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There are online bitcoin wallets/banks. Think hotmail, but for bitcoin. They get hacked, you lose your bitcoin. Without cdic insuranc, you get nothing back.
[–]Creggieb2 points
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The criminals would get the money regardless of cdic. Only difference is whether or not the citizen gets his money back. It's necessary to do this to engender faith in the system. The alternative is to store your money under a mattress, or accept the consequences of the banks security.
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[–] Creggieb 0 points 1 point 1 point (+1|-0) ago
There are online bitcoin wallets/banks. Think hotmail, but for bitcoin. They get hacked, you lose your bitcoin. Without cdic insuranc, you get nothing back.
[–] SanFranTrailerPark 0 points 1 point 1 point (+1|-0) ago
CDIC insurance, socialized protection for hackers of regular banks. Too many facilitations for crime in this country.
[–] Creggieb 2 points -2 points 0 points (+0|-2) ago
The criminals would get the money regardless of cdic. Only difference is whether or not the citizen gets his money back. It's necessary to do this to engender faith in the system. The alternative is to store your money under a mattress, or accept the consequences of the banks security.