πŸ“š node [[discrimination in digital finance]]

Discrimination in digital finance

I don't know much about [[digital finance]]. My first thoughts are that it refers to [[cryptocurrency]] but it's probably more than that.

In general what I've seen of fintech (admittedly not that much), it comes across as brotech and not [[Liberatory technology]]. I wonder if there is [[liberatory fintech]].

I'll read [[vera]]'s notes on this node to get started…

They mention cashapp and venmo too - I don't know too much about these.

Does online banking count as digital finance? I can't remember the last time I went in to an actual branch of my nominally physical bank to be honest.

Added some definitions: [[digital finance]].

But yeah in general seems to have a wide range of description, from online banking to distributed ledgers.

How does it discriminate? One obvious act of discrimination I guess is the exclusion of those who aren't comfortable in the use of digital technology. People may prefer to interact in person in a real branch, not fuck around with shitty bank websites.

On the other end, stuff like [[bitcoin]] say, you need to be pretty tech savvy to get started with it. And to mine it in the first place, you have to have capital for hardware.

  • Poor people have less access to resources
  • without an ID you can't buy certain scheduled subtstances e.g. alcohol, nicotine
    • while these substances are unhealthy, limiting their access is still kinda cringe imo, but I'm not exactly offering any solutions to fix it
    • An ID costs money and is [[fiscally restrictive]] to those who can't afford it
      • there exists programs which help pay for these things but they aren't readily available/advertised
    • in order to gain access to [[financial services]] the user must enlist the help of their friends or resort to obtaining false documentation
  • certain kinds of [[digital instruments]] are limited in their accessibility according to their classification
    • [[cashapp]]/[[venmo]] cards and other cards classified as "prepaid" don't allow you to transfer money on sites that might be considered fiscally risky.
      • these cards are often used as the primary bank and debit card of lower income people. limiting their access because of their status is categorically discriminatory
      • examples
        • crypto
        • gaming
πŸ“– stoa (open document) at doc.anagora.org/discrimination-in-digital-finance
β₯± context
β₯… related node [[bitcoin]]
β₯… related node [[cryptocurrency]]
β₯… related node [[digital finance]]
β₯… related node [[liberatory technology]]
β₯… related node [[vera]]