But it's not a big deal if you show up to the gas station and they're out of gas. We trust these huge companies, but if your local McDonald's is closed today you're not losing your savings.
Entrusting a company with your savings is an entirely different matter. The only reason people trust banks is because of government regulation and insurance. And sensible people are well aware of FDIC insurance, and of how losing all your money was not an uncommon thing back in the days when there were runs on banks. Sensible people are also aware of Enron and Lehman Bros and Bernie Madoff. These aren't obscure references -- they're household names.
So no, I disagree completely -- sensible people absolutely do not hold large quantities of money on unregulated, uninsured crypto exchanges. Entrusting your savings to an unregulated, uninsured company only 3 years old is a level of risk eons beyond trusting a gas station to fill up your car.
Entrusting a company with your savings is an entirely different matter. The only reason people trust banks is because of government regulation and insurance. And sensible people are well aware of FDIC insurance, and of how losing all your money was not an uncommon thing back in the days when there were runs on banks. Sensible people are also aware of Enron and Lehman Bros and Bernie Madoff. These aren't obscure references -- they're household names.
So no, I disagree completely -- sensible people absolutely do not hold large quantities of money on unregulated, uninsured crypto exchanges. Entrusting your savings to an unregulated, uninsured company only 3 years old is a level of risk eons beyond trusting a gas station to fill up your car.