I hate to be "that guy", but this is why I hate banks and like crypto. Both the fact that crypto is obviously trivial to automate, and that banks can unilaterally ban you and steal your money.
Crypto of course being famously free of fraud and theft, with no tendency at all towards coalescing control around a small, centralised set of decision makers.
Doesn't crypto have the same problem, with money laundering and other crimes? If you lose money with crypto, there is no one to sue nor government insurance.
> Doesn't crypto have the same problem, with money laundering and other crimes?
I don't see how that's the same problem? They are clearly separate, distinct problems.
There are obviously both advantages and disadvantages to both crypto and banking. As someone who lives in a country that has been through a lot of bullshit, I highly value the fact that the bank can't just take away my money.
In my understanding most fraud in the fiat world is similarly irreversible, different actors just absorb the costs of the fraud, in the end consumers foot the bill as increased prices.
Fraud is huge industry, the fraud models and attack vectors in the fiat world is different than in the crypto world. In the end wherever there is enough money, there will be fraud as well.
I am not sure that banks can "unilaterally ban you and steal your money", they are regulated and work under the laws of the hosting country. If anything banks can add a level of security and safety for example by adding insurance to your funds and having legal liability to handle them correctly.
If you don't trust "the system" as a whole then you are right, I can't argue with mistrust.
