... and things like this do to a point hilight why there is a lot of regulation around money and trying to create a new "freer" currency is actually really dang

... and things like this do to a point hilight why there is a lot of regulation around money and trying to create a new "freer" currency is actually really dangerous. I'm pretty sure his operating practice of keeping all the money in one place would be against regulations. Also usually there are big security standards. And finally high transaction fees do in some part support insurance so when my/your visa is stolen or what ever, the bank can just refund me, and take it out of its insurance. Because storing a lot of money for a lot of people is a big deal, but its a well looked at deal, and trying to start from scratch ignoring all of that... well... you just end up with people loosing money in ways that would never happen otherwise. :/