/biz/ - Business & Finance

https://www.youtube.com/watch?v=ZIR60aNbz6A

>>22613096
The problem goes back to the fractional reserve scam known as the gold standard. It went bust soon after anybody could fly around the world over the weekend to collect their gold deposit.
The fed solved this problem by taking gold out of the equation.

>>22411725
i hope they all die of the coof.

>>21233580
one day the cashier will spin their tablet around and you'll see a dollar sign with a bunch of stupid numbers in front of the period.
And then you'll see a bunch of symbols followed by a zero with a period and a bunch of stupid zeros behind it.
You can pay them in dollars but it's all going to be swaped into one of those strange ticker symbols.

>>21233632
Fractional reserve banking was always a shell game. Plebs would lend their gold to a bank for a return on interest. You could technically withdraw all of your gold. But not practically.

If enough plebs tried to withdraw in the full amount at once, you'd get a bank note for your gold that you could retrieve on the other side of the continent. You could get on your horse, travel through bandit country and maybe a warzone, maybe lose a horse or family member along the way, just to get where the reserves were held. Or you can play along and spend the IOU, like every thing's fine.

After the industrial revolution, travel became easier, but feeding the ponzi became a bit more difficult. Every nation that had a gold backed currency failed in less than a century. America even started banning the possession of gold bullion and confiscating it to keep the scam going.

Thank god the sham finally came to an end. Sure, 1 GBP is worth chicken tenders on the kids menu, not a pound of sterling silver. But now that we can admit we have a problem, we can at least hedge with precious metals. Unfortunately precious metals can't be transmitted digitally. That's the one thing banks really moved the world forward on.

Cryptocurrency can be transmitted digitally around the world without trusting a scam artist to hold it in reserve.

>>21045102
I'll wait until the eviction notices get served and go on a road trip to see what's left of the country.

you see what happens Larry!

>>20289675
neither is fractional reserve banking, yet here we are.

>>19039344
my chase account has a negative interest rate. I keep it because I need it.
USD is the currency that the world loves to hate, but that doesn't change the fact that it's outperformed every other fiat currency.

>>18619985
it has no right to exist.
it's just another ponzi scheme.
don't trust these shysters with your money.

>>15255188
>99.9% gives 99.9% of their income to the banks to profit from.
Bitcoin is your first opportunity out of this trap.
you don't have to buy bitcoin. It's just a proof of concept.
At any point a better network with better game theory and distribution protocol can or likely will come along.
For now bitcoin is the first big opportunity given to this lost generation. There are no gender or race barriers to get in.
There's only a psychological barrier that only calculates risk and ignores reward.

>>13982774
/biz/ doesn't know the difference between shysters and jews.
so /biz/ ain't gonna make it.
the red pill is just koolaide. don't take the bait.
think for yourself.

with that out of the way, fractional reserve banking is the oldest scam in the book.
if only 3% of the economy withdrew their cash from the bank in a single day the pyramid would implode.
until bitcoin fractional reserves were necessary for digital transactions. now they're not.
this is the biggest financial opportunity the world has seen in generations.
don't fuck this up. and don't listen to /biz/ because they're going to fuck it up.

>>13600866
It's a counter economic device to ditch fractional reserve banking.
Gold/silver would be the natural solution, but you just can't transmit gold digitally. Bitcoin is native to a digital environment.
But much like precious metals, merchants are reluctant to give a secondary currency a chance, even if the volatility works in their favor.

>>13598090
okay, this is what a bank run on tether looks like for being 75% backed by USD.
now let's do a bank run on chase, wells fargo, etc for only being 5% backed by USD.

>>13368705
I turned a little gambling money into a pile of gambling money, because I saw long term value in decentralizing the economy, built by decentralized institutions.
The market lost interest in that, so I just rode the bubble to the top and cashed out.
Just because I'm not hodling, doesn't mean I've given up. Like any technology, programmable money has to go through the prototype phase.
The proof of concept has mixed results. There is lot's of demand for autonomous, opensource money, but it's just not good enough to function safe, fast and cheap on a mass scale.

>>13303540
>no need to be dogmatic about it faggot.
YES THERE IS!
the shysters and the debt cucks who love them have inflated the housing market to the point of pricing friends and family out of my community.
This is a personal vendetta motherfucker.
I want you to fail.

Think of cryptocurrency as a magnifying glass. The banking system is a colony of ants. All you have to work with is your own bank account.
Burning down your own bank account sounds counter intuitive, but the idea is to build up more money to burn. If you trade strategically, you can eventually build vast sums of wealth at the top. And exit the banking scam at the bottom.
As trillions and trillions of dollars begin to enter the market, merchants will be pressured to undercut competition, by absorbing losses through accepting crypto as a primary source of payment. Maybe starting as special discounts, but eventually becoming standard, as smart contracts grow in relevance and provide financial convenience.
Much like the trusty penny, merchants will resent handling fiat and dealing with checks.