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Yes everyone knows this. However, the difference is regulation, collateral, and FDIC insurance. There's been a huge number of instances of exchanges or other pa
by lenticular 7y ago
Yes everyone knows this. However, the difference is regulation, collateral, and FDIC insurance. There's been a huge number of instances of exchanges or other parties screwing over Bitcoin users, but there has not been a single loss of bank deposits since the FDIC has existed.
No one is actually checking that Tether backs their currency 100%, you know.
- deleted 7y ago[deleted]
- chimpburger 7y agoThe person I was replying to actually did not know that. The irony is was that bank deposits are also a ponzi scheme like Tether. Deposits are backed by taxpayer bailouts in some countries. In New Zealand we have fractional reserve banking without the deposit insurance. It's a well regulated ponzi scheme but not guaranteed against a bank run.