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Message: <blockquote data-quote="wjschmaltz" data-source="post: 356725" data-attributes="member: 6150">True. So if you have $200K in the bank, FDIC insurance will cover you to like $25K if the bank goes tits up. That doesn't exist in crypto. Banks operate nearly the exact same way FTX did. If everyone came calling for their money tomorrow, they would not be able to pay up. It's already happened during the great depression. The difference is, the government is supposed to pay you whatever the FDIC insurance is if the bank crumbled. If shit got that bad, would they? Or how long would it take? The government doesn't know whose wallet is whose.  And there's no way for them to know. I have 2 hard wallets and 2 online wallets. Where they tax it is when it's changed back over to fiat. If we get to a place where you can just pay in crypto, it takes out that step. Now, people are still supposed to report that, but it's on scouts' honor.Nearly every currency is the world is traded against nearly every other currency in the world. So BTC can be traded against the Yen, USD, GBP, AUD, whatever. Just like USD can be traded against any other foreign currency. We live in America, so we reference it in USD.  If I told you one BTC is worth 2,400,700 Japanese Yen or 23,711 Canadian Dollars, you would have no frame of reference. Hell, you can even pull up a OIL/BTC chart. One barrel of oil is worth 0.00438 BTC. It's just simply a point of reference. You are correct, anyone can make their own currency. 99.9% will fail.25 years ago the dot com bubble happened, and everyone was screaming about how the internet was one huge scam and fad. The folks that doubled down are multi-millionaires. Most of the guys on here probably cussed cell phones and anything else online within the last decade saying they would never have one. Here we are. Don't empty the savings and cash in the retirement in crypto, but the world is changing now towards technology faster than ever. So it's probably a safer bet for bitcoin than against. Again, I'm not even trying to talk people into anything.  Just trying to help people understand.Anyways, ironically enough, Trump just launched his own NFT this morning.  Does that mean crypto is now good?</blockquote>

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