6 ms·

I never understand, why people who already have money, want to have more. Personally, I keep my money at the bank, for days when I will have to spend it (Buying

I never understand, why people who already have money, want to have more. Personally, I keep my money at the bank, for days when I will have to spend it (Buying things, going on holidays, etc)

lm28469 6y ago
The bank is gambling it for you, some people prefer gambling it themselves
- mcosta 6y ago
  The bank is gambling it for you, in the same sense taking a road trip is a life gamble.
  - lm28469 6y ago
    Hm no, they're literally investing it and you get the 0.x% they're willing to let you touch
- gizmo686 6y ago
  The bank is FDIC insured. If the bank loses your money and FDIC cannot make you whole, you would be in a serious problem even if you had a pile of cash, as that is basically a 'the entire USD economic system has collapsed' scenario.
  - lm28469 6y ago
    Well yes, but if you invest your own money without going through banks at least you have some choice in where it goes (oil companies, weapon companies, sustainable funds, &c.) and you get to cash out all the benefits (or loss) I'll take my 7%+ average over the last 100 years vs the "insured" 0.5% my bank proposes me (which doesn't even pay for what my bank charges me monthly)
    - gizmo686 6y ago
      In other words, you are exposed to approximately 0 downside risk and 0 upside risk when you give your money to a bank. That is practically the opposite of them gambling for you. It is a fine critism to say that the bank uses your money to invest for itself, and you would rather use your money to invest for yourself; or that you would rather have input in what your money gets invested in for reasons other than financial return. I'm not sure why you put "insured" in quotes. Do you have doubts about the FDIC?
      - lm28469 6y ago
        They make 7% average per year while you get none of the benefits and when they fail they get bailed out. You get nothing, they get everything
fooyc 6y ago
Money can buy nice things, more money allow you to retire. Some people want money to feel safe, or to change their life.
fastball 6y ago
So your wealth is constantly shrinking due to inflation?
- mcosta 6y ago
  That is what a bitcoin scammer would say.
  - mvc 6y ago
    To be fair, it's not only bitcoin scammers who think we're in line for a bit of inflation over the next few years.

I never understand, why people who already have money, want to have more. Personally, I keep my money at the bank, for days when I will have to spend it (Buying things, going on holidays, etc)

lm28469 6y ago

The bank is gambling it for you, some people prefer gambling it themselves

mcosta 6y ago
The bank is gambling it for you, in the same sense taking a road trip is a life gamble.
- lm28469 6y ago
  Hm no, they're literally investing it and you get the 0.x% they're willing to let you touch
gizmo686 6y ago
The bank is FDIC insured. If the bank loses your money and FDIC cannot make you whole, you would be in a serious problem even if you had a pile of cash, as that is basically a 'the entire USD economic system has collapsed' scenario.
- lm28469 6y ago
  Well yes, but if you invest your own money without going through banks at least you have some choice in where it goes (oil companies, weapon companies, sustainable funds, &c.) and you get to cash out all the benefits (or loss) I'll take my 7%+ average over the last 100 years vs the "insured" 0.5% my bank proposes me (which doesn't even pay for what my bank charges me monthly)
  - gizmo686 6y ago
    In other words, you are exposed to approximately 0 downside risk and 0 upside risk when you give your money to a bank. That is practically the opposite of them gambling for you. It is a fine critism to say that the bank uses your money to invest for itself, and you would rather use your money to invest for yourself; or that you would rather have input in what your money gets invested in for reasons other than financial return. I'm not sure why you put "insured" in quotes. Do you have doubts about the FDIC?
    - lm28469 6y ago
      They make 7% average per year while you get none of the benefits and when they fail they get bailed out. You get nothing, they get everything

fooyc 6y ago

Money can buy nice things, more money allow you to retire. Some people want money to feel safe, or to change their life.

fastball 6y ago

So your wealth is constantly shrinking due to inflation?

mcosta 6y ago
That is what a bitcoin scammer would say.
- mvc 6y ago
  To be fair, it's not only bitcoin scammers who think we're in line for a bit of inflation over the next few years.