"My local bank is also audited and heavily regulated. I sleep every night without ever worrying that my bank is suddenly going to lose all my money."
2008.... those "heavy regulations" and "audits" meant nothing.
2008.... those "heavy regulations" and "audits" meant nothing.
Thing is, with crypto you invest (usually) what you can afford to lose and you accept the risk. With banks most people think it's safe and risk-free so then the impact of losing it all is so much harder, it ruins lives.
People lost their life savings because they purchased assets that went down, or they lost their jobs in the general economic downturn. Nobody lost their life savings because their bank suffered a run and their deposits were lost.
To extend the metaphor, this is the difference in getting wiped out in the 2017-2018 crypto crash, and getting wiped out by Mt. Gox.