The Scottish banks suspended specie payment, violating contract and property rights of depositors; whilst demanding payment from debtors. This was illegal under Scottish law...yet it occured...enabled by the state.
That is not an example of a freemarket banking system. Murray N Rothbard has a very good article on this that you can google.
You would do better to refute the theory. This example is a system insulated from freemarket checks, not a rebuttal of anything I said.
Eventually, entrepreneurs would would devise a curve that would indicate the optimal level of credit expansion.
Furthermore, you dont have to worry about this bidding up prices and hurting 3rd parties because when a bank issues more notes it will merely dilute the other notes in circulation ensuring that the 'market share' of these notes cannot be increased by mere printing.
It would be like a company trying to increase its market cap by issuing more stock. It wont work.
Currently when banks increase credit, the currency they are increasing is public, and the damage is socialized.
In a world without fiat issue currency, we would most likely be using private banknotes or some electronic equivalent. Therefore when a bank inflates the supply of their notes the damage that this causes is privatized to that bank, its shareholders and depositors.
This provides a free market incentive against overleverage.
Unlike that Cory C video this was much better. We may or may not agree on the points but you took the time to make an actual argument versus the Ad hominem attack of Cory C. That I can respect.
Electricity is fairly easy to come by in modern times dude. Prepaid and paypall operate on electricity yet those business models work.....
Bitcoin doesn't need hard assets to have value. Bitcoin can obtain value by the consumer demand for it.
And all begining business models are volatile. 75% of small business fail within the first year. Bitcoin isn't the only business idea that was volatile. So the bringing up that that is a problem is irrelevant.
I have to admit, I don't know much about bitcoins, but I admire the attempt for the market trying to find a currency solution for themselves, even if it isn't any more trust worthy than current government issued fiat "currency".
@aybesee123 I already told you what the setting was. You can't explain specifically how you are going to catch that dude. Therefore money is fail! That's what yu arguement is. An injustice happens therefore Bitcoin is fail. Complete non sequitor. For every problems you can find in Bitcoins I can find a problem with money.
@DaveElectric You didnt describe the setting. If the setting is right now and at my home I would take physical action in the form of a slide pull pack, a vocal command and depending on what happened next either a phone call to the police or a squeezing of a trigger. Either way, I keep my money.
@aybesee123 I already described the setting. Someone steals you money and you don't know their identity. I'm not going to keep repeating myself. Everything has drawbacks including money. The mere fact that Bitcoin has drawbacks doesn't automatically prove it is fatally flawed.
What's wrong with fractional reserve banking? About as much as is wrong with a ponzi scheme as that is exactly what fractional reserve banking is. If the fraudster let all his clients know that he's engaging in a ponzi scheme, then it wouldn't be fraud, would it? Not necessarily. But something tells me not as many people would be willing to gamble in a ponzi scheme knowing that it is one.
cory c just yells and curses. that's his brand of 'logic.' stefbot is way smarter than cory c. and way righter on bitcoin. cory c and his youtube ilk are just jelly about this bitcoin business.
@BitcoinChannel he's lashed out at me several times just for defending bitcoin. it's actually quite ugly what he does. too bad so many find it entertaining and perhaps even educational.
Great vid. If we have a collapse why would the gov. keep the internet going or for that matter the energy supply. And they don,t tell you these bitcoins are subdividable to the eigth decimal point, so they can have as many parts of bitcoins as there are dollars in the national debt. Bitcoins hold nothing and the gov. owns trillions in property and resources. Great work, Love Rocky
They don't tell you the creators own a very large percentage of the currency either. This gives them the ability to create panics, selling large amounts, collecting profits, waiting for the dip they caused, and buying up again.
Good vid. Indeed, Stefan was overlooking and not clear enough on his bitcoin-interpretation and Corey immediately put him in his retard-box. Keep watching both and filter it/think for yourselves would be my advice.
So, now for the more important stuff ;-)... Who's your pick?: Werdum or Overeem?
I got Alistair Ubereem! Though if I were betting I think Werdum is a steal at +300. I see Overeem throwing Werdum around like he did with Rogers. Werdum doesn't possess a great double leg take down, and I don't think he'll be able to get it to the ground. Overeem will play it smart...keep it standing. TKO for Overeem by the second.
Barnett over Rogers.
KJ by decession.
