And with a debt-based system a positive balance in your account means someone else is holding an equal amount of debt plus the interest due. I keep almost nothing in the bank. My small passive incomes go in and my bills come out, with very little wiggle-room in between.
I would not sleep well at night thinking of my security resting in the bank and someone else having to hold the debt burden for me.
Systemic risk in banking is terrifying. Your bank is a lot more likely to default on your deposits or limit your access to them (as has happened recently in a few places in the EU) than bitcoin is to fail imo. In fact, I think it’s reasonable to say that it’s not a matter of ‘if’ so much as ‘when’ that systemic risk comes home to roost. Not to mention the fact that any money you keep in the bank will be worth less with each passing day of course.
I sleep much better knowing my family’s security is stored in crypto (trezor and offline cold wallets), precious metals and property. I feel much safer despite everyone telling me I’m the one taking the huge risks. The only thing better would be if someone would create the first currency backed by some kind of real utility demand. That would be sick. Now if we had some kind of resource-based currency as an option I’d go for that for sure… /chuckles