Bitcoin vs. the Banks

[cypherdoc]

Government and banking industries are walking hand by hand. But observe this, government is changing while who owns the banks are not so now guess who is telling who what to do.

i agree with this.  financiers/banksters have captured the politicians.  they end up leaving politics and getting their corner offices on Wall St.

[LightRider]

Don't hate banks. Understand them. Only then will you have an informed opinion about why they should not exist.

[mystery2048]

Banking institutions tend to turn up in any advanced economic system... Bitcoin will be no different, and there most likely will be banks, MtGox is the closest thing to a bank we have right now. They issue their own currency (MtGox Redemption Vouchers) and offer various services and allow you to exchange and transfer funds.

[knight22]

Banking institutions tend to turn up in any advanced economic system... Bitcoin will be no different, and there most likely will be banks, MtGox is the closest thing to a bank we have right now. They issue their own currency (MtGox Redemption Vouchers) and offer various services and allow you to exchange and transfer funds.

Bitcoin doesn't allow anybody to create money out of thin air like the actual banking system. That's the main fundamental difference.

[Matthew N. Wright]

Banking institutions tend to turn up in any advanced economic system... Bitcoin will be no different, and there most likely will be banks, MtGox is the closest thing to a bank we have right now. They issue their own currency (MtGox Redemption Vouchers) and offer various services and allow you to exchange and transfer funds.

Bitcoin doesn't allow anybody to create money out of thin air like the actual banking system. That's the main fundamental difference.

Absolutely any exchange can create money out of thin air. Get over the ability to create money out of thin air and start focusing on the trust behind it. If I create $100 out of thin air but promise you to pay you $100 tomorrow and you are positive through a track record of me being paid $100 everyweek at the same time for 20 years that you will get that $100, isn't that enough to make the transaction? What more do you need in a functioning society?

If you have a problem with that, you have a problem with:

1) MtGox codes
2) Ripple technology
3) The world around you

[cryptoanarchist]

Banking institutions tend to turn up in any advanced economic system... Bitcoin will be no different, and there most likely will be banks, MtGox is the closest thing to a bank we have right now. They issue their own currency (MtGox Redemption Vouchers) and offer various services and allow you to exchange and transfer funds.

Bitcoin doesn't allow anybody to create money out of thin air like the actual banking system. That's the main fundamental difference.

Absolutely any exchange can create money out of thin air. Get over the ability to create money out of thin air and start focusing on the trust behind it. If I create $100 out of thin air but promise you to pay you $100 tomorrow and you are positive through a track record of me being paid $100 everyweek at the same time for 20 years that you will get that $100, isn't that enough to make the transaction? What more do you need in a functioning society?

If you have a problem with that, you have a problem with:

1) MtGox codes
2) Ripple technology
3) The world around you

MtGox can create BTC out of thin air? Can you explain this?

Money should not be created out of liabilities, which is what our banking system does now. It gets you to sign a loan, and then monetizes your debt and treats it as a deposit (I think most people know this now).

Only banks can do this. MtGox or the IBB can't write up a BTC loan to you, and then magically create the BTC based on your loan contract. The main difference being BTC HAVE to be created with actual work (EARNED), while fiat is created with the push of a button.

This is why banks and our monetary system SUCK. They are getting something (your hard-EARNED dollars, for their NON-earned ones).


Think of it like this, Matthew. You spent months putting together your magazine, and I'm sure it was a lot of work. When you finally got it done, would you trade them all with me if I printed you out some occult pictures on my computer for you? It would only take me a few seconds to print a pentagram and an all seeing eye, while it took you months of work to make your mag. Not a fair trade, is it? Nor is it when banks do it.

[knight22]

Absolutely any exchange can create money out of thin air. Get over the ability to create money out of thin air and start focusing on the trust behind it. If I create $100 out of thin air but promise you to pay you $100 tomorrow and you are positive through a track record of me being paid $100 everyweek at the same time for 20 years that you will get that $100, isn't that enough to make the transaction? What more do you need in a functioning society?

If you have a problem with that, you have a problem with:

1) MtGox codes
2) Ripple technology
3) The world around you

Exact, I have a problem about the world around me ruled by a banking system that is literally responsible of the environmental destruction by overstimulating consumption.

[cryptoanarchist]

Exact, I have a problem about the world around me ruled by a banking system that is literally responsible of the environmental destruction by overstimulating consumption.

