Quote from: ChiBitCTy on August 28, 2024, 08:39:59 PM

Quote from: mrmacintosh on August 28, 2024, 08:08:37 PM

Quote from: ChiBitCTy on August 28, 2024, 07:50:39 PM

This OP is a bit confusing the way you’ve worded it but if you’re asking if money in your bank acocunt is “safe”, the it would depend on a number of factors. Let’s take the United States. FDC insured bank accounts (most banks, especially most well known banks are FDIC insured) are insured up “$100,000”. For a while in the US, the dollar was backed by gold, that ended somewhere in like the 1970s yet many citizens still believe it to be the case.

As with FDIC isurance, this classic scene in Tommy Boy comes to mind ( https://youtu.be/dAkSziqGk00?si=fPXV09r2hFYAD_o9 ). Essentially it’s smoke and mirrors. If a large bank actually ever went under, I say good luck on getting your payout anytime remotely soon, if ever.

Now this is the US I’m referring to. Within other parts of the world your bank money is either not even remotely secure or maybe even a bit more so than within the U.S.

Never heard of insured crypto accounts. Even if they are out there, I wouldn’t put much faith in them like I don’t with the FDIC.

It's $250K in the US.

Another thing is that the average person has no idea how money works unfortunately. To them, it just happens to have value and they sometimes don't get why prices go up and down. It's a sad reality. Prior to this, people knew the value of their dollar and the gold/ silver behind it. But education has been purposefully depressed to keep this knowledge from ever being taught against unless you go look for it.

Shit that’s right, I meant to type that. I just got done helping a client with a retirement plan in plan Roth conversion and they were looking to convert 100k, so the number was stuck in my head.

Regardless it’s meaningless for the most part IMO. Also, as a long time financial advisor, I see the lack of knowledge surrounding money and finance on average at a shocking level, on a daily basis. It’s pretty mind boggling.

I think,in bank our money is safe because many authorities are behind which have expertise to handle the money. No doubt ,banks use our money and they invest that money in stocks and bonds which are risky and from our money they buy assets by which they get benefits but now is time ,we have to understand the the whole concept about the money and bank and how banks use our money and how they double and triple our money by investment in assets and how they get benefits from our money? Every person should learn books and they should be habitual of reading books because this habit will give them excel in life.