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2361  Other / Off-topic / Re: SpaceX Starship Mk1 Exploded on the Test Stand on: November 24, 2019, 12:22:55 AM
It happens. All you have to do is play the Kerbal Space Program fanfare and move along.

But please, don't employ such violent words as "exploded". Everyone in the field knows the proper term to refer to these events, is: "Rapid Unplanned Disassembly". It is a tradition in the industry...

On the other hand this was simply a small scale testing prototype. I'd say it fulfilled its role...
2362  Other / Off-topic / Re: Brave the Crypto browser? on: November 24, 2019, 12:01:12 AM
What do you think about the brave explorer? it is supposed to be built in crypto or made with the intention to support the crypto users?
Is it a good choice for the crypto things?

Safer than chrome, or firefox?

Its Chromium with a bat wallet addon, that's about it. So about as safe as Chrome is. They were trying to let people pay with bat automatically to others (ie. instead of watching ads). So its just Chrome with a couple of changes, and obviously you can use the same chrome add-ons (Yurickz is wrong).

Do not use the phrase "support the crypto users". Brave is only about the "basic attention token", nothing else, no Bitcoin or any other altcoin. And to complicate matters a bit, it does have a referral system, which causes it to be excessively spammed in some social media.
2363  Other / Off-topic / Re: Do you Think we Are alone in the Universe? on: November 23, 2019, 11:48:43 PM
^^^ That's why we really need to develop this: To the stars by atom bomb: The incredible tale of the top secret Orion Project - https://newatlas.com/orion-project-atom-bomb-spaceship/49454/. We could reach 12% of the speed of light with this.

Its an improvement but still too slow for the vastness of space. In addition you'd need some form of conventional nuclear power generation if/when going interstellar (as the Voyager probes have), since solar panels are useless when you are too far from any star...

With the technology humanity has access to today, the only thing that could work is a generational "crude atom powered" ship, not knowing what to expect, completely on their own, without any hopes of ever returning to Sol in their lifetimes.

Such a long trip would need artificial gravity and good shielding, self sustained food growth. etc. I guess something resembling an O'neil tube colony, simply pushed forward... Maybe we are a century too early, we haven't even began to colonize our "little" Solar system yet...

Of course, of course. Twelve percent of the speed of light would take 50 years to reach Alpha-Centari. And at that speed, one speck of dust in the way would vaporize the whole ship.

In Gene Roddenberry's Andromeda, "The Lone and Level Sands," The crew of the Andromeda encounter the Bellerophon, a ship from Earth that travels at high speed. While the Bellerophon is blasting along, because of Relativity, Earth progresses in hundreds of years while the Bellerophon people barely age.

There has to be a better way... like riding strings in Andromeda. But it seems that if anyone has the ability to do this, he isn't making it known to the rest of us.

For going to the stars, we are essentially just picking up the drawing board. We aren't even at the drawing board yet. And it seems that our knowledge of aliens is at the same point. Aliens are all guesswork.

Cool

Without basic traveling even to the nearest Star, you cannot even start thinking about encountering alien species. Unless luckily (or unluckily) there happens to be one (not extinct) by the time we do reach said star.

Dilation works more or less like that. Actually the time for the people in the ship is running normal, but when observed from Earth, they would appear to be moving slowly. Conversely the people from the ship looking at Earth (if they could see it), would look that it goes faster and faster. Of course at these vast distances direct observation is probably impossible, but you can confirm the results if you go and come. The best way to understand it, is that you can travel to the future, by simply going real quick, but there is no turning back.

The other chance is them finding us, before we disappear. Remember, no matter where they are, their relative time is already separate than ours. This is a physical reality we cannot even start to comprehend. Time in Alpha Centauri is relative disconnected to ours, 1 (Earth) year there is not 1 (Earth) year here, and if you travel "fast" you even add even more divergence relative to both places.

All those dots you see in the sky at night, are images of the distant past, not just distant places. Well except the few dots from our local Solar System.

Amazing how Einstein could predict such a thing without ever confirming it.

