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0 pointshn_throwaway_991y ago0 comments

I appreciate the sentiment, and I agree, but this really matters. There have been so many stories of fintechs collapsing recently, where people were really just trying to make an extra few percentage points of yield, and then people lost all of their savings.

I also like to root for the little guy, but the trust barrier will be the largest hurdle I think that this company needs to overcome, and so it's fair to discuss it.

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5 comments · 1 top-level

Invictus01y ago· 4 in thread

Please recall this is the website that discusses startups. It is absolutely not fair to use "you are not a big company" as a point of criticism

windexh8er1y ago

Every possible angle is "fair" when it's your money. To look the other way because it's being discussed on HN is madness. For folks that aren't aware of the fintech failures the point being reiterated makes a statement and if the OP / founder doesn't address the issues in the thread then it doesn't seem like I should have a ton of faith in their service.

koolba1y ago

It's absolutely fair when you're evaluating a potential fiduciary. I personally don't consider small regional banks secure beyond the FDIC limits for the same reason. But one of the "big guys" is fine as they're too big to fail.

Invictus01y ago

> As part of the agreements with the United States Attorney’s Offices for the Central District of California and the Western District of North Carolina, the Commercial Litigation Branch of the Civil Division, and the Securities and Exchange Commission, Wells Fargo admitted that it collected millions of dollars in fees and interest to which the Company was not entitled, harmed the credit ratings of certain customers, and unlawfully misused customers’ sensitive personal information, including customers’ means of identification.

https://www.justice.gov/opa/pr/wells-fargo-agrees-pay-3-bill...

> As a result of HSBC Bank USA’s AML failures, at least $881 million in drug trafficking proceeds – including proceeds of drug trafficking by the Sinaloa Cartel in Mexico and the Norte del Valle Cartel in Colombia – were laundered through HSBC Bank USA. HSBC Group admitted it did not inform HSBC Bank USA of significant AML deficiencies at HSBC Mexico, despite knowing of these problems and their effect on the potential flow of illicit funds through HSBC Bank USA.

https://www.justice.gov/opa/pr/hsbc-holdings-plc-and-hsbc-ba...

Madoff had $65B AUM.

You must be living under a rock (or a democrat) if you trust an institution just because it's large.

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hn_throwaway_99OP1y ago

OK, you roll the dice with your money then.

More importantly, though, that's not what I'm saying. Getting over the consumer fear about their financial security absolutely has to be a primary priority of this company, and if they don't address it, then they have a shitty business plan.

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