Conversation

Jesse Powell
@jespow
Paypal locked up all the money I had for 6 months, almost lost my business/apartment. BofA killed
@Krakenfx
's payroll account on 30 days notice. Chase killed it on 5 days notice, by mail, which arrived after the account was closed. Found out when employee checks bounced.
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Pomp 🌪
@APompliano
And you survived. No matter how hard they try, the banks can’t stop the disruption from crypto companies 🤷🏽‍♂️
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Jesse Powell
@jespow
I cycled through multiple rented PayPal accounts and I started spreading deposits across several banks, cash in safety deposit boxes. Probably a compliance person's worst nightmare but I basically had to employ the arts of a money launderer to survive.
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Goose Wayne (GFX)
@usgoose
Are you referring to locked up wallets due to lost keys, or exchange hacks/etc? Either way, those aren't due to an authoritative gov't or business. Even banks have flaws in security. My argument was purely based on the fact that if you own your private keys, you have 100% control
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Jesse Powell
@jespow
This was 2003, long before crypto. Totally legal business. Paypal locked my account because my mom logged in to her account from my apartment, and my brother logged in to his account from her house. My bro was locked first because he refused to pay back a fraudulent chargeback.
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Goose Wayne (GFX)
@usgoose
Replying to
@jespow
@notsofast
and 2 others
Yes, there are risks involved with crypto related business when it comes to legal and banking regulations, but implying that crypto is inherently causing those issues is false. In time, banks will love to work with crypto companies, and one day (hopefully) we won't need banks.