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It is state control via the banking system
"Traditional" finance has destroyed its traditions in favor of naive experiments in digital centralization. Payment vendors now ask questions ludicrously irrelevant to the function of sending payments. Every year their "money" degrades more into tools of political control.https://twitter.com/whiterosetees/status/1061434491292581888 …
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And politically acitivist NGOs, which are even more energetic in trying to destroy their political enemies' money.
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As a Merchant, I get irritated by these questions. But PSPs make money only if I go ahead with the payment. If they still risk irritating me, I tend to believe they must be having a good reason to do so by asking these questions.
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Their "good reason" is that they increasingly value their political control, and fear the political control of their masters, far more than they know or care about you their customer. The habits of free enterprise are being left behind.
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Agreed. I never had any illusions that PSPs cared about my welfare. But, as things stand, they seem to be a necessary evil. I'll switch in a minute if I had a better alternative.
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A bit off topic... in Canada our government is pushing “Stats Can” to gain access to personal banking habits. Stats Can is far from Canadian Revenue Agency. They cite it’s needed to gather data to see what social programs are relevant or under funded. Statism is rampant here.
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Sadly on topic. More use of money as a tool of political control instead of focusing on improving money as money.
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The last time I was in the US I was amazed how many businesses accepted cash. In Canada business look at me confused if I try and use cash. The banks here make us funnel all deposits/withdrawal through them, with a card... fuck.
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There's some decentralization on the PSP market. Although not much. These players are hungry, competition is in higher levels, and there's also the rise of White-label Payments Platforms. Lowering the MDR & innovating on architecture is not enough. KYC is being outsourced too.
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And yet customer service is getting worse, increasingly burdening customers with ever more ridiculous questions and freezing and even taking the funds of increasing numbers without due process. More political control is translating to less control and utility for customers.
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In shocking turn of events, government 'help' makes the problem worse.
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This book embraces the why. The ideology behind finance mixed with Theology. Your posts are intriguing and your ideology is refreshing. So many intellects are so far left behind.pic.twitter.com/7v8dxepFTZ
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“The scientization of politics leads not only to doctrines of legitimation through natural law, but also to a political epistemology that premises the state as object of cognition, with its own laws and ways of functioning”- Vogl. Thank you for making me think.
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Laundering is not a crime if you have a banking license. It's part of the job. Capitalism required the shadow economy to be more succesfull at capitalism(backroom deals, immoral ways for profit). And by defintion that shadow needs infrastructure. Don't forget: "Greed is good".
Thanks. Twitter will use this to make your timeline better. UndoUndo
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Nick what are your thoughts on decentralized exchanges like
@The_Blocknet@KomodoPlatform and@bitshares ? They could be hard for regulators to target with KYC and AMLThanks. Twitter will use this to make your timeline better. UndoUndo
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Money has always been primarily a tool of political control.
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Any medium of exchange, in quantity, is a tool of political control.
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