The banks should be repealed - page 2.

maku

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Quote from: Amph on May 08, 2015, 02:11:07 AM

Quote from: maku on May 08, 2015, 01:22:36 AM

Quote from: kenbytes on May 07, 2015, 10:35:43 PM

I dont know why everyone was freaking out. We dont need the banks anyway. Thats what bitcoin is all about!

I'm sorry to disappoint You but so far I don't see banks being replaced/liquidated in the future. Even if bitcoin becomes dominating global currency banks will still exist, they have too strong position in the global market, they lend money, they keep most of the savings, and they will also adapt to bitcoin.

the banks will be repealed naturally, when everyone will start using only bitcoin, bitcoin need to acquire a big portion of the whole "monetary users" before that occurs

their strong position is only strong thanks to us, because we continue to use their shitty fiat

And they still will be strong because some people will want to lend money, because bitcoin can be collected and used for investment. Bitcoin alone wont end banks domination. Also banks as an institution is not a bad thing as long as there is someone to keep them under control.

Amph

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Quote from: maku on May 08, 2015, 01:22:36 AM

Quote from: kenbytes on May 07, 2015, 10:35:43 PM

I dont know why everyone was freaking out. We dont need the banks anyway. Thats what bitcoin is all about!

I'm sorry to disappoint You but so far I don't see banks being replaced/liquidated in the future. Even if bitcoin becomes dominating global currency banks will still exist, they have too strong position in the global market, they lend money, they keep most of the savings, and they will also adapt to bitcoin.

the banks will be repealed naturally, when everyone will start using only bitcoin, bitcoin need to acquire a big portion of the whole "monetary users" before that occurs

their strong position is only strong thanks to us, because we continue to use their shitty fiat

maku

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Quote from: kenbytes on May 07, 2015, 10:35:43 PM

I dont know why everyone was freaking out. We dont need the banks anyway. Thats what bitcoin is all about!

I'm sorry to disappoint You but so far I don't see banks being replaced/liquidated in the future. Even if bitcoin becomes dominating global currency banks will still exist, they have too strong position in the global market, they lend money, they keep most of the savings, and they will also adapt to bitcoin.

kenbytes

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I dont know why everyone was freaking out. We dont need the banks anyway. Thats what bitcoin is all about!

mrhelpful

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You cant takeaway the entire system, you have to change their policy or their operations of someone to oversee them.

It also needs to be a private company with a governmental approved, since most government staffing lacks in these areas. The better the oversight the better reduction of more less fiance mess, the credit agency was doing this role until they started getting paid to give AAA ratings on all investments.

The oversight needs to be in 2 places, or just 1 on the credit agency either way works.

maku

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Quote from: gongomanny on May 05, 2015, 01:36:27 AM

I agree that banks should be removed from our economy, but if the power to print money is given to politicians, we're going to have the same problem. Instead, we should use a currency which cannot just be increased in supply at whim, like gold, or, in a modern world, something similar to bitcoin.

Printing additional money isn't the only problem. Devaluation, deliberate lowering the exchange rate, fixed exchange rate, etc. Banks and politics all over the world are abusing their positions to all kind of manipulating. Even if you use gold for exchanging someone may wont to lower its value just to gain litter extra.

BTCevo

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Quote from: gongomanny on May 05, 2015, 01:36:27 AM

I agree that banks should be removed from our economy, but if the power to print money is given to politicians, we're going to have the same problem. Instead, we should use a currency which cannot just be increased in supply at whim, like gold, or, in a modern world, something similar to bitcoin.

First things banks should not removed from economy because there is somehow another investment in it. Some people with the real fiat money will invest in it because its easier altough the interest is low. Some people dont want to think about it and just want to get some money for it thats why they invest in banks. Second is if you give politician the power I think we will be doomed since they can easily print money for themselves so they have a higher chance to corrupt every single money in this world. And that is not a good choice

Kaneki

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Quote from: V for Varoufakis on April 29, 2015, 03:50:44 PM

The money must be printed by the Ministry of Finance. Do you agree?

totally disagree, policy pursued by the Ministry of Finance will not be much better than the decision will be undertaken by Banks are all aiming for its own sake and the customer is always the victim,in my opinion to decentralized financial systems such as Bitcoin be a better solution of the options above.

gongomanny

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Ɓιтcσιη

I agree that banks should be removed from our economy, but if the power to print money is given to politicians, we're going to have the same problem. Instead, we should use a currency which cannot just be increased in supply at whim, like gold, or, in a modern world, something similar to bitcoin.

mladen00

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K-ing®

Quote from: V for Varoufakis on April 29, 2015, 03:50:44 PM

The money must be printed by the Ministry of Finance. Do you agree?

Yes, everything is better than USA - FED way

Erdogan

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Quote from: NUFCrichard on May 04, 2015, 02:43:00 PM

Quote from: mrhelpful on May 04, 2015, 12:58:28 PM

The system replaced? Then what happens to all the elder people or people who been enslaving to work for their money held in the banks?

