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Re: 77Port post# 4926

Monday, 10/11/2021 1:15:09 PM

Monday, October 11, 2021 1:15:09 PM

Post# of 6252
What?

But yes, interoperability is one of the holy grails. Honestly, though, I don't see how we get there unless accounts get insured with something similar to FDIC.


Could be you're mistaken as to the meaning of "interoperability? "Interoperability is essentially the ability to see and access information across various blockchain systems. ... The ability of different decentralized networks to communicate with one another without any intermediaries should thus go a long way in giving rise to fully decentralized systems."
This does now exist, not fully but some networks offer it.

With FDIC, if a bank with an account gets robbed, or burns down, or blown up, FDIC makes people whole. But if hard working people get their bitcoin or crypto accounts hacked and they lose all their money without recourse, as happens now to hacked accounts, there will be violence. Deservedly so.

Without FDIC type insurance, which comes from government backing which comes from tax dollars, this is all a fantasy world with cats and stupid art pieces worth far too much ethereum or bitcoin.



FDIC? Really?
So on the one hand you tout Capitalism and tell Uncle Sam to leave his tax grabbing hands off my Crypto, then turn to the other hand and you want a Socialized Gov't to insure your untaxed Crypto. How cool would that be?

The problem with your argument is that the Gov't (tax dollars) does not fund the FDIC. So you need to find an alternate funding vehicle because I don't think banks and savings associations would be up for that.

The FDIC receives no Congressional appropriations - it is funded by premiums that banks and savings associations pay for deposit insurance coverage. The FDIC insures trillions of dollars of deposits in U.S. banks and thrifts - deposits in virtually every bank and savings association in the country.



Hmmm. The Google?

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