Technological Wizards of the Banking Industry

[Minecache]

What happened to all the so called technological wizards who work in the banking industry? The financial sector often boasts that it only employs the best of the best, so that said, why didn't one person within that sector design, develop and conceive an electronic cash or distributed ledger system? What have all these technological wizards been doing within the banking industry all these years?

[watashi-kokoto]

What have all these technological wizards been doing within the banking industry all these years?

1. testing bailouts
2. do bailouts
3. retire

[franky1]

What happened to all the so called technological wizards who work in the banking industry? The financial sector often boasts that it only employs the best of the best, so that said, why didn't one person within that sector design, develop and conceive an electronic cash or distributed ledger system? What have all these technological wizards been doing within the banking industry all these years?

banking behind the scenes have not changed in decades. they have employed a few "temps" to tweak and change a few things. but most of the time they are just employing network managers watching the network, rather than programmers creating new networks.

for banks its more like employing a smart cable guy to swap network cables and test data is going down the right cable. not programmers

the banks leave it for visa, mastercard to do the more creative technology features of NFC, faster payments. and then just send those faster payments to the banks old system in batches of out of date format

[Minecache]

So there's no financial geniuses within the industry employed to inovate and bring down transactional costs?

[Kprawn]

The only innovation from them is to find create ways to charge people more fees for stuff that was supposed to be free. They also found innovative ways

to spend the income from these fees, for example big corporate sponsorship for Sport. These guys apply practices that puts us in debt for 20 to 30 years

and we are happy to pay them double and even triple the amount they loaned us. {Bonds} Why are they allowed to do that? They have the backing of

the governments. 

[kizilsakal]

What have all these technological wizards been doing within the banking industry all these years?

1. testing bailouts
2. do bailouts
3. retire

it would be funny if it didn't feel like a tragic truth 


Corporations are mostry greed-drive. The idea that competition create incentives for innovation is overrated and flawed. If you control a huge part of a market, there's no reason for you to spend money on inovation. You focus on making pure profit.

[Minecache]

So the bankers have literally just been designing and developing ever more inventive ways of milking us all.

[chennan]

What happened to all the so called technological wizards who work in the banking industry? The financial sector often boasts that it only employs the best of the best, so that said, why didn't one person within that sector design, develop and conceive an electronic cash or distributed ledger system? What have all these technological wizards been doing within the banking industry all these years?

banking behind the scenes have not changed in decades. they have employed a few "temps" to tweak and change a few things. but most of the time they are just employing network managers watching the network, rather than programmers creating new networks.

for banks its more like employing a smart cable guy to swap network cables and test data is going down the right cable. not programmers

the banks leave it for visa, mastercard to do the more creative technology features of NFC, faster payments. and then just send those faster payments to the banks old system in batches of out of date format

Then I have a quick question for you.. So if it's really up to Visa, Mastercard, and other payment system technologies, then why do we always hear about banks such as JP Morgan Chase boasting that it will be looking to "incorporate blockchain technology" to it's banking sector?  Wouldn't the CEO's of the major banks just leave it up to the Visa and the like to incorporate the blockchain format for them?

I've always wondered about this, and it never really made any sense to me... since there is no "Wells Fargo Card" or "JP Morgan Card"... it's all pretty much Visa now and days.

[Bitcoinpro]

everytime everything goes red they just press another zero button "0" watch it all go

green again,  look at the flood of dollars that hits China when they do it 

a new ghost city is built there every week now,

[cjmoles]

Careful what you ask for:

http://r3cev.com/

http://www.coindesk.com/r3cev-distributed-ledger-wall-street/

http://www.pionline.com/article/20160122/ONLINE/160129944/11-banks-complete-experiment-using-blockchain-technology

https://www.cryptocoinsnews.com/jpmorgan-memo-9-billion-slated-studying-blockchain-robotics/


AND: Now they scabbed Mike Hearn too!

http://bravenewcoin.com/news/30-top-banks-and-mike-hearn-have-now-joined-r3-global-consortium/



CONCLUSION:  They're trying to take us out!

[BellaBitBit]

So the bankers have literally just been designing and developing ever more inventive ways of milking us all.

haha yes, exactly this.  That is their main motive.  I cannot see them attempting to innovate for the people or really do anything for the people.

[Bitcoinpro]

Careful what you ask for:

http://r3cev.com/

http://www.coindesk.com/r3cev-distributed-ledger-wall-street/

http://www.pionline.com/article/20160122/ONLINE/160129944/11-banks-complete-experiment-using-blockchain-technology

https://www.cryptocoinsnews.com/jpmorgan-memo-9-billion-slated-studying-blockchain-robotics/


AND: Now they scabbed Mike Hearn too!

http://bravenewcoin.com/news/30-top-banks-and-mike-hearn-have-now-joined-r3-global-consortium/

CONCLUSION:  They're trying to take us out!

their are bigger fish in the universe with more advanced currency,

[Preclus]

What happened to all the so called technological wizards who work in the banking industry? The financial sector often boasts that it only employs the best of the best, so that said, why didn't one person within that sector design, develop and conceive an electronic cash or distributed ledger system? What have all these technological wizards been doing within the banking industry all these years?

Why would a bank want a distributed ledger system when they can just have their own ledger?

With their own ledger system they can:

- make changes immediately
- rollback any fraud
- not have to deal with others when upgrading or running the system

There is zero reason for any banking system to have a distributed ledger. The fully electronic cash and computerized banking system in the U.S. works fine as it is.

All my recurring bills are paid automatically and electronically and 99% are paid without any additional fees. The only one I have a fee for is my pool guy who doesn't have a computer so my bank mails him a physical check once a month at the additional service cost of $1.

All my daily purchases are done via credit card. I get (about 3%) cash back on my purchases and the merchant pays the fees. My balance is paid in full each month, with no fee, from my checking account.

[keats3]

So the bankers have literally just been designing and developing ever more inventive ways of milking us all.

haha yes, exactly this.  That is their main motive.  I cannot see them attempting to innovate for the people or really do anything for the people.

Their technological wizards were responsible for the fiasco's when nobody could make or receive payments when they upgraded their systems. During those fiasco's no customers bosses could pay them their wages, so they couldn't pay their direct debits, and loan payments. The banks then tried charging their customers for not honoring those direct debits, and loan payments although their incompetence had made that impossible.

Those technological wizards will be hard at work designing the banks personal blockchain, which will be as big a fiasco.

[Bitcoinpro]

What happened to all the so called technological wizards who work in the banking industry? The financial sector often boasts that it only employs the best of the best, so that said, why didn't one person within that sector design, develop and conceive an electronic cash or distributed ledger system? What have all these technological wizards been doing within the banking industry all these years?

Why would a bank want a distributed ledger system when they can just have their own ledger?

With their own ledger system they can:

- make changes immediately
- rollback any fraud
- not have to deal with others when upgrading or running the system

There is zero reason for any banking system to have a distributed ledger. The fully electronic cash and computerized banking system in the U.S. works fine as it is.

All my recurring bills are paid automatically and electronically and 99% are paid without any additional fees. The only one I have a fee for is my pool guy who doesn't have a computer so my bank mails him a physical check once a month at the additional service cost of $1.

All my daily purchases are done via credit card. I get (about 3%) cash back on my purchases and the merchant pays the fees. My balance is paid in full each month, with no fee, from my checking account.

your pool guy prob runs his own miner for all you know

everything u posted is Fiat Fuuudddd

[cjmoles]

Careful what you ask for:

http://r3cev.com/

http://www.coindesk.com/r3cev-distributed-ledger-wall-street/

http://www.pionline.com/article/20160122/ONLINE/160129944/11-banks-complete-experiment-using-blockchain-technology

https://www.cryptocoinsnews.com/jpmorgan-memo-9-billion-slated-studying-blockchain-robotics/


AND: Now they scabbed Mike Hearn too!

http://bravenewcoin.com/news/30-top-banks-and-mike-hearn-have-now-joined-r3-global-consortium/

CONCLUSION:  They're trying to take us out!

their are bigger fish in the universe with more advanced currency,

Would Ethereum be included in that list of more advanced currencies?  I've been watching the development of it and it seems like an extremely versatile platform.  It's kinda scary what kind of potential it it has....I don't know though....R3CEV has some pretty big players.  

[Preclus]

your pool guy prob runs his own miner for all you know

everything u posted is Fiat Fuuudddd

As I stated, my pool guy doesn't have a computer, that is why I have him mailed a physical check each month.

What I posted was completely accurate, what exactly is your problem with it?

[Denker]

So the bankers have literally just been designing and developing ever more inventive ways of milking us all.

This is nothing new I would say.
Have the banks ever been good to us? Not in my country!
In my opinion it is time to kick some bankster's butt!

[bargainbin]

What happened to all the so called technological wizards who work in the banking industry? The financial sector often boasts that it only employs the best of the best, so that said, why didn't one person within that sector design, develop and conceive an electronic cash or distributed ledger system? What have all these technological wizards been doing within the banking industry all these years?

An equally probing question would be "why haven't they created a currency based on BTCeanie BTCabies?"
The answer would not be much different: "Because that would be stupid. "Distributed ledger" is used in banking. It's called a frickin' DATABASE.

But you probably mean "satoshi's blockchain, a TRUSTLESS distributed ledger, secured by POW, i.e. turning electricity into heat." If that's what you mean, banks don't use it because it is one of the most inefficient databases there is."
If you have any other questions, please do not hesitate to ask.

[Bungeebones]

What happened to all the so called technological wizards who work in the banking industry? The financial sector often boasts that it only employs the best of the best, so that said, why didn't one person within that sector design, develop and conceive an electronic cash or distributed ledger system? What have all these technological wizards been doing within the banking industry all these years?

Why would a bank want a distributed ledger system when they can just have their own ledger?

With their own ledger system they can:

- make changes immediately
- rollback any fraud
- not have to deal with others when upgrading or running the system

There is zero reason for any banking system to have a distributed ledger. The fully electronic cash and computerized banking system in the U.S. works fine as it is.