Do they just say oh well? There needs to be a measurement, for the banks within their own from a third party to say you are crossing the line step back until you pay the balance like how they issue our credit to us as well.

Those people are just going to be inflated out of their money or have their savings stolen at some point in the future anyway!

I expect the transition to a new system will be fast, but old fiat will have to be transferred into the new system somehow. I don't really know how it worded in the past after hyper-inflations happened, but it would probably be the same again this time.

Hyperbitcoinization?

NUFCrichard

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Quote from: mrhelpful on May 04, 2015, 12:58:28 PM

The system replaced? Then what happens to all the elder people or people who been enslaving to work for their money held in the banks?

Do they just say oh well? There needs to be a measurement, for the banks within their own from a third party to say you are crossing the line step back until you pay the balance like how they issue our credit to us as well.

Those people are just going to be inflated out of their money or have their savings stolen at some point in the future anyway!

I expect the transition to a new system will be fast, but old fiat will have to be transferred into the new system somehow. I don't really know how it worded in the past after hyper-inflations happened, but it would probably be the same again this time.

mrhelpful

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The system replaced? Then what happens to all the elder people or people who been enslaving to work for their money held in the banks?

Do they just say oh well? There needs to be a measurement, for the banks within their own from a third party to say you are crossing the line step back until you pay the balance like how they issue our credit to us as well.

sdmathis

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Quote from: ashour on May 01, 2015, 12:54:27 PM

Politicians have no idea of doing business. Let the banks who have better knowledge of business and finance matters print the money, look what is happening to Argentina and Zimbabwe this could happen to countries who let the ministry of finance print the money.

Banks ARE the ones who create money. In most countries, money is not created simply by printing more bills or stamping out more coins. If physical bills and coins were all that our money supply consisted of, it would strangle the economy. The government does influence the money supply through fiscal and monetary policy, but the actual creation of money is done by the banking system.

thejaytiesto

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Quote from: V for Varoufakis on May 01, 2015, 02:41:23 PM

Again Bill Still:

"It doesn't matter what backs your money. All that matters is who controls its quantity. Will it be your elected officials or will it be some unelected banker?"

https://www.youtube.com/watch?feature=player_detailpage&v=7qIhDdST27g#t=1588

This Bill Still quote is on point, and that's what makes BTC the ultimate money system that will inevitably take over the entire world: No one can ever control it's quantity (total supply).

BobK71

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Quote from: maku on May 04, 2015, 06:09:09 AM

Assuming that there won't be any economic crisis in the future is a wishful thinking. Sooner or later there will be crisis no matter who is manages/cnotrols money.

Financial asset prices go up and down naturally, people make mistakes about investing, and unexpected events happen. All these things can move asset prices pretty significantly. People win and lose, and if they're not forced to take risks by the monetary system, and they're reasonably sensible, they won't bet the farm on anything. (If money's value was stable, they would probably do nothing with most of their savings.)

Major bubbles, however, requires some sort of fragility, and the biggest type of fragility happens when the state artificially props up the value of something, directly or indirectly. The fundamental reason the state can and wants to do this (wants to because it wants to create demand for its money and debt) is that the state runs money.

People who live in the modern period have seen so many financial crises around the world that they think crises are inevitable. This is because money has been managed by the state, and/or by the dominant world power, since the founding of the Dutch and English central banks in the 16th and 17th centuries.

maku

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Quote from: BobK71 on April 30, 2015, 11:41:28 AM

Authorities should stay out of money totally. Money is the place of gold, silver, bitcoin, and any other form that doesn't require an authority. As soon as you have an authority, there is no way to make it independent, unless you can find the Knights of the Holy Grail and hire them.

The idea that financial crashes require central banks and governments to save the world from ruin is based on the existence of such crashes in the first place. But these crashes are, without exception (going all the way back to the Dutch tulip bubble,) caused ultimately by the issue of money by some authority.

Assuming that there won't be any economic crisis in the future is a wishful thinking. Sooner or later there will be crisis no matter who is manages/cnotrols money.

Quote from: ashour on May 01, 2015, 12:54:27 PM

Politicians have no idea of doing business. Let the banks who have better knowledge of business and finance matters print the money, look what is happening to Argentina and Zimbabwe this could happen to countries who let the ministry of finance print the money.

The last big economic crisis was caused by banks...
http://www.economist.com/news/schoolsbrief/21584534-effects-financial-crisis-are-still-being-felt-five-years-article

DavidHume

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Quote from: V for Varoufakis on April 29, 2015, 03:50:44 PM

The money must be printed by the Ministry of Finance. Do you agree?

What is your justification?

V for Varoufakis

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Again Bill Still:

"It doesn't matter what backs your money. All that matters is who controls its quantity. Will it be your elected officials or will it be some unelected banker?"

https://www.youtube.com/watch?feature=player_detailpage&v=7qIhDdST27g#t=1588

ashour

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Politicians have no idea of doing business. Let the banks who have better knowledge of business and finance matters print the money, look what is happening to Argentina and Zimbabwe this could happen to countries who let the ministry of finance print the money.

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