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Author Topic: people need to stop looking at bitcoin as an open source paypal  (Read 1177 times)
Robert Paulson
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September 25, 2014, 09:55:26 PM
 #1

people look at bitcoin as just a payment network, it seems to me alot of people miss the real revolution that bitcoin brings.

with bitcoin for the first time in 550 years we don't need to trust a bank to hold our money.
each and every one of us is a walking bank, capable of granting and taking loans without asking the government or anyone else for permission.
this is nothing short of a world changing shift in finance.

if bitcoin is adopted there will be no more bank bailouts, because we are the bank.

no more money printing by a central bank, if the government wants money to do something it actually has to ask us for it, or try and physically take it by force from each and every one of us!
no more stealth inflation robbery while the sheeple population is too ignorant to notice it is being robbed, even the dumbest person knows that when the government physically points a gun at you and asks for your money it is robbery, no one will put up with it.
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September 25, 2014, 11:17:37 PM
 #2

people look at bitcoin as just a payment network, it seems to me alot of people miss the real revolution that bitcoin brings.

with bitcoin for the first time in 550 years we don't need to trust a bank to hold our money.
each and every one of us is a walking bank, capable of granting and taking loans without asking the government or anyone else for permission.
this is nothing short of a world changing shift in finance.

if bitcoin is adopted there will be no more bank bailouts, because we are the bank.

no more money printing by a central bank, if the government wants money to do something it actually has to ask us for it, or try and physically take it by force from each and every one of us!
no more stealth inflation robbery while the sheeple population is too ignorant to notice it is being robbed, even the dumbest person knows that when the government physically points a gun at you and asks for your money it is robbery, no one will put up with it.


So, what you wrote describes a benefit of the Bitcoin payment system. We don't actually need a bank to hold our dollars because we can hold it all in cash (or gold or silver). The reason we store money in banks today is because of the utility of the payment system. The superiority of the Bitcoin payment system now makes it unnecessary to give money to banks to hold.

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Robert Paulson
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September 25, 2014, 11:27:57 PM
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people look at bitcoin as just a payment network, it seems to me alot of people miss the real revolution that bitcoin brings.

with bitcoin for the first time in 550 years we don't need to trust a bank to hold our money.
each and every one of us is a walking bank, capable of granting and taking loans without asking the government or anyone else for permission.
this is nothing short of a world changing shift in finance.

if bitcoin is adopted there will be no more bank bailouts, because we are the bank.

no more money printing by a central bank, if the government wants money to do something it actually has to ask us for it, or try and physically take it by force from each and every one of us!
no more stealth inflation robbery while the sheeple population is too ignorant to notice it is being robbed, even the dumbest person knows that when the government physically points a gun at you and asks for your money it is robbery, no one will put up with it.


So, what you wrote describes a benefit of the Bitcoin payment system. We don't actually need a bank to hold our dollars because we can hold it all in cash (or gold or silver). The reason we store money in banks today is because of the utility of the payment system. The superiority of the Bitcoin payment system now makes it unnecessary to give money to banks to hold.


storing a bunch of gold or even worse cash at home is not exactly safe, anyone breaks in and you lost all of your money.
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September 25, 2014, 11:29:21 PM
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Where do you get the 550 figure from?

Look inside yourself, and you will see that you are the bubble.
Robert Paulson
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September 25, 2014, 11:34:41 PM
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Where do you get the 550 figure from?

https://en.wikipedia.org/wiki/Banca_Monte_dei_Paschi_di_Siena

"Banca Monte dei Paschi di Siena S.p.A. (Italian pronunciation: [ˈbancaˈmonte dei ˈpaski di ˈsjɛːna]) (BMPS) is the oldest surviving bank in the world and Italy's third largest bank. Founded in 1472 by the magistrate of the city state of Siena, Italy, as a "mount of piety", it has been operating ever since."
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September 26, 2014, 02:43:08 AM
 #6

people look at bitcoin as just a payment network, it seems to me alot of people miss the real revolution that bitcoin brings.

with bitcoin for the first time in 550 years we don't need to trust a bank to hold our money.
each and every one of us is a walking bank, capable of granting and taking loans without asking the government or anyone else for permission.
this is nothing short of a world changing shift in finance.

if bitcoin is adopted there will be no more bank bailouts, because we are the bank.

no more money printing by a central bank, if the government wants money to do something it actually has to ask us for it, or try and physically take it by force from each and every one of us!
no more stealth inflation robbery while the sheeple population is too ignorant to notice it is being robbed, even the dumbest person knows that when the government physically points a gun at you and asks for your money it is robbery, no one will put up with it.


