Re: Cryptocurrency
"Teaching libertarians and ancaps why financial regulations exist since 2009."
Coinbase took money from customer's bank accounts. Or their payment processor did. But either way, a company was able to, without any customer input, withdraw money from a bank account.
Now, if coinbase had done that to another crypto wallet, it'd be headline news. But because it's a "feature" of the current banking system, the only news is that a crypto dealer did it.
I'm also very glad that these financial regulations keep us safe from bank runs. Except when, you know, a bank run actually occurs, and then the rules change. If you think your first 100k is insured, then have a look at what happened in Cyprus when they tried to use that regulation.
Biting the hand that feeds IT
