3 ms·
Which could be compelling if you lived in a society where the banks were extremely unstable, but looks terrible if you live in one with regulation, deposit insu
by blacksmith_tb 5y ago
Which could be compelling if you lived in a society where the banks were extremely unstable, but looks terrible if you live in one with regulation, deposit insurance and and other account protections.
- matheusmoreira 5y agoBanks are the government's instrument of total surveillance and enforcement in the financial sector.
- cto_of_antifa 5y agoHow so? Can you explain how it works in detail? I feel like this is the sort of story that would have won somebody a pullizer.
- koonsolo 5y agoYou weren't here in 2008?
- blacksmith_tb 5y agoI was (if 'here' is the US), and I didn't lose money in my bank accounts?
- koonsolo 5y agoIt was a very close call, all because the banks were so reckless. Are you sure next time they will have enough money to bail them out again?
- blacksmith_tb 5y agoOf course, "too big to fail" - some of them almost certainly should have, though I would have expected the FDIC to work as intended then (instead of using public funds to prop up the banks themselves, it could have covered our deposits).
- djKianoosh 5y agoHow much of the world have you described? Bitcoin is better in those unstable currency countries. The market will decide (has decided in some cases). So maybe inexorably bitcoin will be the reserve currency for a large portion of the planet. And at some point there will be a tipping point where it's going to be attractive enough to all other central banks. It turns an everyday person worldwide into equals with central banks. That's pretty radical.