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We have antitrust laws to break up monopolies. Why should the gov be the exception? We're getting a raw deal: stagnant products, price gouging, customer service agents literally beat you up for complaining. We need competition. We need accountability. We need options.

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Jesse Powell

@jespow

Jun 7, 2020

For the people who like how the gov is doing with the DMV, schools, police: why have you not demanded a public bank for the ~25% of US households that are under/unbanked? This seems like a massive fail. How do you live without a bank account? #Bitcoin

cnbc.com

25% of US households are either unbanked or underbanked

Twenty-five percent of U.S. households are unbanked or underbanked, according to a 2017 survey by the FDIC. Those are people who either don't have a bank account, or have an account, but still use...

Amon (Bitcoin & Crypto Education)

@AmonUnlimited

Jun 7, 2020

This is a good idea to bank the unbanked. These people are mostly minorities, do you have a plan that would make it easy for them to onboard? Crypto is a very unforgiving and confusing place when you first enter the space.

Jesse Powell

@jespow

Replying to

@AmonUnlimited

Maybe everyone who gets a social security number, becomes a citizen should receive a government bank account at that time. Even if you don't regularly use it, at a minimum, it is a way to distribute stimulus grants to the nation without sending paper checks in the mail.

3:37 AM · Jun 7, 2020Twitter Web App

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Amon (Bitcoin & Crypto Education)

@AmonUnlimited

Jun 7, 2020

Replying to

@jespow

Interesting idea. Is there a way we can solve this with crypto?

Jesse Powell

@jespow

Jun 7, 2020

Not really -- if everyone were on crypto and comfortable with it, there'd be no need for traditional banks. We'll continue to need banks for at least the next decade while the UX around crypto improves and it becomes more widely accepted as a universal alternative to banks.

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