All my recurring bills are paid automatically and electronically and 99% are paid without any additional fees. The only one I have a fee for is my pool guy who doesn't have a computer so my bank mails him a physical check once a month at the additional service cost of $1.

All my daily purchases are done via credit card. I get (about 3%) cash back on my purchases and the merchant pays the fees. My balance is paid in full each month, with no fee, from my checking account.

I think you make some valid points. Bitcoin offers pseudo anonymity and more security from confiscation. Using a checking account for small amounts isn't too big a risk but the bank knows your business. Keeping a large sum there makes it possible to lose it via a "bail in" if you believe our economic system is close to collapse (many solid economics thinks so). With banks paying near zero interest then commodities like gold and silver are more secure and the loss of interest on them is not a big deal. But you can't send silver or gold through the Internet. Now Bitcoin compared to credit cards seems like a no-brainer. Bitcoin doesn't send your identity. No one can make fraudulent charges after they steal your Bitcoin number. Yes, I'm aware that you can call the bank and BEG them to take the charges off, threaten them that you will stop using their services if they don't and whatever else but because you pander to 'the credit rating" they have you by the shorthairs. The merchants have everything to gain and nothing to lose by using Bitcoin. Will credit card fraud increase or decrease? Identity theft? They all weigh in.

[Minecache]

What happened to all the so called technological wizards who work in the banking industry? The financial sector often boasts that it only employs the best of the best, so that said, why didn't one person within that sector design, develop and conceive an electronic cash or distributed ledger system? What have all these technological wizards been doing within the banking industry all these years?

Why would a bank want a distributed ledger system when they can just have their own ledger?

With their own ledger system they can:

- make changes immediately
- rollback any fraud
- not have to deal with others when upgrading or running the system

There is zero reason for any banking system to have a distributed ledger. The fully electronic cash and computerized banking system in the U.S. works fine as it is.

All my recurring bills are paid automatically and electronically and 99% are paid without any additional fees. The only one I have a fee for is my pool guy who doesn't have a computer so my bank mails him a physical check once a month at the additional service cost of $1.

All my daily purchases are done via credit card. I get (about 3%) cash back on my purchases and the merchant pays the fees. My balance is paid in full each month, with no fee, from my checking account.

Why? So they could reduce their transaction costs and time. How long does it still take a cheque to clear? If not for crypto currency then they'd still be sitting on their wizard sleeved hands.

[Minecache]

So the bankers have literally just been designing and developing ever more inventive ways of milking us all.

This is nothing new I would say.
Have the banks ever been good to us? Not in my country!
In my opinion it is time to kick some bankster's butt!

I hear you.

[bargainbin]

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.

[Preclus]

Why? So they could reduce their transaction costs and time. How long does it still take a cheque to clear? If not for crypto currency then they'd still be sitting on their wizard sleeved hands.

Reduce transaction costs? I bought some food today and paid with a $20 bill.

What was my transaction cost? How long did it take the transaction to confirm? How many parties were involved in confirming the transaction? Did I need to be connected to the Internet to do it?

Checks can clear absolutely instantly at banks. There is no need for blocks to be solved, confirmations from third parties or anything else. The reason they take some time to clear is not because of some wizard level problem. It is because a check is a piece of paper someone wrote some amount on.

The check writer may not have the money or the check may be forged, that's why it takes a while to clear. Why do people use checks? Because they are really easy to use, if you have a guy working on your plumbing, you can write him a check when he is done. The plumber doesn't need any kind of computer to accept the check and can just put it in his pocket. No merchant processors, no need to connect to the Internet, no bitcoin addresses, no confirmations.

With a U.S. bank, you have a whole host of options when you want to pay someone:

- paper check
- paper cashiers check from the bank account (funds are guaranteed)
- electronic transfer (including via email address or mobile phone number)
- recurring automatic electronic transfers
- wire transfer
- debit card (most have the money in the account, receiver needs merchant account)
- credit card (borrowed money, receiver needs merchant account)

Those are the most common. Banks have zero use for crypto currency, things work great as it is.

[Zeke2345]

Negative interest rates for all of you greedy people trying to make a savings!

Is this not just the case with any business that has a monoply on things?
Could argue google and apple do not follow this but they either buy a idea or kill the idea mostly before it can grow.
So expecting a bank to do anything but screw us would be like dancing on a busy highway and not expecting to be hit by a car.
Google car would dodge maybe,might go see what the stats say on that.

[Preclus]

Negative interest rates for all of you greedy people trying to make a savings!

What's the interest rate you get on your bitcoin deposits?

[bargainbin]

Negative interest rates for all of you greedy people trying to make a savings!

Is this not just the case with any business that has a monoply on things?
Could argue google and apple do not follow this but they either buy a idea or kill the idea mostly before it can grow.
So expecting a bank to do anything but screw us would be like dancing on a busy highway and not expecting to be hit by a car.
Google car would dodge maybe,might go see what the stats say on that.

Ever wonder why children on My Little Pony forums manage to form coherent sentences, and even spell and punctuate those correctly? And why here, on bitcointalk, that sort of thing hardly ever happens?

Yeah, me neither.

[Zeke2345]

Negative interest rates for all of you greedy people trying to make a savings!

What's the interest rate you get on your bitcoin deposits?

Context.

If you had a point to follow this,then by all means let me know.

[Zeke2345]

Negative interest rates for all of you greedy people trying to make a savings!

Is this not just the case with any business that has a monoply on things?
Could argue google and apple do not follow this but they either buy a idea or kill the idea mostly before it can grow.
So expecting a bank to do anything but screw us would be like dancing on a busy highway and not expecting to be hit by a car.
Google car would dodge maybe,might go see what the stats say on that.

Ever wonder why children on My Little Pony forums manage to form coherent sentences, and even spell and punctuate those correctly? And why here, on bitcointalk, that sort of thing hardly ever happens?

Yeah, me neither.

Those people are called "Bronies" I believe. Friends mom is addicted to a website set up in a similar fashion that is for 7-15 year olds.
Mind you she has some life issues that make her revert back to a time that was not so pleasant for her but at the same time that might be what you are looking at there.

My spelling sucks and I do plan to work on that,if you where poking the bear.

[bargainbin]

Negative interest rates for all of you greedy people trying to make a savings!

What's the interest rate you get on your bitcoin deposits?

Context.

If you had a point to follow this,then by all means let me know.

My bank doesn't charge me negative interest rates, actually pays me interest, I get *paid* (via discounts) for using my CC, which, in turn, lends me money, for free, for a month.
Bitcoin?

Re. "bronies":
*bronnies
 Not singling you out, you really blend on bitcointalk.

[Zeke2345]

Negative interest rates for all of you greedy people trying to make a savings!

What's the interest rate you get on your bitcoin deposits?

Context.

If you had a point to follow this,then by all means let me know.

My bank doesn't charge me negative interest rates, actually pays me interest, I get *paid* (via discounts) for using my CC, which, in turn, lends me money, for free, for a month.
Bitcoin?

Negative interest rates are being set up around the world or being added as a fail safe if the markets go haywire.
More countries are moving towards this or at least adding it to the writing.
So in context of banking,this is what I am referring to and not making a comparison to bitcoin. Bitcoin
not having a negative interest is just another bonus down the road.

If you are Canadian they just passed the negative interest rate as potential feature if the markets dictate it is needed.
Forget which country just went into negative interest rates to potentially spur the ecomomy from saving and spending more to push the economy forward. Most likely come to me after posting and believe it was Japan,but could be wrong.

[bargainbin]

Negative interest rates for all of you greedy people trying to make a savings!

What's the interest rate you get on your bitcoin deposits?

Context.

If you had a point to follow this,then by all means let me know.

My bank doesn't charge me negative interest rates, actually pays me interest, I get *paid* (via discounts) for using my CC, which, in turn, lends me money, for free, for a month.
Bitcoin?

Negative interest rates are being set up around the world or being added as a fail safe if the markets go haywire.
More countries are moving towards this or at least adding it to the writing.
So in context of banking,this is what I am referring to and not making a comparison to bitcoin. Bitcoin
not having a negative interest is just another bonus down the road.

If you are Canadian they just passed the negative interest rate as potential feature if the markets dictate it is needed.
Forget which country just went into negative interest rates to potentially spur the ecomomy from saving and spending more to push the economy forward. Most likely come to me after posting and believe it was Japan,but could be wrong.

Your understanding of economics is actually *worse* than your grammar.
When 1BTC was worth $430 a month ago and is now worth $373, saying that Bitcoin has no negative interest rate is meaningless.

[Zeke2345]

Negative interest rates for all of you greedy people trying to make a savings!

What's the interest rate you get on your bitcoin deposits?

Context.

If you had a point to follow this,then by all means let me know.

My bank doesn't charge me negative interest rates, actually pays me interest, I get *paid* (via discounts) for using my CC, which, in turn, lends me money, for free, for a month.
Bitcoin?

Negative interest rates are being set up around the world or being added as a fail safe if the markets go haywire.
More countries are moving towards this or at least adding it to the writing.
So in context of banking,this is what I am referring to and not making a comparison to bitcoin. Bitcoin
not having a negative interest is just another bonus down the road.

If you are Canadian they just passed the negative interest rate as potential feature if the markets dictate it is needed.
Forget which country just went into negative interest rates to potentially spur the ecomomy from saving and spending more to push the economy forward. Most likely come to me after posting and believe it was Japan,but could be wrong.

Please understand that your understanding of economics is actually *worse* than your grammar.
When 1BTC was worth $430 a month ago and is now worth $373, saying that Bitcoin has no negative interest rate is meaningless.

Again you have gone off on a tangent to make a point. Negative interest rates are coming in the banking world. So if you talk about bitcoin you would also relate it to the future as well. Therefore you can not compare the two in the manner you are presenting. Besides it was not the point of my post.

[bargainbin]

Negative interest rates for all of you greedy people trying to make a savings!

What's the interest rate you get on your bitcoin deposits?

Context.

If you had a point to follow this,then by all means let me know.

