3 ms·

Banks don't get that special treatment for free. They pay for insurance and comply with regulations. Some of those regulations exist to reduce the risks associa

Banks don't get that special treatment for free. They pay for insurance and comply with regulations. Some of those regulations exist to reduce the risks associated with FDIC insurance, and a lot of those regulations exist to force banks to serve important social functions. You can fault banking regulation for not being stringent enough, and I won't argue with you. But I'll never understand how "fuck banks getting special treatment" should ever translate into "therefore wildcat banks are a GREAT idea, right?" Or, to put it another way: I don't want to bail out the big banks; why in fuck's sake would I want to bail out Tether speculators?

matheusmoreira 5y ago
> therefore wildcat banks are a GREAT idea, right? They're not. Cryptocurrency is not even supposed to have banks in the first place! It was supposed to put an end to all that stuff. People should not be exchanging crypto for fiat, they should be transacting directly in crypto. Instead the exchanges became banks and people invented USDT because dealing with USD is hell on earth. There was supposed to be no need to ever deal with USD or any other fiat currency. Everything crypto was invented to solve became integral to the crypto market ... > I don't want to bail out the big banks; why in fuck's sake would I want to bail out Tether speculators? I don't want that either. I want banks to face the consequences of their risk taking. It's never gonna happen though. They'll keep bailing out the banks. So there's no reason they shouldn't do the same for crypto.