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Author Topic: Are We in a Middle Of a Digital Bank Run?  (Read 1806 times)
vssa
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June 16, 2012, 12:17:17 PM
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Source : http://www.btcwallet.org/digital-bank-run/

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There are several different types of Bitcoin clients. Hybrid server-assisted clients like Electrum get a lot of their network information from centralized servers, but they also check the server's results using blockchain header data. This is perhaps somewhat more secure than either server-assisted clients or header-only clients.
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kiba
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June 16, 2012, 12:21:03 PM
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It's September 17 2007. So, it's a 5 years bank run.

vssa
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June 16, 2012, 12:28:44 PM
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Bitcoin  Created only in 2009 why it Written :"Bitcois Withdraw Billions In Bank Run"?

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meanig
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June 16, 2012, 12:29:20 PM
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It's September 17 2007. So, it's a 5 years bank run.

It's called a bank marathon  Grin

The article is probably about the bank run on Northern Rock which happened in Sept 2007. After two days of queues outside branches the government decided to take over the bank and guarantee all deposits.

http://news.bbc.co.uk/1/hi/6996136.stm
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June 16, 2012, 12:29:57 PM
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Bitcoin  Created only in 2009 why it Written :"Bitcois Withdraw Billions In Bank Run"?

It says Britons
vssa
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June 16, 2012, 01:03:59 PM
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 Grin you right.

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Phinnaeus Gage
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June 16, 2012, 02:05:35 PM
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It looks like Bitcoinica is now minting coinage.

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June 16, 2012, 03:00:45 PM
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yes, but its not just digital.
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June 16, 2012, 03:28:40 PM
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Anyone want to correlate the OP's graph with a BTC price chart?

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Herodes
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June 17, 2012, 03:29:03 AM
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Hm.. just wondering.

The way I have learned it works is that if a bank running a fractional reserve is having a bank run, they will turn to the governmental controlled banks to have more money transferred, so they can cope with all the withdrawals, but could not a state bank just print digital money out of thin air to cope with the demand for withdrawals ?

Sorry if it's a naive assumption, but as far as I understand, money in a bank account is nothing but numbers in a database, and we all know that banks create money backed by debt, or "out of thin air" when giving loans.
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June 17, 2012, 05:22:48 AM
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There is so little money left in the accounts of anyone but the 1% that the banks have no problem giving folks money they don't have.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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June 17, 2012, 05:57:46 AM
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The way I have learned it works is that if a bank running a fractional reserve is having a bank run, they will turn to the governmental controlled banks to have more money transferred, so they can cope with all the withdrawals, but could not a state bank just print digital money out of thin air to cope with the demand for withdrawals ?

Let me put it this way. Banks create money not out of the thin air. They create money out of yours and mine signatures on the mortgage applications and on credit card applications and on loan applications etc... Now, when you an I tell the bank to go and take a hike because we gonna default, the money created out of those signatures are magically disappearing.

What do you think central banks were so busy with lately? Yep they were busy resigning all those debt applications which went bad into their own name. This process has been called many names TARP, QE1, QE2, QE3 etc.... The moment they stop doing it we will have humongous deflationary collapse i.e. lots of the money created out of debt will simply disappear, causing more defaults and more disappearing money. This is kind of a bit too scary for the central banks and their puppet masters, so they hope to be able to take over all those defaulted debts in order to preserve money.

Amount of money they create this way is only limited by amount of new debt the system able to consume. This is exactly why the only way to fix the debt problem is by creating more debt. And this pyramid is mathematically certain to come crushing down eventually even if the eye on the top wants to do it's damnest to postpone it for another day.

Of course, there is also zimbabwe route. Just start printing paper notes with a few extra zeroes on them. 6 or 10 will do the trick perhaps. Also need a few helicopters to deliver it all to the population. Problem solved.


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cbeast
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June 17, 2012, 01:30:31 PM
 #13

Constantly giving money to the banks is unfair. It's time to give money to the people to decide what is best for the economy.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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June 17, 2012, 02:39:44 PM
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Constantly giving money to the banks is unfair. It's time to give money to the people to decide what is best for the economy.

Amen.

This is why you call Bitcoin the Peoples Money.
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June 18, 2012, 01:27:08 AM
 #15

Nice reply Vladimir.

just out  of curiosity, do you have any blogs or books to recommend ? I'd like to learn more about matters like these.

The way I have learned it works is that if a bank running a fractional reserve is having a bank run, they will turn to the governmental controlled banks to have more money transferred, so they can cope with all the withdrawals, but could not a state bank just print digital money out of thin air to cope with the demand for withdrawals ?

Let me put it this way. Banks create money not out of the thin air. They create money out of yours and mine signatures on the mortgage applications and on credit card applications and on loan applications etc... Now, when you an I tell the bank to go and take a hike because we gonna default, the money created out of those signatures are magically disappearing.

What do you think central banks were so busy with lately? Yep they were busy resigning all those debt applications which went bad into their own name. This process has been called many names TARP, QE1, QE2, QE3 etc....

[..snip..]

cypherdoc
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June 18, 2012, 01:38:00 AM
 #16

Nice reply Vladimir.

just out  of curiosity, do you have any blogs or books to recommend ? I'd like to learn more about matters like these.

The way I have learned it works is that if a bank running a fractional reserve is having a bank run, they will turn to the governmental controlled banks to have more money transferred, so they can cope with all the withdrawals, but could not a state bank just print digital money out of thin air to cope with the demand for withdrawals ?

Let me put it this way. Banks create money not out of the thin air. They create money out of yours and mine signatures on the mortgage applications and on credit card applications and on loan applications etc... Now, when you an I tell the bank to go and take a hike because we gonna default, the money created out of those signatures are magically disappearing.

What do you think central banks were so busy with lately? Yep they were busy resigning all those debt applications which went bad into their own name. This process has been called many names TARP, QE1, QE2, QE3 etc....

[..snip..]


if you want to learn about the concepts of deflation, i talk about this alot in my sub service.
Herodes
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June 19, 2012, 04:11:00 AM
 #17

if you want to learn about the concepts of deflation, i talk about this alot in my sub service.

Thanks, but I was more looking into free info at this point. Smiley
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June 19, 2012, 04:13:45 AM
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if you want to learn about the concepts of deflation, i talk about this alot in my sub service.

Thanks, but I was more looking into free info at this point. Smiley
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