Re:Binance sees $2B in outflows as troubles compound
by YawningAngel on Wednesday March 29, 2023 @05:32AM
(#35354697)
We don't give anyone a free pass, we have a regulator tasked with ensuring banks don't fail on behalf of depositors.
Re:Binance sees $2B in outflows as troubles compound
by roenxi on Wednesday March 29, 2023 @07:00AM
(#35355376)
The emergency-interest-rates-for-10-years regulator? The ones who just set the big interest leaver from "free money for idiots" to "drive the economy into the ground" to trigger all the excitement this year? Or is it a different regulator for banks?
These regulators are the ones driving the market to take these stupid risks, they slowly drive out anyone who tries to make sane decisions by giving handouts to people who insist on setting their own money on fire. They're systemically removing the major incentives for people to think before acting.
There is an easy, sustainable path to a robust system here that creates wealth - stop making prudent investors pay for the reckless risk takers. That means we don't just pay out people who give no thought at all to what their money is funding.
Re:Binance sees $2B in outflows as troubles compound
by pibechorro on Wednesday March 29, 2023 @10:28AM
(#35357802)
Adorable. You know it's regulators that are declining banks with 100% backed deposits?
Regulatory capture is more dangerous than no regulations because of naive people who dont see the graft despite it getting worse every year, decade after decade.
These bankers are dangerous idiots who are destroying millions to billions of value. It is a terrible idea to start handing out free passes to the people who enable them - ie, depositors. It is easy to imagine a bank that doesn't have bank runs - 100% reserves. If a person is going to put their money in banks well known to be a house of cards then they have some responsibility to pay for when the cards collapse.
We cannot sustain a system were people just donate money to Joseph Gentile again, and again, and again. They have to stop doing that. And losing money is the only way to make that happen, anything else will let too many cockroaches through the screen. Instead, the proof in the pudding right now is that he is one of the safest people in the world to give money to!