Comment by efitz | Hacker News Reader

Comment by efitz | Hacker News Reader

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You’ve stipulated that the debanking was ok but that not disclosing why was problematic?

How about this:

1. Corporations are highly regulated legal constructs. Being given an extraordinary right (immunity for shareholders) they should be expected to return significant value to society. I propose that value should be “lack of freedom of association” - eg I don’t think corporations should be allowed to stop doing business with, or refuse to do business with, anyone citizen, except after conviction in a court of law for behavior directly related to that business.

2. Government should not be able to use their secret monitoring to prevent anyone from doing anything. No lists, secret orders, etc. If government wants someone debanked, take it to court.

Finally, if corporations can’t debank people, how do they handle unusual cost/risk? With pricing, of course. If porn and crypto transactions pose extraordinary financial risk, then allow pricing based on actual financial risk.

>Finally, if corporations can’t debank people, how do they handle unusual cost/risk? With pricing, of course. If porn and crypto transactions pose extraordinary financial risk, then allow pricing based on actual financial risk.

And you're absolutely certain that powerful and vocal crypto people won't claim that this special pricing is discrimination as they're doing now with debunking ?

Look at the mortgage and credit card markets.

Most lenders don't discriminate via pricing - they accept or deny individual applications. The market discriminates via pricing, as higher-cost providers are willing to loan to customers who pose more significant credit risks.

Mortgage market works as you describe.

Credit card market works very differently - if Visa and Mastercard debank you, then you are effectively excluded from the market.

> I don’t think corporations should be allowed to stop doing business with, or refuse to do business with, anyone citizen, except after conviction in a court of law for behavior directly related to that business.

I would quit contracting on the spot if that became the law.

Some clients deserve to be fired or avoided.

Don't incorporate. Make an LLC.

LLC is a type of corporation. Google is an LLC for example.

An LLC is absolutely not a form of corporation. Corporations and LLCs are both business entities, but are distinct from one another.

Can't you elect to have an LLC treated as a corporation for tax purposes, or am I mistaken?

An LLC May be treated by election as a disregarded entity (p&l flows directly to your own person just like a sole proprietor), sub c (if you’re anticipating going public), sub s (if you’re not), sub k (good for capital intensive stuff where you can get loans that are no recourse to the partners) or other sections of the code (think 501(c)).

LLCs are extraordinarily flexible from a taxation point of view, but without shareholders or a board of directors and lacking articles of incorporation, they are distinct from corporations.

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