear about an actual “regulation” that interferes with release of a new, useful, not screwing-up-the-world invention. And we can consider how to fix that.
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Replying to @JimYoull @AustenAllred
Freebie for you: Stripe. Before Stripe, there were maybe 2 companies at the root of credit card clearing for online. Both sucked. I knew this but never imagined anyone could fix it with “powerful” competitors and dense banking regs. Stripe just shoved through and fixed it.
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Replying to @JimYoull
Stripe didn’t have to fight with as much regulation as people believe IMO, but they did have to partner with banks. But that’s a good one. How many bank charters have been created in the past 15 years?
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Replying to @AustenAllred
it’s not a bad thing that they partnered with banks. Basic banking is a solved problem. Their innovation meets the demands of essential regs concerning ccard safety that probably < 0.11% of online merchants could implement truly securely.
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Replying to @JimYoull
Not saying it is bad, just that they short circuited regulation. So why aren’t there new banks?
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Replying to @AustenAllred
Ally? SV Credit Union? (not super new) Basic banking: solved problem. The banks most needed IMO are in places overrun by check cashing/payday loan/rent-to-own joints. That will take a special kind of org. I’d love to start one. http://even.com seems to be in the space
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Replying to @JimYoull
Those are not new banks, they’re new skins on old banks, which is a fundamentally different thing
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Replying to @AustenAllred
Why do we need another bank? I’m happy with my frumpy credit union. I put money in, they don’t lose it, they don’t try to sell me financial crap, when i need some cash, i get it from an ATM. It’s all good.
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Replying to @JimYoull @AustenAllred
The basic function of a bank should be no more exciting than the basic function of Stripe. I hire both companies to displace stuff that should never bring “surprise” to my life, so i can concentrated on the stuff that does, or that should.
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You literally just named an enormous problem a new bank could solve then said “why do we need a new bank?” in the next tweet
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