Digital wallets might be worse-is-better bank accounts.
And there's a tradeoff: they are plausibly threatened by a big, impersonal technology company (with customer support by /dev/null) doing the most important parts of their product line for ~$150 a year per account less than they need to make rent. But that $150 is real money.
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My macro POV is if these newer products are so good, why do richer people not store their money there? A: because nobody trusts management at any financial company to do the right thing in a crisis. Poor(er) people just don't have the choice. That's the sad part.
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I get that regulation has a financial cost. It's a policy choice to allow the newer apps to be exempt from regulation borne of hard experience. It's a policy choice to expose primarily poor(er) people who can't afford to lose the money to this risk. (And so soon after 2008!)
End of conversation
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