Why Bitcoin is ultimately doomed to fail (not today or tomorrow)

[deisik]

Yeah, I think that's pretty much it. Remove the ability to print money from the equation, and fractional reserve banking becomes indistinguishable from a ponzi scheme. (*) I don't think many people would fall for that in today's day and age, even if they did fall for it centuries ago.

I strongly disagree. It is not money printing that makes FRB different from a ponzi scheme. Also, you failed to explain what is behind FRB mechanics, or money multiplication for that matter (as all those people thoughtlessly quoting corresponding sources). Instead you went wild about my grammar (or absence thereof, lol)...

But I didn't forget

[deisik]

Yeah, I think that's pretty much it. Remove the ability to print money from the equation, and fractional reserve banking becomes indistinguishable from a ponzi scheme. (*) I don't think many people would fall for that in today's day and age, even if they did fall for it centuries ago.

I strongly disagree. It is not money printing that makes FRB different from a ponzi scheme. Also, you failed to explain what is behind FRB mechanics, or money multiplication for that matter (as all those people thoughtlessly quoting corresponding sources). Instead you went wild about my grammar (or absence thereof, lol)...

But I didn't forget

Oh, you strongly disagree. Then I'll take some time and reconsider.

As far as "what is behind FRB mechanics", why don't you explain it for us?

Us? Whom are you speaking for, lol? It has already been explained previously in this thread (and it was not you). I just wanted to hear your understanding, that part you paraphrased from some source is hardly a worthy explanation (emphasized for you)

Why am I raising this question again? Since proper understanding of FRB (MM) excludes sweeping comparison of the former with a Ponzi scheme as you did (even devoid of money printing)

[deisik]

Oh, you strongly disagree. Then I'll take some time and reconsider.

As far as "what is behind FRB mechanics", why don't you explain it for us?

Us? Whom are you speaking for, lol? It has already been explained previously in this thread (and it was not you). I just wanted to hear your understanding, that part you paraphrased from some source is hardly a worthy explanation (emphasized for you)

Why am I raising this question again? Since proper understanding of FRB (MM) excludes sweeping comparison of the former with a Ponzi scheme as you did (even devoid of money printing)

So now you're back to accusing me of plagiarism? I thought we agreed that the explanation I gave was my own.

I thought I had explained the reason why I raised this question again. Just in case you missed that part I added emphasis to the quote of my original post. Your so-called "explanation" doesn't in the least explain the essence of money multiplication...

Actually, I don't care if you copied it from somewhere or wrote yourself, since it still lacks insight

[anth0ny]

Oh, you strongly disagree. Then I'll take some time and reconsider.

As far as "what is behind FRB mechanics", why don't you explain it for us?

Us? Whom are you speaking for, lol? It has already been explained previously in this thread (and it was not you). I just wanted to hear your understanding, that part you paraphrased from some source is hardly a worthy explanation (emphasized for you)

Why am I raising this question again? Since proper understanding of FRB (MM) excludes sweeping comparison of the former with a Ponzi scheme as you did (even devoid of money printing)

So now you're back to accusing me of plagiarism? I thought we agreed that the explanation I gave was my own.

I thought I had explained the reason why I raised this question again. Just in case you missed that part I added emphasis to the quote of my original post. Your so-called "explanation" doesn't in the least explain the essence of money multiplication...

Actually, I don't care if you copied it from somewhere or wrote yourself, since it still lacks insight

I've already invited you to explain what's wrong with it.

I've never been taught "the essence of money multiplication". In fact, I doubt my professors ever even used the term "money multiplication". Why don't you explain it to us?

In any case, if you don't care whether I copied it from Wikipedia, stop saying I paraphrased it from Wikipedia. I do care about being accused of plagiarism, especially plagiarism of Wikipedia!

[deisik]

Us? Whom are you speaking for, lol? It has already been explained previously in this thread (and it was not you). I just wanted to hear your understanding, that part you paraphrased from some source is hardly a worthy explanation (emphasized for you)

Why am I raising this question again? Since proper understanding of FRB (MM) excludes sweeping comparison of the former with a Ponzi scheme as you did (even devoid of money printing)

So now you're back to accusing me of plagiarism? I thought we agreed that the explanation I gave was my own.

I thought I had explained the reason why I raised this question again. Just in case you missed that part I added emphasis to the quote of my original post. Your so-called "explanation" doesn't in the least explain the essence of money multiplication...

Actually, I don't care if you copied it from somewhere or wrote yourself, since it still lacks insight

I've already invited you to explain what's wrong with it.

I've never been taught "the essence of money multiplication". In fact, I doubt my professors ever even used the term "money multiplication". Why don't you explain it to us?

But you said yourself that there is little difference, if any, between a Ponzi scheme and FRB (save for money printing indeed). If you don't actually understand how money multiplication works (or how FRB makes it possible, which you so fervently and rabidly talked about recently), how can you pretend that "fractional reserve banking is indistinguishable from a ponzi scheme" (provided we removed money printing from the equation)?