My bank doesn't charge me negative interest rates, actually pays me interest, I get *paid* (via discounts) for using my CC, which, in turn, lends me money, for free, for a month.
Bitcoin?

Negative interest rates are being set up around the world or being added as a fail safe if the markets go haywire.
More countries are moving towards this or at least adding it to the writing.
So in context of banking,this is what I am referring to and not making a comparison to bitcoin. Bitcoin
not having a negative interest is just another bonus down the road.

If you are Canadian they just passed the negative interest rate as potential feature if the markets dictate it is needed.
Forget which country just went into negative interest rates to potentially spur the ecomomy from saving and spending more to push the economy forward. Most likely come to me after posting and believe it was Japan,but could be wrong.

Please understand that your understanding of economics is actually *worse* than your grammar.
When 1BTC was worth $430 a month ago and is now worth $373, saying that Bitcoin has no negative interest rate is meaningless.

Again you have gone off on a tangent to make a point. Negative interest rates are coming in the banking world. So if you talk about bitcoin you would also relate it to the future as well. Therefore you can not compare the two in the manner you are presenting. Besides it was not the point of my post.

Look, first stop getting your news from stormfront.org zerohedge, bitcointalk & the like. The only bank to adopt negative interest rate, AFAIK, is BoJ (minus 0.1 percent, lol), and this doesn't mean that non-business accounts will be affected.

But even if banks do adopt negative interest rates, why would I want to keep my money in BTC, which gets debased faster, and might not even be here a year from now?
You know what else doesn't have negative interest rates? BTCeanie BTCabies.

[Zeke2345]

Negative interest rates for all of you greedy people trying to make a savings!

What's the interest rate you get on your bitcoin deposits?

Context.

If you had a point to follow this,then by all means let me know.

My bank doesn't charge me negative interest rates, actually pays me interest, I get *paid* (via discounts) for using my CC, which, in turn, lends me money, for free, for a month.
Bitcoin?

Negative interest rates are being set up around the world or being added as a fail safe if the markets go haywire.
More countries are moving towards this or at least adding it to the writing.
So in context of banking,this is what I am referring to and not making a comparison to bitcoin. Bitcoin
not having a negative interest is just another bonus down the road.

If you are Canadian they just passed the negative interest rate as potential feature if the markets dictate it is needed.
Forget which country just went into negative interest rates to potentially spur the ecomomy from saving and spending more to push the economy forward. Most likely come to me after posting and believe it was Japan,but could be wrong.

Please understand that your understanding of economics is actually *worse* than your grammar.
When 1BTC was worth $430 a month ago and is now worth $373, saying that Bitcoin has no negative interest rate is meaningless.

Again you have gone off on a tangent to make a point. Negative interest rates are coming in the banking world. So if you talk about bitcoin you would also relate it to the future as well. Therefore you can not compare the two in the manner you are presenting. Besides it was not the point of my post.

Look, first stop getting your news from stormfront.org zerohedge, bitcointalk & the like. The only bank to adopt negative interest rates, AFAIK, is BoJ, and this doesn't mean that non-business accounts will be affected.

But even if banks do adopt negative interest rates, why would I want to keep my money in BTC, which gets debased faster, and might not even be here a year from now? You know what else doesn't have negative interest rates? BTCeanie BTCabies.

Will follow you down this rabbit hole even though I did not make the comparison. If banks push negative interest rates,which 9 countries so far have gone down the route and others are adding options into the rates,then potentially bitcoin would rally.
You could make a profit either way by speculating against my theory or following it. The pattern you are using would not come into play,as people would either ignore bitcoin all together or run to it. In a situation like this I do not see it going up and down in a state of mass confusion.
People would be pulling out of the banks and hitting the mattress or they would be looking for alternatives.

Missed the correct in my spelling of dudes that like ponies,thank you! Did not mean to step on what turns another persons crank. Thought you may not have known about them.

[countryfree]

I guess the guys are too busy designing robot traders. It's also assuredly much more lucrative. How much money can a bank make with a new electronic currency? A distributed, cloud-based ledger? That's less exciting than trading.

[bargainbin]

...
Will follow you down this rabbit hole even though I did not make the comparison. If banks push negative interest rates,which 9 countries so far have gone down the route and others are adding options into the rates,then potentially bitcoin would rally.

Only one country is implementing negative interest rates,
"Japan’s new negative interest rate, minus 0.1 percent, will take effect on Feb. 16. It will be assessed only on balances that commercial banks deposit at the central bank in excess of regulatory minimums."
TL;DR: POINT ONE PERCENT. NOT ON YOUR CHECKING ACCOUNT.

You could make a profit either way by speculating against my theory or following it. The pattern you are using would not come into play,as people would either ignore bitcoin all together or run to it. In a situation like this I do not see it going up and down in a state of mass confusion.
People would be pulling out of the banks and hitting the mattress or they would be looking for alternatives.

People with money don't keep it in banks. They *invest it*, aka "put it to work for them." Think of your bank as your hot wallet -- bill-paying, walkin' 'round money, ATM access for folding money -- to tip/buy drugs with.

When shit gets hairy, rich people don't pull money out of banks & stick it in the first ponzi du jour because "ZOMG, .1% per annum!!!1!"
No. They'd rather drink from the dick of a goat.
Now you know.

[Minecache]

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.

I cashed a cheque last week. It took over 3 business days to clear. 

[Minecache]

Why? So they could reduce their transaction costs and time. How long does it still take a cheque to clear? If not for crypto currency then they'd still be sitting on their wizard sleeved hands.

Reduce transaction costs? I bought some food today and paid with a $20 bill.

What was my transaction cost? How long did it take the transaction to confirm? How many parties were involved in confirming the transaction? Did I need to be connected to the Internet to do it?

Checks can clear absolutely instantly at banks. There is no need for blocks to be solved, confirmations from third parties or anything else. The reason they take some time to clear is not because of some wizard level problem. It is because a check is a piece of paper someone wrote some amount on.

The check writer may not have the money or the check may be forged, that's why it takes a while to clear. Why do people use checks? Because they are really easy to use, if you have a guy working on your plumbing, you can write him a check when he is done. The plumber doesn't need any kind of computer to accept the check and can just put it in his pocket. No merchant processors, no need to connect to the Internet, no bitcoin addresses, no confirmations.

With a U.S. bank, you have a whole host of options when you want to pay someone:

- paper check
- paper cashiers check from the bank account (funds are guaranteed)
- electronic transfer (including via email address or mobile phone number)
- recurring automatic electronic transfers
- wire transfer
- debit card (most have the money in the account, receiver needs merchant account)
- credit card (borrowed money, receiver needs merchant account)

Those are the most common. Banks have zero use for crypto currency, things work great as it is.

Banking is not free. Your costs are being subsidised by other people's charges.

As stated above, I cashed a cheque last week. The monies didn't clear in my account for me to withdraw for 3 business days.

[Minecache]

Negative interest rates for all of you greedy people trying to make a savings!

Is this not just the case with any business that has a monoply on things?
Could argue google and apple do not follow this but they either buy a idea or kill the idea mostly before it can grow.
So expecting a bank to do anything but screw us would be like dancing on a busy highway and not expecting to be hit by a car.
Google car would dodge maybe,might go see what the stats say on that.

Ever wonder why children on My Little Pony forums manage to form coherent sentences, and even spell and punctuate those correctly? And why here, on bitcointalk, that sort of thing hardly ever happens?

Yeah, me neither.

Nope, I don't frequent MLP forums.

[bargainbin]

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.

I cashed a cheque last week. It took over 3 business days to clear. 

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?

[bargainbin]

Negative interest rates for all of you greedy people trying to make a savings!

Is this not just the case with any business that has a monoply on things?
Could argue google and apple do not follow this but they either buy a idea or kill the idea mostly before it can grow.
So expecting a bank to do anything but screw us would be like dancing on a busy highway and not expecting to be hit by a car.
Google car would dodge maybe,might go see what the stats say on that.

Ever wonder why children on My Little Pony forums manage to form coherent sentences, and even spell and punctuate those correctly? And why here, on bitcointalk, that sort of thing hardly ever happens?

Yeah, me neither.

Nope, I don't frequent MLP forums.

>not My Little Pony
>MLP

[Minecache]

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.

I cashed a cheque last week. It took over 3 business days to clear. 

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?

No, the point you tried to argue is that banking is almost instantaneous. I refute that. That said I can see from your curt replies that you enjoy muddying the water.

[USB-S]

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.

I cashed a cheque last week. It took over 3 business days to clear. 

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?

Maybe you should chose a legitimate exchange next time?

I have had no problems cashing out my btc, however once you arrive back to fiat. You get banking massive banking delays. Its like internet doesn't work for them in the weekends or nights. Even considering that the fees don't bother me that much, but sending money across borders and even sometimes within borders doesn't work as swiftly as I'd fine pleasing. Its like a well oiled machine within crypto and once you get out, the wear and tear of the current system starts to show off. Their system is fucked up beyond repair. You'd need a to be a fucking god to fix all the problems that crypto already has solved.

[bargainbin]

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.

I cashed a cheque last week. It took over 3 business days to clear. 

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?

No, the point you tried to argue is that banking is almost instantaneous. I refute that. That said I can see from your curt replies that you enjoy muddying the water.

No. I said banking transactions are almost instantaneous. In some cases, like with your 20th-century anachronism, the paper check, banks *choose* not to credit your account for security reasons. My bank, for instance, clears the business checks I deposit instantly (not really sure tho, haven't been living hand-to-mouth lately, perhaps because have been out of BTC for >2 years. Feelsgoodman.gif).

[bargainbin]

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.

I cashed a cheque last week. It took over 3 business days to clear.  

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?

Maybe you should chose a legitimate exchange next time?
...

You mean like GOX?

>Its like a well oiled machine within crypto
Yup. That taste of gun oil and cordite in your mouth, just before everything hits disruptive singularity
Edit: Still laughing re. "well oiled machine," that's perfect

[USB-S]

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.

I cashed a cheque last week. It took over 3 business days to clear. 

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?

Maybe you should chose a legitimate exchange next time?
...

You mean like GOX?

