If you are rich ..and have more than 250 K ..
Would you keep in Chase or Wells Fargo?
Or keep your stash as #USDC ?
#askNostr
Asking cuz , as I understood, the money issued by banks is backed only ten percent by US dollars ..whereas #circle USDC is backed 100 percent by dollars ..
And more than 250 K are not FDIC insured ..
None of that. Cold storage hardware wallet self custody
Put big money in banks is you not reading and learning hahahahaha
If it's your only 250k I wouldn't ever put it all in any stablecoin. It can and has flash-crashed before.
Chase is highly preferred over Wells Fargo, but both suck logs of shit.
You will never withdraw 250k from a bank account.
I was talking more from a company standpoint which has to make a biweekly payroll .. for personal use all my money is in assets .. never cash /// as of now I am 30 : 30 : 30 :: btc : gld : vti ... looking to increase my share of btc in due course ...
currency held in institutions is no longer yours: you become a 'creditor' and your bank balance is really just an IOU
last I checked FDIC can only cover less than 2% of insured 'assets'
I would put it into bitcoin, self-custody it, and then not touch it for a few years at least
a.k.a., HODL
...which is to say, regardless of which institution may or may not be more 'trustworthy' your mistrust should be leveled at the fiat currency itself that lies underneath
I get the case for #bitcoin ..but if you are a company , you need to have bank deposits to make your payroll .. in that case .. I thought USDC is a better option than depositing in banks ..cuz USDC is backed one to one by dollars ..whereas Wells(or Chase IOU) dollar is only 10 % backed by USD .. in a way legacy banks deposit is super diluted dollar ..which in itself is ultra diluted #gold .. I mean corruption is unfathomable..
I see your point...
The reserve requirement has been 0% since March 2020, so they don't even have 10%. And not a single dollar has been backed by gold...since August 1971. Yes--corruption, all the way down! 🤙
I don't know my net worth but it might be around 250k and it's mostly doggie coin
I saw your comparison chart - Dodge vs gold .. pretty impressive .. I guess Elon will take it to one dollar and then make it a stable coin .. I mean he will by if it drops below 1 dollar and sell if goes above ... or use some kind of spread thing ... that is exactly what stables are ..
That would be interesting, but he can't keep it down to a dollar forever without killing me or something cause I'd buy it all eventually
