03-21-2023, 05:37 AM
The biggest irony is that the same ridicule that mainstream media gave crypto trader
<!-- SC_OFF --><div class="md"><p>It's kind of funny in a devious way. Remember when FTX failed, and we said not your keys. And media said they trusted a ponzi scheme. That they should have had their life savings on any one platform. Some even said all of crypto is a scheme and that FTX was proof. It's a huge irony that much of those same words and descriptions apply to the current bank failures.</p> <p>The same way people trusted funds on exchanges was the same way others trust their funds in banks. Yes, banks are regulated and insured up to $250,000 per person, but it doesn't change the principle, the similarity and the irony. Even assuming less than $250,000, no one wants their funds tied up in a collapse. As a matter of fact, bank failures are worse because of all the regulatory insurance, instruments of liquidity and backstopping they already had, but still fell.</p> <p>The thing about the banking system is that it is a Ponzi scheme. Granted, it is a government-backed taxpayer-insured Ponzi scheme, but a Ponzi scheme nonetheless. Sure there are <em>some</em> ponzis in crypto, maybe a lot even, but banking operations are the literal definition of it through and through. The same goes for many retiree payment schemes run by most governments, like Social Security in the US, that pays retired persons based on the payments of current workers. And in many countries now, governments admit that in however many decades, the Ponzi will run out of money. and they will not be able to pay future retirees.</p> <p>It is quite amazing how much trust people place in something just because the government approves it. And banks also seem to run on something like a 2-in-1 Ponzi with governments, where banks run their typical bank Ponzi in the frontend, but the government while governments run one in the back, as they borrow money to be repaid in the future, and print even more now to repay past debt.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/OneThatNoseOne"> /u/OneThatNoseOne </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/11wlkyp/the_biggest_irony_is_that_the_same_ridicule_that/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/11wlkyp/the_biggest_irony_is_that_the_same_ridicule_that/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>It's kind of funny in a devious way. Remember when FTX failed, and we said not your keys. And media said they trusted a ponzi scheme. That they should have had their life savings on any one platform. Some even said all of crypto is a scheme and that FTX was proof. It's a huge irony that much of those same words and descriptions apply to the current bank failures.</p> <p>The same way people trusted funds on exchanges was the same way others trust their funds in banks. Yes, banks are regulated and insured up to $250,000 per person, but it doesn't change the principle, the similarity and the irony. Even assuming less than $250,000, no one wants their funds tied up in a collapse. As a matter of fact, bank failures are worse because of all the regulatory insurance, instruments of liquidity and backstopping they already had, but still fell.</p> <p>The thing about the banking system is that it is a Ponzi scheme. Granted, it is a government-backed taxpayer-insured Ponzi scheme, but a Ponzi scheme nonetheless. Sure there are <em>some</em> ponzis in crypto, maybe a lot even, but banking operations are the literal definition of it through and through. The same goes for many retiree payment schemes run by most governments, like Social Security in the US, that pays retired persons based on the payments of current workers. And in many countries now, governments admit that in however many decades, the Ponzi will run out of money. and they will not be able to pay future retirees.</p> <p>It is quite amazing how much trust people place in something just because the government approves it. And banks also seem to run on something like a 2-in-1 Ponzi with governments, where banks run their typical bank Ponzi in the frontend, but the government while governments run one in the back, as they borrow money to be repaid in the future, and print even more now to repay past debt.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/OneThatNoseOne"> /u/OneThatNoseOne </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/11wlkyp/the_biggest_irony_is_that_the_same_ridicule_that/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/11wlkyp/the_biggest_irony_is_that_the_same_ridicule_that/">[comments]</a></span>