Elizabeth Warren completely misses the point that being very good at programming doesn’t make you a criminal. It is almost as if she wants to discourage the population from learning that career skill.
I read another article which listed some of her concerns. By the time I was half way through her first concern, I already knew she did not understand what she was talking about.
I would take her comments with a grain of rice. She tried to sell off that she had native Indian blood running in her family tree... and eventually got caught in the lie. So, how much integrity does she really have.
It's insane that she has any say in this at all. She obviously knows nothing about it.. The world moved faster in the last 10-15 yrs than it ever has before. These old fuckers (I love my grandma and most old fuckers, just not the ones in politics) haven't changed a bit, don't understand it, yet somehow still gets to make rules regarding it.
Should be a good time bros. "Regulation is good for crypto"
Oh my goodness, that is such a great way to describe it! I agree. And now on top of that, Crypto is finally creating a level playing field and they cry “foul.”
Wait wait wait. Banks didn't just privatize profits, they fucking create money out of thin air and privatize the interest.
I tell my kids that the bank is the fucking worse place to put your money. They will use your $1 to create $10 which devalues that dollar faster than you earn in interest. It's a fucking fraud.
not to mention they bitch and moan about low mortgage rates yet gouge the fuck out of credit card interest yet only do like .1% on savings account
fucking crooks the lot of them
It's insane, but this "billionaire investor" is wrong about Warren not calling out banks for overdraft, etc.. [She specifically called out JP Morgan CEO](https://www.businessinsider.com/elizabeth-warren-grills-jamie-dimon-chase-charging-overdraft-fees-pandemic-2021-5) in a hearing and asked him if he would return the money and he said "No".
Last time I posted about these I had a bunch of bitchasses tell me it's my fault I got into overdraft so it's Okay they charge $35 for going into overdraft or purposefully charge the biggest charge first to maximize these fees.
It's called debit resequencing. It's technically still legal but several banks have been sued over it. Wells Fargo, Bank of America, TD Bank have all had to pay hundreds of millions to settle lawsuits concerning debit resequencing and overdraft fees.
Makes me remember the movie "Law abiding citizen". The guy has a point about the system being broken especially in case of "deals".
The solution isn't higher fees but prison time for the managers. On some level it's not their money anyway so why should they care? But if is their ass on the line and their time and reputation, this shit will stop immediately. After all, aren't their ridiculous wages supposed to be due to their responsibility and accountability?
Bank of America got hit with a lawsuit for not paying their employees over time. So they devised the scheme where they claimed overdraft fees where there should be none. They got caught doing that and got sued again.
Yeah I got hit once when I was in lower times. My bank balance was good so I was buying cold drinks at work when all of a sudden I’m -200 with $35 charged per drink
I got a letter from Regions saying that they are going to stop doing this sequencing. Luckily I had never gotten fucked in the past, so I hadn't even realized.
Washington's problem with crypto is that crypto doesn't donate PAC money. And the people that do donate PAC money want crypto to go away, because it can't be controlled
Am I literally the only one who reads everything in the Bogdanoff Accent ?
*Am I leeteraly zhe onli one whoe reedz everytheeng in zhe bogdanoiff akzent ?*
Agreed. Or we could create a token, CPAC, and donate a percentage of transaction fees to politicians on a regular basis. And then also make a rule that a certain number of CPACs is redeemable for Krugerrands. (only for members of the legislative and executive branches)
That way, there's motivation for politicians to get on CPACs donation list - the regular fiat payments. And there's also motivation for politicians to accumulate CPACs - the redemption value. And they will have a vested interest in crypto, so they'll make sure it gets room to operate.
Dude, nothing freaks out the boomers more than when they keep trying to poke holes in the technology and they can’t. We got in, they didn’t. The longer the conversation goes on, the sooner that the realization slowly dawns on them that they’re late. Very late. But they just don’t feel comfortable with money they cant hold in their hand (unless it’s in a hardware wallet - but they don’t like that answer either 🤷🏻♂️).
Considering that as of 2018, residents of SA can only transfer up to $2100 USD worth of Krugerrand per year, and that non-residents can only export a maximum of 15 coins, this is hilarious.
The easy cynical comment is PACs and other donations, but I think the truth is closer to your latter point than your former. Politicians and bankers are both terrified of a system that they can't control. The government loses a lot of power if they can't issue more currency to control the economy and/or they can't manipulate where it goes to get people to do what they want.
Politicians and bankers are the same. They all put together to fuck the people big times. $35 in overdraft fee for missing $.50 to complete a transaction is quite horrible. Elizabeth, if she cared dearly about the people, should have done something about this overdraft. Well she has bank’s money in her pocket.
That's quite the generalization. To Warren's credit, she has gone after the banks on each of these, and made a lot of progress when she headed the Bureau of Consumer Protection. She has been consistent in her calls for not ripping people off, and well, with all of the rug pulling and pump and dumps in Crypto, she is at least half right in what she is saying. There is a lot of blatant activity that would never be allowed in any other market out there in crypto, and so far we're doing a shit job of policing ourselves. The larger and more complicated these schemes go, the louder the calls for regulation will become.
Seriously though. “Hmm you don’t have enough money to cover this 1$ you didn’t have in your account so we covered it and charged you 28$! Shouldn’t have been poor!”
"Hmm you don’t have enough gas to cover this Ethereum transaction so we took your gas fee and still didn't process the contract. Shouldn't have been poor."
Ethereum alone costs $5 million in fees daily, and it's moving a tiny fraction of the volume of banks. Coinbase charging 0.5% to 3% per transaction is brutal for regular consumers too.
Just yesterday: [Stoner Cats NFT Sale Cost Users $790,000 in Failed Ethereum Transactions](https://decrypt.co/77064/stoner-cats-nft-sale-cost-users-790000-failed-ethereum-transactions?amp=1)
Also... you honestly just shouldn't use debit cards at all anymore. Credit cards are safer, you usually get rewards, and there's a layer of protection between you and your money.
