BTCMILLIONAIRE
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May 02, 2019, 04:35:47 AM |
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Because in the fractional reserve banking system, the vast majority of the money that banks loan does not exist until the very moment the loan is made. It is the indebtedness itself that zaps the money into existence. As such, the 'principal' is something that the bank would not have to lend you (or to use for any other purpose), as that money does not even exist before the loan is made. The bank acts like this principal is their money that they are lending. But if it is the very act of borrowing it that zaps it into existence, was it really the bank's to begin with? (Of course not) Why could the borrower not zap it into existence themselves? Only because the bank has been granted under colour of law this exclusive ability to counterfeit new money into existence. And worse, when it is repaid, it is paid to the bank. Money that the bank did not have until the act of the loan zapped it into existence. And to add insult to injury, the bank not only gets this newly created money, they charge interest to the borrower for the privilege of being allowed to counterfeit this money into existence.
Bizarre, but it's the motherfuckin' truth.
Sure - if you can find a way to fix that, and allow for partial reserve banking, I'm willing to listen to your ideas. But if you're feeding me a turd that's been sprayed in gold paint, I ain't gonna go for that.
Response to yours lightfoot's post (omitted for space). Perhaps I am misunderstanding the banking system in general. But what you're describing seems to be central banking to me. Let's assume that we now live in a world without central banking. I am the first person to create a bank. People deposit their money with me for safe-keeping because I have state-of-the-art impenetrable security. I now realize that people only use 50% of the funds during peak load. Meanwhile, businesses ask me for loans so they can eventually turn them into profits. I decide to use an amount sufficiently below 50% of the money deposited in my bank to hand out loans and receive interest. What I have now done was writing loans using money that exists as my clients put it in my care. I decide to be a greedy cunt because I'm the only bank in town and very smart, so I keep all the profits to myself. Someone who is very smarterer than me comes along and copies my system, but now hands out some of the profits back into depositor accounts. This repeats until an equilibrium creditor and depositor interest rate is reached that covers all risks while keeping marginal profits for all three parties involved. Would that not describe private banks without central banking? And how does that differ from a hedge fund that offered plastic cards and wire transfers?
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BTCMILLIONAIRE
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May 02, 2019, 04:37:46 AM |
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Some of you guys seem to act like you are eternal holder.s Whats the point of making money if you never spend it and enjoy yourself. Never know how long you will live and you can enjoy it a lot more when your younger.
I was mostly confused when I was younger...still mostly confused...but I can rationalize it as the world being F*cked now...so it is now meh... Life is just an experience machine. The second you die you'll piss yourself, literally and figuratively. And then proceed for another round on one of the many rides. /spoiler
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Hueristic
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Doomed to see the future and unable to prevent it
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May 02, 2019, 04:58:01 AM Last edit: May 02, 2019, 05:08:23 AM by Hueristic |
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*****PAASHAAS***** next week @ the Arena?? ![Shocked](https://bitcointalk.org/Smileys/default/shocked.gif) Another win in the pocket, it was an fantastic match. That 1 goal away was very important. Unfortunately i can't go to the Arena next week because of work obligation but when they reach the finals me and some friends will go there ore another location. Barca vs Liverpool will be a great joyment to watch tonight. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Watched it, It was a let complete down. :{
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CoinCube
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May 02, 2019, 05:02:12 AM |
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Let's assume that we now live in a world without central banking. I am the first person to create a bank.
People deposit their money with me for safe-keeping because I have state-of-the-art impenetrable security. I now realize that people only use 50% of the funds during peak load.
Meanwhile, businesses ask me for loans so they can eventually turn them into profits.
Once you promise your depositors that can withdraw their money at any time while simultaneously lending that money out in the “hope” most of your depositors won’t ask all ask for their money at once you have committed fraud. You have made a series of promises you cannot honor if unfavorable circumstances arise. If you are smart you will bribe the politicians to make the scheme legal. If you are smarter you will get the government to backstop the fraud when inevitable bank failures occur putting the taxpayer on the hook. I wrote a series of essays on the topic a while back if you are interested. Finance: Part 1, 2, 3
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BTCMILLIONAIRE
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May 02, 2019, 05:24:36 AM |
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Let's assume that we now live in a world without central banking. I am the first person to create a bank.
People deposit their money with me for safe-keeping because I have state-of-the-art impenetrable security. I now realize that people only use 50% of the funds during peak load.
Meanwhile, businesses ask me for loans so they can eventually turn them into profits.
