General Discussion

joshcryer

(62,536 posts)

17. How are they fiat?

Mon Jun 23, 2014, 12:13 AM

Jun 2014

There exist no mechanism within the protocol to do fractional reserve banking. There have been discussions as to how to make it happen, but it is frowned upon in the community, and indeed, Mt.Gox was considered an example of how "fractional reserve banking" goes wrong. Note: my link is to a gold standard / fiat disliking perspective. I disagree with it fundamentally I'm just saying where they stand on Bitcoin and fractional reserve banking.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

83 replies

= new reply since forum marked as read

Highlight:

Bitcoin threatens kleptocracy and through that bitcoin saves capitalism [View all] TampaAnimusVortex Jun 2014 OP

Capitalism is the economic platform that bitcoin is based on ... pbmus Jun 2014 #1

LOL, Bitcoins were ridiculed to the point of people being embarrassed to bring it up snooper2 Jun 2014 #2

And you follow the crowd all the time? TampaAnimusVortex Jun 2014 #4

I built the internet dude, go get as many "bitcoins" as you can "find" snooper2 Jun 2014 #21

Just what I thought... TampaAnimusVortex Jun 2014 #23

intro level cable puller? Never heard of that job title before LOL snooper2 Jun 2014 #33

That dodge was almost as good as Neo... TampaAnimusVortex Jun 2014 #35

Something is getting pulled. FSogol Jun 2014 #63

How can you threaten thievery with a system that can be Skidmore Jun 2014 #57

Bitcoin is a hilarious pseudo currency that only helps speculators and criminals Taitertots Jun 2014 #3

I would argue that no currency in existence helps speculators and criminals more than the US dollar. Gravitycollapse Jun 2014 #6

But the US dollar doesn't ONLY help speculators and criminals. Taitertots Jun 2014 #12

There's nothing in cryptocurrency which precludes... Gravitycollapse Jun 2014 #19

You mean criminals like Ebay, Expedia, and Dish Networks? TampaAnimusVortex Jun 2014 #24

A tiny fraction of the world market has started catering to drug dealers, child pornographers and... Taitertots Jun 2014 #75

Welcome to 2014 TampaAnimusVortex Jun 2014 #8

Do you? *cough*cough* Mt Gox *cough*cough* Taitertots Jun 2014 #15

And of course they benefit those companies that adopt it... TampaAnimusVortex Jun 2014 #36

All currency is pseudo currency. ZombieHorde Jun 2014 #55

If I ever want to buy some meth, I'll be sure to get into bitcoin jmowreader Jun 2014 #5

So you want to get rid of cash? TampaAnimusVortex Jun 2014 #7

Bitcoin only threatens kleptocracy in that it hasn't yet been appropriated by the ruling order. Gravitycollapse Jun 2014 #9

If commodity money was so good why doesn't the world run on it? joshcryer Jun 2014 #10

The technology did not exist to create crypto-currency when fiat currency was popularized. Gravitycollapse Jun 2014 #11

Mt.Gox handled 70% of all bitcoin transactions. joshcryer Jun 2014 #13

But the appropriation of these means will always ensure that the security of capital... Gravitycollapse Jun 2014 #18

You dont have to see it... TampaAnimusVortex Jun 2014 #25

Why do you continue to put quotation marks around short? OilemFirchen Jun 2014 #80

Bitcoins are fiat currency Taitertots Jun 2014 #16

How are they fiat? joshcryer Jun 2014 #17

Mises.org? LOL. But bitcoin is fiat because it has no intrinsic value. Taitertots Jun 2014 #20

That's their view! That's why I linked them. joshcryer Jun 2014 #22

Gold has numerous uses in industrial and commercial products Taitertots Jun 2014 #41

Of course Bitcoin has intrinsic value... as a payment network. TampaAnimusVortex Jun 2014 #26

That is as specious as claiming that the USD has intrinsic value Taitertots Jun 2014 #42

Do you even know what "intrinsic value" means? TampaAnimusVortex Jun 2014 #46

You sound like a desperate speculator trying to find people to buy into your pseudo currency scam. Taitertots Jun 2014 #74

