Bailey

This was, I was really young.

I was in my teens and I applied for this account at a credit union.

They were a local deal.

They wouldn't give me a visa debit card cause I didn't have any credit.

They refused to be a V. They gave me the one that's just the pin code and you had to go to that branch and pull cash out.

That's all they would give me.

Now they throw visa and MasterCard cards at you of all kinds.

I have four.

for accounts i recently closed sitting here they throw them at you now but that wasn't the case before this rush towards acceptance of that wamu largely was in front of that they were pushing the idea that you want them to do more you want to have more customers you want them to consume more and you can lower the bar but when they started lowering the bar too low

then they started killing the business.

That was the whole no doc loans and no down payment loans and everything else with cryptocurrency.

Then coming in, talking about higher rates for things, uh,

Talking about no collateral otherwise than the crypto, right?

So there's no approval.

We don't need a credit check because you're using your cryptocurrency to back the loan.

You might be able to purchase things directly with the crypto.

That means you don't need the Fiat.

You can bypass the system.

The banks are resonating with the risk to their depository.

And the depository, it's a house of cards.