It is pretty entertaining to watch the bitcoin crowd slowly reinvent all the controls that exist in the existing monetary systems as they slowly learn what they are for. One lesson down, how many to go? :)
>Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading.
2008 and 2009 were so successful with these "controls" that were supposedly in place !
This is very different from money just disappearing out of checking accounts, which is what happened with MtGox. Even if that did happen, the FDIC would make the depositors whole.