I'll take that as a no. TampaAnimusVortex Jun 2014 #79

You can take it as: No I won't buy into your pseudo currency scam Taitertots Jun 2014 #82

Bitcoin has already been the subject of a 51% attack and it will happen again. pnwmom Jun 2014 #14

Good post... really good post trumad Jun 2014 #77

Thanks. I wrote an OP about this but didn't get any responses. pnwmom Jun 2014 #78

Bitcoin threatens taxation and therefore is anathema to a working Democracy. randome Jun 2014 #27

We didnt have a democracy prior to the income tax? TampaAnimusVortex Jun 2014 #29

Much more difficult to monitor transactions. randome Jun 2014 #30

Not sure how you get that... TampaAnimusVortex Jun 2014 #34

But money can be traced (serial #s). Bitcoins cannot. They don't exist in a physical form. randome Jun 2014 #51

Bitcoin technology allows for tracking TampaAnimusVortex Jun 2014 #54

That's a really interesting video, thanks MannyGoldstein Jun 2014 #28

The jury may still be out on BC, but DonCoquixote Jun 2014 #31

Government needs to control and manage currencies Lee-Lee Jun 2014 #32

Except for the fact that them controlling the currency isnt working. TampaAnimusVortex Jun 2014 #38

Let us know when bitcoin builds a park or a public road, or delivers some humanitarian food/medicine FSogol Jun 2014 #43

You evaded the point I made TampaAnimusVortex Jun 2014 #44

Why are all the loony libertarians so goofy about Bitcoin? FSogol Jun 2014 #37

When did Ebay, Expedia, and the countless other companies because political? TampaAnimusVortex Jun 2014 #39

You don't think Ebay is political? And why did you leave overstock off the list this time? FSogol Jun 2014 #40

So since libertarians use hammers, I guess we need to get rid of them too. TampaAnimusVortex Jun 2014 #45

I'll say it again. Fuck Rand Paul. FSogol Jun 2014 #47

Do you think anyone here cares? TampaAnimusVortex Jun 2014 #48

LOL. A fool and his money are soon parted. n/t FSogol Jun 2014 #49

LOL. You mean like those holding inflationary dollars? I agree! TampaAnimusVortex Jun 2014 #50

Have you ever responded to someone who disagrees with you without an insult? FSogol Jun 2014 #61

Well as soon as I get a reasoned response, we can have a reasoned discussion. TampaAnimusVortex Jun 2014 #64

Who'd I insult? Rand Paul and his followers? FSogol Jun 2014 #66

Assuming anyone that uses Bitcoin is a follower of Paul IS an insult... TampaAnimusVortex Jun 2014 #67

I'm not associating a currency to a party, I'm associating libertarian thinking to libertarians. FSogol Jun 2014 #68

I understand that you get 200 bitcoins for passing go. Orrex Jun 2014 #52

Amway threatens kleptocracy and through that Amway saves capitalism tridim Jun 2014 #53

Are you still blathering? TampaAnimusVortex Jun 2014 #56

I found my point years ago... Bitcoin is a scam, just like Amway. tridim Jun 2014 #58

The very fact that you think theres a top shows your ignorance... TampaAnimusVortex Jun 2014 #60

Mt. Gox is at the top. He got rich because Bitcoin is a scam. tridim Jun 2014 #73

Mnt Gox didn't invent bitcoins. Try again. /nt TampaAnimusVortex Jun 2014 #81

The hilariousness of the bitcoin lover complaining about inflation and deflation Taitertots Jun 2014 #76

Bitcoin's got what plants crave! Tommy_Carcetti Jun 2014 #59

You win the thread! FSogol Jun 2014 #62

LOL!!! derby378 Jun 2014 #65

LibertarianCoin - I've got mine! MineralMan Jun 2014 #69

Bitcoin is great... I love mine! ReverendDeuce Jun 2014 #70

I read recently where a 15 year old made 100k off them! TampaAnimusVortex Jun 2014 #71

Yeah, hindsight is 20-20 as they say... n/t ReverendDeuce Jun 2014 #72

kick for lulz LeftyMom Jun 2014 #83