This behavior could be reigned it by the Federal Reserve and the Federal Government. But don't hold your breathe.
Anybody remember Obama's Operation choke point? People should have been outraged then. I know was. I knew that once that door was open, it would be difficult to close and would lead us to where we are now. Banks and payment processors should not have the ability to deny services to any legitimate business that meets all credit and other legal standards for other business customers, as long as the business is not illegal under state or Federal law.
What's next, the banks denying INDVIDUALS services based on their point of view? I see little difference.
Denovo is not needed. I don't know why you say that is the requirement. You need 1 or few banks under a holding company. A Cuso (4 Credit Unions) or a couple S&L banks in Oklahoma with their state reassurance program.
This is literally fascism. Fascism is when the government uses corporate entities to rule. The attempt to use fascism is a way to get around having to actually write and pass laws in order to impose an agenda.
They have more power than the government. Visa and MasterCard can literally dictate who is allowed to trade with whom. No government has ever had that level of control over individual's finances in this way.
Imagine if every bank account and card you own was frozen overnight. Most people would be screwed. If they carry on like this, then people will literally starve to death.
Whales could tank the entire crypto market if they wanted. You know how that would look? A steady price increase as they buy in, then it tanking as they unload.
The money these entities controls means their pocket change dwarves the total market capitalization of the crypto markets.
Remember when Bank of America was denying loans to some gun manufacturers? That was another example. That is when I moved my money out and closed my account with them.
While Operation Choke Point was ruled illegal and supposedly shut down, it was never defunded by Congress. This has caused banks and credit processors to continue as if Choke Point is still in effect "Just in Case" so that they do not loose their federal status' if on some whim some prosecutor decides to come for them under the Choke Point provisions. The banks remain to this day extremely skittish over this as they believe eventually that Choke Point will come back in some way and catch them with their pants down. Eric Holder's Operation Choke Point still lives. F* Obama.
Obama really showed how the powers of the Federal government could be used to advance an agenda. Of course, he was given a complete free pass from the Fake news media while doing so. That was a big help.
Agreed. He really messed up the various financial businesses both in the USA, and particularly for international banking. Now, nearly all banks outside the USA will refuse to open accounts for USA citizens. They don't want the hassle of the required paperwork Obama added to the process nor the exposure to banking fines. Also, wire transfers were reduced to 5k per month for everyone unless you were specifically exempted by your bank based on previous history. My bank only limited me to 50k per month because of history, but what if you are starting a new business with no history? I could get an exception because I know how, but the average person would be stuck. Funny thing is, the dishonest people the USA is supposedly trying to catch and stop all know how to bypass it too. It only hurts the honest person trying to get ahead.
This behavior could be reigned it by the Federal Reserve and the Federal Government. But don't hold your breathe.
Anybody remember Obama's Operation choke point? People should have been outraged then. I know was. I knew that once that door was open, it would be difficult to close and would lead us to where we are now. Banks and payment processors should not have the ability to deny services to any legitimate business that meets all credit and other legal standards for other business customers, as long as the business is not illegal under state or Federal law.
What's next, the banks denying INDVIDUALS services based on their point of view? I see little difference.
Bingo.
I dont wanna leave the jongle
Bango
Can you explain? FDIC regulations have created this mob tactic of singling out competitors of Twitter?
Yes. Have you tried opening a bank lately?
I HAVE NEVER TRIED OPENING A BANK.
Can I just make like "Bob's Bank of MAGA" or something?
A bank no. Suppose a credit club in the crypto space for hyper-local community transactions and commerce. Provide critical functions and insurance.
With ease of tossing up a crypto project since it's based on math I'd be shocked if we don't see pockets outside conventional structures appear.
Denovo is not needed. I don't know why you say that is the requirement. You need 1 or few banks under a holding company. A Cuso (4 Credit Unions) or a couple S&L banks in Oklahoma with their state reassurance program.
Yes. If you wanted to straight up create a 1:1 clone of Paypal, you literally can't do it due to the reg changes.
Can you point me to the regulation? Is it FDIC? Any details would be great because I am wanting to dig into this. Thank you.
Also, Visa and MasterCard are the same company, it should be regulated as monopoly abuse.
I'm surprised they haven't blacklisted all of Trump's businesses. I imagine they might after he leaves office though O.O
They only like to pick on people who they think can't fight back.
This is literally fascism. Fascism is when the government uses corporate entities to rule. The attempt to use fascism is a way to get around having to actually write and pass laws in order to impose an agenda.
FINALLY! Someone who knows the actual definition of "fascism" and that is just not "governance I do not like"
I've been saying it for some time, too. It is the textbook definition of fascism and it has come to America.
edit to add comment:
https://thedonald.win/p/FzFv5GNO/x/c/12igvj01Op
They have more power than the government. Visa and MasterCard can literally dictate who is allowed to trade with whom. No government has ever had that level of control over individual's finances in this way.
Imagine if every bank account and card you own was frozen overnight. Most people would be screwed. If they carry on like this, then people will literally starve to death.
Crypto for the win
Whales could tank the entire crypto market if they wanted. You know how that would look? A steady price increase as they buy in, then it tanking as they unload.
The money these entities controls means their pocket change dwarves the total market capitalization of the crypto markets.
It's like denying loans to people because they are black. Didn't that used to be a thing?
Sure did. Just ask the Democrats.
They already have banned individuals for political viewpoints. See Chase Bank and the Proud Boys.
They (banks/credit card processors) also ban businesses based on what they sell.
Remember when Bank of America was denying loans to some gun manufacturers? That was another example. That is when I moved my money out and closed my account with them.
While Operation Choke Point was ruled illegal and supposedly shut down, it was never defunded by Congress. This has caused banks and credit processors to continue as if Choke Point is still in effect "Just in Case" so that they do not loose their federal status' if on some whim some prosecutor decides to come for them under the Choke Point provisions. The banks remain to this day extremely skittish over this as they believe eventually that Choke Point will come back in some way and catch them with their pants down. Eric Holder's Operation Choke Point still lives. F* Obama.
Obama really showed how the powers of the Federal government could be used to advance an agenda. Of course, he was given a complete free pass from the Fake news media while doing so. That was a big help.
Agreed. He really messed up the various financial businesses both in the USA, and particularly for international banking. Now, nearly all banks outside the USA will refuse to open accounts for USA citizens. They don't want the hassle of the required paperwork Obama added to the process nor the exposure to banking fines. Also, wire transfers were reduced to 5k per month for everyone unless you were specifically exempted by your bank based on previous history. My bank only limited me to 50k per month because of history, but what if you are starting a new business with no history? I could get an exception because I know how, but the average person would be stuck. Funny thing is, the dishonest people the USA is supposedly trying to catch and stop all know how to bypass it too. It only hurts the honest person trying to get ahead.
Patreon and Paypal have cut off individuals.
And Go Fund Me.