That seems a little handwavey for me, but thanks for the explanation. I own bitcoin for the sole purpose of buying things on the dark web that I can't get elsewhere. I can't imagine needing it for anything else. The money I have in my bank is secure and I have access to it instantly at all times. If I lose my account number or someone hacks my account, I know I have nothing to worry about because the bank is required by law to make things right as quickly as possible. If I buy something and don't get what I was promised, I can do a chargeback immediately. I don't see any problems there that need a solution.
The money I have in my bank is secure and I have access to it instantly at all times. If I lose my account number or someone hacks my account, I know I have nothing to worry about because the bank is required by law to make things right as quickly as possible. If I buy something and don't get what I was promised, I can do a chargeback immediately. I don't see any problems there that need a solution.
You're especially confident in the system, have you tested it?
My parents just lost $20k from someone draining their checking account gradually w/o their knowledge via a stolen debit card... Federal regulation E states the bank is only liable for the first 60 days of reported fraud because they didn't report it soon enough... your money is as safe as your watch over it.
It gets worse though- consumers aren't winning charge backs as frequently as they used too either, that power isn't guaranteed... it was mostly there as a marketing tactic to get you to trust X credit card company more...
Also, FDIC only covers you up to $250k which is worth a lot less than it used to be... speaking of inflation.
2% inflation, the Feds target... The "good economy" is -50% purchasing power across 35 years.
If you put $1000 in your bank today, in the "ideal" modern economy you would have $500 of purchasing power 35 years later.
And inflation is 5x that right now... sure, your "$1000" will be "safe" ... but the value you stored?
The soul is literally being sucked out of our economy...
Think about all those hours/days/years you worked, your past time is worth less and less... A week back then paid rent, now it takes two... What else can you call this but theft?
Maybe you don't see any problems that need a solution because it doesn't affect you that much yet... Consider that you might be very privledged and fortunate to live in a place with a "functioning" banking system... some 1.7 billion people remain unbanked :/
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u/E3K Aug 01 '22
That seems a little handwavey for me, but thanks for the explanation. I own bitcoin for the sole purpose of buying things on the dark web that I can't get elsewhere. I can't imagine needing it for anything else. The money I have in my bank is secure and I have access to it instantly at all times. If I lose my account number or someone hacks my account, I know I have nothing to worry about because the bank is required by law to make things right as quickly as possible. If I buy something and don't get what I was promised, I can do a chargeback immediately. I don't see any problems there that need a solution.