Cornier over Monson (though I'd love to see Monson win, and either way, I'd like to see him at 205).
I'd love to see Monson win...but Cornier's wrestling is very strong. I think he wins if he keeps it standing too. Monson's top game is incredible (north south chokes etc..), but I've never been impressed with his bottom game. And to be fair its hard to go for arm bars, triangles, omniplatas when your his size in the heavy weight division. I'm excited to see Reem and Barnett start fighting other Zuffa fighters!
Omg...lusting. if people want electron mony,ok. Im a gold/silver bug. I would never work for someting so intangible
lengthyounarther 4 months ago
get off your soap box and give more facts
hansenjustin08 7 months ago
@hansenjustin08
Logically refute the points I brought up...or continue to look a prat.
KIDiotequeA 7 months ago
@quaffly
The Scottish banks suspended specie payment, violating contract and property rights of depositors; whilst demanding payment from debtors. This was illegal under Scottish law...yet it occured...enabled by the state.
That is not an example of a freemarket banking system. Murray N Rothbard has a very good article on this that you can google.
You would do better to refute the theory. This example is a system insulated from freemarket checks, not a rebuttal of anything I said.
KIDiotequeA 8 months ago
sweet. subbed 30 seconds in.
AnarchoCapitalistTV 8 months ago
The only reason things are such a mess now is because the currency is socialized.
If you could do an IPO and keep the proceeds but share the dilution with everyone else, would you not be issuing stock like crazy?
Equity213 8 months ago
Eventually, entrepreneurs would would devise a curve that would indicate the optimal level of credit expansion.
Furthermore, you dont have to worry about this bidding up prices and hurting 3rd parties because when a bank issues more notes it will merely dilute the other notes in circulation ensuring that the 'market share' of these notes cannot be increased by mere printing.
It would be like a company trying to increase its market cap by issuing more stock. It wont work.
Equity213 8 months ago
I look at it this way:
Currently when banks increase credit, the currency they are increasing is public, and the damage is socialized.
In a world without fiat issue currency, we would most likely be using private banknotes or some electronic equivalent. Therefore when a bank inflates the supply of their notes the damage that this causes is privatized to that bank, its shareholders and depositors.
This provides a free market incentive against overleverage.
Equity213 8 months ago
Unlike that Cory C video this was much better. We may or may not agree on the points but you took the time to make an actual argument versus the Ad hominem attack of Cory C. That I can respect.
-
kmg501 8 months ago
5:47, no they don't.
Electricity is fairly easy to come by in modern times dude. Prepaid and paypall operate on electricity yet those business models work.....
Bitcoin doesn't need hard assets to have value. Bitcoin can obtain value by the consumer demand for it.
And all begining business models are volatile. 75% of small business fail within the first year. Bitcoin isn't the only business idea that was volatile. So the bringing up that that is a problem is irrelevant.
DaveElectric 8 months ago
I have to admit, I don't know much about bitcoins, but I admire the attempt for the market trying to find a currency solution for themselves, even if it isn't any more trust worthy than current government issued fiat "currency".
RangerMcFriendlie 8 months ago
Did U do this video at work? What type of work is it if so?
Romulan112 8 months ago
How does a guy in Memphis take action against a bitcoin thief in Mumbai who already spent the bit coins on a Alpaca headdress?
aybesee123 8 months ago 2
@aybesee123 How does a man take action against a masked robber he doesn't know the identity of?
DaveElectric 8 months ago
@DaveElectric Physically.
aybesee123 8 months ago 2
@aybesee123 Okay how?
DaveElectric 8 months ago
@DaveElectric Depends on the circumstance. Describe the setting...
aybesee123 8 months ago
@aybesee123 I already told you what the setting was. You can't explain specifically how you are going to catch that dude. Therefore money is fail! That's what yu arguement is. An injustice happens therefore Bitcoin is fail. Complete non sequitor. For every problems you can find in Bitcoins I can find a problem with money.
DaveElectric 8 months ago
@DaveElectric You didnt describe the setting. If the setting is right now and at my home I would take physical action in the form of a slide pull pack, a vocal command and depending on what happened next either a phone call to the police or a squeezing of a trigger. Either way, I keep my money.
aybesee123 8 months ago
@aybesee123 I already described the setting. Someone steals you money and you don't know their identity. I'm not going to keep repeating myself. Everything has drawbacks including money. The mere fact that Bitcoin has drawbacks doesn't automatically prove it is fatally flawed.
