The 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 taxpaye

The 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.