Thing is, even with wormholes, once you are in the other side, your time dilation is dramatically different from your point of origin, even with "instant" teleporting, every minute you spend over there, could be years over here (or viceversa, depending which object is moving slower relative to the other). So if you "warp" to the center of the galaxy, then perhaps spending a year there is only a minute here. You may return old, but things here would have barely changed. Those that stayed could say that your time "accelerated", but its only a matter of perspective, really.
2364  Other / Off-topic / Re: Tesla Cybertruck on: November 23, 2019, 11:20:06 PM
It was certainly not what people were expecting but if they manage to make it work in a way where they do not need to cut back/remove any of the specs, then it will be a really good choice i think. Competition is coming to Tesla but at this moment i feel they are still firmly ahead

Peculiar design, quite the departure from previous models. I wonder if they wanted to project some sort of "rugged" utilitarian image?

Of course the internal specs are what matter, the facade is just that. I suppose a truck doesn't need to be speeding in a raceway and doesn't care about aerodynamics much, and maybe this polygonal exterior chassis is cheaper/easier to manufacture?

So the price is about the same as the model 3. Its probably fundamentally the same thing in a different body.

Hmm those windows... Its like when Bill Gates did that Windows demo and got BSOD Smiley
2365  Bitcoin / Mining support / Re: Can't remove BRAIINS OS or Update Firmware on S9 on: November 23, 2019, 10:57:26 PM
There is no SD card in the slot.  Also, I wouldn't say that I am locked out as I can change settings and the unit works.  I just can't change the firmware.

I am interested in trying the SD card but I don't see firmware for an S9.  Is there no way to just do a hard reset?  I have tried the IP button and reset and it still boots to BraiinsOs.  Thanks again!

That is correct, there is no way to do a "hard reset". From BraiinsOS you cannot upgrade to any other firmware using the bOS web ui, it only accepts bOS images. Reset only clears to default values, it cannot magically restore a firmware that doesn't exist anywhere.

To put factory firmware using SD card, you have to use their official guide, which involves the T9+ firmware. Don't ask why, that's Bitmain for you...

Once you have installed the T9+ firmware, boot into that and use the web ui to upgrade to the proper S9 firmware. You will not hash until you do that.

Braiins OS doesn't lock anything, you are simply doing things wrong.
2366  Bitcoin / Mining software (miners) / Re: Braiins OS: open-source mining firmware [S9, T1]. New release includes AsicBoost on: November 23, 2019, 10:47:50 PM
Hello.I have big broblem with no sensors found on BrainOs on my s9 miners.Is no sensors found  bug from BrainOs or sensors are really faulty?And if it is a bug does anyone has info will BrainOs fix it?

The only way you can tell is to use factory firmware again (Ie. from 2018). If the sensors are really bad, you won't be able to hash using Bitmain's and it should show in the logs. It is possible with BraiinsOS without sensors if you use the corresponding option in cgminer.conf but you risk a failing fan may burn your unit.

In the rare case where sensors truly work but are not correctly recognized, maybe after bosminer is finished you may have a chance to work with the bOS people to find a solution.

As with anything regarding improved hardware support, it will come only after bosminer is finished and released officially.

(bosminer will replace cgminer in future BraiinsOS releases).
2367  Bitcoin / Bitcoin Discussion / Re: Is it possible to build a chat/(group chat) app on top of lightning network? on: November 23, 2019, 10:26:50 PM
Someone has already made it just recently

It's pretty cool compared to Whatsapp and other private messengers, because the software is open source and the app is decentralized, so there's less risks of backdoors or third parties storing logs of communication (even if the messages are encrypted, it still can be pretty bad). I don't know if this Whatsat messenger is encrypted or not, but it's always possible to implement end-to-end encryption.

There are many other "open source private messengers" (even p2p), that don't happen to require satoshis for sending messages. This idea is nonsense, it can be done from a theoretical point of view but its pointless and I wouldn't use it.

Take a look at the Tox protocol for better alternatives.

Whatsapp is one of the worst messengers you could possibly ever use.
2368  Bitcoin / Bitcoin Discussion / Re: The Government Could Shutdown Bitcoin? on: November 22, 2019, 08:05:11 PM
I read this article online that the government could stop the Bitcoin? Easily using a simple trick.
Making the bitcoin market price staying in under a 1000$ for a long time and wait for the people to lose interest in it.