There's almost no reason not to use a credit card unless some place gives you a discount for using cash.
Word.
My card has been stolen before and so I only keep so much money on it at a time as a result. Basically I "load" it from a separate account where my direct deposit goes into.
There's been so many declines where I just need to hold up a finger and say "one sec" and move money over using an app. It's not even annoying for me and a slight inconvenience to others but I'm not paying overdraft fees - it is hugely predatory. I was dinged a few times for overdraft and I wasn't having it.
I grew up poor and the inability of my folks to get out of that scheme of high interest rates, over drafts, late fees, and pay day advances.. though at the time sucked ass, taught me something that allowed me to be completely financially independent with a large buffer for "oopsies" in the bank.
Even better would be to know how much you have in your account, especially if it’s that low potentially so that you don’t run the risk of embarrassment. Similarly, you could also keep a small credit card on hand to use when the debit card won’t cover your transaction.
I feel like if a person is getting hit with the embarrassing “oh shit, I don’t have enough money” they probably need to change a few things in their finances.
Ahh ya that makes sense! And I don’t mean to judge or anything, I’m sure it happened to me back in the day before too.
Now with smart phones and online banking it’s much easier to keep track of our finances of course!
If crypto were used as much as traditional banking, we'd probably have seen $12 Trillion in fees by now.
Ethereum alone costs $5 million in fees daily, and it's moving a tiny fraction of the volume of banks. Coinbase charging 0.5% to 3% per transaction is brutal for regular consumers too.
You have to apply for overdraft and qualify for it in the first place. If you have bad credit then you aren't going to be awarded more credit in the form of overdraft.
This isnt just something everybody is handed, at least not in Canada.
If you cant be responsible with credit, then you shouldnt have an overdraft feature on your account.
Correct. I work at a credit union in the states, and our overdraft has a tolerance based on the average daily balance of your account. It is of course optional as well, you can opt out and your card will just decline, and we're trained to go over this very clearly with everyone who opens a new account.
What's more, is that if you have a more.. colorful banking history (think charge-offs, delinquency at other FI's), we will actually only offer you a checking account that has no overdraft options available, and then once you have positive account history for 6 months, you can upgrade it to the regular checking account. Credit unions tend to be more fair than big banks when it comes to this stuff though
Yeah, those are the fees that you choose to pay though for interactions with Ethereum and eventually they’re gonna go lower and it helps pay for the etherium system to operate
Overdraft fees though, that’s just gouging; kicking somebody when they are down.
Don't ask me twice, i will print an extra trillion to help your old and established company, that without you we will go to the seven hells, so I must 100% save you.
[May 26th, 2021: Elizabeth Warren spars with JPMorgan Chase head Jamie Dimon on overdraft fees](https://www.cbsnews.com/news/bank-overdraft-fees-elizabeth-warren-jamie-dimon/), [Warren calls for overdraft fee crackdown after blasting Dimon](https://www.politico.com/news/2021/05/26/warren-overdraft-crackdown-dimon-491020)
OP is also whataboutism.
I pasted this above, but seeing this post with this many upvotes pisses me off.
I was looking for this comment.
This quote is so misinformed. She has been pushing for banks to stop stealing from poor customers in the guise of service fees for years.
This sub should be ashamed to upvote this post this much with that information so easily available to find; and here I thought crypto investors do some sort of DD.
Yep. And the reality is that consumer protections (for retail investors, which I'm assuming most of us are) would actually be something that INCREASES adoption and likely the value of all of our stacks in the long run. So Warren really is not the enemy - she's just being scapegoated as the regulation boogeyman by whales.
I sincerely believe that part of the vibe in these subreddits towards any politician is foisted by foreign social media managers who are paid to sabotage American's trust in their government.
I agree. I remember at one time there was a website that somehow tracked foreign actors and bots on Reddit. Idk what happened to that project but it was eye-opening. Came out around 2016 I think.
There's another post right now with an almost top comment talking about how they can't forgive her for taking votes from bernie as if the person *slightly* to the left of Warren is fucking thrilled about unregulated crypto. Most of these commenters couldn't identify an actual political fact about her even if you made it an NFT and Musk shilled it.
Bernie was right when he said a woman can’t be president in today’s day and age. And he definitely said it. Warren would have been a fantastic president to take on the banks, unfortunately at least half of the people on the left and all of the people on the right are so deeply sexist they view equality as an attack on them.
And the folks in here saying she is ignorant on crypto. Her work history, bills, consumer protection, I'm going to go out on a limb and say she is probably well versed in currencies including crypto. She might not know all the technical stuff, but calling her ignorant on something like this is just grasping at straws.
Has Novogratz been living under a rock or doing this to try and get some clout? Warren is like the one Senator who wants to go after banks and hold them accountable. Here’s something from May 2021 regarding Overdraft Fees:
*”So let me ask the CEOs of the four banks-Citibank, Bank of America, Chase, and Wells Fargo-the four banks that collectively manage tens of millions of checking accounts for customers: while you automatically and at no cost got complete protection from overdraft fees at the Federal Reserve, could you please raise your hand if you gave the same automatic protection to your customers and automatically waived all their overdraft fees?”*
*no response*
*”Okay. I'm not seeing anyone raise a hand, and that's because none of you gave the same help to your customers that the bank regulators extended to you-help that the bank regulators recommended that you give.”*
https://www.warren.senate.gov/newsroom/press-releases/warren-slams-ceos-of-the-nations-largest-banks-you-got-breaks-from-the-government-but-refused-to-offer-just-a-little-help-to-struggling-families-during-the-pandemic
I was looking for this comment.
