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AustenAllred's profile
Austen Allred
Austen Allred
Austen Allred
Verified account
@AustenAllred

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Austen AllredVerified account

@AustenAllred

CEO @LambdaSchool (YC S17): A CS education that's free until you get a job. I have made remarks that I do not agree with.

San Francisco, CA
lambdaschool.com
Joined December 2010

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    1. Jim V.o.R.‏ @JimYoull Mar 17
      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.

      1 reply 0 retweets 0 likes
    2. Jim V.o.R.‏ @JimYoull Mar 17
      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.

      2 replies 0 retweets 0 likes
    3. Austen Allred‏Verified account @AustenAllred Mar 18
      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?

      2 replies 0 retweets 0 likes
    4. Jim V.o.R.‏ @JimYoull Mar 18
      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.

      1 reply 0 retweets 0 likes
    5. Austen Allred‏Verified account @AustenAllred Mar 18
      Replying to @JimYoull

      Not saying it is bad, just that they short circuited regulation. So why aren’t there new banks?

      1 reply 0 retweets 0 likes
    6. Jim V.o.R.‏ @JimYoull Mar 18
      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

      1 reply 0 retweets 0 likes
    7. Austen Allred‏Verified account @AustenAllred Mar 18
      Replying to @JimYoull

      Those are not new banks, they’re new skins on old banks, which is a fundamentally different thing

      1 reply 0 retweets 0 likes
    8. Jim V.o.R.‏ @JimYoull Mar 18
      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.

      1 reply 0 retweets 0 likes
    9. Jim V.o.R.‏ @JimYoull Mar 18
      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.

      2 replies 0 retweets 0 likes
    10. Jim V.o.R.‏ @JimYoull Mar 18
      Replying to @JimYoull @AustenAllred

      I know a few people who started banks back in the midwest, now that you mention it. Totally forgot. That was a couple of decades ago but afaik they could do the same today if they cared to.

      2 replies 0 retweets 0 likes
      Austen Allred‏Verified account @AustenAllred Mar 18
      Replying to @JimYoull

      You have no idea what you’re talking about here. I’m sorry you just don’t. I literally meet weekly with the one person in the world who started 5 of the last 7 banks in the US, and they aren’t being started anymore because of regulation. Google it.

      12:18 AM - 18 Mar 2018
      1 reply 0 retweets 0 likes
        1. New conversation
        2. Jim V.o.R.‏ @JimYoull Mar 18
          Replying to @AustenAllred

          I Googled “how to start a bank in the US” and they all say i need $20M in capital and I also know i need a computer, and an internal auditor in a windowless room (they always are, poor guys). How can it be possible to still run a bank and not possible to start one?

          1 reply 0 retweets 0 likes
        3. Austen Allred‏Verified account @AustenAllred Mar 18
          Replying to @JimYoull

          Are you trying to be intentionally dense and obtuse? Try googling “why aren’t banks being started in the US” or “rate of bank creation in US over time.” You are trying to defend a point without having any idea what the hell you’re talking about, which speaks volumes

          1 reply 0 retweets 0 likes
        4. Jim V.o.R.‏ @JimYoull Mar 18
          Replying to @AustenAllred

          The rate of bank creation will answer nothing about “why”. I did google and just answered you with the articles I found: banking generates less profit now than ever, so it’s not attractive AND there is more regulation so it’s more annoying.

          1 reply 0 retweets 0 likes
        5. Austen Allred‏Verified account @AustenAllred Mar 18
          Replying to @JimYoull

          So banks magically became less profitable in 2008 for no reason having to do with Dodd-Frank or regulations at all? That’s the position you’re taking given your 30 seconds of research?

          1 reply 0 retweets 0 likes
        6. Jim V.o.R.‏ @JimYoull Mar 18
          Replying to @AustenAllred

          No actually I’ve spent in aggregate maybe 6 months full-time reading up about banking between 2005ish and again recently, thinking about this banking-for-the-unbanked problem. and 30 seconds just now. i figured we could overlay on an existing small bank.

          1 reply 0 retweets 0 likes
        7. Austen Allred‏Verified account @AustenAllred Mar 18
          Replying to @JimYoull

          You spent six months full-time and didn’t know about Dodd Frank or why there aren’t new banking charters?

          1 reply 0 retweets 0 likes
        8. Jim V.o.R.‏ @JimYoull Mar 18
          Replying to @AustenAllred

          my long project was pre-2010 and the post-2010 work was focused on the customers, not the bank.. again, i was thinking less about creating a bank for a low-margin market (sounds messy) and more about re-skinning an existing bank for a specialty market, if that market even existed

          1 reply 0 retweets 0 likes
        9. Jim V.o.R.‏ @JimYoull Mar 18
          Replying to @JimYoull @AustenAllred

          i think http://even.com  is walking that fine line. the “problem” of market entry for that demographic, as you know, is as much about education about a new way of handling money, as it is about access to a physical branch. It needs both. Also it’s big.

          1 reply 0 retweets 0 likes
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