Comment by jeroenhd
3 hours ago
I have been using iDeal for many years now and have yet to see any of the downsides of it being a product of a commercial bank.
Perhaps it's a difference in banking culture between different countries; I would certainly not put the same trust and faith in a Wero alternative set up by American banks, that's for sure.
Banks are beholden to policy from the central bank and financial authorities. Payment fees are capped, payment processing terms aren't a free-for all, and the power of individual banks is kept in check. The people doe have a voice in all of this, just not in the direct implementation process.
You cannot do a chargeback on iDeal, but I don't think that is related to it being a product of commercial banks.
The American companies Mastercard and Visa are subject to American rule of law. In the case of a criminal or authoritarian president, such is an issue. You can see how Russian assets got frozen and SWIFT stopped working for Russia after they did the full scale invasion of Ukraine.
Should the USA invade Greenland, they could stop bank payments done via Mastercard or Visa networks.
So for sovereignty, we are better off without USA. We should also transfer our gold and other assets out of USA, since the country is moving towards fascism.
Imagine old Europe counting their own beans. The level of absurdity to outsource it to whomever...