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Large Bank Realizes Kickstarters Are Unsafe
- SuperflyPete
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- Salty AF
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In related news, PayPal has likened the potential chance to be scammed by and/or not get your products from Kickstarter project managers Government agencies, gambling establishments, and any activity with a fee and prize (Sweepstakes).
TL;DR: If you get fucked on Kickstarter, you did it to yourself and we're not giving you your money back.
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- Legomancer
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- Dave Lartigue
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- Jackwraith
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- ThirstyMan
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I'd like to thank Loter for refunding my money for the (effectively) failed Glamazons project. It was refunded within 24hrs of asking for it. It's not often you can say that Kickstarter guys are stand up guys but I certainly will in this case.
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- SuperflyPete
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@Dave: It's not a bank per their CEO and it's not a bank per FDIC, but many states are looking at regulating them for transactions in their own state; many, many regulators are looking at them as either an unlicensed bank (as I do) or an unlicensed money transfer operation. So, I could've renamed the thread "Unlicensed Bank..." or "Pseudobank"...
The only thing they don't do is issue loans through fractional reserve banking; that said, money in your PayPal account is physically (digitally) sitting in an actual, licensed bank, in a retail, interest-bearing account where it IS loaned via fractional reserve banking. The long-and-short is that PayPal is avoiding regulation by doing what a bank does through a third party bank.
Jackwraith wrote: Paypal is not a bank, per se, but is subject to many of the same regulations (including consumer protection regulations) that banks are because it is a "money transmitter" and retains non-disbursed funds in interest-bearing commercial accounts. It actually does have a banking license in Europe and is considered one in the EU.
And as JW pointed out, it Europe, it actually IS a bank.
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But that's not what Pete's post was about. Pete's post was saying that Kickstarter has the same risk profile that a bunch of shit fringe enterprises have.
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