Bank insiders fretting about "Virtual Dollars" breaking the money monopoly

[RodeoX]

I don't see how anyone can deride a P2P currency while attempting to defend something as utterly corrupt as banking.

[BitterTea]

To be fair, the things he derides in this article aren't p2p currencies, but a sort of dollar backed digital script issued by private organizations.

I'm sure he'd shit a brick over Bitcoin though.

[marcus_of_augustus]

Resistance if futile.

The banksters have their hands full propping up their collapsing house of cards, bitcoin is off their radar. imagine halfway through next year, they are in the middle of a war, debt bombs going off everywhere, runs on sovereign bonds, banks going bust, riots in the streets and then BITCOIN shows up on their radar looking like the size of the mothership from planet Nemesis ... it'll be the killer-blow, they're fucked.

[Satori]

Resistance if futile.

Resistance if feudal.

Banks used to be outlawed in medieval Europe, because of their tendency to get into economies and knock them over.

We also get the word villain from the feudal term for a land-owner who'd make people work his land for him in order to have use of any.

[abyssobenthonic]

From the article:

The dollar – the one you are holding -- remains relatively secure; its fiat "value" has never markedly depreciated...

Discuss.

Well, he does qualify the statement with "from state to state," which is relatively true. Over time, however, I feel there's a graph this man should see: http://1.bp.blogspot.com/_k3UqzQLD6qY/TTHqiWaQhgI/AAAAAAAABys/IaevumUli2U/s1600/Dollar%2Bdevaluation%2Bsince%2B1913.jpg

I think it's accurate, if unintentionally so.  The fiat value of a fiat currency is not its purchasing power but its ability to prevent the government from kidnapping you, killing you, or taking your stuff.  Considering how taxation (aka demands for fiat currency or else the government will kidnap you or take your stuff) and government murder rates have generally tended to grow, the fiat value has probably only rarely depreciated.

The value of fiat currency in terms of purchasing power, though, is another matter entirely...

[FreeMoney]

Resistance if futile.

The banksters have their hands full propping up their collapsing house of cards, bitcoin is off their radar. imagine halfway through next year, they are in the middle of a war, debt bombs going off everywhere, runs on sovereign bonds, banks going bust, riots in the streets and then BITCOIN shows up on their radar looking like the size of the mothership from planet Nemesis ... it'll be the killer-blow, they're fucked.

Lol +1

It's so not their way of thinking that it'll seem just like aliens landing and taking their jobs.

[asdf]

The fact is virtual currency will create a casino of currencies with various valuations. And that makes the situation ripe for consumer abuse.

"consumer abuse" - wat? People trading goods an services without giving the government it's cut. Stop abusing the government, people!

[deadlizard]

virtual currency will create a casino of currencies with various valuations.

unlike the forex market 

[joeydangerous]

Thanks for the read, very funny!

[carbonpenguin]

Resistance if futile.

The banksters have their hands full propping up their collapsing house of cards, bitcoin is off their radar. imagine halfway through next year, they are in the middle of a war, debt bombs going off everywhere, runs on sovereign bonds, banks going bust, riots in the streets and then BITCOIN shows up on their radar looking like the size of the mothership from planet Nemesis ... it'll be the killer-blow, they're fucked.

Lol +1

It's so not their way of thinking that it'll seem just like aliens landing and taking their jobs.

The theme of the American Bankers Association convention next year: http://www.youtube.com/watch?v=tGZ1nK4mOuw&feature=related

[mikegogulski]

Wow, that guy's ignorance and triumphalist statism really know no bounds.

@Satori: Fractional reserve as presently implemented is accurately described as a scam. However, I suspect that in a truly free market (i.e., absent the state and its privileges to the banking cartel) fractional reserve would complete quite successfully with full-reserve banking.