You've got to be really naive to hold your coins on shady exchanges like cryptsy after you lost your coins at gox. the accusations and PSAs about getting your coins out of cryptsy started a year before it collapsed. We knew that they were insolvent way before they admitted it. It's your problem if you've been living under a rock this whole time. You get your internet from the banks? Because it looks like they aren't the only ones whose internet doesn't work over the weekends and at nights.

[bargainbin]

...
You mean like GOX?

You've got to be really naive to hold your coins on shady exchanges like cryptsy after you lost your coins at gox. the accusations and PSAs about getting your coins out of cryptsy started a year before it collapsed. We knew that they were insolvent way before they admitted it. It's your problem if you've been living under a rock this whole time. You get your internet from the banks? Because it looks like they aren't the only ones whose internet doesn't work over the weekends and at nights.

One thing I like about fiat is not having to stay up to date re. which bank is shady & is likely to KTHXBI! with my $$$$$, worrying about some h4x0r0r haxxxing my account (FDIC baby!), fat-fingering an extra digit when paying for my angora socks, my money being worth half as much (or B&, lol) a month from now. See the appeal?
After being my own bank, I realized that it's as appealing to me as being my own garbage man & my own lumber. Which is to say meh.

>You get your internet from the banks?
You clearly get your drugs from Alphabay. Stop & shop locally, shit ain't agreeing with you.
Edit: but still crack up each time I think about "well-oiled machine"

[USB-S]

...
You mean like GOX?

You've got to be really naive to hold your coins on shady exchanges like cryptsy after you lost your coins at gox. the accusations and PSAs about getting your coins out of cryptsy started a year before it collapsed. We knew that they were insolvent way before they admitted it. It's your problem if you've been living under a rock this whole time. You get your internet from the banks? Because it looks like they aren't the only ones whose internet doesn't work over the weekends and at nights.

One thing I like about fiat is not having to stay up to date re. which bank is shady & is likely to KTHXBI! with my $$$$$, worrying about some h4x0r0r haxxxing my account (FDIC baby!), fat-fingering an extra digit when paying for my angora socks, my money being worth half as much (or B&, lol) a month from now. See the appeal?
After being my own bank, I realized that it's as appealing to me as being my own garbage man & my own lumber. Which is to say meh.

I feel sorry for your loss of coins. Wanna talk about it? You seem bitter.

[bargainbin]

...
You mean like GOX?

You've got to be really naive to hold your coins on shady exchanges like cryptsy after you lost your coins at gox. the accusations and PSAs about getting your coins out of cryptsy started a year before it collapsed. We knew that they were insolvent way before they admitted it. It's your problem if you've been living under a rock this whole time. You get your internet from the banks? Because it looks like they aren't the only ones whose internet doesn't work over the weekends and at nights.

One thing I like about fiat is not having to stay up to date re. which bank is shady & is likely to KTHXBI! with my $$$$$, worrying about some h4x0r0r haxxxing my account (FDIC baby!), fat-fingering an extra digit when paying for my angora socks, my money being worth half as much (or B&, lol) a month from now. See the appeal?
After being my own bank, I realized that it's as appealing to me as being my own garbage man & my own lumber. Which is to say meh.

I feel sorry for your loss of coins. Wanna talk about it? You seem bitter.

*plumber
Nah, averaged in the $6xx when all said & done, 'ts all good

[USB-S]

...
You mean like GOX?

You've got to be really naive to hold your coins on shady exchanges like cryptsy after you lost your coins at gox. the accusations and PSAs about getting your coins out of cryptsy started a year before it collapsed. We knew that they were insolvent way before they admitted it. It's your problem if you've been living under a rock this whole time. You get your internet from the banks? Because it looks like they aren't the only ones whose internet doesn't work over the weekends and at nights.

One thing I like about fiat is not having to stay up to date re. which bank is shady & is likely to KTHXBI! with my $$$$$, worrying about some h4x0r0r haxxxing my account (FDIC baby!), fat-fingering an extra digit when paying for my angora socks, my money being worth half as much (or B&, lol) a month from now. See the appeal?
After being my own bank, I realized that it's as appealing to me as being my own garbage man & my own lumber. Which is to say meh.

I feel sorry for your loss of coins. Wanna talk about it? You seem bitter.

*plumber
Nah, averaged in the $6xx when all said & done, 'ts all good

You jumping back in again any time soon or you like paper, *cough* digital banknotes? The debt crisis is way bigger than the scaling bitcoin one, I'll tell you that.

[bargainbin]

...
You mean like GOX?

You've got to be really naive to hold your coins on shady exchanges like cryptsy after you lost your coins at gox. the accusations and PSAs about getting your coins out of cryptsy started a year before it collapsed. We knew that they were insolvent way before they admitted it. It's your problem if you've been living under a rock this whole time. You get your internet from the banks? Because it looks like they aren't the only ones whose internet doesn't work over the weekends and at nights.

One thing I like about fiat is not having to stay up to date re. which bank is shady & is likely to KTHXBI! with my $$$$$, worrying about some h4x0r0r haxxxing my account (FDIC baby!), fat-fingering an extra digit when paying for my angora socks, my money being worth half as much (or B&, lol) a month from now. See the appeal?
After being my own bank, I realized that it's as appealing to me as being my own garbage man & my own lumber. Which is to say meh.

I feel sorry for your loss of coins. Wanna talk about it? You seem bitter.

*plumber
Nah, averaged in the $6xx when all said & done, 'ts all good

You jumping back in again any time soon or you like paper, *cough* digital banknotes? The debt crisis is way bigger than the scaling bitcoin one, I'll tell you that.

Right, when BTC hit $1200, was told fiat implosion imminent, BTC to $30,000 by Jan 1214.



No regrets
P.S. advice 4 U:

[USB-S]

...
You mean like GOX?

You've got to be really naive to hold your coins on shady exchanges like cryptsy after you lost your coins at gox. the accusations and PSAs about getting your coins out of cryptsy started a year before it collapsed. We knew that they were insolvent way before they admitted it. It's your problem if you've been living under a rock this whole time. You get your internet from the banks? Because it looks like they aren't the only ones whose internet doesn't work over the weekends and at nights.

One thing I like about fiat is not having to stay up to date re. which bank is shady & is likely to KTHXBI! with my $$$$$, worrying about some h4x0r0r haxxxing my account (FDIC baby!), fat-fingering an extra digit when paying for my angora socks, my money being worth half as much (or B&, lol) a month from now. See the appeal?
After being my own bank, I realized that it's as appealing to me as being my own garbage man & my own lumber. Which is to say meh.

I feel sorry for your loss of coins. Wanna talk about it? You seem bitter.

*plumber
Nah, averaged in the $6xx when all said & done, 'ts all good

You jumping back in again any time soon or you like paper, *cough* digital banknotes? The debt crisis is way bigger than the scaling bitcoin one, I'll tell you that.

Right, when BTC hit $1200, I was told fiat implosion imminent, BTC to $30,000 by Jan 1214.


No regrets

So spreading FUD within a community that has no brakes. I hope you'll hit harder than the guys at R3, cause they sure as hell killed bitcoin this time haha. Maybe we should all dump our coins to save the current stock market. I'll guarantee this'll work guys, we just need a small kick to get the economy up and rolling again.

[bargainbin]

...
You mean like GOX?

You've got to be really naive to hold your coins on shady exchanges like cryptsy after you lost your coins at gox. the accusations and PSAs about getting your coins out of cryptsy started a year before it collapsed. We knew that they were insolvent way before they admitted it. It's your problem if you've been living under a rock this whole time. You get your internet from the banks? Because it looks like they aren't the only ones whose internet doesn't work over the weekends and at nights.

One thing I like about fiat is not having to stay up to date re. which bank is shady & is likely to KTHXBI! with my $$$$$, worrying about some h4x0r0r haxxxing my account (FDIC baby!), fat-fingering an extra digit when paying for my angora socks, my money being worth half as much (or B&, lol) a month from now. See the appeal?
After being my own bank, I realized that it's as appealing to me as being my own garbage man & my own lumber. Which is to say meh.

I feel sorry for your loss of coins. Wanna talk about it? You seem bitter.

*plumber
Nah, averaged in the $6xx when all said & done, 'ts all good

You jumping back in again any time soon or you like paper, *cough* digital banknotes? The debt crisis is way bigger than the scaling bitcoin one, I'll tell you that.

Right, when BTC hit $1200, I was told fiat implosion imminent, BTC to $30,000 by Jan 1214.


No regrets

So spreading FUD within a community that has no brakes. I hope you'll hit harder than the guys at R3, cause they sure as hell killed bitcoin this time haha. Maybe we should all dump our coins to save the current stock market. I'll guarantee this'll work guys, we just need a small kick to get the economy up and rolling again.

Lol, you understand that Bitcoin "market cap" is probably ~ what an average Fortune 500 co. spends on hookers and blow for teh C-Suite company picnics, right?
Bitcoin bail out the market add another one to "Its like a well oiled machine within crypto" too much!

[USB-S]

...
You mean like GOX?

You've got to be really naive to hold your coins on shady exchanges like cryptsy after you lost your coins at gox. the accusations and PSAs about getting your coins out of cryptsy started a year before it collapsed. We knew that they were insolvent way before they admitted it. It's your problem if you've been living under a rock this whole time. You get your internet from the banks? Because it looks like they aren't the only ones whose internet doesn't work over the weekends and at nights.

One thing I like about fiat is not having to stay up to date re. which bank is shady & is likely to KTHXBI! with my $$$$$, worrying about some h4x0r0r haxxxing my account (FDIC baby!), fat-fingering an extra digit when paying for my angora socks, my money being worth half as much (or B&, lol) a month from now. See the appeal?
After being my own bank, I realized that it's as appealing to me as being my own garbage man & my own lumber. Which is to say meh.

I feel sorry for your loss of coins. Wanna talk about it? You seem bitter.

*plumber
Nah, averaged in the $6xx when all said & done, 'ts all good

You jumping back in again any time soon or you like paper, *cough* digital banknotes? The debt crisis is way bigger than the scaling bitcoin one, I'll tell you that.

