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Gosh, it would be nice to have some sort of assurance that the group holding on to my monetary reserves met some sort of minimum level of competency in dealing

Gosh, it would be nice to have some sort of assurance that the group holding on to my monetary reserves met some sort of minimum level of competency in dealing with quantities of currency. Or, lacking competency, some guarantee that any bank screw-up wouldn't result in loss of funds from my account...I wonder why no one has thought of this before? Oh, wait... Seriously, if I was an economics or law professor today, I don't think I could come up with a better classroom to teach financial regulation than the mess that is the Bitcoin economy.

spindritf 13y ago
A percent of every card transaction goes to cover system's losses on fraud. There's value in the costs being predictable, stated up front, etc, but it's not fundamentally different.
- mikeash 13y ago
  IMO that predictability makes it fundamentally different. I can handle a regular 2% fee, but I can't really handle a sizable chance that I'll be completely wiped out.
  - jballanc 13y ago
    Exactly! I know how to fire a gun, tie a tourniquet, extinguish a structure fire, and set aside an emergency fund. I also know that paying someone else to relieve me of having to worry about these things is money well spent. You call it regulation, I call it peace of mind.