The Worry when a Crypto Service is Down - Random Thoughts #3

in cryptocurrency •  last year

I have noticed that whenever any crypto service is down or is experiencing technical problems, there is immediate worry that the service may never come back and that any funds may be lost. I wonder if those in the crypto currency space are experiencing the same thoughts as those that had deposits in US banks before the days of US Federal Deposit Insurance.

In those days, a bank run could mean the closure and bankruptcy of a bank and loss of deposits. While that is still possible now, as the US Federal Deposit Insurance does not cover all deposits at US banks, the establishment of Federal Deposit Insurance is credited with quelling public fear of banks in the US. I have often wondered how worrisome it must have been in those days to have deposits in a bank and then to hear rumors of problems at a bank. I have to imagine its the same feelings that people experience now when crypto services temporarily go down.

What do you think? Do you think the analogy applies here and is there a better one?

This has been another edition of @lig007's random posts.

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I we believe in random effect then anything can happen positive or negative. We can only wait for random effect.

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Thanks for posting. It can feel like randomness sometimes.