bitcoingirl on Nostr: The recent development with SVB prove (once again) that our financial system is ...
The recent development with SVB prove (once again) that our financial system is broken.
Putting all your hard earned money into a financial institution hoping you have safe place to store your wealth for retirement or for paying your business and then watching it disappearing in front of your eyes is not feeling good.
This time they bailed out but next time? You can never be sure. The only way is to have your savings secure forever yours no matter what is to keep them in your private wallet on the blockchain. No intermediaries, no trusted third-parties, no scammers persuading you to allow them to steal your money, reference: Celsius, BlockFi, FTX, SVB...
Every single Bank in general is a ponzi scheme, approved by the government. They don't store your money, they actually don't have it. They rely only on the fact that people will never ask for their money together at the same time, or will they?
Fractional banking system is Ponzi on steroids and next couple of weeks you will see this at a scale not seen for decades.
Putting all your hard earned money into a financial institution hoping you have safe place to store your wealth for retirement or for paying your business and then watching it disappearing in front of your eyes is not feeling good.
This time they bailed out but next time? You can never be sure. The only way is to have your savings secure forever yours no matter what is to keep them in your private wallet on the blockchain. No intermediaries, no trusted third-parties, no scammers persuading you to allow them to steal your money, reference: Celsius, BlockFi, FTX, SVB...
Every single Bank in general is a ponzi scheme, approved by the government. They don't store your money, they actually don't have it. They rely only on the fact that people will never ask for their money together at the same time, or will they?
Fractional banking system is Ponzi on steroids and next couple of weeks you will see this at a scale not seen for decades.