DaveElectric 8 months ago
@DaveElectric Bitcoins is a currency for people who don't think things through. Enjoy your currency.
aybesee123 8 months ago
@aybesee123 I didn't say I was buying Bitcoins. Your arguements against it are just BS and hypocritcal.
DaveElectric 8 months ago
Not really, but good luck to you.
aybesee123 8 months ago
there was a pro-bitcoiner trying to get poor ppl into bitcoin - that is irresponsible. They're gambling with money they can't afford to lose
outforsushi 8 months ago
@outforsushi yeah..as it continues to go up.
MoneyIsSilver 8 months ago
H1INC's logic equates to quote mining and video editing.
kittieville 8 months ago 7
What's wrong with fractional reserve banking? About as much as is wrong with a ponzi scheme as that is exactly what fractional reserve banking is. If the fraudster let all his clients know that he's engaging in a ponzi scheme, then it wouldn't be fraud, would it? Not necessarily. But something tells me not as many people would be willing to gamble in a ponzi scheme knowing that it is one.
JacobSpinney 8 months ago
big stretch at 8:55
FreedomAtRisk 8 months ago
do you realize how fucked the banking system would be in a period of prolonged internet/electricity outage? this is not a problem unique to bitcoin.
FreedomAtRisk 8 months ago
the people HAVE chosen bitcoin. who cares if 100% of the world uses them.
FreedomAtRisk 8 months ago
cory c just yells and curses. that's his brand of 'logic.' stefbot is way smarter than cory c. and way righter on bitcoin. cory c and his youtube ilk are just jelly about this bitcoin business.
FreedomAtRisk 8 months ago 11
Corey, yeah, no comment
BitcoinChannel 8 months ago
@BitcoinChannel he's lashed out at me several times just for defending bitcoin. it's actually quite ugly what he does. too bad so many find it entertaining and perhaps even educational.
FreedomAtRisk 8 months ago
brilliant
waldentree 8 months ago
thanks i had heard that the originator holds 25% of all bitcoins, nice stash hey.
rocky315w 8 months ago
Great vid. If we have a collapse why would the gov. keep the internet going or for that matter the energy supply. And they don,t tell you these bitcoins are subdividable to the eigth decimal point, so they can have as many parts of bitcoins as there are dollars in the national debt. Bitcoins hold nothing and the gov. owns trillions in property and resources. Great work, Love Rocky
rocky315w 8 months ago
@rocky315w
They don't tell you the creators own a very large percentage of the currency either. This gives them the ability to create panics, selling large amounts, collecting profits, waiting for the dip they caused, and buying up again.
Cheers mate.
KIDiotequeA 8 months ago
Great vid
stripe64 8 months ago
Good vid. Indeed, Stefan was overlooking and not clear enough on his bitcoin-interpretation and Corey immediately put him in his retard-box. Keep watching both and filter it/think for yourselves would be my advice.
So, now for the more important stuff ;-)... Who's your pick?: Werdum or Overeem?
Have a great day!
matrixview 8 months ago
@matrixview
I got Alistair Ubereem! Though if I were betting I think Werdum is a steal at +300. I see Overeem throwing Werdum around like he did with Rogers. Werdum doesn't possess a great double leg take down, and I don't think he'll be able to get it to the ground. Overeem will play it smart...keep it standing. TKO for Overeem by the second.
Barnett over Rogers.
KJ by decession.
Cornier over Monson (though I'd love to see Monson win, and either way, I'd like to see him at 205).
KIDiotequeA 8 months ago
@KIDiotequeA MMA and Bitcoins are both too volatile, so I'm not betting. :-)
I've got Reem (KO), Barnett (Sub) and Monson/Cormier (Sub/LnP).
Have fun tonight!
matrixview 8 months ago
@matrixview
haha, too true!
I'd love to see Monson win...but Cornier's wrestling is very strong. I think he wins if he keeps it standing too. Monson's top game is incredible (north south chokes etc..), but I've never been impressed with his bottom game. And to be fair its hard to go for arm bars, triangles, omniplatas when your his size in the heavy weight division. I'm excited to see Reem and Barnett start fighting other Zuffa fighters!
Be safe tonight mate! Cheers!
KIDiotequeA 8 months ago