/biz/ - Business & Finance

>>13550035
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 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.

Bitcoin was invented to be a p2p digital currency. Great idea. 1 BTC=1 BTC, no ifs ands or buts. But 1 USD=1 empty promise.

>>12897368
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 ingots 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.

Bitcoin is a natively digital p2p currency. 1 BTC=1 BTC. 1 USD=1 empty promise.

>>12753365
Because "he" published a 100% free open source software with the best intentions. If her were alive (which he is not) I expect that he would still be in favor of free open source software. Patent trolling is pathetic, anachronistic, garbage and needs to be stomped out ASAP. It is holding our society back.

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

>>12678804
dollar cost averaging

>>12539540
Congrats if you've been involved since last cycle. But I'm not exactly sure what you think all of the decentralization is for if you're scared of the three letter pigs.

I'm not trip'n on regulators. I wish they would come price in the havoc of the worst case scenario like Communist China did. Even if it means we have to take huge losses, the network would remain as valuable as ever.

Any crypto currency that can be regulated is not a crypto currency. That's the whole point of all the effort and pain that goes into all of this decentralization. Regulators can't make crypto irrelevant, but crypto can make regulations irrelevant.

ETH is more censorship resistant since it can host it's own infrastructure. Even if banks choke out the fiat onramps, there are stablecoins and DEXes that can pick up the weight.

Perhaps, Bitcoin's atomic/lightning swaps could do the trick as well. But I think it would use ether's infrastructure more than ether would use bitcoin's infrastructure.

At the end of the day, the world has gone sanction, embargo and tariff crazy. Nations with a lot of valuable resources and productivity are cut off from trade. They will either have to wise up or starve in isolation. So we might be measuring the unit price of ether in oil or cocaine, but it will have a value. Because someone will NEED it to trade.

>>11323456
>be obama
>print 10 trillion dollars for banks
>be bank
>lend money 100-1 in reserve
there will be no market crash until we start talking about quadrillions of dollars.

>>11172946
When I first got into crypto, I had high hopes for it as the first revolution fought with the carrot, rather than the stick.
Autonomous, voluntary, participatory governance through DAOs.
https://www.youtube.com/watch?v=_0jxX84mzts
Come for the get-rich-quick-scheme and stay for the revolution.

How are Bitcoin Core developers, The Ethereum Foundation, EOS brock producers, etc. any different from central bankers?

Crypto is an anarchist financial movement disguised as a get rich quick scheme. Come for the fast money and stay for the revolution.
Nation states, politicians and the corporate institutions that control them will be as irrelevant as the monarchs that once ruled the world before the end of the century.