I think you are ignoring reality.
People deposit money in banks and don't care about FRB, why would they care more with bitcoins? People deposit bitcoins in Coinbase, and Coinbase does not do proof of solvency. Most people just don't care about FRB as long as they believe that they will get their deposit back.
People deposit money in banks and don't care about FRB, why would they care more with bitcoins? People deposit bitcoins in Coinbase, and Coinbase does not do proof of solvency. Most people just don't care about FRB as long as they believe that they will get their deposit back.
After Mt. Gox people should care!
I think the people in Cyprus and in Greece care about Fractional Reserve Banking a little more than we do right now, but I think it may become a little more important to us in the future.
The beauty of bitcoin is that people who don't want to use banks or services like Coinbase don't have to. But those that want to now have the choice to only do business who do Proof of Solvency, such as Vault of Satoshi:
Quote
"At Vault of Satoshi we have always tried to embody the mantra of being an open, honest and transparent exchange. We feel it's our duty to do so when you make the decision to place your funds in our hands.
For this reason we have long sought after a way to prove our reserves to the public in a safe and reliable manner, while most exchanges issue a third-party audit, we felt that simply wasn't open enough so today at Vault of Satoshi we are proud to announce full proof of solvency and the publication of our cold wallet."
http://www.coindesk.com/vault-satoshi-announces-proof-solvency-service/
For this reason we have long sought after a way to prove our reserves to the public in a safe and reliable manner, while most exchanges issue a third-party audit, we felt that simply wasn't open enough so today at Vault of Satoshi we are proud to announce full proof of solvency and the publication of our cold wallet."
http://www.coindesk.com/vault-satoshi-announces-proof-solvency-service/
Bitstamp has followed suit:
https://www.cryptocoinsnews.com/bitstamp-provides-proof-bitcoin-solvency-first-step-towards-real-financial-audit/
As well as Bitfinex:
https://www.cryptocoinsnews.com/bitfinex-passes-stefan-thomass-proof-solvency-audit/
But Vault of Satoshi is the only one currently that allows for full proof of solvency. I think this trend will eventually extend to all exchanges and places that people trust to hold their bitcoins. This is just yet another extension of how Bitcoin allows for innovation in finance.