So, what you wrote describes a benefit of the Bitcoin payment system. We don't actually need a bank to hold our dollars because we can hold it all in cash (or gold or silver). The reason we store money in banks today is because of the utility of the payment system. The superiority of the Bitcoin payment system now makes it unnecessary to give money to banks to hold.


storing a bunch of gold or even worse cash at home is not exactly safe, anyone breaks in and you lost all of your money.
Anyone with a significant amount of valuables (be it cash, gold, diamonds, bitcoin, ect) in their home should take steps to secure it to prevent theft in the event of a break-in of their house. The most common scenario would be for people to invest in some kind of safe to store their valuables in
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September 26, 2014, 03:25:54 PM
 #7

people look at bitcoin as just a payment network, it seems to me alot of people miss the real revolution that bitcoin brings.

with bitcoin for the first time in 550 years we don't need to trust a bank to hold our money.
each and every one of us is a walking bank, capable of granting and taking loans without asking the government or anyone else for permission.
this is nothing short of a world changing shift in finance.

if bitcoin is adopted there will be no more bank bailouts, because we are the bank.

no more money printing by a central bank, if the government wants money to do something it actually has to ask us for it, or try and physically take it by force from each and every one of us!
no more stealth inflation robbery while the sheeple population is too ignorant to notice it is being robbed, even the dumbest person knows that when the government physically points a gun at you and asks for your money it is robbery, no one will put up with it.


I am sure there will be fractional reserve banking in bitcoins, once bitcoin's adoption is widespread. Smiley
Given an option to earn interest on their bitcoin deposits from a (supposedly) low risk source, how many would decline?
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September 26, 2014, 03:50:31 PM
 #8

people look at bitcoin as just a payment network, it seems to me alot of people miss the real revolution that bitcoin brings.

...

no more money printing by a central bank, if the government wants money to do something it actually has to ask us for it, or try and physically take it by force from each and every one of us!
no more stealth inflation robbery while the sheeple population is too ignorant to notice it is being robbed, even the dumbest person knows that when the government physically points a gun at you and asks for your money it is robbery, no one will put up with it.

The majority of Bitcoiners probably invested exactly because of this aspect. I doubt that this fact is overlooked at all. But you may be right in that this aspect is (wrongly) the one that is most promoted to the public mainstream audience.

Other forms of investment to escape from inflation existed long before Bitcoin was invented, namely precious metals. These continue to be an option. What makes Bitcoin unique is that it combines the inflation protected "store of value"-feature with the borderless transmittable "digital money"-feature without the requirement to trust a third party. That combination is the driving force of its success so far and will become even more powerful in the future when Bitcoin is usable for the average Joe.

ya.ya.yo!
Robert Paulson
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September 26, 2014, 04:17:37 PM
 #9

people look at bitcoin as just a payment network, it seems to me alot of people miss the real revolution that bitcoin brings.

with bitcoin for the first time in 550 years we don't need to trust a bank to hold our money.
each and every one of us is a walking bank, capable of granting and taking loans without asking the government or anyone else for permission.
this is nothing short of a world changing shift in finance.

if bitcoin is adopted there will be no more bank bailouts, because we are the bank.

no more money printing by a central bank, if the government wants money to do something it actually has to ask us for it, or try and physically take it by force from each and every one of us!
no more stealth inflation robbery while the sheeple population is too ignorant to notice it is being robbed, even the dumbest person knows that when the government physically points a gun at you and asks for your money it is robbery, no one will put up with it.


I am sure there will be fractional reserve banking in bitcoins, once bitcoin's adoption is widespread. Smiley
Given an option to earn interest on their bitcoin deposits from a (supposedly) low risk source, how many would decline?

with bitcoin you have a choice if you want to participate in the fractional reserve scam or not.
if you put bitcoins in a bank you deserve to lose your money when eventually there is a run on said bank and you find out its not solvent.
DhaniBoy
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September 26, 2014, 04:38:37 PM
 #10

for the time is almost the same bitcoin bank, where we can save money in the form of bitcoin and can perform payment activities, bitcoin is now also almost the same as the paypal system, where we save money in the form of bitcoin and will spend his one day, with the difference bitcoin bank is bitcoin has no obligation to pay taxes on kepemiliikan bitcoin, while banks certainly we are taxed when we have in the bank account, as well as with paypal ...  Roll Eyes

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Darude Sandstorm
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September 26, 2014, 04:57:42 PM
 #11

I think looking at it like an 'open source paypal' is a great way, but instead of using corrupt fiat money it uses it's own honest money and cuts out the bad parts along the way.

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