Computer Science, blockchain

  • Thread starter Thread starter cory
  • Start date Start date
  • Replies Replies 92
  • Views Views 8K
The fractional reserve system is credit policy...not the money...different things. Your distrust of it is well founded. Of course, so is the distrust of any money based simply on "faith" instead of being backed by something of concrete worth.


Manipulation of money has existed since money has. Digitizing it simply speeds up the rate at which it can happen, increasing volatility...same as stock market. It's all speculation at this point...when it starts adversely affecting gov't revenue across the globe we'll see what happens.

S. Korea considering moves on cryptocurrency http://www.bbc.com/news/business-42645081

Help me with some clarity here...BC was offered by a guy...people paid the guy to buy it the first time...the guy made millions from nothing to provide an underground currency that can't be traced for taxing purposes, illicit enterprises like drug dealing, human trafficking, money laundering, etc....and it's all under the control of one private person/entity that most likely has a backdoor into the system...is this a real improvement over a traceable monetary system?
 
The fractional reserve system is what creates the money. In that system debt = money. Without loans, the money is never created. Which is all well and good, but usury is legal, and is added to the loan. Since the money to pay the interest doesn't exist, someone needs to lose everything in order for the interest to be able to be paid.

The bitcoin is set at a certain amount. Fractional reserve banking will not work with it, because bitcoin can't be created because it's already there. The government and more importantly the banks can't touch it. Actually it does away with banks completely, which is the best thing to happen to the human race since agriculture was invented. Banks are responsible for every human conflict in modern history, and are responsible for the poverty as well. The illusion of scarcity is required for banks to have power, and that's exactly what the fractional reserve system artificially creates. It is literally the force that controls the masses.
 
How about robbery?


Sometimes CL ads are set-ups for robberies. "I need cash now to pay my mortgage. Buy my car for 50 cents on the dollar, cash, so I don't lose my house."

Suppose someone wants to rob someone, is there any way to put a timelock on some of your cryptocurrency, so that you aren't able to be robbed of everything? Do people have many accounts to avoid this?
 
  • Thread Starter Thread Starter
  • #56
A bit coin 'wallet' contains all your bitcoin value and the whole bit coin universe knows how much value is in that and every other bit coin wallet but they don't know who owns any of the wallets so no one knows where the wallet owner lives, either.
 
  • Thread Starter Thread Starter
  • #59
nah not even.
 
squisher said:
Des anyone here have or know anyone who uses bitcoin?
Click to expand...

Yes, one of my oldest and closest friends invested in bitcoin when they were about 320 USD each. I spoke to him before xmas and we got chatting. He seemed chipper enough as Bitcoin was valued about 17500USD at the time IIRC... He said no, he had sold all his bitcoin at 7000 USD. I asked if he was gutted, but he had taken the profit and bought various other shares... Tesla, GW Pharmaceuticals, Japanese Bonds and a few other crypto currencies.

He is an intelligent bloke and has been following this sort of thing for years. The reason he was happy was he had checked his portfolio and there was over half a million Euro's in his account.

I bought into a currency called Ripple. he reckoned they were gonna go up a fair bit, so bought 1000GBP worth. They have since gone up 4 times in a month. He bought his at 0.22 cents, it was around 60 when i bought. I spoke to him the other week and he was overjoyed as his portfolio was worth over a million when ripple his around 2.80 cents. it is now around 1.60 Euros.

I believe Ripple will go up in price but not by Bitcoin standards but I had a gamble with a bit of cash I had. I wouldn't be putting anything into Crypto currencies that I couldn't afford to lose.
 
  • Thread Starter Thread Starter
  • #66
Well lol. As I had mentioned previously, my understanding of the benefits of bitcoin was that it was unhackable. Who'da thunk?:|:
 
  • Thread Starter Thread Starter
  • #75
Ha, good answer!

But yeah, me neither, Doh!
 
You must log in or register to reply here.

Similar threads

lxskllr
PSA: Check Your Passwords
Replies
10
Views
541
Kaveman
Kaveman
Nutball
Question for computer nerds
Replies
4
Views
551
Nutball
Nutball
Naturarbo
another wake up moment
Replies
16
Views
311
SeanKroll
SeanKroll
treesmith
Prusik length
Replies
3
Views
210
Marc-Antoine
Marc-Antoine
Tree09
Pest control methods
Replies
19
Views
456
Kaveman
Kaveman
Back
Top