BREAKING: Thousands of Americans will receive little or nothing from savings accounts that were locked during the collapse of fintech middleman Synapse.
The money you deposit in a bank is a liability they own, not an asset you control. #Bitcoin fixes this.
People will learn, eventually.
I feel bad for them. Rugged by tradfi in what they had perceived and were told was a safe investment.
I worked in finance for many years. People won't learn from this because they don't do their own research and blindly follow what the MSM corporate backed media tells them.
The lesson learned according to MSM is that "banks are safe" 🙄
"The losses demonstrate the risks of a system where customers didn’t have direct relationships with banks, instead relying on startups to keep track of their funds, who offloaded that responsibility onto middlemen like Synapse."
$96 Million of customer funds has been missing for 6 months and now, right before the holidays they are officially rugging everyone.
There is no lender of last resort... This is the free market acting accordingly and burning everyone who trusted their funds to the high chiefs playing with fire..
