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Bitcoin is safer than the US dollar because unlike the dollar the US Federal Reserve can’t just generate Bitcoin when they feel like it.

Any artificial representation of value is totally dependent on people accepting its artificial value. I'm afraid the Mt. Gaack incident mortally wounded bitcoin, exposing the ease of stealing from the suckers.

[MeganC]

Prior to the FDIC depositors lost their money when banks were robbed. The Bitcoin bank got robbed.

Oh, and now the FDIC only insures up to a certain amount and then they settle with depositors for pennies on the dollar.

So you may only get $10K for $100K in losses.

So dollars in banks are only somewhat safer than Bitcoin for most people.

Still, the risk is worth it for some people just like how capital once flowed to the risky US dollar from the then-safe British Pound.