Once you promise your depositors that can withdraw their money at any time while simultaneously lending that money out in the “hope” most of your depositors won’t ask all ask for their money at once you have committed fraud. You have made a series of promises you cannot honor if unfavorable circumstances arise. If you are smart you will bribe the politicians to make the scheme legal. If you are smarter you will get the government to backstop the fraud when inevitable bank failures occur putting the taxpayer on the hook. I wrote a series of essays on the topic a while back if you are interested. Finance: Part 1, 2, 3In the force majeure tier case in which all depositors withdraw their money simultaneously I could still take out a loan myself. Accumulated profits or initial deposits of mine could also guarantee 100% withdrawal at any time whilst leaving room for fractional reserve. Depending on the ratio I could also take out a loan with variable rates of success to facilitate the withdrawals. One could also offer different types of contracts for the deposits. Ones which don't guarantee 100% withdrawals at all times depending on the current dynamics but which offer interests on the deposit, perhaps variable with respect to the ratio of guaranteed withdrawals, and ones which offer 100% withdrawal rate but don't offer any interest or perhaps even have associated costs. Will read your essays.
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Lambie Slayer
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May 02, 2019, 05:31:25 AM |
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Please stop quoting Roach.
Retard gibberish.... They know they will easily defeat the Kissless Virgin Roach with one call to the homeless shelter saying we are cutting off Bitcoin donations if they dont suspend your wifi privileges. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FQB6XHae.jpg&t=665&c=ssLHHVgFtH0moQ) and FFS tell your lover Gembitz to lock its bike up, thats not a safe neighborhood.
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dyask
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It is very short sighted to think that gold or silver has a secure future. Mining in space will require power but in the inner solar system solar power works fine. As you go out the gas giants, even some moons can provide almost unlimited supplies of fuel. Fission isn't a problem either in deep space as long as the reactors don't come back to earth. Energy isn't an issue. Mining the solar system will start slowly but the handwriting is on the wall. The only real hurtles are battery technology and AI to run the ships. Huge inroads in both areas over the last few years. It will be insanely expensive at first, but those expenses will be dwarfed by the long term profits. It will happen because that kind of profit brings power. There are people that will do anything for power.
That is why digital currencies or something similar will replace gold as a store of value. It might take a few decades but something will replace gold as a store of value because there is too much gold in the solar system, it is just a limited problem of how to get it. We may even find economical ways to distill gold from sea water. There is more gold dissolved in the oceans that has currently been mined. Lack of technology has been protecting the value of gold, but that is rapidly changing.
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Paashaas
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May 02, 2019, 06:34:32 AM |
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*****PAASHAAS***** next week @ the Arena?? ![Shocked](https://bitcointalk.org/Smileys/default/shocked.gif) Another win in the pocket, it was an fantastic match. That 1 goal away was very important. Unfortunately i can't go to the Arena next week because of work obligation but when they reach the finals me and some friends will go there ore another location. Barca vs Liverpool will be a great joyment to watch tonight. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Watched it, It was a let complete down. :{ How they played last night.....Ajax needs a miracle if they reach the final.
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realr0ach
Sr. Member
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#TheGoyimKnow
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May 02, 2019, 06:42:36 AM Last edit: May 02, 2019, 06:54:12 AM by realr0ach |
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It is very short sighted to think that gold or silver has a secure future. Mining in space will require power but in the inner solar system solar power works fine. LOL. You people are the biggest scammers I've ever seen just typing up random lie after lie trying to scam people into buying centralized, digital slavecoins instead of metals. 1) Digital shitcoins have built-in rent seeking middlemen, don't remove counterparty risk, aren't fungible, and transaction validators are designed to centralize, so they have no fundamentals and no reason to exist besides TEMPORARY regulatory arbitrage before govt completely takes over every aspect. 2) No matter how much handwaving and lying you do, everyone knows the cost of production for anything in space will be orders of magnitude higher than on earth. If someone is mining silver in space, that means the price of silver on earth is like $10,000 an ounce, so your argument is hilariously bad. The price of metals would have to skyrocket BEFORE any of this space nonsense would even be considered. 3) The ISS cost $150 billion, can only handle a crew of 7, and doesn't generate near enough power to mine anything. Facilities to do all this nonsense you speak of would be trillions of dollars and science fiction levels of size. Please draw us up your sketch of what this supposed facility looks like. Lemme guess, it's a dyson sphere? Imagine them trying to drag asteroids towards this thing, making some tiny mistake, and it runs into your base at 10mph, which is enough to destroy your entire bazillion dollar facility that took decades to build and everyone dies. Or they lose control of the rock, drop it on earth, and it just wipes out a state or country. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2F70AWNah.jpg&t=665&c=j-axWj0NnTMS6A)
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El duderino_
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BTC + Crossfit, living life.
