[Shosty123]

  My online banks keep getting worse, crypto keeps getting better.

That resonates with me after my bank shut down my ability to transfer money (via eTransfer) because I hit their arbitrary $20,000 limit for the month. I had to wait THREE weeks before I could send another transfer.

[dkarras]

It's also worth reflecting on the fact that banking being terrible is predominantly an American problem among the developed nations. Even in 3rd world countries, banking is pretty awesome. Checks have been obsolete for decades, any kind of money transfer takes around 5 seconds after you press send from your bank's app, even during weekends and between different banks. Transfer limits are generally settable from the apps as well. Worst case they sort you out through phone immediately. Waiting for 3 weeks for something like that is unheard of where I live which is a developing country.

[bhawks]

And crypto gives the entire world that great experience, without needing a bank or a government. It is hard to say that isn't an amazing technical solution to an organizational problem.

There are worse countries to manage your finances in than the US by the way. Lebanon is in the midst of a terrible bank and currency crises. People literally are not allowed to take money from the bank. This happens repeatedly throughout history.

[retube]

> And crypto gives the entire world that great experience, without needing a bank or a government

ha ha keep drinking the kool aid:

- crypto is difficult to use (really, no one wants the hassle of managing private keys)

- transactions are irreversible (i realise by design, but actually most people just want some measure of fraud protection)

- often high transaction costs

- slow transaction times (>10 mins for btc, often longer, versus literally instant for conventional payments)

- very, very limited transaction rates.

- oh and you could easily lose your cash with no recovery (go to point one re private keys)

[dkarras]

Yeah, no. Crypto does not provide (or even support) the experience I talk about when I say "great".

[scoopertrooper]

Every bank will reimburse you in the event of getting hacked or fraudulent withdrawals (to varying degrees), so withdrawal limits reduce their liability.

Bitcoin doesn't provide any protections in the case of your money being stolen, so it doesn't impose any limits.

Depends what you prioritise I suppose.

[bhawks]

Federal reserve regulation D puts strict limitations on transfers from savings to ensure bank capital ratios and solvency, not liability.

Fraudulent withdrawals (eg: check forgery, ACH fraud) are caused by the nature of our high trust banking system.

Account takeovers are easiest to pull off via social engineering vectors.

Alternatively build a good key management UX and don't talk to any Nigerian princes. I'd rather prioritize that.

[Shorel]

No they don't. They will weasel out of reimbursing you any time they can.

Looking at you, BBVA.

[fukd]

where i live daily upper limit is $20k and transcation costs from 0 to 20 cents and money is transfered instantly.

It makes me belive USA is far behind when it comes to financial tech

[elliekelly]

It’s not an arbitrary limit, it’s for money laundering risk-monitoring and reporting purposes.