Hopefully we can get back on topic for this thread. Here is what I posted in another "Bitcoin Banking" thread:
If you deposit your hard earned Bitcoins into a Bank you have lent your Bitcoins to a third party.
You have just accepted an IOU from the bank which states you "have" that many Bitcoins on account at the bank.
You can now write checks on that amount which other people can accept as payment. Is a Bitcoin check in the amount of 1.2345 BTC to someone actually Bitcoins? The answer is no it is not. It is a promise to pay the bearer Bitcoins. You have just recreated the use and acceptance of debt as money.
Not only that you have just lent your Bitcoins to an entity (bank) whose entire purpose is to lend out your Bitcoins to someone else and make a profit. Their entire purpose is to recreate the fractional reserve banking system. Their entire purpose is to gamble with the Bitcoins you just lent them. They have no choice. It is their business model.
The second people start lending their Bitcoins to banks they have recreated the fractional reserve banking system.
The answer from anyone who really understands Bitcoins, loves Bitcoins, what they represent, why they exist, should not simply be "no I will not lend my Bitcoins to a bank in order to reproduce the fractional reserve banking system". It should be:
Having said all that, it is inevitable that Bitcoin substitutes (bitcoin IOUs) will eventually be used for and accepted as payment and that the banking system will recreate a fractional reserve banking system using Bitcoins. This is because most people do not understand the first thing about money, what it is, where it comes from and what purpose it serves - and most people are sheep being lead to the slaughter.
The difference with Bitcoin is that you can choose not to participate in their scheme to screw you out of your hard earned money.
You have just accepted an IOU from the bank which states you "have" that many Bitcoins on account at the bank.
You can now write checks on that amount which other people can accept as payment. Is a Bitcoin check in the amount of 1.2345 BTC to someone actually Bitcoins? The answer is no it is not. It is a promise to pay the bearer Bitcoins. You have just recreated the use and acceptance of debt as money.
Not only that you have just lent your Bitcoins to an entity (bank) whose entire purpose is to lend out your Bitcoins to someone else and make a profit. Their entire purpose is to recreate the fractional reserve banking system. Their entire purpose is to gamble with the Bitcoins you just lent them. They have no choice. It is their business model.
The second people start lending their Bitcoins to banks they have recreated the fractional reserve banking system.
The answer from anyone who really understands Bitcoins, loves Bitcoins, what they represent, why they exist, should not simply be "no I will not lend my Bitcoins to a bank in order to reproduce the fractional reserve banking system". It should be:
Quote
There is no fucking way I will lend my Bitcoins to the fucking banking system so they can use my Bitcoins to recreate their fucking house of cards Ponzi scheme fractional reserve banking system.
Having said all that, it is inevitable that Bitcoin substitutes (bitcoin IOUs) will eventually be used for and accepted as payment and that the banking system will recreate a fractional reserve banking system using Bitcoins. This is because most people do not understand the first thing about money, what it is, where it comes from and what purpose it serves - and most people are sheep being lead to the slaughter.
The difference with Bitcoin is that you can choose not to participate in their scheme to screw you out of your hard earned money.
I wasn't trying to be a dick or anything, just trying to help. I actually read that post when you made it and I can completely agree with it.
Trying to model BTC after the banks will just create the same exact problem we have now, it will just be more secure for the banks as you wouldn't be able to just walk into one and demand BTC.
I wonder how long before a crypto-communist fork starts redistributing your money and inflating the money supply?
