Quote:
Originally Posted by Azure
Total bank deposits in the US are $11.7 trillion.
In the Canada I think it is around $5 trillion.
Nobody is covering that.
The government would be forced to stop the withdrawals.
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yes but they dont have to cover all of it, they have to be seen to cover enough of it that when one or two banks gets into trouble (say the Royal Bank of Scotland) that we don't all run down to the Scotia Bank thinking we have to get there quick in order to protect our savings.
The question/argument I am making is why would we bother extending this kind of expensive government insurance to crypto, it doesn't matter to the economy and it's probably a good thing if the market is so utterly arcane/shady almost no one touches it with a ten foot pole except people who are really knowledgeable, we shouldn't be encouraging people to put their pensions into crypto any more than penny stocks