Still surprising to me how tech is trying to spin this as some novel event.
Fractional reserve banking was a known quantity. Risk management of your cash matters in a system like that. Full stop. Whether you think fractional reserve banking is dumb idea is a different discussion, but to willfully pretend that the depositors weren't at least partially culpable for this collapse is something else.
Fractional reserve banking was a known quantity. Risk management of your cash matters in a system like that. Full stop. Whether you think fractional reserve banking is dumb idea is a different discussion, but to willfully pretend that the depositors weren't at least partially culpable for this collapse is something else.
Tech has no humility.