4 ms·

That's true for an exchange, but is absolutely not true for a bank (in a well-run modern state). At least if you don't have millions+ of dollars in the bank, th

That's true for an exchange, but is absolutely not true for a bank (in a well-run modern state). At least if you don't have millions+ of dollars in the bank, the state ensures that even if the bank were fraudulent, your money is still your money.

novok 4y ago
They don't really for brokerage accounts, which is what most people's retirement savings actually are in.
- simiones 4y ago
  The post I was replying to was saying "Keeping your funds on an exchange (or in a bank) means they are, quite literally, not your funds.". I was pointing out that it's absurd to compare unregulated crypto exchanges to proper banks (in a working state - I am sure banks in failed states can well be just as bad).
sneak 4y ago
Your statement is commonly believed, but is completely false. Money held in banks, at least in the USA, can be frozen or taken indefinitely by the state with no evidence of wrongdoing or even probable cause. There is a blog post on my website called "Your Money Isn't Yours" about the time Chase and the state of Indiana conspired to steal all of the money I had in the world without any basis or reason. Many people misunderstand this about property in the USA. Civil asset forfeiture among several other mechanisms means that property is guilty until proven innocent and can be stripped from you at any time without any evidence whatsoever. Money held in the bank in your account is literally not your money. It's the bank's money with a corresponding liability to you. They prove this quite plainly by loaning it out to other parties.
- simiones 4y ago
  The government can also seize your house, your cash, or your gun using civil assets forfeiture. So either there is no private property in the USA, or your money is your money, even if it's in a bank.
  - sneak 4y ago
    I don't think property being subject to confiscation at any time is exactly the same thing as "no private property".

novok 4y ago

They don't really for brokerage accounts, which is what most people's retirement savings actually are in.

simiones 4y ago
The post I was replying to was saying "Keeping your funds on an exchange (or in a bank) means they are, quite literally, not your funds.". I was pointing out that it's absurd to compare unregulated crypto exchanges to proper banks (in a working state - I am sure banks in failed states can well be just as bad).

sneak 4y ago

Your statement is commonly believed, but is completely false. Money held in banks, at least in the USA, can be frozen or taken indefinitely by the state with no evidence of wrongdoing or even probable cause. There is a blog post on my website called "Your Money Isn't Yours" about the time Chase and the state of Indiana conspired to steal all of the money I had in the world without any basis or reason. Many people misunderstand this about property in the USA. Civil asset forfeiture among several other mechanisms means that property is guilty until proven innocent and can be stripped from you at any time without any evidence whatsoever. Money held in the bank in your account is literally not your money. It's the bank's money with a corresponding liability to you. They prove this quite plainly by loaning it out to other parties.

simiones 4y ago
The government can also seize your house, your cash, or your gun using civil assets forfeiture. So either there is no private property in the USA, or your money is your money, even if it's in a bank.
- sneak 4y ago
  I don't think property being subject to confiscation at any time is exactly the same thing as "no private property".