[deisik]

In any case, if you don't care whether I copied it from Wikipedia, stop saying I paraphrased it from Wikipedia. I do care about being accused of plagiarism, especially plagiarism of Wikipedia!

But you can see for yourself. Should I refrain from calling things their names?

[anth0ny]

In any case, if you don't care whether I copied it from Wikipedia, stop saying I paraphrased it from Wikipedia. I do care about being accused of plagiarism, especially plagiarism of Wikipedia!

But you can see for yourself.

What exactly am I supposed to be seeing? That Wikipedia as well as me assumed a 20% reserve ratio?

I was initially going to use a 10% reserve ratio, which is pretty typical, but I decided to use 20% so as to not confuse 1/10 and 10% and 10 to 1. 1/5 and 20% and 5 to 1 is more clear.

Is there something else with the Wikipedia explanation which is so similar that you think I plagiarized it? The only other similarities I see is that they're both correct explanations. As I said, you can open up just about any US college textbook and find something substantially similar.

Should I refrain from calling things their names?

So you're still accusing me of plagiarism?

I didn't paraphrase my explanation from Wikipedia. The two explanations are similar because they are both correct. Or if you'd prefer, the two explanations are similar because that's the way it's taught here in the US. If you were taught differently, please, enlighten us!

[anth0ny]

Us? Whom are you speaking for, lol? It has already been explained previously in this thread (and it was not you). I just wanted to hear your understanding, that part you paraphrased from some source is hardly a worthy explanation (emphasized for you)

Why am I raising this question again? Since proper understanding of FRB (MM) excludes sweeping comparison of the former with a Ponzi scheme as you did (even devoid of money printing)

So now you're back to accusing me of plagiarism? I thought we agreed that the explanation I gave was my own.

I thought I had explained the reason why I raised this question again. Just in case you missed that part I added emphasis to the quote of my original post. Your so-called "explanation" doesn't in the least explain the essence of money multiplication...

Actually, I don't care if you copied it from somewhere or wrote yourself, since it still lacks insight

I've already invited you to explain what's wrong with it.

I've never been taught "the essence of money multiplication". In fact, I doubt my professors ever even used the term "money multiplication". Why don't you explain it to us?

But you said yourself that there is little difference, if any, between a Ponzi scheme and FRB (save for money printing indeed). If you don't actually understand how money multiplication works (or how FRB makes it possible, which you so fervently and rabidly talked about recently), how can you pretend that "fractional reserve banking is indistinguishable from a ponzi scheme" (provided we removed money printing from the equation)?

I do understand how money is created through fractional reserve banking.

If you think I'm wrong, please explain how I'm wrong.

I've never heard of "the essence of money multiplication". And judging by a quick google search, neither has anyone else.

But once again, please enlighten us!

[Erdogan]

So how is this discussion going. Getting somewhere?

[deisik]

Us? Whom are you speaking for, lol? It has already been explained previously in this thread (and it was not you). I just wanted to hear your understanding, that part you paraphrased from some source is hardly a worthy explanation (emphasized for you)

Why am I raising this question again? Since proper understanding of FRB (MM) excludes sweeping comparison of the former with a Ponzi scheme as you did (even devoid of money printing)

So now you're back to accusing me of plagiarism? I thought we agreed that the explanation I gave was my own.

I thought I had explained the reason why I raised this question again. Just in case you missed that part I added emphasis to the quote of my original post. Your so-called "explanation" doesn't in the least explain the essence of money multiplication...

Actually, I don't care if you copied it from somewhere or wrote yourself, since it still lacks insight

I've already invited you to explain what's wrong with it.

I've never been taught "the essence of money multiplication". In fact, I doubt my professors ever even used the term "money multiplication". Why don't you explain it to us?

But you said yourself that there is little difference, if any, between a Ponzi scheme and FRB (save for money printing indeed). If you don't actually understand how money multiplication works (or how FRB makes it possible, which you so fervently and rabidly talked about recently), how can you pretend that "fractional reserve banking is indistinguishable from a ponzi scheme" (provided we removed money printing from the equation)?

I do understand how money is created through fractional reserve banking.

If you think I'm wrong, please explain how I'm wrong.

I've never heard of "the essence of money multiplication". And judging by a quick google search, neither has anyone else.

But once again, please enlighten us!

On behalf of whom are you speaking? Show me the letter of attorney, lol...

On a more serious note, I'm loath to explain you anything. Everything you ask for had already been answered in this thread (in fact, just before you showed up). If you did properly understand how money is created by banks, you would have never compared it with and equaled it to a Ponzi scheme (with or without money printing), period...

[deisik]

It seems that you, anth0ny, come here not because you need explanations or want to explain something, but to nourish or nurture some psychological quirks you might possibly have. Sorry, I am not the one who can help you with this, neither do I feel any inclination to...

