is it possible at all for a bank to be honest

[Robert Paulson]

I've been going over the history of modern banking, and right from the start when banks were little more than goldsmiths with vaults they already couldn't stop themselves from loaning out deposited client gold to other clients (e.g running a fractional reserve scam).

is it possible that humans by nature simply cannot hold other people's money for long periods of time without their greed leading either to them loaning out other people's money or downright running away with it?
it seems to me bitcoin's solution of being your own bank is the only way to keep your precious money from being stolen by one elaborate scam or another.

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[DhaniBoy]

I strongly agree with your opinion, now with bitcoin system then you save the property with a high level of security, which would be very difficult for someone else to take your bitcoin with a layered security system, hopefully bitcoin wallet is always updating its security system ... 

[Q7]

One main reasons why banks continue to dominate over bitcoin is that it gives interest rate for your deposits and you can use the money to invest in trust funds. For bitcoin this area is lacking. Other than that bitcoin wins hands down in terms of security. So despite the question on whether honesty is there people will still continue to use them

[kanggoroo]

If that happen , bank will not gained lot profit.
and all banker will not getting rich every year like this time now.
Like world bank , politic hide behind this .They can control some country with their money power.

[BootstrapCoinDev]

It's stupid for banks not to cheat in a society of cheating institutions. What exactly is supposed to be fair about fractional reserve banking? Billing mistakes and banking errors always work in the institutions favor and that's a reason why banks dislike/ban crypto

[worle1bm]

Yeah, because no one has ever scammed anyone in the crypto world! Total honesty here! I don't think banks have a monopoly on being dishonest. I would submit that greed is the link between so many dishonest maneuvers.

[Robert Paulson]

in the crypto world you can store your money on your own.
if you give your money to someone else to hold it for you and they run away with it, its partially your own fault you got robbed.

[worle1bm]

So, if I give my money to a bank, it's partially my fault? Huh, how about that; you can't lay all evils at the feet of banks because you're too lazy to think deeper.

[twiifm]

Theres a reason why banking is heavily regulated

[Robert Paulson]

So, if I give my money to a bank, it's partially my fault? Huh, how about that; you can't lay all evils at the feet of banks because you're too lazy to think deeper.

if you give your money to a bank or to mt gox or to anyone else, and they run away, yes it is partially your fault.
you are responsible to do your due diligence and risk management, don't expect for anyone to bail you out.

[Robert Paulson]

Theres a reason why banking is heavily regulated

banking regulation is a joke, those regulators end up working at the same banks they regulated after they are done living of the tits of the government.
the only viable solution is being your own bank by using bitcoin.

[twiifm]

So, if I give my money to a bank, it's partially my fault? Huh, how about that; you can't lay all evils at the feet of banks because you're too lazy to think deeper.

if you give your money to a bank or to mt gox or to anyone else, and they run away, yes it is partially your fault.
you are responsible to do your due diligence and risk management, don't expect for anyone to bail you out.

You're a joke.  Blaming the victim like a chest thumping libertarian.  That is,  until you become victim yourself you go crying to daddy gov't

[twiifm]

Theres a reason why banking is heavily regulated

banking regulation is a joke, those regulators end up working at the same banks they regulated after they are done living of the tits of the government.
the only viable solution is being your own bank by using bitcoin.

Nobody is stopping you from holding bitcoins.  Good luck in convincing the rest of the world

[Robert Paulson]

Theres a reason why banking is heavily regulated

banking regulation is a joke, those regulators end up working at the same banks they regulated after they are done living of the tits of the government.
the only viable solution is being your own bank by using bitcoin.

Nobody is stopping you from holding bitcoins.  Good luck in convincing the rest of the world

I'm not going to need to convince anyone.
once the fiat hyperinflation starts people won't have a choice.

[brian_23452]

I've been going over the history of modern banking, and right from the start when banks were little more than goldsmiths with vaults they already couldn't stop themselves from loaning out deposited client gold to other clients (e.g running a fractional reserve scam).

is it possible that humans by nature simply cannot hold other people's money for long periods of time without their greed leading either to them loaning out other people's money or downright running away with it?
it seems to me bitcoin's solution of being your own bank is the only way to keep your precious money from being stolen by one elaborate scam or another.

How is that a scam?  Why else would a bank accept your deposit, and pay you interest for it, if not to loan it out?  That's the whole point of a bank.  

[Robert Paulson]

I've been going over the history of modern banking, and right from the start when banks were little more than goldsmiths with vaults they already couldn't stop themselves from loaning out deposited client gold to other clients (e.g running a fractional reserve scam).

is it possible that humans by nature simply cannot hold other people's money for long periods of time without their greed leading either to them loaning out other people's money or downright running away with it?
it seems to me bitcoin's solution of being your own bank is the only way to keep your precious money from being stolen by one elaborate scam or another.

