Digital currency is the forced return of the Taft banking system

[wuzamarine]

Unfortunately that Taft banking system sunk it's self. All the corporate banks took over.

I recall and old bounty lingering on Compuserv for a decentralized digital banking system. Satoshi must of seen this (go back to the early 90s).

All currencies are going to adopt the model just like Ecuador, at some point. But there will be a war in some fashion, a revolt from the banks because digital currency fucks them over in one absolutely delicious way.
You can't append a bank IOU to the blockchain. No more Fraction Reserve Banking. No more triple spending the national currency to death.

I have already begun to model how coining and a blockchain can play an integral roll in security networks like VoIP and PCI Compliance.

Digital currency is a lot bigger than most people think and the technology is here to stay.

Just thoughts...

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[Yakamoto]

Good ideas, but you CAN make IOUs, and Fractional Reserve Banking CAN exist, but it will be FAR harder, and currency can't just be created.

Banks can take BTC from a person, loan it, and if that person asks to withdraw, they have to take from someone else to meet the amount (If the withdraw-ee is asking for their full balance), and it will go like that until the system collapses on itself.

However, we'll see what actually happens. Knowing governments, they'll find some way to make inflation look good...

[Razick]

Unfortunately that Taft banking system sunk it's self. All the corporate banks took over.

I recall and old bounty lingering on Compuserv for a decentralized digital banking system. Satoshi must of seen this (go back to the early 90s).

All currencies are going to adopt the model just like Ecuador, at some point. But there will be a war in some fashion, a revolt from the banks because digital currency fucks them over in one absolutely delicious way.
You can't append a bank IOU to the blockchain. No more Fraction Reserve Banking. No more triple spending the national currency to death.

I have already begun to model how coining and a blockchain can play an integral roll in security networks like VoIP and PCI Compliance.

Digital currency is a lot bigger than most people think and the technology is here to stay.

Just thoughts...

Just because an IOU can't exist in the blockchain doesn't mean it can't exist at all. Banks don't actually print dollar bills, they "create" money by loaning it out. The same works with Bitcoin. New Bitcoins don't have to be created for new Bitcoins to be "created."