Right, when BTC hit $1200, I was told fiat implosion imminent, BTC to $30,000 by Jan 1214.


No regrets

So spreading FUD within a community that has no brakes. I hope you'll hit harder than the guys at R3, cause they sure as hell killed bitcoin this time haha. Maybe we should all dump our coins to save the current stock market. I'll guarantee this'll work guys, we just need a small kick to get the economy up and rolling again.

Lol, you understand that Bitcoin "market cap" is probably ~ what an average Fortune 500 co. spends on hookers and blow for teh C-Suite company picnics, right?
Bitcoin bail out the market add another one to "Its like a well oiled machine within crypto" too much!

We'll start with Africa.

[bargainbin]

...
You mean like GOX?

You've got to be really naive to hold your coins on shady exchanges like cryptsy after you lost your coins at gox. the accusations and PSAs about getting your coins out of cryptsy started a year before it collapsed. We knew that they were insolvent way before they admitted it. It's your problem if you've been living under a rock this whole time. You get your internet from the banks? Because it looks like they aren't the only ones whose internet doesn't work over the weekends and at nights.

One thing I like about fiat is not having to stay up to date re. which bank is shady & is likely to KTHXBI! with my $$$$$, worrying about some h4x0r0r haxxxing my account (FDIC baby!), fat-fingering an extra digit when paying for my angora socks, my money being worth half as much (or B&, lol) a month from now. See the appeal?
After being my own bank, I realized that it's as appealing to me as being my own garbage man & my own lumber. Which is to say meh.

I feel sorry for your loss of coins. Wanna talk about it? You seem bitter.

*plumber
Nah, averaged in the $6xx when all said & done, 'ts all good

You jumping back in again any time soon or you like paper, *cough* digital banknotes? The debt crisis is way bigger than the scaling bitcoin one, I'll tell you that.

Right, when BTC hit $1200, I was told fiat implosion imminent, BTC to $30,000 by Jan 1214.


No regrets

So spreading FUD within a community that has no brakes. I hope you'll hit harder than the guys at R3, cause they sure as hell killed bitcoin this time haha. Maybe we should all dump our coins to save the current stock market. I'll guarantee this'll work guys, we just need a small kick to get the economy up and rolling again.

Lol, you understand that Bitcoin "market cap" is probably ~ what an average Fortune 500 co. spends on hookers and blow for teh C-Suite company picnics, right?
Bitcoin bail out the market add another one to "Its like a well oiled machine within crypto" too much!

We'll start with Africa.

You got a pretty good head start in Chian, no?

[USB-S]

Volumes are mostly fake. But there are some bulls.

[bargainbin]

^^This is getting cruel, I'm sorry. Sure, there are some bulls.
Because Mad Cow Disease!
Know anything about that? Not even a virus,some sort of creepy protein that doesn't fold right and turns bovine brains into mush, with holes in it and shit. Amazingly contagious, boiling won't kill it, because it ain't alive in the first place
Horrifying.
Explains all the irrational optimisms tho...

[USB-S]

^^This is getting cruel, I'm sorry. Sure, there are some bulls.
Because Mad Cow Disease!
Know anything about that? Not even a virus,some sort of creepy protein that doesn't fold right and turns bovine brains into mush, with holes in it and shit. Amazingly contagious, boiling won't kill it, because it ain't alive in the first place
Horrifying.
Explains all the irrational optimisms tho...

I should buy some ethereum.

[bargainbin]

^^This is getting cruel, I'm sorry. Sure, there are some bulls.
Because Mad Cow Disease!
Know anything about that? Not even a virus,some sort of creepy protein that doesn't fold right and turns bovine brains into mush, with holes in it and shit. Amazingly contagious, boiling won't kill it, because it ain't alive in the first place
Horrifying.
Explains all the irrational optimisms tho...

I should buy some etherium.

You buy my bitcoin now, yes?

Re. Etherium: It seems so frickin' complicated...

[USB-S]

^^This is getting cruel, I'm sorry. Sure, there are some bulls.
Because Mad Cow Disease!
Know anything about that? Not even a virus,some sort of creepy protein that doesn't fold right and turns bovine brains into mush, with holes in it and shit. Amazingly contagious, boiling won't kill it, because it ain't alive in the first place
Horrifying.
Explains all the irrational optimisms tho...

I should buy some etherium.

You buy my bitcoin now, yes?

regardless, supply and demand is real.

[USB-S]

^^This is getting cruel, I'm sorry. Sure, there are some bulls.
Because Mad Cow Disease!
Know anything about that? Not even a virus,some sort of creepy protein that doesn't fold right and turns bovine brains into mush, with holes in it and shit. Amazingly contagious, boiling won't kill it, because it ain't alive in the first place
Horrifying.
Explains all the irrational optimisms tho...

I should buy some etherium.

You buy my bitcoin now, yes?

Re. Etherium: It seems so frickin' complicated...

You're a friggin wizard. Why does one not truly get bitcoin?

[bargainbin]

^^This is getting cruel, I'm sorry. Sure, there are some bulls.
Because Mad Cow Disease!
Know anything about that? Not even a virus,some sort of creepy protein that doesn't fold right and turns bovine brains into mush, with holes in it and shit. Amazingly contagious, boiling won't kill it, because it ain't alive in the first place
Horrifying.
Explains all the irrational optimisms tho...

I should buy some etherium.

You buy my bitcoin now, yes?

regardless, supply and demand is real.

Read bottom line

[USB-S]

People using coinbases swift card? surely one does not go to internet to lie? Oh god, it's a pozi scheme. So is the federal note, so what?

[bargainbin]

People using coinbases swift card? surely one does not go to internet to lie? Oh god, it's a pozi scheme. So is the federal note, so what?

A pyramid scheme, to be more exact. Observe:
"A pyramid scheme is a business model that recruits members via a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products or services. As recruiting multiplies, recruiting becomes quickly impossible, and most members are unable to profit; as such, pyramid schemes are unsustainable and often illegal."--wikip.

Where does Bitcoin's value come from? From other people paying you for it.

Can Bitcoin's value go up if more people weren't recruited? Well, only so much BTC you can sell to each other, before you run out of fiat money, amirite?

And remember, more bitcoins are constantly "printed out of thin air." 25 BTC every 10 minutes. Somebody has to buy that

Re. "federal note" (assuming you mean money): Major difference being that there was a country, with wealth & economy. Then started printing money.
Bitcoin: no country, no wealth, no economy, no army -- just started printing money

[USB-S]

People using coinbases swift card? surely one does not go to internet to lie? Oh god, it's a pozi scheme. So is the federal note, so what?

A pyramid scheme, to be more exact. Observe:
A pyramid scheme is a business model that recruits members via a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products or services. As recruiting multiplies, recruiting becomes quickly impossible, and most members are unable to profit; as such, pyramid schemes are unsustainable and often illegal.--wikip.

Where does Bitcoin's value come from? From other people paying you for it.

Can Bitcoin's value go up if more people weren't recruited? Well, only so much BTC you can sell to each other, before you run out of fiat money, amirite?

It's a payment network. What if we'd do something in Africa. We'd need more adoption in Africa. Do the bitcoin businesses give out free bitcoins to people seeking to promote bitcoin there? Obviously someone with a plan. You MLP fans are one of a kind.

And remember, more bitcoins are constantly "printed out of thin air." 25 BTC every 10 minutes. Somebody has to buy that

Re. "federal note" (assuming you mean money): Major difference being that there was a country, with wealth & economy. Then started printing money.
Bitcoin: no country, no wealth, no economy, no army -- just started printing money

We have a small virtual economy going for us.

[bargainbin]

People using coinbases swift card? surely one does not go to internet to lie? Oh god, it's a pozi scheme. So is the federal note, so what?

A pyramid scheme, to be more exact. Observe:
A pyramid scheme is a business model that recruits members via a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products or services. As recruiting multiplies, recruiting becomes quickly impossible, and most members are unable to profit; as such, pyramid schemes are unsustainable and often illegal.--wikip.

Where does Bitcoin's value come from? From other people paying you for it.

Can Bitcoin's value go up if more people weren't recruited? Well, only so much BTC you can sell to each other, before you run out of fiat money, amirite?

It's a payment network. What if we'd do something in Africa. We'd need more adoption in Africa. Do the bitcoin businesses give out free bitcoins to people seeking to promote bitcoin there? Obviously someone with a plan. You MLP fans are one of a kind.

No one is giving out any (meaningful sums of) Bitcoins in Africa. The last thing I heard was some BitPesa 3dpd lady taking Safaricom to Kenyan High Court because "BAWW, payment processors don't want to play with us."
...and LOSING!!




Everyone wants to *make money* on 3rd-world countries. These are not nice people. Bitcoiners are banksters too, only worse. Because vulgar, hungry, uncouth nouveau riche

[USB-S]

How do you fake 200k daily transactions? Your fud makes me wanna buy more coins. You're nothing more than a weak hand.

[bargainbin]

How do you fake 200k daily transactions? Your fud makes me wanna buy more coins.

Buy buy buy!
Just rubbernecking here, no dog in the fight. Don't know, you might make some good trades. Just like you can make a killing in penny stocks.
Caveat: On the average, you'll lose. Shorting too.

IRL markets are regulated for a reason, the reason being you're useless to our Lizard Overlords when you're broke. They don't want your butt poached. They like you happy and healthy. Because when you're happy, your brain is happy, and that's how they like your brain -- happy and tasty

[USB-S]

How do you fake 200k daily transactions? Your fud makes me wanna buy more coins.

Buy buy buy!
Just rubbernecking here, no dog in the fight. Don't know, you might make some good trades. Just like you can make a killing in penny stocks.
Caveat: On the average, you'll lose. Shorting too.

IRL markets are regulated for a reason, the reason being you're useless to our Lizard Overlords when you're broke. They don't want your butt poached. They like you happy and healthy. Because when you're happy, your brain is happy, and that's how they like your brain -- happy and tasty

Well, bitcoin isn't such a bad store of excess money. I mean people have put their money on worse things than bitcoin for sure. However tuning into the bitcoin community makes it feel so alive. Maybe it's just me, but it's interesting.
We'd be puny puppets even when we'd be worth hundreds of millions. There is no end to that ladder.
Why did you sell them all? Did you need the cash so badly?