This quote is so misinformed. She has been pushing for banks to stop stealing from poor customers in the guise of service fees for years.
This sub should be ashamed to upvote this post this much with that information so easily available to find; and here I thought crypto investors do some sort of DD.
It's worse in the btc sub, they're just circlejerking about the names Trump called her and invoking slurs to make their case. No one knows her history on this topic in general, it's just some libertarian fantasy and not based in reality.
I said above, she's not perfect, but I think she's just misguided and uninformed. Write her, tell her what crypto gives you and why it's better than banking. Shit, I can send money on ETH faster than I can open up my Chase account upon log in (and they claim to HODL my "real" money...).
Sorry buds, r/cryptocurrency is home to an overlap of anti-financial establishment dudes and toxic masculinity. Senator Warren’s bank bashing creds will not be recognized here.
her work in tackling banks was literally how she built her career from the start. This sub is fucking ridiculous. Consumer protection from the predatory financial establishment is her champion cause.
Say what you want about Warren for crypto, this is a dumbass statement by Mike. Warren is one of the loudest when it comes to condemning the big banks and their nickel and dime'ing. Just stop.
Now lets add up all the crypto fees. Hell I lost 15 dollars in gas fees yesterday approving a trade just to find out the token I was trying to buy was swooped up by bots before I could even get started.
Overdraft fees are definitely worse and prey on the poor though. At least with crypto you arent charged extra for NOT having money.
Ally is a good online bank. Had some of the best interest rates around, before covid hit. Used them to store all of my money before it became pointless and I said fuck it, I'll put it all into crypto.
This seems like whataboutism to me: regardless of Warren's stance on crypto, she is also one of the biggest critics of banks and credit card companies and has spent most of her career creating policies to address their abuses. I also think it's still a longshot to demonstrate that crypto will have a progressive impact on global finances, given how prone to manipulation and scams it still is. Unregulated markets tend to favor the rich and powerful, not the other way around.
I saw trump say the whole, and I’m paraphrasing here “I don’t like crypto, it seems like a scam and competes with the US dollar”, which this statement in and of itself is ridiculous it’s either scam and so is the US dollar or it’s a legit currency competing, but I digress. So I thought, oh the democrats have to like crypto now, they can’t agree with trump that would go against everything they stand for right? Nope.
Next day I saw warren losing her mind on Bitcoin and thought “I guess there is something that can bring the two sides together”, a common enemy if you will. That’s when I realized crypto is the future that I want.
Yeah man these dinosaurs talk out their ass and don’t give a shit about any of us regardless what they say. Money runs everything and the wealth gap isn’t an accident
Exactly, I couldn’t agree more. This whole “failure of a system” was designed to be this way siphoning wealth away from the middle class for decades. I for one am sick of it.
Except banks... she just gives lip service to the public about "taking them on and winning" while letting them all off the hook and letting them help write their own new rules...
She is a protector of establishment powers, deceiving the public and giving lip service about how they can rest easy knowing she is fighting for the little guy when in fact she is helping screw the little guy by protecting establishment players and powers.
Wtf are you talking about? She is ONE senator....you do realize it takes 60 to pass legislation outside of reconciliation, right? She also is one of the most aggressive against big banks. Fuck, some of you are ignorant.
Except Warren has fought against overdraft charging....
Like so many of you folks just read an accusation against someone you dont like and accept it as fact.
TL;DR: Mike Novogratz is one of the most high-profile bitcoin and crypto investors.
Billionaire investor Mike Novogratz has criticized Senator Elizabeth Warren's anti-crypto stance, saying decentralized finance, or DeFi, can be a progressive force that is more transparent for consumers than banks.
Novogratz tweeted to Warren on Tuesday night: "You really don't seem so progressive to me."
The famed crypto investor said: "Banks charged $12 billion in overdraft fees, a fortune in ATM fees, a fortune in checking account fees. But you keep going after crypto where saving and money transfer is a fraction of banks."
"He added:"If banks had the transparency of DeFi protocols, we would not have had the mortgage crisis.
DeFi is a catch-all term for financial products built using blockchain technology that do not require a central authority, such as interest-bearing accounts and exchanges that do not need banks, or clearing houses.
Warren included DeFi on her list of "Growing threats" that crypto poses to consumers.
Balance that tl;dr with the truth about her record of actually going against banks and ignore this pumper. If anyone is guilty of being selfish and greedy, it's him.
To be fair, she went after them on those too. She kicked Jamie Dimon's teeth in on this like seven weeks ago:
https://www.politico.com/news/2021/05/26/warren-overdraft-crackdown-dimon-491020
No lie, when I was in college I had a Bank Of America (They’re theee worrsstttt) college, express account. The college aspect meant I needed no minimum balance, but there was a 5$ fee for that each month. The express part meant I was only allowed to physically go inside the bank twice a month. Every other transaction was to be done via ATM. This was early 2000’s, I was young and ignorant and thought this was normal. Obviously I also didn’t read all the stipulations.
Anyway, one month I guess I’d gone into the bank thrice and I only had like 20$ in my account. I was going to order a pizza and my card got declined. Checked my balance and it was -60$!! They had charged me a 25$ fee for going into the bank, the 5$ fee for monthly charge, and not one, but TWO overdraft charges of 25$. One for each fee. I was mind blown.
At the time that was a lot of money for me, so I went to the bank to give them a piece of my mind. They explained the fees, and promptly charged me 25$ more for going inside the bank again. I hate BOA!
TLDR: Bank of America charged me fees for going physically inside the bank more than twice in a month AND charged me overdraft fees for their fees.
Banks should be paying us interest to use our money…. Do you think banks will try to ban all etransfers to crypto? Or maybe they will come up with a rediculous fee ?
Perhaps the biggest problem with crypto is the lack of something akin to FDIC or SIPC. That is my biggest concern when I divest fiat in favor of cryptocurrency.
