I was thinking about my very modest stack of silver and my bitcoin and how I worry about losing it or it being stolen, whereas with my assets in banks and funds, I don't think twice. In contrast, if you go back far enough, people were holding all of their personal wealth and keeping it safe. I'd guess I'm not alone in my gut worry about holding my own assets in my own hands and home, but was there an inflection point when people really stopped feeling comfortable holding their own wealth?
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252 sats \ 1 reply \ @ElDude 10 Dec
I remember going to the bank with my parents so they could cash their checks and they’d walk out with cash. That soon turned into depositing the funds into their checking so they could write checks. Then they got a debit card and now they could get cash at any convenience store (for a fee of course). When my dad got his debit card he was mind blown, no more going to the bank since everything was direct deposit. He no longer had to carry cash, just 1 card for most of our expenses.
I remember one time his account was accessed by someone else and they withdrew some cash. He was furious and devastated, but what happened? The bank had his funds back within a week. He’s never trusted buying things online again but he’s never trusted banks more after that incident.
The advances in the fiat system have made it so easy for people. People didn’t want anyone else holding their assets, until they learned how simple it was. Now, it’s rare to find anyone without a bank account because you NEED one for everything.
I don’t believe there’s one particular point but it’s occurred over time and passed down through generations. Now people are realizing how much of their freedom they’ve given up and want to be self sovereign again.
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1 sat \ 0 replies \ @BallLightning 10 Dec
My country went from paper cash directly from the employer to debit cards. We somehow skipped the checks.
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45 sats \ 0 replies \ @satcat 10 Dec
Probably around the time the government made it illegal to hold gold
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17 sats \ 0 replies \ @ChrisS 10 Dec
Probably around 1971. Fiat money does strange things to peoples mind.
https://wtfhappenedin1971.com/
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