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Nowadays it's hard to trust any monetary system with all the hacking, skimming and fraud that takes place.

jbmorgado 11y ago
Well, you can be pretty well sure that unless western civilization fails and your money is worthless anyway, that you can trust having your money in USD/EUR in a bank up to a certain amount (100K in the EU, not sure how much in the USA), even if they get hacked, skim and commit fraud. Same can't be said for Bitcoin and we keep being reminded of it.
- ianpurton 11y ago
  The 100K is against bank default. If your account is hacked from your side, you might have trouble getting the bank to pay you. It would be on you to prove you were hacked.
  - s_q_b 11y ago
    In the US at least, the semi-governmental FDIC automatically publicly insures accounts, not banks, up to $250,000. In addition most banks are privately insured against fraud. I've dealt with an 8k fraudulent charge on my card before. The bank investigated, sent over a sworn affidavit to sign, and they refunded my money in less than 24 hours.
    - raddad 11y ago
      >refunded my money in less than 24 hours. I had a $20 error charge on my card and it took a month for the refund. This is with the vendor stating in writing it was their error. I no longer bank there.
  - danielweber 11y ago
    This is factually incorrect. If you didn't authorize the transfer, the bank is legally required to make you whole. This only applies to personal accounts, not business accounts. There is a reason why scammers work so hard to find someone to "cash checks" or "withdraw funds" or do that kind of nonsense. Electronically stealing funds is easy. Keeping those funds is hard.
- mtgx 11y ago
  > Well, you can be pretty well sure that unless western civilization fails and your money is worthless anyway, that you can trust having your money in USD/EUR in a bank up to a certain amount (100K in the EU, not sure how much in the USA), Eh. Tell that to the Greeks. And it happened for much less than "civilization failing".
  - pjc50 11y ago
    Greeks didn't lose money in the bank. There were temporary losses of ATM availability due to bank runs, but the account protection was maintained. Even in Cyprus the "bail-in" applied to over €150k only.
  - oneloop 11y ago
    Maybe you meant Cyprus?
  - oneloop 11y ago
    Maybe you meant Cyprus?
Lazare 11y ago
Really? I don't find it particularly hard. > all the hacking, skimming and fraud Sure, I was impacted by that. A while back, I noticed some movie tickets charged to my card in Australia. I called my bank, disputed the charges, they reversed them and sent me a new credit card. Took...maybe 20 minutes of my time? Max? And from this I'm meant to learn I can't trust the current system? Honest question: Why?

Well, you can be pretty well sure that unless western civilization fails and your money is worthless anyway, that you can trust having your money in USD/EUR in a bank up to a certain amount (100K in the EU, not sure how much in the USA), even if they get hacked, skim and commit fraud. Same can't be said for Bitcoin and we keep being reminded of it.

ianpurton 11y ago
The 100K is against bank default. If your account is hacked from your side, you might have trouble getting the bank to pay you. It would be on you to prove you were hacked.
- s_q_b 11y ago
  In the US at least, the semi-governmental FDIC automatically publicly insures accounts, not banks, up to $250,000. In addition most banks are privately insured against fraud. I've dealt with an 8k fraudulent charge on my card before. The bank investigated, sent over a sworn affidavit to sign, and they refunded my money in less than 24 hours.
  - raddad 11y ago
    >refunded my money in less than 24 hours. I had a $20 error charge on my card and it took a month for the refund. This is with the vendor stating in writing it was their error. I no longer bank there.
- danielweber 11y ago
  This is factually incorrect. If you didn't authorize the transfer, the bank is legally required to make you whole. This only applies to personal accounts, not business accounts. There is a reason why scammers work so hard to find someone to "cash checks" or "withdraw funds" or do that kind of nonsense. Electronically stealing funds is easy. Keeping those funds is hard.
mtgx 11y ago
> Well, you can be pretty well sure that unless western civilization fails and your money is worthless anyway, that you can trust having your money in USD/EUR in a bank up to a certain amount (100K in the EU, not sure how much in the USA), Eh. Tell that to the Greeks. And it happened for much less than "civilization failing".
- pjc50 11y ago
  Greeks didn't lose money in the bank. There were temporary losses of ATM availability due to bank runs, but the account protection was maintained. Even in Cyprus the "bail-in" applied to over €150k only.
- oneloop 11y ago
  Maybe you meant Cyprus?
- oneloop 11y ago
  Maybe you meant Cyprus?

Lazare 11y ago

Really? I don't find it particularly hard. > all the hacking, skimming and fraud Sure, I was impacted by that. A while back, I noticed some movie tickets charged to my card in Australia. I called my bank, disputed the charges, they reversed them and sent me a new credit card. Took...maybe 20 minutes of my time? Max? And from this I'm meant to learn I can't trust the current system? Honest question: Why?