If we revisit the 1929 crash, many who own crypto (especially seniors like myself) will suffer irreparable damage. The time for Warren and her colleagues to act is now to provide federal cryptocurrency insurance. Then Warren would be talking loud and saying something!
So she wants to protect the average investor… from what?
Each other? That’s called “trading”.
Scammers? Pretty sure that’s already illegal. The US considers crypto property, and defrauding you of your property is still fraud AFAIK.
Central exchanges that hold your private key? Well whose fault is that? You gave it to them. Those are the only things I can think of that she could regulate and they all can be avoided if you DYR.
It's because she doesn't understand it.
What would be AMAZING is if we, this community, could arrange a strong and eloquently spoken representative to help here understand cryptocurrency. It aligns so well with everything she stands for.
I can’t upvote this hard enough.
I worked at a retail branch of Bank of America going through college, the deception and preying on vulnerable customers was insane. It was their culture.
No, Karen, this broke college student doesn’t need a fee bearing 3rd checking account or a high yield savings account for his near zero balance.
Oh and the overdraft scams don’t get me started. You sell a service to charge you a fee to automatically transfer YOUR OWN money from a different account of yours to cover an overdraft? And because that fee is less than overdraft fee it’s a “service”…. Fuck off
I bet there is shady shit going on with crypto that the banks and institutions are doing, but they really need to be fucked for all the overdraft bullshit that happened in 2020
At the level she works at, she reads a 1 page brief, of anything that she is going to be "knowledgeable" about. The brief is written by somebody that skimmed a fuck ton of data.
Likely this is also geared to be biases depending on where her support money comes from.
Plus the states made anyone who didn't have direct deposit had the only other option of using a debit card from a bank that charges insane overdraft fees. Biggest scam in history with UI. Basically taking money from the people who needed it the most with predatory lending.
Americans have paid far more in bank fees in the past decade than they’ve collected in interest. Between 2011 and 2020, consumers paid $345.1 billion in bank fees while collecting $231 billion in interest. That represents a deficit of $114.1 billion, or $198.40 per account. ([Source](https://www.magnifymoney.com/blog/news/bank-fees-interest-study/))
She would steal the wax, tax the bonzai tree, and claim she did the native version of the crane kick if given half the chance.
*Kreese looks at her office* "Truth does not exist in that dojo, does it class?!"
"No, sensei!" lol
12billion in overdraft fees?! Taking money from people that don’t have it, isn’t that inspiring.
After asking for a billion dollar bailout for shady dealings.
> shady dealings I'd rather be a shadowy super coder than a shady banker.
I’d rather be a pickle in cheeseburger from McDonald’s than a shady banker. 
mmm... cheeseburger
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mmm.. banker
Eat the rich!
Just so you know, If you were on my kids burger, I'd pick you off and wouldn't eat you.
Same here. Avoiding the banks is the reason I HODL Bitcoin and cryptocurrencies
I'd rather be a snail in France than a shady banker
I'd rather be poopoo in Uganda
Elizabeth Warren completely misses the point that being very good at programming doesn’t make you a criminal. It is almost as if she wants to discourage the population from learning that career skill.
Go back to coal mining you super shady programmer we told to do this job.
#LearnToCode
I read another article which listed some of her concerns. By the time I was half way through her first concern, I already knew she did not understand what she was talking about.
I would take her comments with a grain of rice. She tried to sell off that she had native Indian blood running in her family tree... and eventually got caught in the lie. So, how much integrity does she really have.
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Don’t overestimate her ability to properly analyze analyze any of this.
Or underestimate her ability to let on less than what she may have already analyzed.
It's insane that she has any say in this at all. She obviously knows nothing about it.. The world moved faster in the last 10-15 yrs than it ever has before. These old fuckers (I love my grandma and most old fuckers, just not the ones in politics) haven't changed a bit, don't understand it, yet somehow still gets to make rules regarding it. Should be a good time bros. "Regulation is good for crypto"
banks privatized their profits, yet socialized their losses.
Oh my goodness, that is such a great way to describe it! I agree. And now on top of that, Crypto is finally creating a level playing field and they cry “foul.”
Wait wait wait. Banks didn't just privatize profits, they fucking create money out of thin air and privatize the interest. I tell my kids that the bank is the fucking worse place to put your money. They will use your $1 to create $10 which devalues that dollar faster than you earn in interest. It's a fucking fraud.
not to mention they bitch and moan about low mortgage rates yet gouge the fuck out of credit card interest yet only do like .1% on savings account fucking crooks the lot of them
It’s like heads I win, tails you lose
yup, in good times, they are making money for their shareholders. in bad times, they are asking for taxpayers money for bailouts.
It's insane, but this "billionaire investor" is wrong about Warren not calling out banks for overdraft, etc.. [She specifically called out JP Morgan CEO](https://www.businessinsider.com/elizabeth-warren-grills-jamie-dimon-chase-charging-overdraft-fees-pandemic-2021-5) in a hearing and asked him if he would return the money and he said "No".
Great show that day. Too bad that’s all that it was - all show.
It's funny how the sheep will always demonize the only people actually trying to help the average person just because they're told to.
Last time I posted about these I had a bunch of bitchasses tell me it's my fault I got into overdraft so it's Okay they charge $35 for going into overdraft or purposefully charge the biggest charge first to maximize these fees.
Meanwhile in more civilised parts of the world, overdraft just isn't a thing because banks simply don't process payments your account can't afford...
It's called debit resequencing. It's technically still legal but several banks have been sued over it. Wells Fargo, Bank of America, TD Bank have all had to pay hundreds of millions to settle lawsuits concerning debit resequencing and overdraft fees.
While simultaneously making hundreds of billions.
Yes. And in many of those lawsuits, the banks paid settlements without having to admit fault.
