Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 32873. (Read 26695891 times)

if this thing doesn't move soon I'm going to have to stop looking.

I'm disappointed.

Paper is paper.  The old game is not the new game, we're talking bitcoin crypto-currency, so you need to improve your trick.

So you don't know anyone who would either take the bait either?  And now you want me to do this magic trick for you?
I am well aware of how the fractional reserve system came into being.  The problems which were solved by the creation of fractional reserve (carrying heavy gold and silver from place to place) are not problems of bitcoin, it moves faster than most cash equivalents and is lighter than a feather.

To perform your magic trick, you are going to have to find "marks" and "patsys" with whom to trade your "letters of credit" !bitcoins.  The trick will be on those that accept !bitcoins for payment for anything rather than asking for bitcoins.  I may have a few bridges to sell to your customers, but I am not going to be accepting the !bitcoins for them.

But hey, you are so confidant in this scheme, maybe you are that patsy? Would you like to buy an online wallet account that has !bitcoin in it for the privilege paying interest on it in bitcoin?  I have been told the seller promises that they won't sell the bitcoin backing it to more than 10 other people and that they won't take the bitcoins out of it suddenly.  It is just as good as bitcoin, really it is.  We can call it !ripple if you like.

If you are going to do this scam, you are going to need a bunch of shills who are going to offer to accept your !bitcoin from your mark after the mark gets !bitcoin from you.  Fractional reserve is a confidence game.  Why else do banks build such impressive structures? They want your confidence.  I'm not saying it can't be done, or even that you can't do it.  If it will work anywhere, it will probably work in a high-trust society like USA.

We are way off the topic of MtGox walls.  My apologies to the rest, if anyone objects, we'll start a fractional reserve bitcoin thread in a more appropriate place.

again, how do I run my own chart buddy? I want to be able to shift time back and forth with it

Still unsure what you meant to say with your chart, but actually looked at the numbers for the first time.  You sneak!  1900 to 2020?  Really?  Who's doin' all the prognosticating?  "Reliable Source"?

Eh? You don't need institutional violence in order to have a financial system. Why would you think otherwise?

The same person who accepts anything more interesting than a pawnshop/payday loan.  Unless you're used to asking for your loans in used, nonsequential twenties, you're familiar with one piece of paper representing another.

Edit:  Think "line of credit."  If it seems inconceivable to you, figure out how the fractional reserve system come into being -- there's no need to "print" all the monyz you lend
Edit2 (tangent):  I will also issue Crumblets, paper promissory notes denominated in bitcoins.  As tangible currency, requiring no internet access or gizmos, this folding money will become more popular than Bitcoin itself.

OK, next you are going to have to solve the problem of how to get someone to accept a letter of credit for Bitcoin.  Or in other words, the same thing I wrote in the last challenge to this scheme.  You've done no magic yet.  It is ~bitcoin, or !bitcoin if you prefer...  Who accepts it?

Looks like a bubble. 

I think the thing with gold backed money is it reduces greatly the liquidity, and hence expansion, of the money supple. So those countries generally limit growth, which isn't a bad thing but when there is global competition, I can see why they did it (not that I agree with it fully.)

I have x bitcoins.  I issue you & 10 other people letters of credit for x/9.  Magic.

Winklevoss to the rescue?

The trick you will have to solve in order to have this paragraph make sense, is how to get someone to accept a fractionally reserve borrowed "~bitcoin" as payment.

Economy not only can, but does work that way.  As others have already pointed out, gold standard has nothing to do with ability to rack up debt.  Further, please explain to me why it is awful for US to have its current national debt -- as a mental exercise.  What would happen if it continued to climb?  Expand.

That it's not fair that if job costs you too much you can simple print more money to buy it. That's what kings are doing today. If people don't do what they want, they simple pay more (with printed money). Economy can't work like that. It was a scheme to separate USD from gold, to trick people to slavery for the kings.