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Thread: Computer Science, blockchain

  1. #51
    Treehouser Sponsor Fiddler's Avatar
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    The fractional reserve system is credit policy...not the money...different things. Your distrust of it is well founded. Of course, so is the distrust of any money based simply on "faith" instead of being backed by something of concrete worth.


    Manipulation of money has existed since money has. Digitizing it simply speeds up the rate at which it can happen, increasing volatility...same as stock market. It's all speculation at this point...when it starts adversely affecting gov't revenue across the globe we'll see what happens.

    S. Korea considering moves on cryptocurrency http://www.bbc.com/news/business-42645081

    Help me with some clarity here...BC was offered by a guy...people paid the guy to buy it the first time...the guy made millions from nothing to provide an underground currency that can't be traced for taxing purposes, illicit enterprises like drug dealing, human trafficking, money laundering, etc....and it's all under the control of one private person/entity that most likely has a backdoor into the system...is this a real improvement over a traceable monetary system?
    The early bird may get the worm, but the second mouse gets the cheese. -Steven Wright

  2. #52
    Treehouser Sponsor Tree09's Avatar
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    The fractional reserve system is what creates the money. In that system debt = money. Without loans, the money is never created. Which is all well and good, but usury is legal, and is added to the loan. Since the money to pay the interest doesn't exist, someone needs to lose everything in order for the interest to be able to be paid.

    The bitcoin is set at a certain amount. Fractional reserve banking will not work with it, because bitcoin can't be created because it's already there. The government and more importantly the banks can't touch it. Actually it does away with banks completely, which is the best thing to happen to the human race since agriculture was invented. Banks are responsible for every human conflict in modern history, and are responsible for the poverty as well. The illusion of scarcity is required for banks to have power, and that's exactly what the fractional reserve system artificially creates. It is literally the force that controls the masses.
    Kyle


  3. #53
    Captain Zero! Sponsor FireFighterZero's Avatar
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    What are we supposed to buy with our bitcoins when the banking system collapses?
    There are but two seasons. Winter, and preparing for winter.
    Jim

  4. #54
    Treehouser Sponsor SeanKroll's Avatar
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    I've noticed that Craigslist software for placing ads asks if cryptocurrency is ok. Interesting.
    If it looks like I asked a question, but put a period, it's probably a question.
    Don't know why I'm question-mark challenged online. 😀 New Year's Resolution, better proof reading.

  5. #55
    Treehouser Sponsor SeanKroll's Avatar
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    How about robbery?


    Sometimes CL ads are set-ups for robberies. "I need cash now to pay my mortgage. Buy my car for 50 cents on the dollar, cash, so I don't lose my house."

    Suppose someone wants to rob someone, is there any way to put a timelock on some of your cryptocurrency, so that you aren't able to be robbed of everything? Do people have many accounts to avoid this?
    If it looks like I asked a question, but put a period, it's probably a question.
    Don't know why I'm question-mark challenged online. 😀 New Year's Resolution, better proof reading.

  6. #56
    TreeHouser Sponsor cory's Avatar
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    A bit coin 'wallet' contains all your bitcoin value and the whole bit coin universe knows how much value is in that and every other bit coin wallet but they don't know who owns any of the wallets so no one knows where the wallet owner lives, either.
    Mastery is an illusion, grace a momentary gift, apprenticeship endless.

  7. #57
    THE CALM ONE!!!! Sponsor squisher's Avatar
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    Des anyone here have or know anyone who uses bitcoin?

  8. #58
    Captain Zero! Sponsor FireFighterZero's Avatar
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    I would quit talking to them if I did find out.
    There are but two seasons. Winter, and preparing for winter.
    Jim

  9. #59
    TreeHouser Sponsor cory's Avatar
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    nah not even.
    Mastery is an illusion, grace a momentary gift, apprenticeship endless.

  10. #60
    Captain Zero! Sponsor FireFighterZero's Avatar
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    I dont talk to people who invest all their money in Casinos either.
    There are but two seasons. Winter, and preparing for winter.
    Jim

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