4 ms·
If my bank has insider fraud, I usually don't lose my deposits
by ahepp 6y ago
If my bank has insider fraud, I usually don't lose my deposits
- ric2b 6y agoBut sometimes you do. See: Cyprus in 2008
- ahepp 6y agoYeah, in shady tax haven jurisdictions. It's the wild west factor.
- ric2b 6y agoIn other jurisdictions the banking system is protected from such failures with taxpayer money, so you still end up losing some of it.
- fakename11 6y agoExactly, also there was this bank that went bankrupt in the 1800s and everyone lost their money too!!!!! You can't trust the system!
- ric2b 6y ago2008 was barely a decade ago but if that comment made you feel smart good for you. Plus this argument is ignoring that the way the banking system is protected from such failures is with taxpayer money, so you still end up losing some of it.
- mrgordon 6y agoSure but one bank went under in 2008 versus how many crypto exchanges that stole or “lost” deposits since then? The scale of issues is not even the same order of magnitude, likely at least 100 to 1 given how many banks there are and how many crypto scams there have been
- ptero 6y agoThat is, sadly, not how it works in many countries -- if the money is gone, it's gone.