Sep 1, 2024 1:30 PM
On the alternative-money panels, speakers warn that bank customers are unsecured creditors — and that since 2012 UK law allows bail-ins that can confiscate deposits.
On the alternative-money panels, speakers warn that bank customers are unsecured creditors — and that since 2012 UK law allows bail-ins that can confiscate deposits.
Day 2's money track moved from "fiat failure" and central banks to a Bitcoin and alternative-money panel featuring Cameron Parry of Tally Money and other UK business owners exploring gold- and Bitcoin-linked savings products.
Parry's bail-in warning was the sharpest line for a general audience: after 1971 and the end of dollar–gold convertibility, bank deposits are not "your money in a vault" but a loan to the bank; since 2012, he said, regulators can approve bail-ins that confiscate part of deposits to prop up an institution. His prescription was competition — sound money via Bitcoin and gold-denominated accounts so savers have an exit.
“Since 2012 it's been come into law that they can conduct bail ends… confiscate part of your deposits… For that you need sound money you need things like Bitcoin and you need things like Tally money.”
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