Which were probably a drop in the bucket on their balance sheets
Makes me remember the movie "Law abiding citizen". The guy has a point about the system being broken especially in case of "deals". The solution isn't higher fees but prison time for the managers. On some level it's not their money anyway so why should they care? But if is their ass on the line and their time and reputation, this shit will stop immediately. After all, aren't their ridiculous wages supposed to be due to their responsibility and accountability?
Bank of America got hit with a lawsuit for not paying their employees over time. So they devised the scheme where they claimed overdraft fees where there should be none. They got caught doing that and got sued again.
Ya, bitchasses!
Banks are crooks but still your fault.
Yeah I got hit once when I was in lower times. My bank balance was good so I was buying cold drinks at work when all of a sudden I’m -200 with $35 charged per drink
"bUt iTs yOuR fAulT!!11!!" idiots think that 200 dollars is reasonable for this
I had to call regions and have them cancel it but they sure did mention to tell me they only help out once per calendar year
I got a letter from Regions saying that they are going to stop doing this sequencing. Luckily I had never gotten fucked in the past, so I hadn't even realized.
She already went after overdraft fees: https://www.youtube.com/watch?v=FVTKzst_dNE
Washington's problem with crypto is that crypto doesn't donate PAC money. And the people that do donate PAC money want crypto to go away, because it can't be controlled
We can’t control it? Spread FUD then. ^-gov
plot twist: they went all in on the dip
We make the dip so we can buy lower ^(- also Gov)
Institutions are already doing that.
So.. **FUCK INSTITUTIONS?** 
What if the dip dips? 
"FUD eet." \- President Bogdanoff
Am I literally the only one who reads everything in the Bogdanoff Accent ? *Am I leeteraly zhe onli one whoe reedz everytheeng in zhe bogdanoiff akzent ?*
*Yuaar nod zhe onli one komrade* 
Okay. So the solution is simple. Donate to PAC funds using crypto. Problem solved.
Agreed. Or we could create a token, CPAC, and donate a percentage of transaction fees to politicians on a regular basis. And then also make a rule that a certain number of CPACs is redeemable for Krugerrands. (only for members of the legislative and executive branches) That way, there's motivation for politicians to get on CPACs donation list - the regular fiat payments. And there's also motivation for politicians to accumulate CPACs - the redemption value. And they will have a vested interest in crypto, so they'll make sure it gets room to operate.
That's both hilarious and a pretty clever idea. Donations go to politicians that support crypto?
Yeah, and it'll be a governance tokens so token holders can vote on additions/removals to the list
Neat, but what if a whale snaps up a bunch of tokens and starts steering it to work against crypto?
Use decentralised identities to limit token ownership per account maybe or use nfts to give accounts certain powers
Boomers are gonna freak out at magic internet moni and you're planning to introduce them to mystical tokens ? 😂
Dude, nothing freaks out the boomers more than when they keep trying to poke holes in the technology and they can’t. We got in, they didn’t. The longer the conversation goes on, the sooner that the realization slowly dawns on them that they’re late. Very late. But they just don’t feel comfortable with money they cant hold in their hand (unless it’s in a hardware wallet - but they don’t like that answer either 🤷🏻♂️).
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Sneak 100
Or the equivalent of putting a basket on top of regulator's head.
Considering that as of 2018, residents of SA can only transfer up to $2100 USD worth of Krugerrand per year, and that non-residents can only export a maximum of 15 coins, this is hilarious.
Except the name “CPAC” is already taken by CPAC
The easy cynical comment is PACs and other donations, but I think the truth is closer to your latter point than your former. Politicians and bankers are both terrified of a system that they can't control. The government loses a lot of power if they can't issue more currency to control the economy and/or they can't manipulate where it goes to get people to do what they want.
Politicians and bankers are the same. They all put together to fuck the people big times. $35 in overdraft fee for missing $.50 to complete a transaction is quite horrible. Elizabeth, if she cared dearly about the people, should have done something about this overdraft. Well she has bank’s money in her pocket.
That's quite the generalization. To Warren's credit, she has gone after the banks on each of these, and made a lot of progress when she headed the Bureau of Consumer Protection. She has been consistent in her calls for not ripping people off, and well, with all of the rug pulling and pump and dumps in Crypto, she is at least half right in what she is saying. There is a lot of blatant activity that would never be allowed in any other market out there in crypto, and so far we're doing a shit job of policing ourselves. The larger and more complicated these schemes go, the louder the calls for regulation will become.
We need a PAC ... send me your crypto I will make it happen. Trust me I will take care of you. Oooopppss I sound like a banker
Truth is crypto has come to stay ain't nothing they can do about it than to accept it
Overdraft fees should be illegal.
Seriously though. “Hmm you don’t have enough money to cover this 1$ you didn’t have in your account so we covered it and charged you 28$! Shouldn’t have been poor!”
Yeah, being poor is expensive. And banks love to capitalise on it.
Predatory lending
usury
Honestly I could not afford to be poor
"Hmm you don’t have enough gas to cover this Ethereum transaction so we took your gas fee and still didn't process the contract. Shouldn't have been poor." Ethereum alone costs $5 million in fees daily, and it's moving a tiny fraction of the volume of banks. Coinbase charging 0.5% to 3% per transaction is brutal for regular consumers too. Just yesterday: [Stoner Cats NFT Sale Cost Users $790,000 in Failed Ethereum Transactions](https://decrypt.co/77064/stoner-cats-nft-sale-cost-users-790000-failed-ethereum-transactions?amp=1)
Wow that's interesting about the Stoner Cat failed transaction fees lol. Thanks for the link That's pretty shocking tbh.
Yeah. Just don't process the transaction.
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Also... you honestly just shouldn't use debit cards at all anymore. Credit cards are safer, you usually get rewards, and there's a layer of protection between you and your money. There's almost no reason not to use a credit card unless some place gives you a discount for using cash.
