[Cryptography] Banks are not all the same, My Identity definitely not Satoshi Nakamoto

[efc at disroot.org]

On Tue, 15 Oct 2024, John Levine wrote:

> It appears that efc--- via cryptography <efc at disroot.org> said:
>>> But more to the point, #2 is actually banking without KYC or AML. ...
>
>> To give you some background. I'm a business owner, and my programmer I
>> hired was based in the US with a neo-bank. That made it impossible
>> (apparently) for my bank to transfer to his bank, and the cost was about
>> 50 EUR as well. When the transfer didn't go through due to unspecified and
>> unexplained reasons, we resorted to crypto, and it worked like a charm.
>
> I believe you, but you're overgeneralizing from "one bank is lousy."

No, I've had several banks and I also base part of my opinion about banks 
on the experiences of fellow business owners I regularly meet and talk 
with.

As an individual, who only lives, buys and transacts locally, banks work 
"ok", although they are overpriced for what they deliver, given the 
government protection they enjoy.

As a business owner, banks are hell on earth. Next to the government, as a 
business owner, I consider banks my mortal enemy nr 2, the government 
being nr 1.

> The US is a large economy with, for historical reasons, a lot of small banks.
> Most Americans never send or receive foreign payments, and our small banks, which
> includes all the neobanks, are clueless about them. So don't ask a small US bank
> to do international transactions.

I know nothing about US banks, my main perspective is european and from a 
business point of view. Not an individual point of view.

>> As for what he did when he received crypto, that's his business and not
>> mine (fortunately). I'm just happy I could pay him faster and at a
>> fraction of the cost of my bank.
>
> You are fortunate that your employee was willing to accept the costs and risks
> of turning the crypto back into money. I sure wouldn't.

I have no employees, I only use subcontractors. It's way better from a tax 
perspective and flexibility. It is regulated between my company and the 
contractor how he wants to be paid, and he was totally fine with it.

> R's,
> John
>