Imagine feeling safe having money in the bank because of the FDIC. What a farce.
Discussion
Imagine feeling safe having your Bitcoin on an exchange because it’s regulated.
I know very few bitcoiners who feel this way, but we went out with a group of friends last night and every single one is comforted by the FDIC.
Did you talk about what is insuring those FDIC insurances? Nobody talks about that.
Yes or about how much FDIC insurance exists ($125bn and a $100 loc) relative to the $22T in banking deposits?
Yep, I brought this fact up with our friends. Most said “Well that would never happen.” One started to look extremely uncomfortable and texted me to go to coffee today.
Then you can also tell him that since 2008 now bank bail-ins are allowed... and show him the leaked FDIC meeting conversation...
Oh another thing #[5]
Many still dont know it yet... but there are 0 reserve requirements for banks anymore... #[6]
So true. I actually got into an argument with a very successful, very smart businessman friend about this last year. He was adamant I was wrong so I made him Google it in front of everyone. He kept saying, “That can’t be right.” 🫠
The main problem is that there are no adults left. There’s no one to trust at the fed, in politics, they’re mostly all old geriatrics. Who will restore trust and order? Who would they put out there with any credibility to bring order and give the illusion of security?
I don’t remember the exact amount but the FDIC has nowhere near enough to insure every $250K or less depositor.
We are only talking about the 16th bank of the USA nonetheless. They can’t even insure that one 16th bank fully. Do whatever you want with this information.
They have enough to cover 1.26% of deposits if you include their credit line.
If I’m not mistaken the fdic credit line is $500bln.
Seems small to ensure all deposits over 250k.
Bitcoin is FDIC insurance
People don’t think this through. Hell, I never did before bitcoin. They just trust. One friend must have stewed on in last night because he wants to go to coffee today.
Imagine? Nah, why u all want to do that…
Why u talk about money so much,when u donthaveany
I’m wondering if the FDIC will turn out like SIPC when Bernie Madoff scam imploded…the insurance premiums charged the brokerage firms were found to be so insignificant, they couldn’t cover losses, so they found a way to not cover claims. FIAT system is a scam…..
Scam of the highest order
Bingo. They only have enough to cover less than 2% of deposits. It is all fiat.
Come on. We all know the Ukraine deserves that money a lot more than American startups and depositors.
Clown world indeed.
My theory is Ukraine isn’t getting all that money directly, and it is more of a European excuse to put money in that area. Guessing Ukraine is more of a ‘launderer’ for billions needed to prevent Europe/euro from collapsing.
‘Supporting Ukraine’ is a narrative way easier to digest that ‘preventing the collapse of Europe’.. Now we need to pivot and start saving our ass, enter the $6.7trilly package that WILL get bipartisan approval..
It’s all based on trust but there’s no one to trust.
Thanks, I couldn’t recall the correct spelling for “farce”. Banking fixed this.
Watch this short video from 13 years ago. Not much changed nor is it likely too until they blow it all up
Don’t keep more money in the bank than you can afford to lose!!!!
If this whole SVB things doesn’t prove to most people how worthless the FDIC and big banking really is, I don’t know what will.
🎯🎯🎯🎯🎯🎯🎯🎯
Lol even if you're insured you're getting paid with more inflation so you're not being made whole
Your post is getting a lot of comments.
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