nostrdamus on Nostr: this should be stopped at all costs. this is the pinnacle of the "you will own ...

this should be stopped at all costs.

this is the pinnacle of the "you will own nothing" concept. when banks fail next time round, creditors will become the owners not those who invested.

the assets will be funneled to this system and you will never see them again. it has zero benefit for the individual.

by way of example. you have bought your house and it is debt free. the bank still has your loan (even though it is paid) as part of their collateral to acquire further credit.
in the event bank fails and is one of those that does not get bailed out, the creditors will become the owners of all their assets. that includes your house as it is still a collateral item against their loan.
your house is now no longer yours.

note: just about every bank is in debt. FDIC is not going to save you this time.

same for any other asset you own.
still want the database?

GM 🙃