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Who cares? You should. Bitcoin offers a public audit trail less commonly known as triple-entry bookkeeping or momentum accounting. Chase still uses double entry

Who cares? You should. Bitcoin offers a public audit trail less commonly known as triple-entry bookkeeping or momentum accounting. Chase still uses double entry. What's more Chase charges $25 per month to keep an open checking account, keeps only a small portion of your funds on hand and may both lock you out of your account and freeze your funds on a whim whereas Bitcoin won't.

colechristensen 7y ago
I'd rather not have the entire planet be able to audit my transactions. I don't care what Chase does with my dollars because the promise isn't that there's a vault somewhere that a banker can point to a pile of bills and say "that's Cole's money right there." The promise is that at any time I can withdraw any amount of money, and o have no problem believing that promise. As for locking my account on a whim, that's what I signed up for. Every time so far I have had a financial account locked it has been because someone who wasn't me was trying to use my money. As for avoiding being punished for crime well I'm not too into money laundering so I think I'll be ok. Otherwise it's balancing the risk that the bank will make a fixable mistake with the existing system which has the ability to fix errors and reverse thefts. The public audit trail has yet to return thousands of my dollars from mtgox. I bet if there was massive fraud and or theft of the reserves at Chase that I would have had my money back immediately. (I don't actually have a checking account at Chase)
pjc50 7y ago
> Chase charges $25 per month to keep an open checking account This is just a ""feature"" of the backwards American system, plenty of countries still mostly have free current accounts. Although the very low interest rates are definitely putting pressure on banks to try to find ways to charge people.
Nursie 7y ago
Having a bank also means having security, reversibility and a whole host of other great things. Bitcoin cannot compete on this.
- akdfd 7y ago
  Cash can't do those things either. It would be relatively easy to have a regulated bitcoin bank that offers such services. Coinbase is heading that way.
  - Nursie 7y ago
    Presumably that wouldn't fit with any of the demands of cryptocurrency enthusiasts though, being able to freeze your funds etc. Also I'm not sure how they would tackle reversing any fraud given that bitcoin is amazingly irreversible. If cryptocurrency is, for you, a way to get away from the abusive dominance of banks, why would you use such a service?
    - akdfd 7y ago
      I fail to see what point you're trying to make here. If you want to use a bitcoin bank you can. If you don't then you don't have to and can self custody. You have the choice to do either. Which is not the case with electronic claims on fiat money, as they require a bank counterparty.
      - Nursie 7y ago
        > I fail to see what point you're trying to make here. Then try looking at the post I responded to? Your responses to me seem kinda pointless here. "Crypto is great because banks suck" "I'm ok with banks, therefore this isn't a need I have" Then you come along and tell me crypto can maybe act like a bank. So what?
  - deleted 7y ago
    [deleted]

colechristensen 7y ago

I'd rather not have the entire planet be able to audit my transactions. I don't care what Chase does with my dollars because the promise isn't that there's a vault somewhere that a banker can point to a pile of bills and say "that's Cole's money right there." The promise is that at any time I can withdraw any amount of money, and o have no problem believing that promise. As for locking my account on a whim, that's what I signed up for. Every time so far I have had a financial account locked it has been because someone who wasn't me was trying to use my money. As for avoiding being punished for crime well I'm not too into money laundering so I think I'll be ok. Otherwise it's balancing the risk that the bank will make a fixable mistake with the existing system which has the ability to fix errors and reverse thefts. The public audit trail has yet to return thousands of my dollars from mtgox. I bet if there was massive fraud and or theft of the reserves at Chase that I would have had my money back immediately. (I don't actually have a checking account at Chase)

pjc50 7y ago

> Chase charges $25 per month to keep an open checking account This is just a ""feature"" of the backwards American system, plenty of countries still mostly have free current accounts. Although the very low interest rates are definitely putting pressure on banks to try to find ways to charge people.

Nursie 7y ago

Having a bank also means having security, reversibility and a whole host of other great things. Bitcoin cannot compete on this.

akdfd 7y ago
Cash can't do those things either. It would be relatively easy to have a regulated bitcoin bank that offers such services. Coinbase is heading that way.
- Nursie 7y ago
  Presumably that wouldn't fit with any of the demands of cryptocurrency enthusiasts though, being able to freeze your funds etc. Also I'm not sure how they would tackle reversing any fraud given that bitcoin is amazingly irreversible. If cryptocurrency is, for you, a way to get away from the abusive dominance of banks, why would you use such a service?
  - akdfd 7y ago
    I fail to see what point you're trying to make here. If you want to use a bitcoin bank you can. If you don't then you don't have to and can self custody. You have the choice to do either. Which is not the case with electronic claims on fiat money, as they require a bank counterparty.
    - Nursie 7y ago
      > I fail to see what point you're trying to make here. Then try looking at the post I responded to? Your responses to me seem kinda pointless here. "Crypto is great because banks suck" "I'm ok with banks, therefore this isn't a need I have" Then you come along and tell me crypto can maybe act like a bank. So what?
- deleted 7y ago
  [deleted]