For me, this is easier said than done, making the bitcoin market price lower than 1000$ would encourage investors to invest in bitcoin that will inevitably affect the market price.

What is your opinion about this? Could the government do this?

The answer to this is simple: Can the government shutdown internet? See them try.

They can become annoying and block access to it, but they cannot truly shut it down.

To manipulate bitcoin's price, you'd need an ever increasing amount of money, you would be effectively burning your reserves, and no government could sustain this, not even a coalition of governments (or all of them), and they know, therefore they won't ever attempt this. Its suicidal, the only result of this would be: collapsed economies, and Bitcoin happily running alone.

Btw bitcoin doesn't care how much fiat is exchanged for it, its an "out of code" thing. To bitcoin it matters not what price it has, it still works perfectly fine. The value is given by the free market. Rich people (even sovereign States) can try but they would be overwhelmed.

The sole goal of "keep it at 1000" is unfeasible. Go ahead, see them try, let them dump all coins they have, that fluctuation would correct itself faster than their whole effort sacrifices their entire economy. This is why socialist style "command economy" mindset in the end always fail, you just cannot govern the market by executive decree. Its exactly like when Mugabe made inflation illegal in Zimbabwe, i don't need to tell you what happened to their national coin after that. They tried the same thing in Venezuela with identical results.

In fact, here is a nice book you can read for free: Forty Centuries of Wage and Price Controls: How Not to Fight Inflation The common denominator in all the history of humankind rulers is, when they try to govern the market it always results in the same: failure.

One would think humans learn from their own mistakes, but alas...
2369  Bitcoin / Bitcoin Discussion / Re: Blockchain is not Bitcoin on: November 22, 2019, 07:52:15 PM
Never believe a government, they are control freaks and often lie. Whatever China said in the past about Blockchain was to create a platform for its own stable coin. That being said supporting Blockchain does not mean favouring Bitcoin.

This basically. Unless that government explicitly accepts Bitcoin (like Japan did). A blockchain can be used for too many things, and it doesn't mean anything in particular. You can have perfectly useless central state issued coinage with a blockchain running in maybe a single server somewhere in their central bank, where no one can audit anything.

Its quite the facade, trying to piggyback on Bitcoin's success. But at least some people will want to learn about the origin, and then discover the truth...
2370  Bitcoin / Bitcoin Discussion / Re: 22nd November 2009. Satoshi created a forum called "Bitcointalk". 10 Years ago. on: November 22, 2019, 07:46:07 PM
Nobody care in 2009 Nov, we’re all addicted to online gaming, and downloading anime, why we should care about it now? Because we all loss interests on gaming and anime?

I don't think that has to do with anything, albeit it might pertain Luke-Jr lol.

Why? I still like my games and anime. Smiley Only time gets in the way, but when i find a moment, i go to them!

I didn't learn about the birthday in Wikipedia, there is a quite conspicuous link in the header of this forum up:

News: The forum is 10 years old today!

Pointing to the official birthday thread...
2371  Other / Beginners & Help / Re: Is this a scam? on: November 22, 2019, 07:39:16 PM
He tells me he added me to bitcoin mining but there was a `server error' which he tracked down to my account and somehow all bitcoin is `encrypted in 1 block'. The result is a large amount of bitcoin in a `non-spendable/watch only' wallet that is sitting on my account.
He says he needs a minimum of 2 bitcoin to be added to my account to remotely start `decryption of the encrypted block', which he cannot deposit, since he is region locked. (We are from different regions)

Money to "unlock" money is pure scam. If he gave you money, keep it or return it to the same address he send it from, that is your call. But don't give anything yours to the scammer.

There is no such thing as needing money to unlock money, that is absolute and pure lie.

Just tell him no, and if he keeps pestering, block / remove the contact from your social media. There is no need to confront him, just say no and move along. Maybe later post an "unrelated message" about how requesting money to unlock money is fraud to your social media...

