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this post was submitted on 27 Oct 2023
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As someone who worked for a tech banking company many years, you are too stupid to do it.
This shit is complicated as fuck.
Oh and all the tech in the world or capital you could build is worthless unless you have that sweet banking / credit license in US. And lets just say its really really hard to cone by nowadays.
Oh please. It ain't complicated. I could write a ruby app in a weekend that would do everything a bank does. It's just subtracting from one account and adding to another.
"Security?! Nah, the Russians are my best friends"
"All you need is security bars in front of your windows"
Ok, now let me present to you: Rolling reserves.
Well, he could presumably hire some smart people to make it happen, but he'd have to pay them...
Also, this is assuming he wants to be an actual bank and not just pay employees in scrip that you can only spend through things they provide.
There is literally prior art from him in this regard. He just decided to call it a payment processor so he did not have to do all that bit about it being other people's money.