Still surprising to me how tech is trying to spin this as some novel event.
Fractional reserve banking was a known quantity. Risk management of your cash matters in a system like that. Full stop. Whether you think fractional reserve banking is dumb idea is a different discussion, but to willfully pretend that the depositors weren't at least partially culpable for this collapse is something else.
What even do you mean by “tech”? Tech has no humility? Nonsense.
Nobody has humility. Everyone trying to build a business fakes it. Your HVAC guy is highly likely to be a bozo (and overcharging besides). This isn’t “bad” it just is.
Right. It is incredible to me that a lot of "thought leaders" are acting like this situation hasn't been handled in a structured way since the 30s by the FDIC.
It has really made me believe that a lot of tech is just grifters reinventing wheels everywhere, but with great marketing.
Fractional reserve banking was a known quantity. Risk management of your cash matters in a system like that. Full stop. Whether you think fractional reserve banking is dumb idea is a different discussion, but to willfully pretend that the depositors weren't at least partially culpable for this collapse is something else.
Tech has no humility.