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A comment on Bitcoin withdrawal processing suspended. Parent comment

Re:Bitcoin withdrawal processing suspended by baddox on Tuesday February 11, 2014 @02:37PM (#7219832)
Government regulated banks are no more trustworthy. This appears to be a software bug revealed by an organized attack. Government software, and software regulated by governments, is also vulnerable to software bugs and organized attacks.
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Re:Bitcoin withdrawal processing suspended by dragontamer on Tuesday February 11, 2014 @03:13PM (#7220078)
You are guaranteed $100,000 in free insurance when you deposit your money at an FDIC-insured bank.

No matter what bugs, attacks, malware or whatever happens, the US Government will pay you back your deposited money, to the fullest extent that it can.

If you don't see why this is useful, maybe you need a sanity check.

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Re:Bitcoin withdrawal processing suspended by minimax on Tuesday February 11, 2014 @03:31PM (#7220204)
It's $250,000 now (since 2008). Also it's not technically free. Insured banks pay premiums to the FDIC to cover the costs of deposit insurance.

But I agree 100% that the idea that a cash account at a random bitcoin exchange is somehow as reliable as an FDIC insured bank is a completely batshit crazy notion.

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Re:Bitcoin withdrawal processing suspended by GFK_of_xmaspast on Tuesday February 11, 2014 @03:33PM (#7220224)
I think it's up to $250K these days.

Literally hundreds of banks have failed in the last several years.

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Re:Bitcoin withdrawal processing suspended by skorgu on Tuesday February 11, 2014 @03:29PM (#7220188)
$250k per institution actually.
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Re:Bitcoin withdrawal processing suspended by Jtsummers on Tuesday February 11, 2014 @03:44PM (#7220294)
And per ownership category [1]. If you're married and set things up right you can have a lot of money insured at a single institution.

[1] http://www.fdic.gov/deposit/deposits/dis/

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Re:Bitcoin withdrawal processing suspended by baddox on Tuesday February 11, 2014 @03:13PM (#7220081)
> to the fullest extent that it can.

That's the key.

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Re:Bitcoin withdrawal processing suspended by dragontamer on Tuesday February 11, 2014 @03:19PM (#7220121)
Please, in the hundred year history of the FDIC, give me an example where it has failed to pay back the deposit of a failed bank.
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Re:Bitcoin withdrawal processing suspended by afterburner on Tuesday February 11, 2014 @03:28PM (#7220177)
The only way it won't pay you back the full 100,000 is if the US goes bankrupt. Which considering the US dollar is the world's reserve currency, is not going to happen.
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