[gjsman-1000]

It's funny. Banks are widely perceived as corrupt; and lo and behold, the alternative systems to replace banking have been dragged by their heels through Banking 101.

Edit: Also funny, was the unrelated Matt Damon TV ads about how "Fortune Favors the Brave." Obviously it comes from Caesar, but it was also used in Charles Dickens's Little Dorrit by a character encouraging what later turned out a Ponzi scheme...

[doorman2]

FTX being corrupt doesn't automatically mean banks are not corrupt. Just 14 years ago, the actions of banks brought most of the world to the precipice of financial collapse. FTX and Alameda depositors will lose their money. During the GFC, almost everyone lost their money.

[jjulius]

>FTX being corrupt doesn't automatically mean banks are not corrupt.

That's not what OP said. OP highlighted the fact that a lot of the crypto space lambasts the traditional banking system as being wholly corrupt, despite a lot of the crypto space itself being equally corrupted in the same ways.

Edit: "People who live in glass houses shouldn't throw stones", basically.

[woah]

FTX WAS a corrupt bank/betting parlor. Cryptocurrency is about self custody and full transparency. This is what blockchains allow. FTX was people depositing money in SBF's personal piggy bank. FTX has nothing to do with crypto, other than the fact that it allowed people to bet on crypto prices.

[systemicdanna]

A crypto exchange had nothing to do with crypto?

[throwawaysleep]

Too often banks are perceived as corrupt due to risk management practices, like not giving mortgages to poor people who go on about how their rent is more than their mortgage.

[ansible]

I don't think they've even completed the Banking 101 class yet.

[xtian]

If they weren’t corrupt then Glass-Steagall would have been no problem.

[MangoCoffee]

bank have FDIC to back their customers money and strict regulations.

i still can't get over the fact that FTX CEO is taking his customers money to fund his gambling firm.

[zenkat]

Projection. It's always projection.