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

[deisik]

What is Northern Rock and what are all those people doing there (it seems they are doing nothing, lol)?

Seriously? (You keep adding "lol" so I guess you're not being serious. But I don't understand the joke.)

What seriously? Don't know about you and Northern Rock, but in these quarters if a bank has problems, you'd better wait till an insurance agency comes and takes over (otherwise, you may actually lose your money)...

I can't tell if you're serious or joking. Partly because you keep adding "lol", which generally is an indication that you're joking, and partly because you claim to be knowledgeable of what a bank run is but you apparently don't know about the most famous bank run of the last century.

I don't know what Northern Rock is. Do you seriously (lol) think that if I don't know what Northern Rock is, I don't know what a bank run looks like? I don't know either what the people are doing there, they seem to waiting for something. Maybe, their money?

Though I see a job vacancy note there. Are they looking for a job?

[anth0ny]

I don't know what Northern Rock is. Do you seriously (lol) think that if I don't know what Northern Rock is, I don't know what a bank run looks like?

I think that's one bit of evidence to add to all the other indications that you don't know what a bank run is, or what fractional reserve banking is for that matter.

I don't know either what the people are doing there, they seem to waiting for something.

If you care to learn what they're doing, I'm sure you can figure out how to research this. I'd maybe try to help, but when I tried to explain fractional reserve banking you both told me that I was wrong and accused me of plagiarizing my answer.

[deisik]

I don't know what Northern Rock is. Do you seriously (lol) think that if I don't know what Northern Rock is, I don't know what a bank run looks like?

I think that's one bit of evidence to add to all the other indications that you don't know what a bank run is, or what fractional reserve banking is for that matter.

So, as I can guess, the crowd silently standing there is an evidence of a bank run, right? Also, how should you know that all those people have only demand deposits for that matter?

[anth0ny]

I don't know what Northern Rock is. Do you seriously (lol) think that if I don't know what Northern Rock is, I don't know what a bank run looks like?

I think that's one bit of evidence to add to all the other indications that you don't know what a bank run is, or what fractional reserve banking is for that matter.

So, as I can guess, the crowd standing there is an evidence of a bank run, right?

I wouldn't say a crowd standing there is evidence of a bank run. But that is in fact a photo of a bank run.

[deisik]

I don't know what Northern Rock is. Do you seriously (lol) think that if I don't know what Northern Rock is, I don't know what a bank run looks like?

I think that's one bit of evidence to add to all the other indications that you don't know what a bank run is, or what fractional reserve banking is for that matter.

So, as I can guess, the crowd standing there is an evidence of a bank run, right?

I wouldn't say a crowd standing there is evidence of a bank run. But that is in fact a photo of a bank run.

Okay, you get the benefit of the doubt. If so, it follows that these unlucky men have only demand deposits? What about those who have term deposits, are they present? If they are, how would fractional reserve banking help them for that matter?

[anth0ny]

I don't know what Northern Rock is. Do you seriously (lol) think that if I don't know what Northern Rock is, I don't know what a bank run looks like?

I think that's one bit of evidence to add to all the other indications that you don't know what a bank run is, or what fractional reserve banking is for that matter.

So, as I can guess, the crowd standing there is an evidence of a bank run, right?

I wouldn't say a crowd standing there is evidence of a bank run. But that is in fact a photo of a bank run.

Okay, you get the benefit of the doubt. If so, it follows that these unlucky men have only demand deposits? What about those who have term deposits, are they present?

I don't know I didn't ask them.

[deisik]

I don't know what Northern Rock is. Do you seriously (lol) think that if I don't know what Northern Rock is, I don't know what a bank run looks like?

I think that's one bit of evidence to add to all the other indications that you don't know what a bank run is, or what fractional reserve banking is for that matter.

So, as I can guess, the crowd standing there is an evidence of a bank run, right?

I wouldn't say a crowd standing there is evidence of a bank run. But that is in fact a photo of a bank run.

Okay, you get the benefit of the doubt. If so, it follows that these unlucky men have only demand deposits? What about those who have term deposits, are they present?

I don't know I didn't ask them.

It doesn't actually matter (unless the crowd consists of them). What matters is how fractional reserve banking could help them (or even full reserve banking for that matter) in the case of a bank run...

[anth0ny]

Okay, you get the benefit of the doubt. If so, it follows that these unlucky men have only demand deposits? What about those who have term deposits, are they present?

I don't know I didn't ask them.

It doesn't actually matter. What matters is how fractional reserve banking could help them (or even full reserve banking for that matter)...

When you find out please let us know.

[deisik]

Okay, you get the benefit of the doubt. If so, it follows that these unlucky men have only demand deposits? What about those who have term deposits, are they present?

I don't know I didn't ask them.

It doesn't actually matter. What matters is how fractional reserve banking could help them (or even full reserve banking for that matter)...