How is that a scam?  Why else would a bank accept your deposit, and pay you interest for it, if not to loan it out?  That's the whole point of a bank.  

its a scam because you did not agree for the bank to loan your money out when you opened a checking account, indeed no one tells you that's what they are going to do with it.
if they did tell you and you agreed you would have specified how much risk you allow the bank to take with your money and how much interest they are going to be paying you for that risk.

[twiifm]

I've been going over the history of modern banking, and right from the start when banks were little more than goldsmiths with vaults they already couldn't stop themselves from loaning out deposited client gold to other clients (e.g running a fractional reserve scam).

is it possible that humans by nature simply cannot hold other people's money for long periods of time without their greed leading either to them loaning out other people's money or downright running away with it?
it seems to me bitcoin's solution of being your own bank is the only way to keep your precious money from being stolen by one elaborate scam or another.

How is that a scam?  Why else would a bank accept your deposit, and pay you interest for it, if not to loan it out?  That's the whole point of a bank.  

its a scam because you did not agree for the bank to loan your money out when you opened a checking account, indeed no one tells you that's what they are going to do with it.
if they did tell you and you agreed you would have specified how much risk you allow the bank to take with your money and how much interest they are going to be paying you for that risk.

If you think its such a good business then why dont you start bank?  Easy money, no?

[Robert Paulson]

I've been going over the history of modern banking, and right from the start when banks were little more than goldsmiths with vaults they already couldn't stop themselves from loaning out deposited client gold to other clients (e.g running a fractional reserve scam).

is it possible that humans by nature simply cannot hold other people's money for long periods of time without their greed leading either to them loaning out other people's money or downright running away with it?
it seems to me bitcoin's solution of being your own bank is the only way to keep your precious money from being stolen by one elaborate scam or another.

How is that a scam?  Why else would a bank accept your deposit, and pay you interest for it, if not to loan it out?  That's the whole point of a bank.  

its a scam because you did not agree for the bank to loan your money out when you opened a checking account, indeed no one tells you that's what they are going to do with it.
if they did tell you and you agreed you would have specified how much risk you allow the bank to take with your money and how much interest they are going to be paying you for that risk.

If you think its such a good business then why dont you start bank?  Easy money, no?

if you have zero morals and have no problem to rob your fellow countrymen and you have the tens of millions of dollars it costs to comply with all the regulations i can't think of a better business for the rich sociopath.
of course you run the risk of an angry mob with pitchforks lynching you once the economy starts to fall apart...

[brian_23452]

I've been going over the history of modern banking, and right from the start when banks were little more than goldsmiths with vaults they already couldn't stop themselves from loaning out deposited client gold to other clients (e.g running a fractional reserve scam).

is it possible that humans by nature simply cannot hold other people's money for long periods of time without their greed leading either to them loaning out other people's money or downright running away with it?
it seems to me bitcoin's solution of being your own bank is the only way to keep your precious money from being stolen by one elaborate scam or another.

How is that a scam?  Why else would a bank accept your deposit, and pay you interest for it, if not to loan it out?  That's the whole point of a bank.  

its a scam because you did not agree for the bank to loan your money out when you opened a checking account, indeed no one tells you that's what they are going to do with it.
if they did tell you and you agreed you would have specified how much risk you allow the bank to take with your money and how much interest they are going to be paying you for that risk.

But you did agree to it.  No one made you walk into the bank, give them your money, and sign all those papers you signed but didn't read. 

[Robert Paulson]

I've been going over the history of modern banking, and right from the start when banks were little more than goldsmiths with vaults they already couldn't stop themselves from loaning out deposited client gold to other clients (e.g running a fractional reserve scam).

is it possible that humans by nature simply cannot hold other people's money for long periods of time without their greed leading either to them loaning out other people's money or downright running away with it?
it seems to me bitcoin's solution of being your own bank is the only way to keep your precious money from being stolen by one elaborate scam or another.

How is that a scam?  Why else would a bank accept your deposit, and pay you interest for it, if not to loan it out?  That's the whole point of a bank.  

its a scam because you did not agree for the bank to loan your money out when you opened a checking account, indeed no one tells you that's what they are going to do with it.
if they did tell you and you agreed you would have specified how much risk you allow the bank to take with your money and how much interest they are going to be paying you for that risk.

But you did agree to it.  No one made you walk into the bank, give them your money, and sign all those papers you signed but didn't read.  

go ahead and read them, nowhere will it say they are going to lend your money out.
and by the way you are forced to open a bank account by the government to pay taxes.