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Re: [Taler] What happens when an exchange goes bankrupt?

From: Calvin Burns
Subject: Re: [Taler] What happens when an exchange goes bankrupt?
Date: Thu, 21 Jul 2022 11:38:00 +0000

On Wed, 07/20/2022 06:29:43 AM, Christian Grothoff wrote:
> On 7/17/22 15:52, Calvin Burns via Taler wrote:
> > Thank you!
> > 
> > Do you know if there is something similar in place for the banking system?  
> > What
> > happens if a bank goes bankrupt, say the bank the exchange has its accounts 
> > at?
> Well, I would primarily think that the exchange operator *is* a bank.
> And so in that case there are ways to separate/protect the assets.

Thanks again for the comment.

It seems to me that Taler does not assume or enforce (Taler) bank = Taler
exchange.  For instance the bank could be run by the community, creates "money =
-credit" and "gives" it to a merchant to run an (Taler) exchange.  I think the
exchange can be considered a merchant (= Taler merchant) because it provides a
service and gets payed for it.

In the scenario bank = Taler exchange embedded in the current system: my
impression is the separation/protection does not exist: If I give cash to the
bank I loose "ownership".  In return I only get the _promise_ to get it back.  A
promise that is regularly/usually broken: currently with a Chinese bank, I think
(bank run). And notice how banks and government, corporations and even
physicians try to prevent you from getting and using cash.  It's even worse: I
have to _pay_ for this empty promise a lot. So I guess to separate the payment
system, especially Taler, from the private bank's economic state in the scenario
bank = (Taler) exchange and in the current system some law or the organisation
of the banking system needs to change.

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