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That's the whole point of an unregulated currency, right? Banks can do whatever they want, they're not subject to reserve requirements, or for that matter any
by RockyMcNuts 15y ago
That's the whole point of an unregulated currency, right?
Banks can do whatever they want, they're not subject to reserve requirements, or for that matter any kind of oversight.
I'm not sure how regulated fractional reserve banking is a terrible thing, but a completely unregulated bank is a better thing.
- wnight 15y agoIf not for loaded terms like 'Bank' and 'Exchange' people would think about this rationally and demand that all services buy comprehensive insurance to cover situations like this. Unfortunately they've been lulled to sleep by things like blanket FDIC coverage that, while it pays out after a crash, pays out in weakened money. Bitcoins provide a chance for trust to be based on economics (escrow, insurance, audits, etc) not by government fiat. But you can't fall asleep at the wheel and just expect everything to work.