The sum on your bank account is not your money. Not your cash, not your money. That takes a while for most people to fathom. That is how indoctrinated we are.
In fact, the bank can do whatever they want with the money you’ve given them. It is theirs now.
What you have is an IOU. Except the IOU has no sum printed on it. The one that owes you money keeps track of the amount (because you don’t, right?)
So you don’t keep a ledger, and, in fact, I doubt you even have a printed IOU.
Buying btc from Robinhood is similar. Not your coins. What you have is an IOU.
Both of these can fail, get hacked or asked by governments not to pay to you.
You might have a system that works as an insurance against failures. Still you rely on the failing party to name the amount.
It is not ”money in the bank” it is ”the bank’s money” or ”Robinhood’s coins”.
Submitted April 01, 2021 at 07:26PM by Get_the_nak https://bit.ly/3mfWZv9
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