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It does not really change the fact that it is up to the whim and ability of the firm to make those refunds. That is pretty scary . Can you imagine if there were no formal debit card fraud rules and they left it to each bank to do what they wanted ?
Or the issue of if the company would have half a billion to pay out in the first place
It does not really change the fact that it is up to the whim and ability of the firm to make those refunds. That is pretty scary . Can you imagine if there were no formal debit card fraud rules and they left it to each bank to do what they wanted ?
Yes that is imaginable as that pretty much describes how banks operated up until nearly 1940.
Right up until the US government mandated things like Deposit insurance and the creation of the US Federal Deposit Insurance Corporation (FDIC).
Infairness banks or this case crypto exchanges themselves could buy, or perhaps create the same insurance protection for their assets held on the exchange.
Having that insurance protection could then be a bonus when shopping around for a crypto exchange.
As an ideological point of view, so called 'protecting investors' is actually allowing them to behave irresponsibly and without fear of getting burned.
Doesn't make for a good investor.
fraud is one thing ,market action is quite another when it comes to investing.
investors should be protected from fraud when the assets are held by others .
Why are you so down on crypto when the broader market literally gets liquidity injections from central banks.
The broader market is insane. There is no true price discovery.
Even with Index funds, next recession, I bet about 200 of those companies shut their doors. Only real demand for those companies is probably through index funds.
To me, I think this is the greatest theft in history.
And for what? Equity gains that will disappear likely just as fast as the appeared?
I know you don't understand this, and maybe I've overreacting, this this incredibly depressing.
Theft: The FDIC does not insure against bank robbery, but that doesn’t mean that you are unprotected. Check to see if your financial institution has what is known as a banker’s blanket bond. This is insurance the bank gets separately to cover losses due to theft, as well as other items not covered by the FDIC, including fire, embezzlement, earthquake, and flood.
Why are you so down on crypto when the broader market literally gets liquidity injections from central banks.
The broader market is insane. There is no true price discovery.
Even with Index funds, next recession, I bet about 200 of those companies shut their doors. Only real demand for those companies is probably through index funds.
To me, I think this is the greatest theft in history.
And for what? Equity gains that will disappear likely just as fast as the appeared?
I know you don't understand this, and maybe I've overreacting, this this incredibly depressing.
This discussion has nothing to do with all your pet peeves. It has only to do with the exposure to fraud in the crypto markets and our exposure to it.
It can happen with brokerage accounts. There were two recent cases with the most famous being MF Global and Corzine.
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