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There are some very solid reasons for all the banking regulation, and we're seeing them played out here. People are treating these places like banks, storing h
by mindstab 14y ago
There are some very solid reasons for all the banking regulation, and we're seeing them played out here. People are treating these places like banks, storing hundreds of thousands of dollars with them, but they have none of the regulations, security requirements or insurance and so they are great easy prey for hackers and people keep getting robbed blind.
I hate to say it but what did people expect treating Joe Website like a bank, and this is also what the deregulation camp can expect to happen if they keep pushing for bank and market deregulation.
- mynameishere 14y agoMost regulations aren't about security but that what kinds of business a bank can engage in. This is more akin to giving your money to the protection of your hapless, dimwitted cousin who promises not to let his pitbull eat it.
- mindstab 14y agoAnd yet where are the stories of the banks loosing your savings account? Usually it's credit card fraud, not the banks fault but some other site that was storing it and got hacked, and then insurance steps in and pays it and you still aren't out any money. There are some pretty strict regulations about bank and credit card cyber security and I presume they pay some pretty hefty insurance premiums for our benefit.