Petition to Nationalize Banks - page 2.

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: DeathAndTaxes on November 11, 2011, 01:04:33 PM

If your time horizon is 10 years you are going to be disappointed. I say maybe if Bitcoin is very lucky in 20 years it might have Paypal like acceptance (which is still only about 2% of VISA transaction volume). To put it into perspective Bittorrent (probably the most successful p2p application ever) is about 10 years old and only a tiny fraction of the world uses it.

Maybe so, but do you notice that everything is going faster every day? Population is growing geometrically. Communication technology is growing exponentially. Social changes are happening faster. Timelines are shrinking. I don't think ten years is unrealistic at all.

DeathAndTaxes

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Gerald Davis

Quote from: cbeast on November 11, 2011, 12:59:04 PM

Quote from: DeathAndTaxes on November 11, 2011, 12:00:29 PM

Why the hell would VISA do that. If I was a shareholder I would move for the CEO to arrested for violating fudiciary duty.

Hey we have this ultra profitable near global monopoly with massive transaction volumes and no real competitors ...

Lets scrap all that and move to a network when anyone can be out competitor and our gross profit margins fall 90%+.

If VISA is unable to compete with Bitcoin based money processors, then the CEO would be in violation of fiduciary duty for not remaining competitive. Besides, who knows where the global economy will be in ten years? Complete transparency of all financial transactions may become the only thing that saves us from the ravages of corporate/political corruption. Bitcoin can provide that.

If your time horizon is 10 years you are going to be disappointed. I say maybe if Bitcoin is very lucky in 20 years it might have Paypal like acceptance (which is still only about 2% of VISA transaction volume). To put it into perspective Bittorrent (probably the most successful p2p application ever) is about 10 years old and only a tiny fraction of the world uses it.

cbeast

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Activity: 1736

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Let's talk governance, lipstick, and pigs.

Quote from: DeathAndTaxes on November 11, 2011, 12:00:29 PM

Why the hell would VISA do that. If I was a shareholder I would move for the CEO to arrested for violating fudiciary duty.

Hey we have this ultra profitable near global monopoly with massive transaction volumes and no real competitors ...

Lets scrap all that and move to a network when anyone can be out competitor and our gross profit margins fall 90%+.

If VISA is unable to compete with Bitcoin based money processors, then the CEO would be in violation of fiduciary duty for not remaining competitive. Besides, who knows where the global economy will be in ten years? Complete transparency of all financial transactions may become the only thing that saves us from the ravages of corporate/political corruption. Bitcoin can provide that.

DeathAndTaxes

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Activity: 1218

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Gerald Davis

Why the hell would VISA do that. If I was a shareholder I would move for the CEO to arrested for violating fudiciary duty.

Hey we have this ultra profitable near global monopoly with massive transaction volumes and no real competitors ...

Lets scrap all that and move to a network when anyone can be out competitor and our gross profit margins fall 90%+.

cbeast

donator

Activity: 1736

Merit: 1010

Let's talk governance, lipstick, and pigs.

Quote from: DeathAndTaxes on November 11, 2011, 11:35:48 AM

Quote from: cbeast on November 11, 2011, 11:32:32 AM

Quote from: DeathAndTaxes on November 11, 2011, 11:25:33 AM

How would 20 entities be worse than 1 private entity. Is there any other industry that you think a single monopolistic power is best?

That would make counterfeiting much more lucrative. I don't pay for a happy meal with junk bonds, though that may be appropriate.

No need for it to be paper money. Honestly there is very little need for paper money. You could just buy your happy means with electronic payments. VISA currently processes 100+ different currencies globally. Adding a few private versions wouldn't be much more difficult. The only difference is that you would be paying in xyzBucks instead of USD.

Well sure, local currencies are fine when I'm traveling. If VISA can offer a lower exchange rate and processing fees than a Bitcoin based exchange and money processor, then good for them. Personally, I think VISA will migrate to Bitcoin, change their name, and restructure their entire business within ten years.

DeathAndTaxes

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Gerald Davis

Quote from: cbeast on November 11, 2011, 11:32:32 AM

Quote from: DeathAndTaxes on November 11, 2011, 11:25:33 AM

How would 20 entities be worse than 1 private entity. Is there any other industry that you think a single monopolistic power is best?

That would make counterfeiting much more lucrative. I don't pay for a happy meal with junk bonds, though that may be appropriate.

No need for it to be paper money. Honestly there is very little need for paper money. You could just buy your happy means with electronic payments. VISA currently processes 100+ different currencies globally. Adding a few private versions wouldn't be much more difficult. The only difference is that you would be paying in xyzBucks instead of USD.

cbeast

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Activity: 1736

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Let's talk governance, lipstick, and pigs.

Quote from: DeathAndTaxes on November 11, 2011, 11:25:33 AM

How would 20 entities be worse than 1 private entity. Is there any other industry that you think a single monopolistic power is best?

That would make counterfeiting much more lucrative. I don't pay for a happy meal with junk bonds, though that may be appropriate.

