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Bank accounts are only insured up to a certain amount. FDIC limit is $250K.
by imaginenore 10y ago
Bank accounts are only insured up to a certain amount. FDIC limit is $250K.
- bdcravens 10y agoMost people know this, and setup their finances appropriately. Many people who have a Bitcoin position seem to be ignorant to the fact that they aren't insured for even $250. (I've owned Bitcoin since 2011) I suppose they've taken for granted that for pretty much their entire life they've banked and never really thought about the possibility that tomorrow it'll all be gone and it's just SFYL.
- csomar 10y agoIt has been said many times: Not your keys, not your bitcoins. You don't own bitcoin if you put them on an exchange. Period.
- aianus 10y agoThe 36% haircut represents ~1.5 years of USD margin funding profits on Bitfinex. I was well aware of the risks I was taking to earn that kind of return :)