When you find out please let us know.

No, this won't do at all. You said previously that fractional (full) reserve requirements are only applicable to demand deposits... Do you deny that now?

[anth0ny]

Okay, you get the benefit of the doubt. If so, it follows that these unlucky men have only demand deposits? What about those who have term deposits, are they present?

I don't know I didn't ask them.

It doesn't actually matter. What matters is how fractional reserve banking could help them (or even full reserve banking for that matter)...

When you find out please let us know.

No, this won't do. You said previously that fractional (full) reserve banking is only applicable to demand deposits... Do you deny that now?

Nope.

[deisik]

Okay, you get the benefit of the doubt. If so, it follows that these unlucky men have only demand deposits? What about those who have term deposits, are they present?

I don't know I didn't ask them.

It doesn't actually matter. What matters is how fractional reserve banking could help them (or even full reserve banking for that matter)...

When you find out please let us know.

No, this won't do. You said previously that fractional (full) reserve banking is only applicable to demand deposits... Do you deny that now?

Nope.

So what would happen to the term deposits in the case of a bank run?

[anth0ny]

So what would happen to the term deposits in the case of a bank run?

I don't know. Do you?

[deisik]

So what would happen to the term deposits in the case of a bank run?

I don't know. Do you?

If the bank goes belly-up, they are lost unless they (as well as demand deposits) are covered by deposit insurance. If they are not, neither fractional, nor full reserve requirements will help here, right?

[anth0ny]

So what would happen to the term deposits in the case of a bank run?

I don't know. Do you?

If the bank goes belly-up, they are lost unless they (as well as demand deposits) are covered by deposit insurance. If they are not, neither fractional, nor full reserve requirements will help here, right?

Right. (But note that you didn't say anything about bank runs. If you can't withdraw your cash on demand, there's no point in running to the bank and demanding it.)

[deisik]

So what would happen to the term deposits in the case of a bank run?

I don't know. Do you?

If the bank goes belly-up, they are lost unless they (as well as demand deposits) are covered by deposit insurance. If they are not, neither fractional, nor full reserve requirements will help here, right?

Right.

And then you say that I don't know what bank runs are and what fractional reserve banking is (for that matter), lol. How could fractional reserve banking prevent banks from going belly-up and thereby people from losing their money?

[anth0ny]

So what would happen to the term deposits in the case of a bank run?

I don't know. Do you?

If the bank goes belly-up, they are lost unless they (as well as demand deposits) are covered by deposit insurance. If they are not, neither fractional, nor full reserve requirements will help here, right?

Right.

And then you say that I don't know what bank runs are and what fractional reserve banking is (for that matter), lol...

Correct.

[deisik]

So what would happen to the term deposits in the case of a bank run?

I don't know. Do you?

If the bank goes belly-up, they are lost unless they (as well as demand deposits) are covered by deposit insurance. If they are not, neither fractional, nor full reserve requirements will help here, right?

Right.

And then you say that I don't know what bank runs are and what fractional reserve banking is (for that matter), lol...

Correct.

How come?

[anth0ny]

So what would happen to the term deposits in the case of a bank run?

I don't know. Do you?

If the bank goes belly-up, they are lost unless they (as well as demand deposits) are covered by deposit insurance. If they are not, neither fractional, nor full reserve requirements will help here, right?

Right.

And then you say that I don't know what bank runs are and what fractional reserve banking is (for that matter), lol...

Correct.

How come?

Lots of reasons, including that you are confusing bank runs with "going belly-up", but the biggest reason is probably that I explained it to you and you said I was wrong, and then refused to explain why I was wrong.

[deisik]

If the bank goes belly-up, they are lost unless they (as well as demand deposits) are covered by deposit insurance. If they are not, neither fractional, nor full reserve requirements will help here, right?

Right.

And then you say that I don't know what bank runs are and what fractional reserve banking is (for that matter), lol...

Correct.

How come?

Lots of reasons, including that you are confusing bank runs with "going belly-up", but the biggest reason is probably that I explained it to you and you said I was wrong, and then refused to explain why I was wrong.

If you remember, I told there are many reasons for a bank run. Going belly-up is a good reason for a bank run, isn't it?

[anth0ny]

If the bank goes belly-up, they are lost unless they (as well as demand deposits) are covered by deposit insurance. If they are not, neither fractional, nor full reserve requirements will help here, right?

Right.

And then you say that I don't know what bank runs are and what fractional reserve banking is (for that matter), lol...

Correct.

How come?

Lots of reasons, including that you are confusing bank runs with "going belly-up", but the biggest reason is probably that I explained it to you and you said I was wrong, and then refused to explain why I was wrong.

If you remember, I told there are many reasons for a bank run. Going belly-up is a good reason for a bank run, isn't it?

Usually it's the other way around, but the fact that one can cause the other doesn't negate the fact that you're confusing the two.