Buy your own bitcoins, and keep them in your own separate wallet. Market fluctuations have nothing to do with anything, Bitcoin is another coin, its value is not locked to any other coin, or asset. It has its own value, and only the market decides what that value is at any given time, therefore it fluctuates freely.
2372  Bitcoin / Bitcoin Discussion / Re: Governements Projects and Futur of the Bitcoin Revolution. on: November 22, 2019, 07:29:02 PM
If governments of different countries everywhere begin to introduce their own cryptocurrencies, rather than using Bitcoin, then it will be tested for strength. Will digital gold be able to compete, for example, with the national currency of China or the real digital dollar?

Digital centralized State issued coins don't behave much different than digital fiat. Think of using your debit card all the time (as we do here) and you get it. The so called "cashless" societies.

There is no reason to believe these are going to be any better than the fiats they are replacing (complement?). It only has the advantages of digital money, but none of cryptocurreny, except maybe the difficulty to counterfeit it (if they use a blockchain with plenty of node distribution, code audit, etc).

In short there is nothing Bitcoin needs to fear, by design those centralized coins are flawed, and are backed by "trust" in people, not code. If anything, without proper community code audit, they are much much weaker, exactly like closed proprietary software is vs Free and Open Source.

it all centers in where are you putting your trust: People or code. People are unreliable, they have the power to destroy you, and you are "trusting" them not to abuse that power. Sounds nice and dandy when you see exemplary countries like the US or EU, what with their so nice managed fiat currencies, but you fail to notice that those coins can be made worthless overnight the same it happened to Zimbabwe and Venezuela, over "some executive decision" (typically the budget fell short to maintain proper corruption levels, they order printing).

My country issued one of those, and they recently "increased" the amount of "oil barrels" backing it. How many coins are there? You can't tell. Has anyone actually been given an actual oil barrel in exchange? Its not possible. This isn't that different from buying bonds, all you get is a flimsy pledge that can become null overnight (say, after a government change).

Or someone selling paper "equivalent" to Tulips. Nope, its not the actual tulip you are buying, just a "paper" that "says" somebody would be willing to exchange it for the actual thing, when in fact, you can't (and no one can't ever correlate the amount of papers to the amount of Tulips, until its too late and obvious). I have zero trust to coins "backed" on anything, especially other coins (pegging). You say nothing backs up Bitcoin? Yes, its backed in trust, to its code, that can't be changed so easily. The same can't be said about State issued fiat currency, it can be changed without warning overnight, and usually over the weekend...

The only way a State government can get any credibility, is when they adopt Bitcoin itself. To that, Japan has the most merit, since you can pay and be paid legally in bitcoin over there. Now the harder part is convincing the employers to do it, but at least the gov is out of the way. Employers do have a hidden advantage in using fiat. See, as all fiats lose value over time, if the employer keeps the wage the same, it means every year he/she is effectively reducing the pay (opposite to whatever the fiat has lost in value, typically at least 2%).

When you use Bitcoin, you are escaping this. Switching to deflationary currency, cannot be understated. And to understand how deflationary economies work, you have to study the Austrian school of economy, the Chicago school is useless (and opposed) to deflation, but it currently dominates the world...

Because none of those fools studied the Austrians, they fear deflation the most, and their bankers friends would have their revenue seriously reduced in a post Chicago world. As with technology, sometimes a change comes that make a long time profitable business obsolete. Banks don't need to disappear, but they won't be as useful anymore, so they are bound to shrink or diversify their source of revenue (Ie. become exchange or lending platform operating under full reserve rules).
2373  Other / Meta / Re: The Bitcoin Forum is 10 years old! on: November 22, 2019, 06:35:02 PM
Happy birthday forum! Hope you get another decade, and many many more!  Cheesy

2374  Bitcoin / Pools / Re: ⛏️ Poolin ⛏️ Bitcoin Mining | FASTEST Growing Pool | FPPS ⛏️ on: November 22, 2019, 05:57:56 PM
default payout without Bixin is 0.005BTC  pool fee is 4% for FPPS or PPS