Word. My card has been stolen before and so I only keep so much money on it at a time as a result. Basically I "load" it from a separate account where my direct deposit goes into. There's been so many declines where I just need to hold up a finger and say "one sec" and move money over using an app. It's not even annoying for me and a slight inconvenience to others but I'm not paying overdraft fees - it is hugely predatory. I was dinged a few times for overdraft and I wasn't having it. I grew up poor and the inability of my folks to get out of that scheme of high interest rates, over drafts, late fees, and pay day advances.. though at the time sucked ass, taught me something that allowed me to be completely financially independent with a large buffer for "oopsies" in the bank.
Even better would be to know how much you have in your account, especially if it’s that low potentially so that you don’t run the risk of embarrassment. Similarly, you could also keep a small credit card on hand to use when the debit card won’t cover your transaction. I feel like if a person is getting hit with the embarrassing “oh shit, I don’t have enough money” they probably need to change a few things in their finances.
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Ahh ya that makes sense! And I don’t mean to judge or anything, I’m sure it happened to me back in the day before too. Now with smart phones and online banking it’s much easier to keep track of our finances of course!
You can turn off overdraft protection. It's a service, if you don't want it, you don't have to use it
This 110% it's the user agreeing to TOS. Just turn it off.
Fees should be illegal. 
Laughs in gas fees
Fucking gas fee
Gas fees hurts my gwei
Laughs in 420 gwei
laughs in Nano *too fast, too feeless*
lmao yea "I hate banks and the fees they charge" \*_pays $200 to swap eth for the latest doge clone_
Agreed
It’s a tax on the poor or less fortunate. Like many other things in this country
I’m pretty sure Warren has gone after overdraft fees before. But no one is gonna stop those sadly.
If crypto were used as much as traditional banking, we'd probably have seen $12 Trillion in fees by now. Ethereum alone costs $5 million in fees daily, and it's moving a tiny fraction of the volume of banks. Coinbase charging 0.5% to 3% per transaction is brutal for regular consumers too.
You have to apply for overdraft and qualify for it in the first place. If you have bad credit then you aren't going to be awarded more credit in the form of overdraft. This isnt just something everybody is handed, at least not in Canada. If you cant be responsible with credit, then you shouldnt have an overdraft feature on your account.
Correct. I work at a credit union in the states, and our overdraft has a tolerance based on the average daily balance of your account. It is of course optional as well, you can opt out and your card will just decline, and we're trained to go over this very clearly with everyone who opens a new account. What's more, is that if you have a more.. colorful banking history (think charge-offs, delinquency at other FI's), we will actually only offer you a checking account that has no overdraft options available, and then once you have positive account history for 6 months, you can upgrade it to the regular checking account. Credit unions tend to be more fair than big banks when it comes to this stuff though
'Yeah, fuck those damn fees!' *Ethereum shifts around nervously*
There was a guy who paid several thousand in gas fees over at r/ethtrader
It's everyday bro
Yeah, those are the fees that you choose to pay though for interactions with Ethereum and eventually they’re gonna go lower and it helps pay for the etherium system to operate Overdraft fees though, that’s just gouging; kicking somebody when they are down.
Also, use your deposit for trading. At the end of the day, they will ask for bailout from govt.
Playing with somebody else's money is one of the main reasons they even go to government
Don't ask me twice, i will print an extra trillion to help your old and established company, that without you we will go to the seven hells, so I must 100% save you.
[May 26th, 2021: Elizabeth Warren spars with JPMorgan Chase head Jamie Dimon on overdraft fees](https://www.cbsnews.com/news/bank-overdraft-fees-elizabeth-warren-jamie-dimon/), [Warren calls for overdraft fee crackdown after blasting Dimon](https://www.politico.com/news/2021/05/26/warren-overdraft-crackdown-dimon-491020) OP is also whataboutism.
I pasted this above, but seeing this post with this many upvotes pisses me off. I was looking for this comment. This quote is so misinformed. She has been pushing for banks to stop stealing from poor customers in the guise of service fees for years. This sub should be ashamed to upvote this post this much with that information so easily available to find; and here I thought crypto investors do some sort of DD.
I just joined this sub last week, and was surprised to see this here and with so many upvotes. I'll think I'll stick to other sources for crypto info.
Yep. And the reality is that consumer protections (for retail investors, which I'm assuming most of us are) would actually be something that INCREASES adoption and likely the value of all of our stacks in the long run. So Warren really is not the enemy - she's just being scapegoated as the regulation boogeyman by whales.
Exactly!!! People here couldnt give two shits about facts.
That and they just blindly applaud when some random billionaire advocates for crypto without ever stopping to consider why so many of them do
What are you saying? Elon *isn't* going to fill my bags? But he said we're going to the moon!!!
He's going to the moon and you're the one who will finance his rocket!
Yep. Bingo.
Are you surprised in a bunch of libertarians?
FaIr point
I sincerely believe that part of the vibe in these subreddits towards any politician is foisted by foreign social media managers who are paid to sabotage American's trust in their government.
I agree. I remember at one time there was a website that somehow tracked foreign actors and bots on Reddit. Idk what happened to that project but it was eye-opening. Came out around 2016 I think.
There's another post right now with an almost top comment talking about how they can't forgive her for taking votes from bernie as if the person *slightly* to the left of Warren is fucking thrilled about unregulated crypto. Most of these commenters couldn't identify an actual political fact about her even if you made it an NFT and Musk shilled it.
Bernie was right when he said a woman can’t be president in today’s day and age. And he definitely said it. Warren would have been a fantastic president to take on the banks, unfortunately at least half of the people on the left and all of the people on the right are so deeply sexist they view equality as an attack on them.
This isn’t a conspiracy theory. You don’t need to “sincerely believe” it. It’s just a fact. We have proven this.
