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If you were ultra paranoid, what other institution types would be advisable to exit? Could this impact investments in the market?
by pcdoodle 4y ago
If you were ultra paranoid, what other institution types would be advisable to exit? Could this impact investments in the market?
- saurik 4y agoHow paranoid would you have to get before you'd be willing to convert all your money to crypto? ;P
- recursive 4y agoMy paranoia goes the other way.
- pcdoodle 4y agoif by crypto you mean bitcoin, i'd feel more comfortable xD
- rcme 4y agoCrypto was the first to fall
- pcdoodle 4y agoAt least they still have their keys (hopefully).
- echelon 4y agoIf crypto had a navy and nukes, then maybe.
- sapling-ginger 4y agoSwitzerland has neither and China has both. Which one would you bank with?
- inconceivable 4y agoi think this question depends entirely on what passport you hold. as a US citizen, personally i wouldn't put money in either system.
- EVa5I7bHFq9mnYK 4y agoMany nations have nukes and navies. None is capable of breaking a secp256k1 key.
- belltaco 4y agoSilvergate bank which is THE bank for crypto companies failed a few days ago on the same day that SVB was trying to raise capital to plug losses. The after effects of that are still unknown.
- samstave 4y agoWhat are some speculations on the scenarios that might play out based on this?
- bagels 4y agoCrypto is correlated, it's not going to work.
- toast0 4y agoAvoid holding cash above deposit insurance limits. You can play the account titling game as well as use multiple institutions. There are some banks that promise to spread your funds to multiple banks to get coverage; but you need to be sure you don't use those underlying banks elsewhere, etc. For stocks and things, you've got some options. For best protection, you would want to have your stock ownership registered on the books of the company; you might be able to make that happen with a full-frills brokerage, ask about holding stocks not 'in street name' or you might have to transact via the registered transfer agent. Expect that to result in paying comissions and hassle. If you don't want to go that far, making sure you don't have a margin account is a good step. Brokerages generally have to maintain customer deposits and holdings separate from the brokerage's propriatary holdings, but not necessarily for customer's margin deposits. Anyway, one should always be careful with margin. If a brokerage fails due to their own poor investments, it shouldn't impact your holdings. Of course, if they fail due to poor record keeping or fraud, your holdings may not actually exist. SIPC provides some insurance that may apply, but the limits aren't very high and there's not that many credible brokerages to spread your holdings among.
- pcdoodle 4y agoThis is why I come here, thank you for the response.