Finally a straight answer, thanks. This pool is missing from the BTC Mining Pools List thread, it would be very nice if it was added there to ease comparison.
2375  Bitcoin / Pools / Re: [4+ EH] Slush Pool (slushpool.com); Overt AsicBoost; World First Mining Pool on: November 22, 2019, 05:38:40 PM
They might not want to generate empty blocks, they might not even be trying to. They just are.
-Dave
This could be the case but it's still a poor excuse not to improve. Their entire service is based on mining blocks and the transaction/rewards to be as profitable as possible for their miners. Transactions are the biggest reason for a miner to choose a PPLNS pool, so not doing everything possible to avoid empty blocks is just letting down your clients. On the flip side of that Miners exist to process these transactions, so if there is even 1 in the mempool it should damn well be in the block. I haven't been on slush for quite some time, but I think the problem has been they are big enough they don't care. There have been a lot of complaints about things like the merged mining rewards, and nothing has come of it. Unfortunately a lot of people just get complacent and don't reevaluate often enough, and if they are still make mad bank on the fees for the blocks mined without facing any real consequence where's there incentive to improve.

Well, they ARE doing something, just maybe not what you were expecting:

Empty block mining elimination

In Stratum V2, it is equally as efficient for pools to send full blocks for miners to begin working on as it is for them to send empty blocks (i.e. blocks that don’t contain any transactions). Since there is no extra delay caused by sending a full block, the incentive to send an empty block is eliminated.
Stratum V2

No extra delay to send a full block vs. an empty block.
Stratum V1

Slower to send a full block than an empty block.

You could say they conceded defeat and decided to address the issue at the protocol level between miners and pool rather than within the pool itself.

Discussing V2 probably deserves its own thread, i wonder why they haven't started one yet. The proposal is still open to change and even a large Chinese pool has shown interest in implementing it.
2376  Bitcoin / Pools / Re: ⛏️ Poolin ⛏️ Bitcoin Mining | FASTEST Growing Pool | FPPS ⛏️ on: November 22, 2019, 05:14:49 PM
Yes i already saw that at the site, but that doesn't answer the question. Bixin is something special, so i would like to know, the normal payout rate when NOT using Bixin, AND what is the pool fee. Normally you would quickly see that information displayed in the pool page, but unfortunately it appears to be buried inside a "help" site that requires (separate) login credentials to access.

This is the kind of thing that should be visible no matter if you are visiting, but much more if you are actually logged to the pool web site.

How can people even compare pools if they don't know their fee and payout structure?
2377  Bitcoin / Pools / Re: ⛏️ Poolin ⛏️ Bitcoin Mining | FASTEST Growing Pool | FPPS ⛏️ on: November 22, 2019, 12:06:39 AM
I still don't know what is this pool (Bitcoin) payout (min satoshis for wallet withdrawal), and what are its fees. Can anyone tell?
2378  Bitcoin / Mining support / Re: Just accidentally plugged an antminer s15 into 110v... on: November 21, 2019, 11:39:43 PM
Oh God, your country is wired with Stab-Loc? You might as well save time and set fire to your house :-)

For the un-initiated, Stab Loc was a maker of circuit breakers that.... well wouldn't break. Under load they had a tendancy to do one of two things:

1) Warp the contacts so that resistance increased as load increased, causing heat and a fire in the fuse box
2) Fuse shorted under overload (or even load) so that when a short was detected the breaker would ensure that the full 100-200ams of the house service could be dumped into the load, causing fires in walls, appliances, everywhere.

For awhile people thought that cycling the breakers every once in awhile would fix the problem, but then it was discovered that each time you cycled it you would make event 1 more likely. In other words having them open under load was a literal crap-shoot.

In terms of 30a 120v, that is very unusual in the US, it requires 10-8 gauge wire minimum and I could see a 120/240 unit melting its input lines under the extra current it tries to draw (do Antminer PSUs have a fuse in them?). Am curious to see what kind of power the OP has, and will test my icoming S15 with the Watts-Up meter to see what it does on 120v.

(Edit: I see Schindler Electric is selling new breakers that might fit in a Stab-Loc panel. Interesting)

Yes that's the one, thanks. And lets not forget, the panel breaker box itself is... How should i say, "flexible"? Imagine you attach something from one side and not the other, any little pressure would make the thing flex (inwards) in the "floating" side, and the whole side bends so when you try to use a switch in one of the breakers it might accidentally move the others in the same column. If you move it vertically too much, it can also get stuck against the metal front cover...

