[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.

[867V309]

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

If your coins in Mt. Gaak had all vanished, you might see the significant difference in safety.

[867V309]

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.

Nope.

https://en.wikipedia.org/wiki/FDIC_insurance

Since the passage of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2011, the FDIC insures deposits in member banks up to US$250,000 per ownership category.

Deposit Payoff, as soon as the appropriate chartering authority closes the bank or thrift, the FDIC is appointed receiver. The FDIC as insurer with insured funds the full amount of their insured deposits.