One of the most Biased articles ive ever read. (Financial Times) - page 2.

Sitarow

legendary

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Merit: 1047

Quote from: franky1 on November 10, 2015, 02:53:14 PM

every bank note is an IOU

and thus bank balances are ONLY a list of liabilities..
banks do not list ASSETS.. FIAT is not an asset, but credit, no longer backed by the promise of gold..

bitcoin is an ASSET. it needs no backing.. just like gold is an asset and needs no backing..

its fiat that needs backing..

.. really think the FT are hiring people that dont have a clue about basic economics.. which is strange for a financial media outlet.

Bitcoin, the blockchain, and its network participants makes for a seriously disruptive technology that most will struggle to understand.

This article is simply another example of the blind leading the blind.

franky1

legendary

Activity: 4424

Merit: 4794

every bank note is an IOU

and thus bank balances are ONLY a list of liabilities..
banks do not list ASSETS.. FIAT is not an asset, but credit, no longer backed by the promise of gold..

bitcoin is an ASSET. it needs no backing.. just like gold is an asset and needs no backing..

its fiat that needs backing..

.. really think the FT are hiring people that dont have a clue about basic economics.. which is strange for a financial media outlet.

MbitSport

member

Activity: 78

Merit: 10

http://www.ft.com/cms/s/0/1877c388-8797-11e5-90de-f44762bf9896.html#axzz3r7J89upV

Quote

Bitcoin also lacks another feature of currencies: the balance sheet of a central bank standing behind it. They might be intangible, but a balance sheet has two sides to it, lists of assets and liabilities.
The bitcoin ledger, by comparison, is just a glorified list of liabilities, keeping track of where the bitcoins are located.

Topic: One of the most Biased articles ive ever read. (Financial Times) - page 2. (Read 1328 times)