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May 02, 2019, 06:57:54 AM |
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vroom
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a Cray can run an endless loop in under 4 hours
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nice avengers easter egg on google search for thanos ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fscreenshotscdn.firefoxusercontent.com%2Fimages%2Fea767a3e-c05c-42f0-b26c-c2c8f47e3c87.png&t=665&c=QBdERgJUqrSASw) click on thanos' gloove ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fscreenshotscdn.firefoxusercontent.com%2Fimages%2F863ce8fa-3bb6-4845-ae01-febb457813bd.png&t=665&c=lfDTj7Ftz45zNA) enjoy ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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Globb0
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Free spirit
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May 02, 2019, 07:52:47 AM |
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It is very short sighted to think that gold or silver has a secure future. Mining in space will require power but in the inner solar system solar power works fine. As you go out the gas giants, even some moons can provide almost unlimited supplies of fuel. Fission isn't a problem either in deep space as long as the reactors don't come back to earth. Energy isn't an issue. Mining the solar system will start slowly but the handwriting is on the wall. The only real hurtles are battery technology and AI to run the ships. Huge inroads in both areas over the last few years. It will be insanely expensive at first, but those expenses will be dwarfed by the long term profits. It will happen because that kind of profit brings power. There are people that will do anything for power.
That is why digital currencies or something similar will replace gold as a store of value. It might take a few decades but something will replace gold as a store of value because there is too much gold in the solar system, it is just a limited problem of how to get it. We may even find economical ways to distill gold from sea water. There is more gold dissolved in the oceans that has currently been mined. Lack of technology has been protecting the value of gold, but that is rapidly changing.
Its not so hard to believe now you have rockets popping back and forth to space and landing perfectly, like in some unbelievable 80s video game.
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Lambie Slayer
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May 02, 2019, 07:54:16 AM Last edit: May 02, 2019, 09:20:24 AM by Lambie Slayer |
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So Friday Bitfinex legal team and NY AG prosecutors will meet in court. Good news is this will likely be a nothing burger and no new evidence/Fud will be presented. What may turn out to be very bad news however is the fact that on Monday at 2:15 eastern time, the NY AG prosecutors have been ordered appear in front of the NY State Supreme Court to present evidence ("show cause") as to why there case has merit and should not be vacated. Why Slayer you may ask could this be a Fudsters dream?? Because prosecutors generally hold back as much evidence as they can when first bringing cases forward. They do this because not only are they pricks, but because the less the defendant knows about the evidence the more intimidating it is. Defendants enter a state of panic wondering about all the misdeeds they have ever done. This is not only an intimidation tactic but it can act to cause a defendant to get sloppy and start tipping of the prosecution by making calls or sending emails that may be monitored as they scramble to cover their tracks. Now the NY Supreme Court is forcing the AG's hand and they will have to reveal at least some juicy evidence which may give the Fudsters the ammo they crave. The fact that the Arizona man and Israeli woman were recently charged is likely not a coincidence as their testimony against Bitfinex executives would go a long way towards showing cause. https://www.justice.gov/usao-sdny/pr/arizona-man-and-israeli-woman-charged-connection-providing-shadow-banking-services" U.S. Attorney Geoffrey S. Berman said: “Reginald Fowler and Ravid Yosef allegedly ran a shadow bank that processed hundreds of millions of dollars of unregulated transactions on behalf of numerous cryptocurrency exchanges. Their organization allegedly skirted the anti-money laundering safeguards required of licensed institutions that ensure the U.S. financial system is not used for criminal purposes, and did so through lies and deceit. Thanks to the investigative work of the FBI and the IRS-CI, they will be prosecuted for their actions.” FBI Assistant Director William F. Sweeney Jr. said: “Lying to banks and skirting the regulations put in place by the banking industry is a violation of federal law, a crime both Fowler and Yosef are charged with today. Taking it one step further, as alleged, Fowler himself directed the ebb and flow of significant amounts of money to and from these various bank accounts, despite the fact that he was not licensed to do so. May this be a reminder to all that there are consequences to engaging in fraudulent behavior and risky business practices.” IRS-CI Acting Special Agent in Charge Jonathan D. Larsen said: “As this indictment shows, IRS-CI will continue to follow the money, no matter if it's virtual currency, to bring criminals to justice. This should serve as a warning to cyber-criminals who think they can hide behind virtual currency that IRS-CI is fully committed to unraveling these schemes.”" Here coindesk lays out claims that these two "criminals" were connected to Crypto Capital and Bitfinex https://www.coindesk.com/two-charged-with-running-shadow-banking-service-for-crypto-exchangesRest assured that behind the scenes multiple regulatory and law enforcement agencies are conspiring together to get their paws on Bitfinex money and to make juicy career enhancing headlines for themselves. The arrest this week was just the first signal the sharks are circling. You can see here the US AG, The FBI, and the Criminal Investigations