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No it’s not. If my savings account gets drained by someone hacking my account, the bank gives me back my money up to 250k and they have mechanisms to claw back
by davewritescode 5y ago
No it’s not. If my savings account gets drained by someone hacking my account, the bank gives me back my money up to 250k and they have mechanisms to claw back that money from other institutions.
With crypto you can commit fraud at scale with little risk of long prison sentences due to the non violent nature of the crimes and victims are SOL.
- evanpw 5y agoIf you're talking about the FDIC, that protects you only in the case that the bank fails. It doesn't have anything to do with fraud against you in particular.
- chongli 5y agoYour savings account is getting drained every year. The mechanism is called quantitative easing.
- imtringued 5y agoQuantitative easing doesn't drain anything except treasuries. It just swaps treasuries for liquid reserves. Banks may lend more but that is a different question.
- wyck 5y agoYes actually it is, because the analogy is your storing your fiat in your house or in your pocket, which can of course be robbed, have you even insured cash stored in your house or pocket, I highly doubt it. Just like fiat you can store your crypto with an insured custody provider (and still own your own keys), which is the norm with smart people who have a decent amount of crypto assets.