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Question: Should private banks be allowed to run on a fractional reserve?
Yes, there's nothing wrong with fractional reserve - 5 (15.2%)
Yes, the free market will punish them - 18 (54.5%)
No, it's too dangerous - 2 (6.1%)
No, it's fraudulent - 5 (15.2%)
It's complicated - 3 (9.1%)
Total Voters: 33

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Author Topic: Private banking and fractional reserve  (Read 2663 times)
barbarousrelic
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April 26, 2011, 08:14:33 PM
 #21

In the case of a bank run, bank executives should be held personally liable for funds owed to account holders who are unable to receive them. This debt should be non-dischargable in any bankruptcy.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
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tomcollins
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April 26, 2011, 08:26:07 PM
 #22

In the case of a bank run, bank executives should be held personally liable for funds owed to account holders who are unable to receive them. This debt should be non-dischargable in any bankruptcy.

I would replace executives with owners.  The concept of a corporation to limit liability is one of the biggest frauds out there.  So many people get screwed by someone just walking away from their debt.
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April 26, 2011, 08:51:39 PM
 #23

In the case of a bank run, bank executives should be held personally liable for funds owed to account holders who are unable to receive them. This debt should be non-dischargable in any bankruptcy.

Depending on how the contract is constructed, it is possible to avoid any liability.

"This FRB note can be redeemed for 20 ounces of gold, pending availability*."
*Our bank only holds %10 of all outdtanding notes as reserve in gold at any moment.

"We will not find a solution to political problems in cryptography, but we can win a major battle in the arms race and gain a new territory of freedom for several years.

Governments are good at cutting off the heads of a centrally controlled networks, but pure P2P networks are holding their own."
barbarousrelic
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April 26, 2011, 09:14:26 PM
 #24

In the case of a bank run, bank executives should be held personally liable for funds owed to account holders who are unable to receive them. This debt should be non-dischargable in any bankruptcy.

Depending on how the contract is constructed, it is possible to avoid any liability.

"This FRB note can be redeemed for 20 ounces of gold, pending availability*."
*Our bank only holds %10 of all outdtanding notes as reserve in gold at any moment.

There is nothing wrong with a person lending money to the bank and owning debt, or depositing money in a bank account and owning money that can be withdrawn on demand. But it needs to be clear which the bank customer owns: money or debt, as they are very different things.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
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