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> Backed into a corner he tried to leverage a businesses asset holdings to keep it a float in time to recover. Depending on your jurisdiction this is something
by FussyZeus 9y ago
> Backed into a corner he tried to leverage a businesses asset holdings to keep it a float in time to recover. Depending on your jurisdiction this is something banks do all the time as part of your balance is not liquid and invested elsewhere.
Except banks are insured in case shit goes south and the depositors get their money back.
This is why I don't touch the "coins" with a ten foot pole. Yes fiat currency is also made up nonsense, but it's made up nonsense backed by nations, not some guy in a trailer in Nevada.
- woah 9y agoOver 8 years, with billions of dollars at stake, it has been proven that proof of work cryptocurrencies can only be compromised under a few very well defined scenarios (51% attack). What happened here was simple theft. People sent Mohland money, he said he would hold onto it for them, and then he stole it. I assume you also don't trust any other form of money, because it can also be embezzled in that way.
- FussyZeus 9y agoAnd how many fiat currencies have had large scale markets like Mt. Gox just practically vanish overnight? How many bankers liquidated the entire assets of a bank's deposits to attempt to save the business? That straight up does not happen in the Real World.