DeathAndTaxes

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Activity: 1218

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Gerald Davis

Quote from: cbeast on November 11, 2011, 04:42:10 AM

Quote from: herzmeister on November 11, 2011, 04:33:27 AM

The real solution is that banks issuing money should be in competition, which actually means competition of currencies (and gold, silver, bitcoin etc), which is what Ron Paul is advocating.

I'm not gonna accept anyone's funny monopoly bills. This is only really feasible with a Satoshi type client. Competing currencies would be alternate block chains, but they would run on anyone's system. The only question is what makes anyone's currency any better than Bitcoin?

Not any more funny money then buying corporate or municipal paper (bonds). That is the great thing about free markets. People will demand accountability, transparency, and stable value. Those that fail to

For the record you already accept monopoly money. The federal reserve is a private corporation. They only difference is a lack of free market. They have a absolute and Congressionally enforced monopoly on the issuance of monopoly money. So when they decide to "help" the economy by creating inflation and eroding your buying power you have no alternative.

How would 20 entities be worse than 1 private entity. Is there any other industry that you think a single monopolistic power is best?

GideonGono

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★Bitvest.io★ Play Plinko or Invest!

Quote from: DrYe5 on November 10, 2011, 07:04:46 PM

Please sign my White House petition to nationalize the banks.

I also have one for instating reporting standards on private health insurance companies.

-Thanks

Explain why you think this will be beneficial.

herzmeister

legendary

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Quote from: cbeast on November 11, 2011, 04:42:10 AM

I'm not gonna accept anyone's funny monopoly bills.

It's your choice. You as an individual are part of the market. Nothing more, but also nothing less.

Hawker

legendary

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Quote from: ?? on ??

The UK government nationalized several banks as a result of its bailouts. That didn't help the people in any way though.

Its the old story. Socialism for the rich and free market economics for the rest of us.

cbeast

donator

Activity: 1736

Merit: 1010

Let's talk governance, lipstick, and pigs.

Quote from: herzmeister on November 11, 2011, 04:33:27 AM

The real solution is that banks issuing money should be in competition, which actually means competition of currencies (and gold, silver, bitcoin etc), which is what Ron Paul is advocating.

I'm not gonna accept anyone's funny monopoly bills. This is only really feasible with a Satoshi type client. Competing currencies would be alternate block chains, but they would run on anyone's system. The only question is what makes anyone's currency any better than Bitcoin?

herzmeister

legendary

Activity: 1764

Merit: 1007

Nations issuing money by themselves again is probably better than the FED system that we have today.

But still, it's a good idea that nations aren't allowed to do it. That is just the next step in Separation of powers (not that those powers are really divided nowadays).

The FED isn't really owned by the state as many believe, but it isn't entirely private either, as there are laws in place to secure its monopoly.

The real solution is that banks issuing money should be in competition, which actually means competition of currencies (and gold, silver, bitcoin etc), which is what Ron Paul is advocating.

pointbiz

sr. member

Activity: 437

Merit: 415

1ninja

Quote from: Xenland on November 10, 2011, 09:40:22 PM

Lets start with no more fractional banking....

+1

Demand deposit accounts are supposed to be 100% backed with currency reserves. Anything less is a fraud.

Savings accounts and term deposits should not have to be held in reserve since by their very nature the funds are being used to lend at interest and earn the savings account or term deposit holder a portion of that interest.

Instead of nationalizing the banks why not just have US Congress pass a law to increase the amount of US Notes the Treasury can print. Then they can print debt free money and pay back the federal reserve and all the debt holders and enact another law to limit the amount of fiat printed.

SlaveInDebt

hero member

Activity: 699

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Your Minion

Quote from: Xenland on November 10, 2011, 09:40:22 PM

Lets start with no more fractional banking....

^This

If I was allowed that scam I'd be wealthy too. What's amazing is banks still managed to fail with a 1:9 money creation scheme.

Xenland

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I'm not just any shaman, I'm a Sha256man

Lets start with no more fractional banking....

MoonShadow

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The last thing that we want to happen is the bankers gain access to the legalized force of the state even more directly than is presently so.

crawdaddy

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Quote from: DrYe5 on November 10, 2011, 07:04:46 PM

Please sign my White House petition to nationalize the banks.

I also have one for instating reporting standards on private health insurance companies.

-Thanks

This is a great plan that allows me to longer buy toilet paper, because what value is left in the "governments" fiat currency would be gone in weeks, hence putting to use as TP. Where do I sign?

notme

legendary

Activity: 1904

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Quote from: KaptainBlaZzed on November 10, 2011, 08:02:53 PM

Never, keep the government out of the banks.

Small government is better.

+1. The average American politician is more corrupt than the average businessman. Promises become broken and people lose faith. With a little luck, maybe Ron Paul can finally slay the demon and we can all have a little breathing room again.

KaptainBlaZzed

newbie

Activity: 100

Merit: 0

Never, keep the government out of the banks.

Small government is better.

Topic: Petition to Nationalize Banks - page 2. (Read 3836 times)