RE: Banks vs Bitcoin: Where Is The Money?

Banks do provide useful services for people and companies store their funds and engage in financial transactions. They are essential parts of the economy. Banks are competent. They have been around for a long time, and have developed systems that proven to work. They are efficient as well.

Well... I see it completely different. Banking system is a legalized fraud. Basically, established 110 years ago - more or less, the nowadays existing version. They are not essential at all. Essential for control, power by the money weapon. They are not competent, at all - mean in the average people eyes. Anyway they are, they run a huge legalizied fraud, and they do only that well. Look the 'banking crises' in the past, even before FED's established.

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

The list is far from complete. If this is the essential, competent and efficient in eyes of the people... well, then probably there is a problem with me... :) :) :)

banks are infiltrated in most of the cryptos one way or an other, so impossible to say what happens with crypto if banks would start to go down in mass.

1 more thing the FDIC insurance is a joke...

Under the Dodd–Frank Act of 2010, the FDIC is required to fund the DIF to at least 1.35% of all insured deposits; in 2020, the amount of insured deposits was approximately $8.9 trillion and therefore the fund requirement was $120 billion.

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

If I would run an 'insurance' company like this, I would find myself in prison very fast. If the system owners do, it is okay, and people even love it... :) :) :)

Probably they did not have the coverage for the under 250k balances, but if 1-2 more similar size of banks would collapse, they definetly couldn't cover those... illusion...

An other funny thing what you wrote:

Banks don't have enough money to pay their depositors back.

Then where is the money??? They just doubled the circulating money supply in the last decade, so where is it??? It is not in the mid- class pocket, nor below. Also not in my pocket. So where the hell is it??? It is not few notes or coins, so where is it exactly?? Anyone??? :) :) :)

How Elon Musk said about the moon landing: 'It is so fake that it looks real.' I think something similar stands for banking, monetary system, too.

With trackable cryptos, like BTC, it can get much worse, as basically BTC is not that much different like their CBDC dreams... and if you mentioned Satoshi - not sure he/they are real -, his imagination at the beginning of the BTC included the complete privacy... well, turned out it is not included in most of the cryptos in the end... so can be central bankers, its owners, gov agencies the Satoshis??? :) :) :) and they just create a circus, show to drive people willingly towards their tech, surveillance state, slavery utopia??