[WriteLog] WriteLog 11.22 released AND a special sale...

[Gary AL9A]

I know, off topic, but...

Don't bet the "bank" on your being held harmless because your bank has FDIC 
insurance.  This is yet another Federal agency long on promises, short on 
cash to deliver.  If any FDIC member bank were to fail you can count on the 
legal process to take months or years to do the auditing steps prior to 
making any payouts to the customers.  Even then I would estimate FDIC would 
cover only about 60 - 70 % of customer losses.  If many banks failed at the 
same time the payout would be even less.  How's your sleep doing tonight?

73,
Gary AL9A

-----Original Message----- 
From: k2qmf at juno.com
Sent: September 19, 2014 8:29 AM
To: w5xd at writelog.com
Cc: writelog at contesting.com
Subject: Re: [WriteLog] WriteLog 11.22 released AND a special sale...


I don't know about you but my bank
has FDIC insurance!!!

Go figure!

K2QMF

On Fri, 19 Sep 2014 15:30:45 +0000 "Wayne, W5XD" <w5xd at writelog.com>
writes:
> >Bitcoins sound a little bit sketchy to me...
> >
>
>http://www.bloomberg.com/news/2014-02-28/mt-gox-exchange-files-for-bankr
uptcy.html
>
>
<http://www.bloomberg.com/news/2014-02-28/mt-gox-exchange-files-for-bankr
uptcy.html>
>
> Yes, it does sound sketchy. Here are some facts to ponder:
>
> mt-gox is (was) a bitcoin exchange where "exchange" is an important
> word to understand.
> It was "like" a bank in the sense that bitcoin owners entrusted
> their private keys to
> a third party (mt-gox) who treated them in an insecure way (i.e. the
> private keys were
> stolen). This is analogous to taking a pile of cash to a bank, who
> put it in a safe, but
> the cash disappeared from the safe. The keeper of the safe declared
> bankruptcy because
> he didn't have the resources to pay back the depositors.
>
> Would we allow ourselves to say cash is "sketchy" and we should not
> use it? Every
> individual has to make a choice, but the underlying choice is one of
> trust: do
> you trust (a) the technology behind the "cash" or the "digital
> currency"? (b) the
> keepers of the keys to lock to the safe? (c) that the "cash" is
> itself not counterfeit?
> or (d) the cash won't be inflated to zero value by the time you want
> it back?
>
> My understanding of bitcoin, based on my own technical expertise, is
> that its technology
> meets basic standards of trustworthiness. But there is no absolute
> standard of
> trustworthiness. Each of us has to make a relative judgement of
> whether one choice is
> more trustworthy ("secure") than another. In this case, the choice
> is between bitcoin
> and the US dollar. Each offers a very different set of technical
> tradeoffs, and a very
> different set of human judgement tradeoffs (that is, you have to
> predict the future
> behavior of people in order to make a decision about who to trust.)
>
> Wayne, W5XD
>
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>

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