29 ms·

> Banks are highly regulated and so can’t just run away with your money. It's not your money in a bank. The bank barely has $1 or two for every $100 you put in

> Banks are highly regulated and so can’t just run away with your money. It's not your money in a bank. The bank barely has $1 or two for every $100 you put in. There's plenty of people who have philosophic disagreement with fractional reserve and some who couldn't care less about ethical matters and just there preparing for the worst as good evolutionary diversity dictates they should. It's easy to sit in a country that hasn't ever suffered these things and think it's all silly, but there's plenty of people who don't have those luxuries. How do you think someone in Cyprus, Zimbabwe or Venezuela would feel about your statement saying to trust the banks? Venezuela was one of the richest countries in the world for a very long time. They still have enormous amounts of mineral wealth and yet people are buying their groceries with wheelbarrows full of money. I doubt crypto is the solution to these problems that are fundamentally burnt into modern economies now but make no mistake crypto was born out of these problems by a lone developer who virtually everyone ignored. It's easy to criticise until you've walked in those boots for a year suffering at the hands of central banksters.

tkmunzwa 7y ago
> How do you think someone in Cyprus, Zimbabwe or Venezuela would feel about your statement saying to trust the banks? Someone from Zimbabwe here - I endorse their statement: trust the banks. I lost my money to a bank closure in early 00s, eventually got some of it back from the zombie entity that the central bank resuscitated. The CEO of a Zimbabwean crypto-exchange[1] "lost the password" of a cold wallet (wink) a year ago - the deposits therein were lost with no recourse; the exchange is struggling with solvency[2]. So yeah, if you're not going to stuff money under your mattress, give it to a bank before going full crypto. 1. Golix - you might have heard of it as it was offering the world's highest USD:bitcoin rates. The fine print was that you couldn't get USD out of Zimbabwe 2. https://cointelegraph.com/news/ceo-of-zimbabwean-crypto-exchange-loses-password-to-bitcoin-cold-wallet https://cointelegraph.com/news/ceo-of-zimbabwean-crypto-exch...
- strbean 7y ago
  That is very unfortunate, you have my sympathy. But I think it has to be pointed out that leaving your money in a crypto-currency exchange is generally considered to be worse than leaving it in a bank, regardless of where you stand on cyptocurrency in general. Personally, I lost 3 bitcoin when someone hacked my MtGox account in 2012. I think they'd had 2fa for a little while at that point, but I was stupid and didn't enable it. Furthermore, I had reused my account/password on some fledgling bitcoin forum. In my defense, when I made the accounts I didn't think the valuation of bitcoin would peak around $20k :)
- ShorsHammer 7y ago
  > I endorse their statement: trust the banks. I lost my money to a bank closure in early 00s, eventually got some of it back Solid argument mate. Next you'll tell me that forced land seizures is good for the economy too. This is bait.

tkmunzwa 7y ago

> How do you think someone in Cyprus, Zimbabwe or Venezuela would feel about your statement saying to trust the banks? Someone from Zimbabwe here - I endorse their statement: trust the banks. I lost my money to a bank closure in early 00s, eventually got some of it back from the zombie entity that the central bank resuscitated. The CEO of a Zimbabwean crypto-exchange[1] "lost the password" of a cold wallet (wink) a year ago - the deposits therein were lost with no recourse; the exchange is struggling with solvency[2]. So yeah, if you're not going to stuff money under your mattress, give it to a bank before going full crypto. 1. Golix - you might have heard of it as it was offering the world's highest USD:bitcoin rates. The fine print was that you couldn't get USD out of Zimbabwe 2. https://cointelegraph.com/news/ceo-of-zimbabwean-crypto-exchange-loses-password-to-bitcoin-cold-wallet https://cointelegraph.com/news/ceo-of-zimbabwean-crypto-exch...

strbean 7y ago
That is very unfortunate, you have my sympathy. But I think it has to be pointed out that leaving your money in a crypto-currency exchange is generally considered to be worse than leaving it in a bank, regardless of where you stand on cyptocurrency in general. Personally, I lost 3 bitcoin when someone hacked my MtGox account in 2012. I think they'd had 2fa for a little while at that point, but I was stupid and didn't enable it. Furthermore, I had reused my account/password on some fledgling bitcoin forum. In my defense, when I made the accounts I didn't think the valuation of bitcoin would peak around $20k :)
ShorsHammer 7y ago
> I endorse their statement: trust the banks. I lost my money to a bank closure in early 00s, eventually got some of it back Solid argument mate. Next you'll tell me that forced land seizures is good for the economy too. This is bait.