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The endgame security isn't provided by Wells Fargo, it's provided by the federal government.
by Locke1689 14y ago
The endgame security isn't provided by Wells Fargo, it's provided by the federal government.
- afterburner 14y agoNot security, insurance.
- Locke1689 14y agoSame result.
- afterburner 14y agoPeople in the thread were talking about computer security mostly, though. In the end, the best "protection" is that insurance will reverse your losses in case security fails. Something a lay person "securing" their bitcoins on their own computer won't have.
- logn 14y agoI'm not sure why he was downvoted. FDIC isn't the only insurance. Banks have other insurance to protect against theft. Also, banks are protected in a way since they don't really hoard cash or valuables. They invest it which spreads out the risk. Furthermore, the federal government will go after criminals to recover money. Good luck getting them to help you with BTC theft.
- drivebyacct2 14y agoItems not covered by FDIC: "Losses due to theft or fraud at the institution." http://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation#Insured_products http://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corpo...
- Locke1689 14y agoFDIC Regulation-E. Consumer liability for unauthorized transfers. The consumer has limited liability if reported expediently. You should read up more closely on the FDIC regulation -- they don't just provide insurance. http://www.fdic.gov/regulations/laws/rules/6500-3100.html#fdic6500205.6 http://www.fdic.gov/regulations/laws/rules/6500-3100.html#fd... Also, a clever little loophole: if the bank goes insolvent paying their accounts back, you are then covered under FDIC insurance.