+1 Exactly!! 

[Roger_Murdock]

Absolutely any exchange can create money out of thin air. Get over the ability to create money out of thin air and start focusing on the trust behind it. If I create $100 out of thin air but promise you to pay you $100 tomorrow and you are positive through a track record of me being paid $100 everyweek at the same time for 20 years that you will get that $100, isn't that enough to make the transaction? What more do you need in a functioning society?

If I lend you 100 bucks, and you promise to pay me 100 bucks tomorrow and memorialize that promise with a Matthew M. Wright note that's printed on fancy paper with your picture on it and maybe some hard-to-replicate holograms, have you really created "money"? Well, maybe. I could certainly try and find someone to trade for it and those pieces of paper might earn enough trust to be widely accepted as a medium of exchange. And maybe you could even start issuing more in Wright bucks than you've collected in U.S. dollars. That's not necessarily a problem assuming you don't go overboard to the point that people lose trust in your money. The problem with banks' ability to create money in our current system is that, due to implicit and explicit government guarantees (like FDIC insurance), there's no market check on the ability to create ever-increasing quantities of debt-money.  If we had a truly free market for money, I believe commodity money (and I'm including Bitcoin in this category) would be the dominant form of money although there would still be some "monetary" use of debt instruments.

[LightRider]

Exact, I have a problem about the world around me ruled by a banking system that is literally responsible of the environmental destruction by overstimulating consumption.

+1 Exactly!! 

This is why we should promote a resource based economy. All reality, no fantasy.

[cryptoanarchist]

Exact, I have a problem about the world around me ruled by a banking system that is literally responsible of the environmental destruction by overstimulating consumption.

+1 Exactly!! 

This is why we should promote a resource based economy. All reality, no fantasy.

Economies are resource based by definition: Economies are how resources are distributed.

A "Resource Based Economy" is like saying a "Meal Based Restaurant"

[Matthew N. Wright]

Exact, I have a problem about the world around me ruled by a banking system that is literally responsible of the environmental destruction by overstimulating consumption.

+1 Exactly!! 

This is why we should promote a resource based economy. All reality, no fantasy.

Economies are resource based by definition: Economies are how resources are distributed.

A "Resource Based Economy" is like saying a "Meal Based Restaurant"

I'd eat that restaurant.

[drrussellshane]

Exact, I have a problem about the world around me ruled by a banking system that is literally responsible of the environmental destruction by overstimulating consumption.

+1 Exactly!! 

This is why we should promote a resource based economy. All reality, no fantasy.

Economies are resource based by definition: Economies are how resources are distributed.

A "Resource Based Economy" is like saying a "Meal Based Restaurant"

I'd eat that restaurant.

The whole thing?

 

[Matthew N. Wright]

A "Resource Based Economy" is like saying a "Meal Based Restaurant"

I'd eat that restaurant.

The whole thing?

 

I'd give it a shot.

[swissmate]

WHAT?

No horse mask while in the bank?

[aq]

WHAT?

No horse mask while in the bank?

The jail time would have been too long.
He has to work hard to make sure the Ellet has a longer time-to-market then those BFL things.

[Bitcoin Oz]

My credit union is pretty good.

[Elwar]

I hate all banks. Not the institutions themselves, or the people who work there. Just the buildings themselves. The actual bank.

My hatred has found difficulty since online banks have come into play. I have not actually seen the servers which house these online banks, but I do believe that I would hate that server just as much.

I destroyed all piggy banks I saw as a child.

[pof]

I hate all banks. Not the institutions themselves, or the people who work there. Just the buildings themselves. The actual bank.

My hatred has found difficulty since online banks have come into play. I have not actually seen the servers which house these online banks, but I do believe that I would hate that server just as much.

I destroyed all piggy banks I saw as a child.

+1   ahahahahahahah

[BTCurious]

I hate all banks. Not the institutions themselves, or the people who work there. Just the buildings themselves. The actual bank.

My hatred has found difficulty since online banks have come into play. I have not actually seen the servers which house these online banks, but I do believe that I would hate that server just as much.

I destroyed all piggy banks I saw as a child.

I, too, prefer very much to sit in a comfortable chair, than in these elongated things that tend to hide under the name sofas. Unfortunately I come across these a lot in my daily life, and have learned to adjust, living in an uneasy truce with these horrid spawns of cusheyness.