Re:In second largest DeFi hack, Blockchain Bridge loses $320...
by toomuchtodo on Wednesday February 02, 2022 @11:02PM
(#30188495)
> Micro: Right this second, one of my checking accounts at a "reputable" institution (efirstbank.com) is blocked from ACH transfers until April due to hitting an inactivity threshold they refuse to elaborate on. The only way I can move money out is by paying $50 per wire.
You have some recourse with regulators when dealing with fiat banking systems. You have zero recourse when dealing with crypto losses (unless you’ve lost enough that a criminal prosecutor makes it their problem and you can convince them it’s worth their time).
Re:In second largest DeFi hack, Blockchain Bridge loses $320...
by beebmam on Wednesday February 02, 2022 @11:40PM
(#30188770)
Very good point. Democracy can govern banks. Democracy cannot govern cryptocurrencies. That is both why it is hated and loved by different groups of people.
https://www.federalreserve.gov/faqs/credit_12666.htm
https://www.consumerfinance.gov/complaint/
https://www.helpwithmybank.gov/file-a-complaint/index-file-a...
You have some recourse with regulators when dealing with fiat banking systems. You have zero recourse when dealing with crypto losses (unless you’ve lost enough that a criminal prosecutor makes it their problem and you can convince them it’s worth their time).