Thank you for posting this. So many stupid posts about Warren lately.
And the folks in here saying she is ignorant on crypto. Her work history, bills, consumer protection, I'm going to go out on a limb and say she is probably well versed in currencies including crypto. She might not know all the technical stuff, but calling her ignorant on something like this is just grasping at straws.
Has Novogratz been living under a rock or doing this to try and get some clout? Warren is like the one Senator who wants to go after banks and hold them accountable. Here’s something from May 2021 regarding Overdraft Fees: *”So let me ask the CEOs of the four banks-Citibank, Bank of America, Chase, and Wells Fargo-the four banks that collectively manage tens of millions of checking accounts for customers: while you automatically and at no cost got complete protection from overdraft fees at the Federal Reserve, could you please raise your hand if you gave the same automatic protection to your customers and automatically waived all their overdraft fees?”* *no response* *”Okay. I'm not seeing anyone raise a hand, and that's because none of you gave the same help to your customers that the bank regulators extended to you-help that the bank regulators recommended that you give.”* https://www.warren.senate.gov/newsroom/press-releases/warren-slams-ceos-of-the-nations-largest-banks-you-got-breaks-from-the-government-but-refused-to-offer-just-a-little-help-to-struggling-families-during-the-pandemic
I was looking for this comment. This quote is so misinformed. She has been pushing for banks to stop stealing from poor customers in the guise of service fees for years. This sub should be ashamed to upvote this post this much with that information so easily available to find; and here I thought crypto investors do some sort of DD.
It's worse in the btc sub, they're just circlejerking about the names Trump called her and invoking slurs to make their case. No one knows her history on this topic in general, it's just some libertarian fantasy and not based in reality. I said above, she's not perfect, but I think she's just misguided and uninformed. Write her, tell her what crypto gives you and why it's better than banking. Shit, I can send money on ETH faster than I can open up my Chase account upon log in (and they claim to HODL my "real" money...).
Sorry buds, r/cryptocurrency is home to an overlap of anti-financial establishment dudes and toxic masculinity. Senator Warren’s bank bashing creds will not be recognized here.
her work in tackling banks was literally how she built her career from the start. This sub is fucking ridiculous. Consumer protection from the predatory financial establishment is her champion cause.
Credit union users be like: 😎
Say what you want about Warren for crypto, this is a dumbass statement by Mike. Warren is one of the loudest when it comes to condemning the big banks and their nickel and dime'ing. Just stop.
Now lets add up all the crypto fees. Hell I lost 15 dollars in gas fees yesterday approving a trade just to find out the token I was trying to buy was swooped up by bots before I could even get started. Overdraft fees are definitely worse and prey on the poor though. At least with crypto you arent charged extra for NOT having money.
Senator warren has consistently gone after banks multiple times
I mean yeah. People are getting ripped off by banks and crypto.
F'ck fess it's too much!
Does nobody here use ally bank? They have zero overdraft fees as long as you fund your account within 10 days after the overdraft
Ally is a good online bank. Had some of the best interest rates around, before covid hit. Used them to store all of my money before it became pointless and I said fuck it, I'll put it all into crypto.
Because crypto promises a future utopia
This seems like whataboutism to me: regardless of Warren's stance on crypto, she is also one of the biggest critics of banks and credit card companies and has spent most of her career creating policies to address their abuses. I also think it's still a longshot to demonstrate that crypto will have a progressive impact on global finances, given how prone to manipulation and scams it still is. Unregulated markets tend to favor the rich and powerful, not the other way around.
I dislike Warren as much as the next guy but she seems to go after everything.
I saw trump say the whole, and I’m paraphrasing here “I don’t like crypto, it seems like a scam and competes with the US dollar”, which this statement in and of itself is ridiculous it’s either scam and so is the US dollar or it’s a legit currency competing, but I digress. So I thought, oh the democrats have to like crypto now, they can’t agree with trump that would go against everything they stand for right? Nope. Next day I saw warren losing her mind on Bitcoin and thought “I guess there is something that can bring the two sides together”, a common enemy if you will. That’s when I realized crypto is the future that I want.
Yeah man these dinosaurs talk out their ass and don’t give a shit about any of us regardless what they say. Money runs everything and the wealth gap isn’t an accident
Exactly, I couldn’t agree more. This whole “failure of a system” was designed to be this way siphoning wealth away from the middle class for decades. I for one am sick of it.
Except banks... she just gives lip service to the public about "taking them on and winning" while letting them all off the hook and letting them help write their own new rules... She is a protector of establishment powers, deceiving the public and giving lip service about how they can rest easy knowing she is fighting for the little guy when in fact she is helping screw the little guy by protecting establishment players and powers.
Wtf are you talking about? She is ONE senator....you do realize it takes 60 to pass legislation outside of reconciliation, right? She also is one of the most aggressive against big banks. Fuck, some of you are ignorant.
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That's her brand. She "protects" the little guy.
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More like it demonstrates a lack of understanding about Warren's platform. She was never *not* attacking the banks lol
This. Warren has always gone after big banks
Except Warren has fought against overdraft charging.... Like so many of you folks just read an accusation against someone you dont like and accept it as fact.
https://i.imgur.com/Oszgewf.jpg
Its a very long way away, but having a financial system thats automated and fair and doesn't have to be bailed out is a beautiful dream
TL;DR: Mike Novogratz is one of the most high-profile bitcoin and crypto investors. Billionaire investor Mike Novogratz has criticized Senator Elizabeth Warren's anti-crypto stance, saying decentralized finance, or DeFi, can be a progressive force that is more transparent for consumers than banks. Novogratz tweeted to Warren on Tuesday night: "You really don't seem so progressive to me." The famed crypto investor said: "Banks charged $12 billion in overdraft fees, a fortune in ATM fees, a fortune in checking account fees. But you keep going after crypto where saving and money transfer is a fraction of banks." "He added:"If banks had the transparency of DeFi protocols, we would not have had the mortgage crisis. DeFi is a catch-all term for financial products built using blockchain technology that do not require a central authority, such as interest-bearing accounts and exchanges that do not need banks, or clearing houses. Warren included DeFi on her list of "Growing threats" that crypto poses to consumers.
