[curryhowardiso]

Is the problem that the "stanford disruptors" are sticking to offering value as a payments facilitator/money transmitter and not trying to move up the value chain and get some banking licences? I assume this would be orders of magnitude more difficult but I really want to see it happen somewhere in the world!

[theptip]

Even the money transmitter play is harder than you'd think (all of what I wrote above is applicable to that class; being a bank is even harder). Since Paypal failed to convince the regulators that they were not an MSB, they are much less likely to let a small fry under the radar.

[curryhowardiso]

Cards on the table: I work for a money transmitter "app" headquartered in SF (I say "app" because we still operate in a somewhat speculative niche in the industry) as a software engineer - but I have a degree in law as well. To me the regulatory compliance seems to be an issue with the tech people not properly collaborating with the "banking proper" types (financial services/legal/banking professionals) Note: in "easy" jurisdictions we are seeing some progress[0]

Would you be able to take this offline and discuss with me further? I do not know the protocol for off site discussions from hacker news. Do I give you my public key? haha LOL

[0] www.monzo.com (with whom I haveno affiliation whatsoever)