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Blockchain Digital Currencies Don't Require Federal Deposit Insurance?

georgephillip

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There is a global push for digital sovereign currencies which seems to be stronger in China than in the US; however, there are US blockchain startups arguing new national banks should be chartered without federal deposit insurance.
Present-Franklin-Delano-Roosevelt-Signing-the-Glass-Steagall-Act-on-June-16-1933.jpg

Does this sound like a good plan?

Trump Regulator Set to Consider Approving the Banking Model that Ushered in the Great Depression – Uninsured Deposits

"Seven banking and credit union associations have sent a letter to the Office of the Comptroller of the Currency (OCC), the regulator of national banks in the U.S., spelling out the dangers of the OCC approving a pending bank charter that would allow a national bank to accept and hold deposits that lack federal deposit insurance.

"The lack of federal deposit insurance triggered the bank runs and banks collapses that played a key role in ushering in the Great Depression.

"The bank making the proposal for uninsured banking is Figure Bank, N.A., part of the blockchain startup, Figure Technologies"
Digital-Currency-Vs-Cryptocurrency.jpg

Difference Between Digital Currency Vs Cryptocurrency
 

konradv

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We'll hold your money for you. Don't worry. :rolleyes-41:

One scandal and and the same group is going to be demanding regulations and compensation.
 

Deplorable Yankee

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There is a global push for digital sovereign currencies which seems to be stronger in China than in the US; however, there are US blockchain startups arguing new national banks should be chartered without federal deposit insurance.
Present-Franklin-Delano-Roosevelt-Signing-the-Glass-Steagall-Act-on-June-16-1933.jpg

Does this sound like a good plan?

Trump Regulator Set to Consider Approving the Banking Model that Ushered in the Great Depression – Uninsured Deposits

"Seven banking and credit union associations have sent a letter to the Office of the Comptroller of the Currency (OCC), the regulator of national banks in the U.S., spelling out the dangers of the OCC approving a pending bank charter that would allow a national bank to accept and hold deposits that lack federal deposit insurance.

"The lack of federal deposit insurance triggered the bank runs and banks collapses that played a key role in ushering in the Great Depression.

"The bank making the proposal for uninsured banking is Figure Bank, N.A., part of the blockchain startup, Figure Technologies"
Digital-Currency-Vs-Cryptocurrency.jpg

Difference Between Digital Currency Vs Cryptocurrency
In the usa Coinbase which operates quite like a traditional bank is already under the feds thumb ...has been for awhile

Fdic insured to
I keep an account
But most of what I kept after the first boom sits on an older tablet on a shelf ...bit coins and etheriums...im my own bank...not fdic insured


I had to empty out what I had sitting in one of the Chinese exchanges a few weeks ago ...lots of lil coins I had left over
I dont know what happened but all I got was an email saying if youre in the USA and have any fiat or digital in your account ya had 15 days to close it or forget your balance ....its chi com ....maybe they got tossed out of us markets
 

danielpalos

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There is a global push for digital sovereign currencies which seems to be stronger in China than in the US; however, there are US blockchain startups arguing new national banks should be chartered without federal deposit insurance.
Present-Franklin-Delano-Roosevelt-Signing-the-Glass-Steagall-Act-on-June-16-1933.jpg

Does this sound like a good plan?

Trump Regulator Set to Consider Approving the Banking Model that Ushered in the Great Depression – Uninsured Deposits

"Seven banking and credit union associations have sent a letter to the Office of the Comptroller of the Currency (OCC), the regulator of national banks in the U.S., spelling out the dangers of the OCC approving a pending bank charter that would allow a national bank to accept and hold deposits that lack federal deposit insurance.

"The lack of federal deposit insurance triggered the bank runs and banks collapses that played a key role in ushering in the Great Depression.

"The bank making the proposal for uninsured banking is Figure Bank, N.A., part of the blockchain startup, Figure Technologies"
Digital-Currency-Vs-Cryptocurrency.jpg

Difference Between Digital Currency Vs Cryptocurrency
Only if they help fund and develop fusion (an energy with a future).
 
OP
georgephillip

georgephillip

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We'll hold your money for you. Don't worry. :rolleyes-41:

One scandal and and the same group is going to be demanding regulations and compensation.
Trump Regulator Set to Consider Approving the Banking Model that Ushered in the Great Depression – Uninsured Deposits

“…the precedent-shattering approach of granting a national bank charter to an institution that accepts only uninsured deposits would violate the Federal law, the consistently expressed intent of Congress, and public policy considerations essential to the functioning of the nation’s financial system….”
71fLP9-levL.jpg

Do you trust Wall Street more than government?
 
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georgephillip

georgephillip

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Last edited:

danielpalos

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Only if they help fund and develop fusion (an energy with a future).
Privately funded fusion energy?

Why is Fusion Energy so Challenging to Achieve?
View attachment 429474
hhttps://physicstoday.scitation.org/do/10.1063/PT.6.2.20201013a/full/

"Five companies are betting they can achieve controlled thermonuclear fusion a decade or more before the $25 billion international ITER project."
I read a few years ago that miniaturization may be key to speeding up development.
 
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georgephillip

georgephillip

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danielpalos

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I read a few years ago that miniaturization may be key to speeding up development.
Maybe fusion energy is still centuries away?
View attachment 429633
Kardashev scale - Wikipedia

"Kardashev scale is a method of measuring a civilization's level of technological advancement based on the amount of energy they are able to use. The measure was proposed by Soviet astronomer Nikolai Kardashev in 1964.[1] The scale has three designated categories:"
I doubt it. We have quantum supremacy now.
 

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