I know, off topic, but...
Don't bet the "bank" on your being held harmless because your bank has FDIC
insurance. This is yet another Federal agency long on promises, short on
cash to deliver. If any FDIC member bank were to fail you can count on the
legal process to take months or years to do the auditing steps prior to
making any payouts to the customers. Even then I would estimate FDIC would
cover only about 60 - 70 % of customer losses. If many banks failed at the
same time the payout would be even less. How's your sleep doing tonight?
73,
Gary AL9A
-----Original Message-----
From: k2qmf@juno.com
Sent: September 19, 2014 8:29 AM
To: w5xd@writelog.com
Cc: writelog@contesting.com
Subject: Re: [WriteLog] WriteLog 11.22 released AND a special sale...
I don't know about you but my bank
has FDIC insurance!!!
Go figure!
K2QMF
On Fri, 19 Sep 2014 15:30:45 +0000 "Wayne, W5XD" <w5xd@writelog.com>
writes:
>Bitcoins sound a little bit sketchy to me...
>
http://www.bloomberg.com/news/2014-02-28/mt-gox-exchange-files-for-bankr
uptcy.html
<http://www.bloomberg.com/news/2014-02-28/mt-gox-exchange-files-for-bankr
uptcy.html>
Yes, it does sound sketchy. Here are some facts to ponder:
mt-gox is (was) a bitcoin exchange where "exchange" is an important
word to understand.
It was "like" a bank in the sense that bitcoin owners entrusted
their private keys to
a third party (mt-gox) who treated them in an insecure way (i.e. the
private keys were
stolen). This is analogous to taking a pile of cash to a bank, who
put it in a safe, but
the cash disappeared from the safe. The keeper of the safe declared
bankruptcy because
he didn't have the resources to pay back the depositors.
Would we allow ourselves to say cash is "sketchy" and we should not
use it? Every
individual has to make a choice, but the underlying choice is one of
trust: do
you trust (a) the technology behind the "cash" or the "digital
currency"? (b) the
keepers of the keys to lock to the safe? (c) that the "cash" is
itself not counterfeit?
or (d) the cash won't be inflated to zero value by the time you want
it back?
My understanding of bitcoin, based on my own technical expertise, is
that its technology
meets basic standards of trustworthiness. But there is no absolute
standard of
trustworthiness. Each of us has to make a relative judgement of
whether one choice is
more trustworthy ("secure") than another. In this case, the choice
is between bitcoin
and the US dollar. Each offers a very different set of technical
tradeoffs, and a very
different set of human judgement tradeoffs (that is, you have to
predict the future
behavior of people in order to make a decision about who to trust.)
Wayne, W5XD
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Apple's new iPhone?
Look closely. Because as you might guess, Apple is hiding something…
http://thirdpartyoffers.juno.com/TGL3141/541c5a692619a5a680b34st01vuc
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