3 ms·

And what good does it do me to have three months, six months, or heck 3 years worth of living expenses saved if the financial institution I've saved it with tel

And what good does it do me to have three months, six months, or heck 3 years worth of living expenses saved if the financial institution I've saved it with tells me that the account has been closed and the funds have been confiscated? We make fun of old people who lived through the Great Depression for keeping their money as cash or gold, but if this is the future of finance, well, gold bars under the mattress are looking batter and better with each passing day.

gruez 5y ago
>And what good does it do me to have three months, six months, or heck 3 years worth of living expenses saved if the financial institution I've saved it with tells me that the account has been closed and the funds have been confiscated You have those funds spread out across multiple accounts, so if one goes down you still have access to some cash. you know, like a high availability cluster.
- R0b0t1 5y ago
  They're talking about an event such as being put on the terrorism no banking list, or being abused with lawsuits that you can't win and having your money stolen via those lawsuits. It'd take having physical, inconfiscable assets to protect from that.
  - gruez 5y ago
    > They're talking about an event such as being put on the terrorism no banking list, or being abused with lawsuits that you can't win and having your money stolen via those lawsuits. That's not the impression I got. I was thinking of your account being closed by mistake because of fraud/AML system false positives, not because the legal system was invoked against you.
- lp0_on_fire 5y ago
  Or, you know, we could champion legislation that would prevent these banking institutions from arbitrarily seizing your money.
  - gruez 5y ago
    Even if you're sure you don't have flaky hardware, you should still have multiple servers with failover. In the same way, even if you're sure that the law is on your side when it comes to arbitrary seizures, you should keep multiple accounts.
xtracto 5y ago
>We make fun of old people who lived through the Great Depression for keeping their money as cash or gold, but if this is the future of finance, well, gold bars under the mattress are looking batter and better with each passing day. If only we had some way to store value that was more liquid and easier to store than pieces of gold...!

gruez 5y ago

>And what good does it do me to have three months, six months, or heck 3 years worth of living expenses saved if the financial institution I've saved it with tells me that the account has been closed and the funds have been confiscated You have those funds spread out across multiple accounts, so if one goes down you still have access to some cash. you know, like a high availability cluster.

R0b0t1 5y ago
They're talking about an event such as being put on the terrorism no banking list, or being abused with lawsuits that you can't win and having your money stolen via those lawsuits. It'd take having physical, inconfiscable assets to protect from that.
- gruez 5y ago
  > They're talking about an event such as being put on the terrorism no banking list, or being abused with lawsuits that you can't win and having your money stolen via those lawsuits. That's not the impression I got. I was thinking of your account being closed by mistake because of fraud/AML system false positives, not because the legal system was invoked against you.
lp0_on_fire 5y ago
Or, you know, we could champion legislation that would prevent these banking institutions from arbitrarily seizing your money.
- gruez 5y ago
  Even if you're sure you don't have flaky hardware, you should still have multiple servers with failover. In the same way, even if you're sure that the law is on your side when it comes to arbitrary seizures, you should keep multiple accounts.

xtracto 5y ago

>We make fun of old people who lived through the Great Depression for keeping their money as cash or gold, but if this is the future of finance, well, gold bars under the mattress are looking batter and better with each passing day. If only we had some way to store value that was more liquid and easier to store than pieces of gold...!