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Well, for example: My understanding is that if you bank with dollars (in the US), the FDIC insures your deposit up to a certain amount. A feature of the currenc
by chasing 13y ago
Well, for example: My understanding is that if you bank with dollars (in the US), the FDIC insures your deposit up to a certain amount. A feature of the currency is also a feature of the bank holding that currency. It's hard to pull the two completely apart.
- tlrobinson 13y agoThe purpose of FDIC insurance is to protect against bank runs due to the nature of the fractional reserve banking system (not a problem with Bitcoin, at least not yet), not to protect against hackers. Now, whether Bitcoin services need stricter regulation in terms of security is another question. I don't think Coinbase goes far enough with their security yet (2FA on withdrawals seems like a no-brainer)