[romero121]

So the bankers have literally just been designing and developing ever more inventive ways of milking us all.

This is nothing new I would say.
Have the banks ever been good to us? Not in my country!
In my opinion it is time to kick some bankster's butt!

According to your view its right. You consider or have a survey with the common man so that you can understand how banking is good for them.
They feel banking is the safest method for our investment as well saving. What common man think is, they are greedy but some way we are
being supported at situations.

[CryingMidget]

How do you fake 200k daily transactions? Your fud makes me wanna buy more coins. You're nothing more than a weak hand.

we fake people in bitcoin through doubling. so many doubling fake sites are there. they use to scam with people who are all investing on doubling with greedy.

[Kakmakr]

I would much rather use Bitcoin than most of the technology developed by banks over the years. The credit card industry are riddled with card skimming and cloning and the people using online banking, suffer from website phishing and spoofing.

Most of the counter measures for these technologies has been exploited within the first few months of their release. Just look at all the exploits in the ATM environment < Card readers that fit onto the front panel and hidden pinhole cams, fitted into hidden panels > 

[Preclus]

I would much rather use Bitcoin than most of the technology developed by banks over the years. The credit card industry are riddled with card skimming and cloning and the people using online banking, suffer from website phishing and spoofing.

Most of the counter measures for these technologies has been exploited within the first few months of their release. Just look at all the exploits in the ATM environment < Card readers that fit onto the front panel and hidden pinhole cams, fitted into hidden panels > 

Credit card customers in the US don't really have to worry about fraud too much because, by law, credit card losses due to fraud are limited to $50. This is the law:

http://www.consumer.ftc.gov/articles/0213-lost-or-stolen-credit-atm-and-debit-cards

"Credit Card Loss or Fraudulent Charges

Under the FCBA, your liability for unauthorized use of your credit card tops out at $50. However, if you report the loss before your credit card is used, the FCBA says you are not responsible for any charges you didn’t authorize. If your credit card number is stolen, but not the card, you are not liable for unauthorized use."

ATM and debit card charges are also limited in a number of circumstances. You can see details in the link above.

Additionally, almost all credit cards in the US are now chip cards. When using a chip reader, this prevents skimmers from working. The US is using chip + signature instead of chip + pin as they do in Europe, however, and not all readers are chip readers right now. Gas stations, for example, aren't required to have chip readers until 2017.

The phishing and spoofing of websites is not related to method of payment.

[RealBitcoin]

So there's no financial geniuses within the industry employed to inovate and bring down transactional costs?

There are, but the regulators are very strict and its hard to go around them. With 100,000 pages of regulation, even if you have a team of lawyers and financial engineers, it takes years to find more efficiency.

[Minecache]

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.

I cashed a cheque last week. It took over 3 business days to clear. 

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?

No, the point you tried to argue is that banking is almost instantaneous. I refute that. That said I can see from your curt replies that you enjoy muddying the water.

No. I said banking transactions are almost instantaneous. In some cases, like with your 20th-century anachronism, the paper check, banks *choose* not to credit your account for security reasons. My bank, for instance, clears the business checks I deposit instantly (not really sure tho, haven't been living hand-to-mouth lately, perhaps because have been out of BTC for >2 years. Feelsgoodman.gif).

Oh yes there is a massive security risk on a £40 cheque cashed between 2 family members with accounts in the same bank. Maybe they needed the time to let the ink dry on the money. Or maybe they were scared that in those 3 business days they'd be needing another bail out.

[bargainbin]

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.

I cashed a cheque last week. It took over 3 business days to clear.  

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?

No, the point you tried to argue is that banking is almost instantaneous. I refute that. That said I can see from your curt replies that you enjoy muddying the water.

No. I said banking transactions are almost instantaneous. In some cases, like with your 20th-century anachronism, the paper check, banks *choose* not to credit your account for security reasons. My bank, for instance, clears the business checks I deposit instantly (not really sure tho, haven't been living hand-to-mouth lately, perhaps because have been out of BTC for >2 years. Feelsgoodman.gif).

Oh yes there is a massive security risk on a £40 cheque cashed between 2 family members with accounts in the same bank. Maybe they needed the time to let the ink dry on the money. Or maybe they were scared that in those 3 business days they'd be needing another bail out.

Your family keeps bouncing checks off each other? Well there's your problem right there!

Seriously tho, you do understand why checks exist, correct? It's so that old people, who get scared by anything more high-tech than a pen, can still buy things. Without needing a computer, smartphone, or internet connection.
Next you'll start bitching that wheelchairs and mobility scooters are slow

So when you hit up your Granny for £40 because you gambled away your rent on bitcoins, remember: If not for paper checks, you would have got nothing at all. Which would have been better both for you & Granny -- she's just enabling you, should let you hit rock-bottom.

[cjmoles]

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.

I cashed a cheque last week. It took over 3 business days to clear.  

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?

No, the point you tried to argue is that banking is almost instantaneous. I refute that. That said I can see from your curt replies that you enjoy muddying the water.

No. I said banking transactions are almost instantaneous. In some cases, like with your 20th-century anachronism, the paper check, banks *choose* not to credit your account for security reasons. My bank, for instance, clears the business checks I deposit instantly (not really sure tho, haven't been living hand-to-mouth lately, perhaps because have been out of BTC for >2 years. Feelsgoodman.gif).

Oh yes there is a massive security risk on a £40 cheque cashed between 2 family members with accounts in the same bank. Maybe they needed the time to let the ink dry on the money. Or maybe they were scared that in those 3 business days they'd be needing another bail out.

Your family keeps bouncing checks off each other? Well there's your problem right there!

Seriously tho, you do understand why checks exist, correct? It's so that old people, who get scared by anything more high-tech than a pen, can still buy things. Without needing a computer, smartphone, or internet connection.
Next you'll start bitching that wheelchairs and mobility scooters are slow

So when you hit up your Granny for £40 because you gambled away your rent on bitcoins, remember: If not for paper checks, you would have got nothing at all. Which would have been better both for you & Granny -- she's just enabling you, should let you hit rock-bottom.

The great thing about Bitcoin is that it allows those who are bankless to participate in the global economy....And, it provides a platform by which one can interact within the digital economy on a micro-scale which benefits consumers of intellectual content, as well as, the artists who produce it.

[bargainbin]

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.

I cashed a cheque last week. It took over 3 business days to clear.  

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?

No, the point you tried to argue is that banking is almost instantaneous. I refute that. That said I can see from your curt replies that you enjoy muddying the water.

No. I said banking transactions are almost instantaneous. In some cases, like with your 20th-century anachronism, the paper check, banks *choose* not to credit your account for security reasons. My bank, for instance, clears the business checks I deposit instantly (not really sure tho, haven't been living hand-to-mouth lately, perhaps because have been out of BTC for >2 years. Feelsgoodman.gif).

Oh yes there is a massive security risk on a £40 cheque cashed between 2 family members with accounts in the same bank. Maybe they needed the time to let the ink dry on the money. Or maybe they were scared that in those 3 business days they'd be needing another bail out.

Your family keeps bouncing checks off each other? Well there's your problem right there!

Seriously tho, you do understand why checks exist, correct? It's so that old people, who get scared by anything more high-tech than a pen, can still buy things. Without needing a computer, smartphone, or internet connection.
Next you'll start bitching that wheelchairs and mobility scooters are slow

So when you hit up your Granny for £40 because you gambled away your rent on bitcoins, remember: If not for paper checks, you would have got nothing at all. Which would have been better both for you & Granny -- she's just enabling you, should let you hit rock-bottom.

The great thing about Bitcoin is that it allows those who are bankless to participate in the global economy....And, it provides a platform by which one can interact within the digital economy on a micro-scale which benefits consumers of intellectual content, as well as, the artists who produce it.

Who are these works of fiction? Why can't they buy prepaid cards, at their local bodegas, but can buy bitcoins?

'S far as microtransactions go, forget about those. Because "[Bitcoin transactions currently cost] $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes."

[Minecache]

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.

I cashed a cheque last week. It took over 3 business days to clear.  

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?

No, the point you tried to argue is that banking is almost instantaneous. I refute that. That said I can see from your curt replies that you enjoy muddying the water.

No. I said banking transactions are almost instantaneous. In some cases, like with your 20th-century anachronism, the paper check, banks *choose* not to credit your account for security reasons. My bank, for instance, clears the business checks I deposit instantly (not really sure tho, haven't been living hand-to-mouth lately, perhaps because have been out of BTC for >2 years. Feelsgoodman.gif).

Oh yes there is a massive security risk on a £40 cheque cashed between 2 family members with accounts in the same bank. Maybe they needed the time to let the ink dry on the money. Or maybe they were scared that in those 3 business days they'd be needing another bail out.

Your family keeps bouncing checks off each other? Well there's your problem right there!

Seriously tho, you do understand why checks exist, correct? It's so that old people, who get scared by anything more high-tech than a pen, can still buy things. Without needing a computer, smartphone, or internet connection.
Next you'll start bitching that wheelchairs and mobility scooters are slow

So when you hit up your Granny for £40 because you gambled away your rent on bitcoins, remember: If not for paper checks, you would have got nothing at all. Which would have been better both for you & Granny -- she's just enabling you, should let you hit rock-bottom.

Straw man.

You are a banker shill and apologist, and I claim my 0.0001 bit.

[bargainbin]

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.

I cashed a cheque last week. It took over 3 business days to clear.  

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?

No, the point you tried to argue is that banking is almost instantaneous. I refute that. That said I can see from your curt replies that you enjoy muddying the water.

No. I said banking transactions are almost instantaneous. In some cases, like with your 20th-century anachronism, the paper check, banks *choose* not to credit your account for security reasons. My bank, for instance, clears the business checks I deposit instantly (not really sure tho, haven't been living hand-to-mouth lately, perhaps because have been out of BTC for >2 years. Feelsgoodman.gif).

