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Comment by charlesism | Hacker News Reader

    tech is not banking

It's 2019. That argument would hold more weight if FAANG weren't aleady in the payments market ( eg: apple.com/applepay , pay.google.com ). If they aren't banks now, they will be soon.

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I believe “banking” in this context isn’t “retail banking” (moving money around) but “investment banking”. It’s good to have some reasonable regulation of the former, but it’s the latter that allegedly poses a threat to the economy at large.

FAANG is unlikely to sell CDOs around “likes and shares” ;)

> FAANG is unlikely to sell CDOs around “likes and shares” ;)

Let's revisit this in 10 years ;)

What I mean by "tech is not banking": Investment banking was playing with the money of their retail bank division. In some crazy years, you could have an unsupervised trader leveraging at 95% with money from the retail division. In that case, it was normal that politicians had to break the retail and investment.

Tech is not banking, even in 2019. The banking system is a lot more sophisticated and convoluted and complicated than what modern tech companies and their engineers are willing to deal with.

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