Bankless Is Crypto a Scam? with Crypto Skeptic Patrick McKenzie
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Mar 21, 2024 
In this engaging discussion, Patrick McKenzie, a strategic advisor at Stripe and a vocal financial skeptic, shares his insights into the traditional banking system and the complexities of cryptocurrency. He explores why banks have holidays and questions whether a redesign of the banking system is needed. Patrick also delves into his skepticism about crypto, discussing its transformative potential versus its speculative nature, and raises important questions about financial regulations and their impact on personal freedom.
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Mt. Gox Laundering Request
- Patrick McKenzie was asked to launder money from Mt. Gox due to his access to Japanese banks.
- He declined, recognizing the suspicious nature of the request.
Banking System Evolution
- The US banking system's consumer technology was terrible 20 years ago, but has greatly improved, particularly with mobile banking apps.
- New payment methods like Buy Now Pay Later demonstrate financial engineering's role in evolving consumer finance.
Banking System Quirks
- Banking holidays are partly due to legacy systems and the need for downtime to update and balance books.
- Non-instantaneous transactions allow more opportunities to catch fraud.