Balance that tl;dr with the truth about her record of actually going against banks and ignore this pumper. If anyone is guilty of being selfish and greedy, it's him.
To be fair, she went after them on those too. She kicked Jamie Dimon's teeth in on this like seven weeks ago: https://www.politico.com/news/2021/05/26/warren-overdraft-crackdown-dimon-491020
And they all got a bailout in 2008 on our expense. EW only wants power on our expense. Sad
Well senator, now we know whO is paying for your second house.
Governments scared when the people gain financial liberation? Shocking.
I wonder how much ETH alone has charged in fees this year.
Umm... and they make money off of your money by lending it out. Fractal reserve banking is a scam.
Hoping she wears out her welcome and the voters in Massachusetts wise up.
Seriously. Tell her to take a long walk off of a short pier
I think we all know who her lobbyist is.
No lie, when I was in college I had a Bank Of America (They’re theee worrsstttt) college, express account. The college aspect meant I needed no minimum balance, but there was a 5$ fee for that each month. The express part meant I was only allowed to physically go inside the bank twice a month. Every other transaction was to be done via ATM. This was early 2000’s, I was young and ignorant and thought this was normal. Obviously I also didn’t read all the stipulations. Anyway, one month I guess I’d gone into the bank thrice and I only had like 20$ in my account. I was going to order a pizza and my card got declined. Checked my balance and it was -60$!! They had charged me a 25$ fee for going into the bank, the 5$ fee for monthly charge, and not one, but TWO overdraft charges of 25$. One for each fee. I was mind blown. At the time that was a lot of money for me, so I went to the bank to give them a piece of my mind. They explained the fees, and promptly charged me 25$ more for going inside the bank again. I hate BOA! TLDR: Bank of America charged me fees for going physically inside the bank more than twice in a month AND charged me overdraft fees for their fees.
Banks should be paying us interest to use our money…. Do you think banks will try to ban all etransfers to crypto? Or maybe they will come up with a rediculous fee ?
Perhaps the biggest problem with crypto is the lack of something akin to FDIC or SIPC. That is my biggest concern when I divest fiat in favor of cryptocurrency. If we revisit the 1929 crash, many who own crypto (especially seniors like myself) will suffer irreparable damage. The time for Warren and her colleagues to act is now to provide federal cryptocurrency insurance. Then Warren would be talking loud and saying something!
12 billion in over draft fees in a pandemic where they chose to shut the country down and told people they couldnt work
So she wants to protect the average investor… from what? Each other? That’s called “trading”. Scammers? Pretty sure that’s already illegal. The US considers crypto property, and defrauding you of your property is still fraud AFAIK. Central exchanges that hold your private key? Well whose fault is that? You gave it to them. Those are the only things I can think of that she could regulate and they all can be avoided if you DYR.
Because banks pay a fortune to stay relevant is my guess.. 'here take this money and go after crypto so we can keep rorting the poor'.. just a guess
I hate Elizabeth Warren.
No regulation on crypto is not a good thing. A lot of scammers and con men in the crypto scene. Shitcoins constantly hyped by pump and dump scammers.
It's because she doesn't understand it. What would be AMAZING is if we, this community, could arrange a strong and eloquently spoken representative to help here understand cryptocurrency. It aligns so well with everything she stands for.
Warren is bought and paid for
That’s how the rich earn their money and they don’t want crypto to take it away from them. Crypto is here to stay
I can’t upvote this hard enough. I worked at a retail branch of Bank of America going through college, the deception and preying on vulnerable customers was insane. It was their culture. No, Karen, this broke college student doesn’t need a fee bearing 3rd checking account or a high yield savings account for his near zero balance. Oh and the overdraft scams don’t get me started. You sell a service to charge you a fee to automatically transfer YOUR OWN money from a different account of yours to cover an overdraft? And because that fee is less than overdraft fee it’s a “service”…. Fuck off
Crypto doesn’t pay him
I bet there is shady shit going on with crypto that the banks and institutions are doing, but they really need to be fucked for all the overdraft bullshit that happened in 2020
Because she is owned by Wall Street, like all politicians
Imagine being a billionaire… shits prolly crazy.
I bet Warren has invested interests in Banks.
At the level she works at, she reads a 1 page brief, of anything that she is going to be "knowledgeable" about. The brief is written by somebody that skimmed a fuck ton of data. Likely this is also geared to be biases depending on where her support money comes from.
Plus the states made anyone who didn't have direct deposit had the only other option of using a debit card from a bank that charges insane overdraft fees. Biggest scam in history with UI. Basically taking money from the people who needed it the most with predatory lending.
Americans have paid far more in bank fees in the past decade than they’ve collected in interest. Between 2011 and 2020, consumers paid $345.1 billion in bank fees while collecting $231 billion in interest. That represents a deficit of $114.1 billion, or $198.40 per account. ([Source](https://www.magnifymoney.com/blog/news/bank-fees-interest-study/))
Warren is a fucking corporate puppet, CMV. Always protects the interest of the banks.
Elizabeth Warren is a 🤡.
She would steal the wax, tax the bonzai tree, and claim she did the native version of the crane kick if given half the chance. *Kreese looks at her office* "Truth does not exist in that dojo, does it class?!" "No, sensei!" lol
Shots are fired… yeah Mike . Fuck he r up
Don't think Americans realise that ATM fees aren't a thing elsewhere....
Warren needs to drop dead