The dual breakers (two phase) are not connected inside like the decent breakers do, they are literally just two singles next to each other tied with some metal thingie on top of the levers. if one trips the other should pull the other lever also, but they are only connected at the lever part, and i found that this can actually make both stuck (hard) in the on position not halting any current at all so i removed that metal thingie and rather risk breaking a single phase than none. The way that would happen is if only one trips, the metal thing might get diagonal and have both stuck before reaching the middle (break) position Tongue

I doubt everyone has these, but this is a building from the 70ies. I have seen others with more decent material. The only saving grace is that the master breaker (which is not in the same box but separate) is not Federal Pacific or the Stab-Loc system. In fact the last short circuit i remember triggered that one, not any of the useless Stab-Loc ones in the box which serves more like decoration...

it is something that under normal circumstances, you would just replace entirely... But when you "survive" in a broken economy, things not food or bills get simply neglected. This building hasn't caught fire in over 40 years, i just pray...

And truth be told i only learned about it when i started messing with bitcoin mining and wondered why this box seemed so cheaply built, then i learned about it online from some old document wrote in the 80ies.

But yeah its not the first time they send the "garbage" here. Do you still have analog tvs? this country still broadcasts NTSC (yes its Nov 2019). There are even still plenty of CRTs humming along, we have two here still getting daily use... If they break, that's the end unless it can be cheaply repaired.
2379  Bitcoin / Bitcoin Discussion / Re: What can you buy with bitcoin? Apparently, some weird shit. on: November 21, 2019, 10:43:33 PM
Lol. I've seen this before in Facebook and they're making it a meme. Personally, I don't get why would someone even buy that thing!? I'm still in my right mind and I would never think of buying such thing. I won't waste my bitcoin on a stupid thing. I didn't worked hard to earn bitcoin just to buy bath water...
I have no intention of offending someone who buy this kind of thing but I just really have no idea what's the point of buying it?

Where there is demand...

Funny thing is that all of this can be faked, just fill some tap water maybe add some "fragrance" and boom! instant "gamer bath girl water".

This of course is unrelated to Bitcoin, she could have set up a paypal account or such.

Do you remember that bot set up by some German? that would blindly buy random things from Silk Road and they would place the items in a kind of museum? That thing bought all sorts of weird things, such as fake passports, drugs and so on.

At least selling her own bodily fluids shouldn't theoretically be illegal... Well i can imagine some entrepreneur hiring some hot model for publicity, and start selling all sort of things that actually don't come from her but nobody can audit.

So besides being a seriously ridiculous idea, chances are very high you are getting scammed and getting some ugly woman fluids or worse... (not like you can ever tell the difference, anyway... pee is pee).

The used underwear thing i have heard before, in Japan some places buy and sell...
2380  Bitcoin / Bitcoin Discussion / Re: Banks Are Never There When You Need Them - That's Why We Need Bitcoin on: November 21, 2019, 10:06:28 PM
No mentioning of fractional reserve. No wonder some people still think the banks are fine.

A bank is an incredibly fragile scheme, as in MLM scheme. A bank can go "bankrupt" if minuscule group of their clientele decides to withdraw all their money.

It is not about making profits AT ALL, that is not the problem. The problem is how the clients are absolutely unaware of fractional reserve.

People are misled to believe their money is "safe" in the bank. No it isn't, quite the opposite, in fact.

Here is the gist of it: You deposit 1000 they keep 100 in the vault, 900 is "lent away" immediately.

Someone gets those 900, deposits it in the bank again, 90 is in the vault, 810 "goes away"...

Someone gets that 810, deposits it in the bank, 81 is in the vault 729 "goes away"

Someone gets 729, deposits it in the bank, 72 is in the bank 657 "goes away"

I hope you start to see the pattern. So far, only 1000 entered the system, but the bank has already produced: 3096 the bank is already 2096 short, oh but they don't stop at 657, it goes all the way down... 592, 533, 480, 432, 389, 351, 316, 285, 257, 232, 209, 189, 171, 154, 139, 126, 114, 103, 93, 84, 76, 69, 63, 57, 52, 47, 43, 39, 36, 33, 30, 27, 25, 23, 21, 19, 18, 17, 16, 15, 14, 13, 12, 11, 10, 9...

