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It would be nice if we could "put our money where our mouth is" by opting out of the traditional banking system. Unfortunately, the same regulators responsible
by TechBro8615 4y ago
It would be nice if we could "put our money where our mouth is" by opting out of the traditional banking system. Unfortunately, the same regulators responsible for the banking system seem increasingly intent on eliminating the freedom to engage with any potential alternatives to it.
- toomuchtodo 4y agoYou can. If you're in the US, sign up for a brokerage and park your uninvested cash in a government securities (primarily US treasuries) invested money market fund [1]. You're now backed by the Federal Reserve instead of FDIC and their oversight of fractional reserve banking [2] This is a nice hack around the fact that the Fed won't approve a Narrow Bank [3]. [1] https://www.investor.gov/introduction-investing/investing-basics/investment-products/mutual-funds-and-exchange-traded-5 https://www.investor.gov/introduction-investing/investing-ba... [2] https://archive.is/HXfvw https://archive.is/HXfvw (Bloomberg: Matt Levine: Banking Gets a Bit Narrower) [3] https://www.chicagobooth.edu/review/safest-bank-fed-wont-sanction https://www.chicagobooth.edu/review/safest-bank-fed-wont-san... (not investing advice)
- TechBro8615 4y agoI'm talking about cryptocurrency.
- JumpCrisscross 4y ago> I'm talking about cryptocurrency What restricts people from putting their money in crypto?
- TechBro8615 4y agoIt's being increasingly regulated and exchanges are being shut down.
- landemva 4y agoAnd it is peer-to-peer, so buy it from a friend.
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- ESTheComposer 4y agoGood luck opening that can of worms on Hackernews