4 ms·

Well... ask a Great Depression survivor how they feel about banks. I have met many that won't put a dime in a bank.

pavlov 4y ago
Fifty years from now: "Grandpa lived through the Great Crypto Frenzy. He lost all his savings in the Coinbase bankruptcy of 2023. Still doesn't trust digital money."
apocalyptic0n3 4y ago
And the Depression was the driving force that brought about massive bank regulation (notable the 1933 Banking Act), including the FDIC which is what everyone is talking about here. Those regulations simply don't exist (yet) for crypto. They may be coming, but as of right now if you hold crypto in an exchange, it can evaporate if the exchange goes belly up.
- tastyfreeze 4y ago
  All of the existing regulation WILL NOT make a bit of difference if everybody wants their money out of the bank at the same time. If you have been watching the half dozen nations going through high/hyper inflation, withdrawal is the first service to be discontinued at signs of trouble.
  - apocalyptic0n3 4y ago
    No, but it guarantees we're insured up to $250,000. It won't disappear, we just won't be able to withdraw it immediately. That's admittedly not ideal, but it's better than losing it entirely. In the case of most/all crypto exchanges, no such protections exist. If they go under, you lose your holdings with no recourse for having them returned. This is all US-specific, of course.
yojo 4y ago
FDIC insurance was added partway through the Great Depression. So yes, people lost money, but that’s because the current system didn’t exist. Also, good luck finding someone who lived during the Great Depression and carried a bank balance at the time. They’d have to be 100+ years old!
Herodotus38 4y ago
I mean, people who had assets in banks to lose would probably be in their 20-30s at least during the 1930s. It’s hard to find many people that age now but I agree that in the 90s you could .
Yizahi 4y ago
Ok, banks are not very good (emphasis on the word "very"). So then why does tokenbros want to replace them with a worse system?

Fifty years from now: "Grandpa lived through the Great Crypto Frenzy. He lost all his savings in the Coinbase bankruptcy of 2023. Still doesn't trust digital money."

apocalyptic0n3 4y ago

And the Depression was the driving force that brought about massive bank regulation (notable the 1933 Banking Act), including the FDIC which is what everyone is talking about here. Those regulations simply don't exist (yet) for crypto. They may be coming, but as of right now if you hold crypto in an exchange, it can evaporate if the exchange goes belly up.

tastyfreeze 4y ago
All of the existing regulation WILL NOT make a bit of difference if everybody wants their money out of the bank at the same time. If you have been watching the half dozen nations going through high/hyper inflation, withdrawal is the first service to be discontinued at signs of trouble.
- apocalyptic0n3 4y ago
  No, but it guarantees we're insured up to $250,000. It won't disappear, we just won't be able to withdraw it immediately. That's admittedly not ideal, but it's better than losing it entirely. In the case of most/all crypto exchanges, no such protections exist. If they go under, you lose your holdings with no recourse for having them returned. This is all US-specific, of course.

yojo 4y ago

FDIC insurance was added partway through the Great Depression. So yes, people lost money, but that’s because the current system didn’t exist. Also, good luck finding someone who lived during the Great Depression and carried a bank balance at the time. They’d have to be 100+ years old!

Herodotus38 4y ago

I mean, people who had assets in banks to lose would probably be in their 20-30s at least during the 1930s. It’s hard to find many people that age now but I agree that in the 90s you could .

Yizahi 4y ago

Ok, banks are not very good (emphasis on the word "very"). So then why does tokenbros want to replace them with a worse system?