[deisik]

So how is this discussion going. Getting somewhere?

It seems that bitcoin has been officially outlawed in my country, so if I disappear, you know what it may mean. Getting somewhere, lol...

[anth0ny]

Us? Whom are you speaking for, lol? It has already been explained previously in this thread (and it was not you). I just wanted to hear your understanding, that part you paraphrased from some source is hardly a worthy explanation (emphasized for you)

Why am I raising this question again? Since proper understanding of FRB (MM) excludes sweeping comparison of the former with a Ponzi scheme as you did (even devoid of money printing)

So now you're back to accusing me of plagiarism? I thought we agreed that the explanation I gave was my own.

I thought I had explained the reason why I raised this question again. Just in case you missed that part I added emphasis to the quote of my original post. Your so-called "explanation" doesn't in the least explain the essence of money multiplication...

Actually, I don't care if you copied it from somewhere or wrote yourself, since it still lacks insight

I've already invited you to explain what's wrong with it.

I've never been taught "the essence of money multiplication". In fact, I doubt my professors ever even used the term "money multiplication". Why don't you explain it to us?

But you said yourself that there is little difference, if any, between a Ponzi scheme and FRB (save for money printing indeed). If you don't actually understand how money multiplication works (or how FRB makes it possible, which you so fervently and rabidly talked about recently), how can you pretend that "fractional reserve banking is indistinguishable from a ponzi scheme" (provided we removed money printing from the equation)?

I do understand how money is created through fractional reserve banking.

If you think I'm wrong, please explain how I'm wrong.

I've never heard of "the essence of money multiplication". And judging by a quick google search, neither has anyone else.

But once again, please enlighten us!

On behalf of whom are you speaking? Show me the letter of attorney, lol...

On a more serious note, I'm loath to explain you anything. Everything you ask for had already been answered in this thread (in fact, just before you showed up). If you did properly understand how money is created by banks, you would have never compared it with and equaled it to a Ponzi scheme (with or without money printing), period...

If you don't want to be productive, then just shut up and don't say anything.

As far as the thing about the "letter of attorney", I have no idea what you're talking about. Probably just another example of you not understanding English, but I can't figure out exactly what mistake you're making.

In your country do you have to get a letter of attorney to ask someone to explain something to a group of people? If so I'm afraid I can't provide you with such a letter, but maybe you can post your explanation privately to me and that would get around this crazy law?

How did you manage to tell us what was wrong with what I wrote before I showed up and wrote it, anyway?

[deisik]

If you don't want to be productive, then just shut up and don't say anything

Uh-oh, you are kind of guest here and now you tell me to shut up, lol. What the fuck is going on here?

[anth0ny]

If you don't want to be productive, then just shut up and don't say anything

Uh-oh, you are kind of guest here and now you tell me to shut up, lol.

I'm glad I was able to amuse you.

[Lloydie]

If you don't want to be productive, then just shut up and don't say anything

Uh-oh, you are kind of guest here and now you tell me to shut up, lol.

I'm glad I was able to amuse you.

Don't worry anth0ny, you'll be a millionaire one day and deisek there will continue to be a wage slave. His kids are going to say: "you what? You thought bitcoin was a bubble? Is that why our family is poor?"

[deisik]

Don't worry anth0ny, you'll be a millionaire one day and deisek there will continue to be a wage slave. His kids are going to say: "you what? You thought bitcoin was a bubble? Is that why our family is poor?"

It may not be that fun though...

[deisik]

In your country do you have to get a letter of attorney to ask someone to explain something to a group of people? If so I'm afraid I can't provide you with such a letter, but maybe you can post your explanation privately to me and that would get around this crazy law?

Are you a group of people? I haven't seen anyone else here asking me to explain what you were asking (since this had been properly expanded on before, and not only by me, lol). How can you then ask on behalf of some group without first providing some "paper" authorizing you to do so?

I don't think it is a proper way to ask for an explanation ("explain us")

[Lloydie]

Don't worry anth0ny, you'll be a millionaire one day and deisek there will continue to be a wage slave. His kids are going to say: "you what? You thought bitcoin was a bubble? Is that why our family is poor?"

It may not be that fun though...

Deisek, this might well be the last chance for you to buy btcs for less than $1000. You'll be kicking yourself...

[deisik]

Don't worry anth0ny, you'll be a millionaire one day and deisek there will continue to be a wage slave. His kids are going to say: "you what? You thought bitcoin was a bubble? Is that why our family is poor?"

It may not be that fun though...

Deisek, this might well be the last chance for you to buy btcs for less than $1000. You'll be kicking yourself...

The problem is that I already can't buy or sell BTCs (even if I wanted to). All official reliable exchangers that were out there (I worked through one of them) suspended their operation until things clear up a little...