arm of the IRS each are involved with these arrests and no doubt they are trying to tie it to Bitfinex. We already have three grubby parasites putting their names in press releases as they seek money and glory from cracking down on the evil and dangerous and ever so naughty Bitcoin world.So far the AG has signaled that this is a cash grab/shakedown of Bitfinex bc they know their is money to be had from the large exchange. My guess is that if Bitfinex gets too feisty in fighting back that the AG will use the threat or act of escalating this to a criminal case to force the Bitfinex execs to bend the knee and hand the AG the shakedown money that she inevitably wants her paws on.The State Supreme court could certainly rule against the AG, but in general when you go up against the government in court its all just a kangaroo court and the rubber stamp comes soon enough from one crony to another. In the case of a Bitcoin exchange looking for a fair shake in a liberal state where the entrenched financial interests that run the state despise Bitcoin, expect the court to be in ultra Kangaroo mode. TLDR - potential huge Fudstorm Monday, trust no one.UPDATE: Last of V8s kindly pointed out that both fraud suspects were not arrested. Reginald Fowler was arrested and as far as I can determine a warrant has been issued for the Israeli female but she is not in custody atm. https://www.si.com/nfl/2019/05/01/alliance-american-football-reggie-fowler-investor-arrested-bank-fraudAlso I have since noticed the Feds have already seized some of Bitfinex's missing money. https://modernconsensus.com/cryptocurrencies/tether/feds-justice-hsbc-account-bitfinex-seized/
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Saint-loup
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May 02, 2019, 08:16:08 AM |
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Exclusive: Bitcoin donations to ISIS soared day before Sri Lanka bombingsWhitestream found that on the day before the bombings, there was a sharp rise of hundreds of percent in the bitcoin balance held by CoinPayments, a company through which donations to ISIS are changed into bitcoin from regular currency. On April 20, the day before the Easter attacks, the balance in the main wallet of CoinPayments rose from just $500,000 to $4.5 million. The following day on which the lethal attacks took place, the wallet's balance dropped back to $500,000, the same as the average daily monthly balance during the previous nine months. Whitestream said, "CoinPayments admits that there wallet was involved but denies that it is connected to ISIS. It's possible that the company is not aware about the usage of their wallets, erhaps because ISIS uses straw companies in order to transfer the money. Levy told "Globes" about the process by which Whitestream identifies usage by ISIS of a bitcoin wallet. "Firstly we identified a certain bitcoin address that received several donations at different times, and we succeeded in verifying that two of the donations came from the address that was presented on ISIS's donations website. Even though the amount on this address was only several dollars, through this wallet we were able to identify that ISIS collects the donations via CoinPayments. This address is just a junction, which reveals the link between CoinPayments and ISIS's donations. Our assumption is that the terrorist organization probably possesses many bitcoin addresses through CoinPayments, with every donation sent to a different address. On the day before the Sri Lanka terror attacks we identified two relatively big transactions at this address with bitcoins worth about $9,800." https://en.globes.co.il/en/article-exclusive-isis-funded-sri-lanka-bombings-with-bitcoin-donations-1001284276
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JSRAW
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Up to 300% + 200 FS deposit bonuses
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May 02, 2019, 08:24:18 AM Last edit: May 02, 2019, 11:44:53 AM by JSRAW |
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The following contains important information about our Founder Mr. Satoshi Nakamoto, From his emails to forum posts. this is a great opportunity to learn more about our Founder's intentions before he disappeared . https://bitcointalk.org/index.php?topic=5138181.0 feel free to drop some merit to user. https://satoshi.nakamotoinstitute.org/
@Saint-loup May I add your comment in my thread related to Srilankan bomb blast? Ofcourse after verifying the source. I keep wondering how are Israeli intelligence keep updating every news so fast related to this incident. I know they are good but still. they were the first to react when bomb blast took place, if I am not wrong with in one hour they published the whole report.
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Saint-loup
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May 02, 2019, 08:37:46 AM |
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@Saint-loup May I add your comment in my thread related to Srilankan bomb blast?
Off course. You don't need to ask for that. Where is your thread please?
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Globb0
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May 02, 2019, 08:39:33 AM |
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JSRAW
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Up to 300% + 200 FS deposit bonuses
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May 02, 2019, 08:42:25 AM |
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@Saint-loup May I add your comment in my thread related to Srilankan bomb blast?
Off course. You don't need to ask for that. Where is your thread please? Thanks. appreciate that. will add after I find couple of more source. https://bitcointalk.org/index.php?topic=5134326.0
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Wolf Rainer
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May 02, 2019, 08:43:18 AM |
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On monday we will see a huge drop in prince. We must hold, and then the true bull market will come.
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