Re: are unregulated and high-risk
"but also due to cheating, software bugs, or outright theft"
Hmm, cheating? The Libor scandal?
Software bugs? Wasn't there one that did something like a billion bad transactions in a minute and nearly cratered the stock exchange?
Outright theft? In less regulated places, it might be worth checking bank statements carefully. Sometimes a number of hidden charges turn up. Not to mention degrees of unwillingness to admit to fraud, something they call "sweeping", and also closing supposedly dormant accounts (and keeping the money). Sometimes just closing accounts, but they won't say why "because security reasons" and you may or may not see the money which may or may not be after unexplained internal investigations that may or may not take forever (PayPal is notorious for this, but they aren't a real bank).
You're more likely to get screwed by crypto, certainly, but please don't portray the legitimate banking system as saints. They aren't. They're a necessary (in our capitalist world) evil.
Biting the hand that feeds IT
