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> The author contends that banks are built on trust and Bitcoins are built on mistrust. Sounds very much like the author is attempting to engage in doublespeak
by dmiladinov 14y ago
> The author contends that banks are built on trust and Bitcoins are built on mistrust.
Sounds very much like the author is attempting to engage in doublespeak...
- niggler 14y agoWhen someone steals physical dollars from a bank branch, none of the bank accounts are generally affected. This is the 'trust'
- dmiladinov 14y agoWhat is the difference between someone stealing physical dollars from a bank and the bank inventing new dollars through the practice of fractional reserve banking, other than one practice is legal and the other is not?
- JamisonM 14y ago1) someone stealing physical dollars from a bank A human being of machine transports paper and/or coins from one location to another. 2)the bank inventing new dollars through the practice of fractional reserve banking No paper or coins are moved from one location to the other. If you think fractional reserve banking in morally equal to stealing people's possessions then you know less about the banking system than you think you do. Fractional reserve banking is a practice that is something like 400 years old so if you want to trash it you have to think long and hard about how useful it must be to the economies of the world to have lasted this long.