Oh yes there is a massive security risk on a £40 cheque cashed between 2 family members with accounts in the same bank. Maybe they needed the time to let the ink dry on the money. Or maybe they were scared that in those 3 business days they'd be needing another bail out.

Your family keeps bouncing checks off each other? Well there's your problem right there!

Seriously tho, you do understand why checks exist, correct? It's so that old people, who get scared by anything more high-tech than a pen, can still buy things. Without needing a computer, smartphone, or internet connection.
Next you'll start bitching that wheelchairs and mobility scooters are slow

So when you hit up your Granny for £40 because you gambled away your rent on bitcoins, remember: If not for paper checks, you would have got nothing at all. Which would have been better both for you & Granny -- she's just enabling you, should let you hit rock-bottom.

Straw man.

You are a banker shill and apologist, and I claim my 0.0001 bit.

Banker Shill?!



Stop calling me a bankster shill, Bitcoin criminal! I know your kind, probably hopped up on bath salts, jerkin' to CP you bought with your Pedo Pesos

[cjmoles]

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.

I cashed a cheque last week. It took over 3 business days to clear.  

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?

No, the point you tried to argue is that banking is almost instantaneous. I refute that. That said I can see from your curt replies that you enjoy muddying the water.

No. I said banking transactions are almost instantaneous. In some cases, like with your 20th-century anachronism, the paper check, banks *choose* not to credit your account for security reasons. My bank, for instance, clears the business checks I deposit instantly (not really sure tho, haven't been living hand-to-mouth lately, perhaps because have been out of BTC for >2 years. Feelsgoodman.gif).

Oh yes there is a massive security risk on a £40 cheque cashed between 2 family members with accounts in the same bank. Maybe they needed the time to let the ink dry on the money. Or maybe they were scared that in those 3 business days they'd be needing another bail out.

Your family keeps bouncing checks off each other? Well there's your problem right there!

Seriously tho, you do understand why checks exist, correct? It's so that old people, who get scared by anything more high-tech than a pen, can still buy things. Without needing a computer, smartphone, or internet connection.
Next you'll start bitching that wheelchairs and mobility scooters are slow

So when you hit up your Granny for £40 because you gambled away your rent on bitcoins, remember: If not for paper checks, you would have got nothing at all. Which would have been better both for you & Granny -- she's just enabling you, should let you hit rock-bottom.

The great thing about Bitcoin is that it allows those who are bankless to participate in the global economy....And, it provides a platform by which one can interact within the digital economy on a micro-scale which benefits consumers of intellectual content, as well as, the artists who produce it.

Who are these works of fiction? Why can't they buy prepaid cards, at their local bodegas, but can buy bitcoins?

'S far as microtransactions go, forget about those. Because "[Bitcoin transactions currently cost] $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes."

There are some places in the world that do not have "local bodegas" and there are others that are in extreme turmoil due conflict and unrest....In fact, I used to think like you until I found out that not every city in the world has a 7-Eleven on all their corners.  I don't know, it's just nice that those who are struggling in third world nations have an outlet to participate in commerce when they need it.  Countries whose economy is suffering with hyper-inflation, at least, have the option to store their assets in bitcoin to secure their holdings...Zimbabwe for example.

[bargainbin]

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.

I cashed a cheque last week. It took over 3 business days to clear.  

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?

No, the point you tried to argue is that banking is almost instantaneous. I refute that. That said I can see from your curt replies that you enjoy muddying the water.

No. I said banking transactions are almost instantaneous. In some cases, like with your 20th-century anachronism, the paper check, banks *choose* not to credit your account for security reasons. My bank, for instance, clears the business checks I deposit instantly (not really sure tho, haven't been living hand-to-mouth lately, perhaps because have been out of BTC for >2 years. Feelsgoodman.gif).

Oh yes there is a massive security risk on a £40 cheque cashed between 2 family members with accounts in the same bank. Maybe they needed the time to let the ink dry on the money. Or maybe they were scared that in those 3 business days they'd be needing another bail out.

Your family keeps bouncing checks off each other? Well there's your problem right there!

Seriously tho, you do understand why checks exist, correct? It's so that old people, who get scared by anything more high-tech than a pen, can still buy things. Without needing a computer, smartphone, or internet connection.
Next you'll start bitching that wheelchairs and mobility scooters are slow

So when you hit up your Granny for £40 because you gambled away your rent on bitcoins, remember: If not for paper checks, you would have got nothing at all. Which would have been better both for you & Granny -- she's just enabling you, should let you hit rock-bottom.

The great thing about Bitcoin is that it allows those who are bankless to participate in the global economy....And, it provides a platform by which one can interact within the digital economy on a micro-scale which benefits consumers of intellectual content, as well as, the artists who produce it.

Who are these works of fiction? Why can't they buy prepaid cards, at their local bodegas, but can buy bitcoins?

'S far as microtransactions go, forget about those. Because "[Bitcoin transactions currently cost] $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes."

There are some places in the world that do not have "local bodegas" and there are others that are in extreme turmoil due conflict and unrest....In fact, I used to think like you until I found out that not every city in the world has a 7-Eleven on all their corners.  I don't know, it's just nice that those who are struggling in third world nations have an outlet to participate in commerce when they need it.  Countries whose economy is suffering with hyper-inflation, at least, have the option to store their assets in bitcoin to secure their holdings...Zimbabwe for example.

Those places without local bodegas, in social turmoil, full of unbanked -- their commerce is Bitcoin-based, you say? Or do they order shit on the internet, via universal free sat uplinks?

Do you know that "Nearly half the world's population, 2.8 billion people, survive on less than $2 a day"? These are the people who are going to flock to Bitcoin? To buy angora socks on AlphaBay, I take it?

Where do you get these weird fantasies?

P.S. Inflation is a *rich people problem*.  When you're living on < $2 a day, ain't much money sitting in the bank. 4realsies.

[cjmoles]

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.

I cashed a cheque last week. It took over 3 business days to clear.  

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?

No, the point you tried to argue is that banking is almost instantaneous. I refute that. That said I can see from your curt replies that you enjoy muddying the water.

No. I said banking transactions are almost instantaneous. In some cases, like with your 20th-century anachronism, the paper check, banks *choose* not to credit your account for security reasons. My bank, for instance, clears the business checks I deposit instantly (not really sure tho, haven't been living hand-to-mouth lately, perhaps because have been out of BTC for >2 years. Feelsgoodman.gif).

Oh yes there is a massive security risk on a £40 cheque cashed between 2 family members with accounts in the same bank. Maybe they needed the time to let the ink dry on the money. Or maybe they were scared that in those 3 business days they'd be needing another bail out.

Your family keeps bouncing checks off each other? Well there's your problem right there!

Seriously tho, you do understand why checks exist, correct? It's so that old people, who get scared by anything more high-tech than a pen, can still buy things. Without needing a computer, smartphone, or internet connection.
Next you'll start bitching that wheelchairs and mobility scooters are slow

So when you hit up your Granny for £40 because you gambled away your rent on bitcoins, remember: If not for paper checks, you would have got nothing at all. Which would have been better both for you & Granny -- she's just enabling you, should let you hit rock-bottom.

The great thing about Bitcoin is that it allows those who are bankless to participate in the global economy....And, it provides a platform by which one can interact within the digital economy on a micro-scale which benefits consumers of intellectual content, as well as, the artists who produce it.

Who are these works of fiction? Why can't they buy prepaid cards, at their local bodegas, but can buy bitcoins?

'S far as microtransactions go, forget about those. Because "[Bitcoin transactions currently cost] $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes."

There are some places in the world that do not have "local bodegas" and there are others that are in extreme turmoil due conflict and unrest....In fact, I used to think like you until I found out that not every city in the world has a 7-Eleven on all their corners.  I don't know, it's just nice that those who are struggling in third world nations have an outlet to participate in commerce when they need it.  Countries whose economy is suffering with hyper-inflation, at least, have the option to store their assets in bitcoin to secure their holdings...Zimbabwe for example.

Those places without local bodegas, in social turmoil, full of unbanked -- their commerce is Bitcoin-based, you say? Or do they order shit on the internet, via universal free sat uplinks?

Do you know that "Nearly half the world's population, 2.8 billion people, survive on less than $2 a day"? These are the people who are going to flock to Bitcoin? To buy angora socks on AlphaBay, I take it?

Where do you get these weird fantasies?

P.S. Inflation is a *rich people problem*.  When you're living on < $2 a day, ain't much money sitting in the bank. 4realsies.

These guys aren't rich: http://zimbabwedollars.net/pages/history-of-zimbabwe-hyperinflation 4Suresies.

No, they're the shoeless one's raising the rabbits, processing the fur, and producing the angora socks to sell to the bourgeoisie so that they can earn enough to feed their children.

[bargainbin]

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.

I cashed a cheque last week. It took over 3 business days to clear.  

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?

No, the point you tried to argue is that banking is almost instantaneous. I refute that. That said I can see from your curt replies that you enjoy muddying the water.

No. I said banking transactions are almost instantaneous. In some cases, like with your 20th-century anachronism, the paper check, banks *choose* not to credit your account for security reasons. My bank, for instance, clears the business checks I deposit instantly (not really sure tho, haven't been living hand-to-mouth lately, perhaps because have been out of BTC for >2 years. Feelsgoodman.gif).

Oh yes there is a massive security risk on a £40 cheque cashed between 2 family members with accounts in the same bank. Maybe they needed the time to let the ink dry on the money. Or maybe they were scared that in those 3 business days they'd be needing another bail out.

Your family keeps bouncing checks off each other? Well there's your problem right there!

Seriously tho, you do understand why checks exist, correct? It's so that old people, who get scared by anything more high-tech than a pen, can still buy things. Without needing a computer, smartphone, or internet connection.
Next you'll start bitching that wheelchairs and mobility scooters are slow

So when you hit up your Granny for £40 because you gambled away your rent on bitcoins, remember: If not for paper checks, you would have got nothing at all. Which would have been better both for you & Granny -- she's just enabling you, should let you hit rock-bottom.