When 1000 enters the system, bank has produced "Over 9000!"™ out of thin air, it doesn't really exist anywhere, but to them it does...

This is only sustainable as long as all of them don't "think" of withdrawing their money at the same time. Like an MLM scheme? Like an MLM scheme. Until the late 19th century this practice was illegal, and in many countries punishable by death. The older banks, were supposed to keep all the money that was given to them in their vaults. Of course, they would need to be paid (not the other way around) for this service.

This is why it shocks me when people get shocked over the idea that you should be paying the bank, not the other way around. This is because something this fundamental isn't teached, why, because... History of banking.

You see, some bankers did in fact infringed the law. They used some of that money "that was in the vault doing nothing" without permission. Those bankers that returned the money to the bank (and kept the profits) prospered, and became influential, and managed to change laws. With time, the scheme got legalized into what is currently modern banking.

But that is not how it should be. To break this scheme, the followers of the Austrian school of economy propose that banks "by default" become full reserve, ie. any money you deposit is entirely in there, and YOU have to pay a month fee for the service. IF the client want that money to be lent (or part of it) it should, previous authorization and fool knowledge of the risks involved, be moved into a separate type of account. However here comes the critical part, if the money is actually lent, that money CANNOT be available to the client until its returned. This is critical because its stops the MLM type scheme on its track. If the bank however offers you all the money any time regardless, the bank is playing fractional reserve again.

A bank that has full reserve, cannot go bankrupt. Everyone can withdraw the entirety of their money at anytime, and it will be there. Of course a bank without customers isn't much of a business, but even it if closes, none would lose their money.

That is not what happens with modern banks, to say the least, its always the clients that lose their money, sometimes the banks are saved, but the people never can. The State needs to save the bank "at all costs", including forsaking that bank's clientele. This is out of fear that a bankrupting bank would create a domino effect and crash the economy of that country, and that is why...

The State made an institution that lends to banks "just in case" too many clients decide to withdraw, thus creating the illusion the the money has always been safe. Yes, the bank of banks on a national level is called the Central Bank, its usually (but not necessarily) owned by the State, and it happens that in some countries they are also given free reign over the national currency.

Well this is sort of a buffer, with a proper Central bank in place, no bankruns would ever occur, as long as they are limited to one bank or a few banks, that is unless... The entire country enters in panic, and not only 10% of the people withdraw their money from that bank, but from ALL banks in the country... Fear not, because the World Bank was made for that...

Did you know each lender has their own conditions? I hope you do, and they all want their cut of the pie, it was YOUR fault for not preventing your customers to "flee" in the first place...

Please, don't waste your time with minuscule things like bank working hours, or fee amounts, that is the LEAST of your problems.

Do your own research about fractional reserve banking online. Never forget this, it takes about 10% of the entire money in banks to be withdrew to cause an economy crash. Sorry but there is no galactic bank to buffer Earth's economy... (yet).

Nothing broadcasts fear more than a closed bank. This is why they try their best to keep their doors open even when bad rumors come in. The fact that "rumors" can break a bank into pieces, is because of how fragile their system is.

A bank with full reserve don't need to mind rumors. At some point in history, the bank of Amsterdam operated in such conditions, even with War ravaging Europe, they had no problem returning the entire money to any client that requested it. That in turn made that bank a legendary reputation.

Alas, but a bank operated like that is less profitable than one using fractional reserve. Well duh you can potentially earn much more in a MLM than in a honest (boring) investment. This is similar to the difference from the currently dominating Chicago school of economy vs the Austrian school of economy (debt vs saving for growth).

One would think more people would be more aware of this, but they aren't. Otherwise they would not be using banks at all. Ah but how to keep the money that is intentionally losing purchasing power every year by State intervention? Perhaps by having a money that cannot be made to lose its value overtime...

When someone mention banks always remember about fractional reserve banking this is the center of the issue. Full reserve banking can return, but after a century or brainwash, people need to relearn what a bank is.

Look, getting paid when you give a stranger your money to keep safe, is NOT logical, that should raise your suspicions immediately. But you are letting your bank do it, because the State regulates it, and you trust it will be safe... Well hope you never experience a bank-run or a coin devaluation...
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