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This would make bitcoin even more deflationary. Inflation is when a currency loses value. Less and less of something would mean it would gain value creating def
by throwaway13337 9y ago
This would make bitcoin even more deflationary. Inflation is when a currency loses value. Less and less of something would mean it would gain value creating deflation.
- coinqueror 9y agoWhat recourse is there for bitcoin provider services that screw up? Ie, if one day Coinbase says something like, "sorry, we lost the password to one of our internal coin wallets due to technical error, and your 5.1 bitcoins are lost." I bet there's some clause in their terms that tries to shield them from this, but wonder how enforceable it would be. Ie, a regular bank presumably couldn't just say, "sorry we lost your $50k deposit due to technical error". They'd be liable.
- plopz 9y agoWell banks in the US are FDIC insured.
- jsutton 9y agoSo are your dollars stored on Coinbase.
- pc86 9y agoWell Coinbase isn't a bank and isn't regulated as such, while a bank is... well, a bank. That's the difference. Coinbase is much closer to some bro running a SaaS off AWS than it is any sort of financial institution.
- jsutton 9y agoCoinbase's USD wallet is FDIC insured, so it's much closer to a bank in that denomination.