Bitcoin - a potential solution to one of humanities biggest sins: Usury

[dawie]

Guys

I feel totally flabbergasted for taking quite a while to figure this one out i.e. Why the current fiat based monetary system needs to be challenged.  I stumbled across these two extraordinary references before I made the link in my mind.

References:
Ron Paul's Congressional subcommittee meeting:
http://www.youtube.com/watch?feature=player_embedded&v=BBLXslm8C5s
Biblical perspective on usury:
http://www.biblebelievers.org.au/usury.htm

It becomes truly extraordinary if we throw Bitcoin in the mix today.
 

[crazy_rabbit]

Unfortunately Bitcoin doesn't seem to do anything with regards to Usury. You can always make someone owe you more bitcoins then you ever gave them.

[dawie]

If so, at least the impact could be limited to local communities instead of global given the decentralised design of Bitcoin? 
I am very much opposed to the prospect of enabling debt using Bitcoins. 
Maybe I am too idealistic.

[BadBitcoin (James Sutton)]

If so, at least the impact could be limited to local communities instead of global given the decentralised design of Bitcoin? 
I am very much opposed to the prospect of enabling debt using Bitcoins. 
Maybe I am too idealistic.

If you look closely on the forum boards there are already a long term loans and securities section, your worst fears have existed for almost a year now, I don't see why anyone would be against it.

[herzmeister]

The difference is really that with Bitcoin, the lender carries the full risk.

If someone cannot pay back, so what? Bad luck. That's what interest is there for after all in the first place. It's a hedge against defaults. Many forget that.

Maybe a better, more modern term for "usury" would be the "socialism for the rich" that we see today. The "rich" invest and gain dividends but never have to carry the appropriate risk themselves in the age of bailouts, insider deals and government subsidies.