The great thing about Bitcoin is that it allows those who are bankless to participate in the global economy....And, it provides a platform by which one can interact within the digital economy on a micro-scale which benefits consumers of intellectual content, as well as, the artists who produce it.

Who are these works of fiction? Why can't they buy prepaid cards, at their local bodegas, but can buy bitcoins?

'S far as microtransactions go, forget about those. Because "[Bitcoin transactions currently cost] $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes."

There are some places in the world that do not have "local bodegas" and there are others that are in extreme turmoil due conflict and unrest....In fact, I used to think like you until I found out that not every city in the world has a 7-Eleven on all their corners.  I don't know, it's just nice that those who are struggling in third world nations have an outlet to participate in commerce when they need it.  Countries whose economy is suffering with hyper-inflation, at least, have the option to store their assets in bitcoin to secure their holdings...Zimbabwe for example.

Those places without local bodegas, in social turmoil, full of unbanked -- their commerce is Bitcoin-based, you say? Or do they order shit on the internet, via universal free sat uplinks?

Do you know that "Nearly half the world's population, 2.8 billion people, survive on less than $2 a day"? These are the people who are going to flock to Bitcoin? To buy angora socks on AlphaBay, I take it?

Where do you get these weird fantasies?

P.S. Inflation is a *rich people problem*.  When you're living on < $2 a day, ain't much money sitting in the bank. 4realsies.

No, they're the shoeless one's raising the rabbits, processing the fur, and producing the angora socks to sell to the bourgeoisie so that they can earn enough to feed their children.

These are figments of your imagination, like pink elephants and the bugs crawling under your skin after you do too much shitty DNM crank -- not real, they do not exist.
Stop concocting these outlandish fantasies -- you won't reconcile your trying to get rich by buying BTCeanies & sitting on your butt with basic human ethics, sorry.
Put me in touch with *one* person like that, *ONE*. Then we'll talk.

P.S. No need to thank me for letting you advertise that dice site in your sig.

[cjmoles]

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.

I cashed a cheque last week. It took over 3 business days to clear.  

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?

No, the point you tried to argue is that banking is almost instantaneous. I refute that. That said I can see from your curt replies that you enjoy muddying the water.

No. I said banking transactions are almost instantaneous. In some cases, like with your 20th-century anachronism, the paper check, banks *choose* not to credit your account for security reasons. My bank, for instance, clears the business checks I deposit instantly (not really sure tho, haven't been living hand-to-mouth lately, perhaps because have been out of BTC for >2 years. Feelsgoodman.gif).

Oh yes there is a massive security risk on a £40 cheque cashed between 2 family members with accounts in the same bank. Maybe they needed the time to let the ink dry on the money. Or maybe they were scared that in those 3 business days they'd be needing another bail out.

Your family keeps bouncing checks off each other? Well there's your problem right there!

Seriously tho, you do understand why checks exist, correct? It's so that old people, who get scared by anything more high-tech than a pen, can still buy things. Without needing a computer, smartphone, or internet connection.
Next you'll start bitching that wheelchairs and mobility scooters are slow

So when you hit up your Granny for £40 because you gambled away your rent on bitcoins, remember: If not for paper checks, you would have got nothing at all. Which would have been better both for you & Granny -- she's just enabling you, should let you hit rock-bottom.

The great thing about Bitcoin is that it allows those who are bankless to participate in the global economy....And, it provides a platform by which one can interact within the digital economy on a micro-scale which benefits consumers of intellectual content, as well as, the artists who produce it.

Who are these works of fiction? Why can't they buy prepaid cards, at their local bodegas, but can buy bitcoins?

'S far as microtransactions go, forget about those. Because "[Bitcoin transactions currently cost] $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes."

There are some places in the world that do not have "local bodegas" and there are others that are in extreme turmoil due conflict and unrest....In fact, I used to think like you until I found out that not every city in the world has a 7-Eleven on all their corners.  I don't know, it's just nice that those who are struggling in third world nations have an outlet to participate in commerce when they need it.  Countries whose economy is suffering with hyper-inflation, at least, have the option to store their assets in bitcoin to secure their holdings...Zimbabwe for example.

Those places without local bodegas, in social turmoil, full of unbanked -- their commerce is Bitcoin-based, you say? Or do they order shit on the internet, via universal free sat uplinks?

Do you know that "Nearly half the world's population, 2.8 billion people, survive on less than $2 a day"? These are the people who are going to flock to Bitcoin? To buy angora socks on AlphaBay, I take it?

Where do you get these weird fantasies?

P.S. Inflation is a *rich people problem*.  When you're living on < $2 a day, ain't much money sitting in the bank. 4realsies.

No, they're the shoeless one's raising the rabbits, processing the fur, and producing the angora socks to sell to the bourgeoisie so that they can earn enough to feed their children.

These are figments of your imagination, like pink elephants and the bugs crawling under your skin after you do too much shitty DNM crank -- not real, they do not exist.
Stop concocting these outlandish fantasies -- you won't reconcile your trying to get rich by buying BTCeanies & sitting on your butt with basic human ethics, sorry.
Put me in touch with *one* person like that, *ONE*. Then we'll talk.

P.S. No need to thank me for letting you advertise that dice site in your sig.

Here are some real world cases: https://www.youtube.com/watch?v=cTVWasymExg

P.S.  More than dice....Poker's my thing....But, thank you anyway....Capitalism at it's best!

[bargainbin]

...
Why? So they could reduce their transaction costs and time.

Banking transactions take roughly (ping time) + (time to update a database) = less than a second. When I buy shit with a CC, it takes me anywhere from 3 to 20 seconds before I leave the checkout.
Bitcoin?

The cost of a fiat transaction is a few pennies.
Bitcoin? Currently $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes.
So now you know.

I cashed a cheque last week. It took over 3 business days to clear.  

ORLY? I tried to cash out some BTC from Cryptsy. Guess how long that's taking?

No, the point you tried to argue is that banking is almost instantaneous. I refute that. That said I can see from your curt replies that you enjoy muddying the water.

No. I said banking transactions are almost instantaneous. In some cases, like with your 20th-century anachronism, the paper check, banks *choose* not to credit your account for security reasons. My bank, for instance, clears the business checks I deposit instantly (not really sure tho, haven't been living hand-to-mouth lately, perhaps because have been out of BTC for >2 years. Feelsgoodman.gif).

Oh yes there is a massive security risk on a £40 cheque cashed between 2 family members with accounts in the same bank. Maybe they needed the time to let the ink dry on the money. Or maybe they were scared that in those 3 business days they'd be needing another bail out.

Your family keeps bouncing checks off each other? Well there's your problem right there!

Seriously tho, you do understand why checks exist, correct? It's so that old people, who get scared by anything more high-tech than a pen, can still buy things. Without needing a computer, smartphone, or internet connection.
Next you'll start bitching that wheelchairs and mobility scooters are slow

So when you hit up your Granny for £40 because you gambled away your rent on bitcoins, remember: If not for paper checks, you would have got nothing at all. Which would have been better both for you & Granny -- she's just enabling you, should let you hit rock-bottom.

The great thing about Bitcoin is that it allows those who are bankless to participate in the global economy....And, it provides a platform by which one can interact within the digital economy on a micro-scale which benefits consumers of intellectual content, as well as, the artists who produce it.

Who are these works of fiction? Why can't they buy prepaid cards, at their local bodegas, but can buy bitcoins?

'S far as microtransactions go, forget about those. Because "[Bitcoin transactions currently cost] $373 * 25BTC / 2.7tps * (600sec per block) = ~$5.75 + tx fee, per fucking transaction. You don't pay it because it's currently subsidized by Bitcoin base money inflation, i.e. printing 25 bitcoins out of thin air every 10 minutes."

There are some places in the world that do not have "local bodegas" and there are others that are in extreme turmoil due conflict and unrest....In fact, I used to think like you until I found out that not every city in the world has a 7-Eleven on all their corners.  I don't know, it's just nice that those who are struggling in third world nations have an outlet to participate in commerce when they need it.  Countries whose economy is suffering with hyper-inflation, at least, have the option to store their assets in bitcoin to secure their holdings...Zimbabwe for example.

Those places without local bodegas, in social turmoil, full of unbanked -- their commerce is Bitcoin-based, you say? Or do they order shit on the internet, via universal free sat uplinks?

Do you know that "Nearly half the world's population, 2.8 billion people, survive on less than $2 a day"? These are the people who are going to flock to Bitcoin? To buy angora socks on AlphaBay, I take it?

Where do you get these weird fantasies?

P.S. Inflation is a *rich people problem*.  When you're living on < $2 a day, ain't much money sitting in the bank. 4realsies.

No, they're the shoeless one's raising the rabbits, processing the fur, and producing the angora socks to sell to the bourgeoisie so that they can earn enough to feed their children.

These are figments of your imagination, like pink elephants and the bugs crawling under your skin after you do too much shitty DNM crank -- not real, they do not exist.
Stop concocting these outlandish fantasies -- you won't reconcile your trying to get rich by buying BTCeanies & sitting on your butt with basic human ethics, sorry.
Put me in touch with *one* person like that, *ONE*. Then we'll talk.

P.S. No need to thank me for letting you advertise that dice site in your sig.

Here are some real world cases: https://www.youtube.com/watch?v=cTVWasymExg

P.S.  More than dice....Poker's my thing....But, thank you anyway....Capitalism at it's best!

Lol, this is exactly what I mean: you're being fed bullshit. Already addressed her:

...
No one is giving out any (meaningful sums of) Bitcoins in Africa. The last thing I heard was some BitPesa 3dpd lady taking Safaricom to Kenyan High Court because "BAWW, payment processors don't want to play with us."
...and LOSING!!




Everyone wants to *make money* on 3rd-world countries. These are not nice people. Bitcoiners are banksters too, only worse. Because vulgar, hungry, uncouth nouveau riche

TL;DR: Don't confuse "exploit" & "help." At least do some research [read: Google] on the shit you link.