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🚨 Recently discovered some shocking facts that highlight why we need #Crypto and #Web3 more than ever. Let’s dive into some major financial scandals by traditional banks. 🧵👇
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michaeljburgess.eth
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1/ 💳 Visa & Mastercard - In 2018, they agreed to pay $6 billion to settle a massive price-fixing lawsuit. This case reveals potential collusion and anti-competitive practices. Source: Fortune.
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2/ 🏦 Bank of America - In 2017, they were fined $45 million for the 'heartless' treatment of mortgage borrowers. This highlights unethical behaviour that can severely impact customers. Source: WSJ.
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@beitmenotyou
3/ 💰 HSBC - In 2012, HSBC paid a record $1.9 billion fine for money-laundering accusations. In 2021, they apologized for aiding drug lords and terrorists, showing major lapses in compliance. Source: The Guardian.
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4/ 🛑 These instances demonstrate significant corruption, malpractice, and lack of accountability in the traditional financial system. Now, here’s why #Crypto and #Web3 can make a difference
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@beitmenotyou
5/ 🔍 Transparency: Blockchain offers an immutable ledger of transactions, reducing fraud.
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michaeljburgess.eth
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6/ 🌐 Decentralization: Cryptocurrencies operate on decentralized networks, minimizing risks of collusion and monopolistic practices.
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michaeljburgess.eth
@beitmenotyou
7/ 🛡️ Security: Enhanced security through cryptographic techniques makes manipulation difficult
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michaeljburgess.eth
@beitmenotyou
8/ 🤝 Inclusion: Web3 enables greater financial inclusion, allowing access to services without relying on traditional banks.
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michaeljburgess.eth
@beitmenotyou
9/ 🚀 These benefits underscore the transformative potential of #Crypto and #Web3 in creating a more transparent, secure, and inclusive financial system. It’s time to embrace the future of finance. 💪🔗
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michaeljburgess.eth
@beitmenotyou
NOTE: This information was found while watching https://tubitv.com/movies/675266/cryptopia-bitcoin-blockchains-and-the-future-of-the-internet. While I couldn't verify all the details, I still shared them as I thought it was interesting and important.
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