@bankingreform Of what I have seen this is almost no different from the normal lendingsystem. This system also has interest rate which is the reason for the world going bankrupt. Wth would I want to participate in this bankshit that attributes NOTHING to the world?
@Yelzoe4 We need a combination of banking reform, entrepreneurs innovating the alternatives and mass education.
As as you said, it is happening, and all all areas. The politics one is the challenging one, but the more debt defaults we see the more incentive to change.
My question is, as you are clearly far more aware about how to make a good pitch as I, How do we make it such that the percentage of people aware about the private licence to print money is far greater than the percentage of money is created by gov't? Bank to the future seems a great idea. I'm in. What i would think would be an example of competition beating service would be to take on the other similar sites ie zopa, lendloaninvest and show the world you have a (ctd)
proper alternative to the insane system we are in. After all, I know you can do better than me, even though I have helped my work be 20% up on last year through providing a superior service to my clients (and since I didnt get a raise I am leaving... Its called capitalism...)
A hint from the (officially defined via the Gambling Act 2005) gambling economy, The most lucrative robberies come when the consumer robs themself.
I feel ashamed as someone who studied Physics (ctd)
that I am aware that I am involved in an industry that is involved in price fixing (for this, look at the gross profits of pick 3 match 3 on the irish lotto vs the "49s.", the math is quite simple, inbox me if you want an explanation) The Competition Commision will get wind of the allegations in full writing when I leave the company (all the majors are in a cartel here, all it takes is to do some math and conclude.) I cannot name names as it would be a breach of contract.
I was under the impression that social banking does not involve interest because of all the talks about "evil banking corporations ripping people off and the fractional reserve system".
So what is the advantage of social banking over traditional banking? Is it simply the fund is more accessible and the lending standard is less strict?
Really interesting video. The way I look at it is, it's new and if there's anything that is a threat to the current corrupt banking system, I like this idea :)
Sorry Chris, don't forget that although the number of bitcoins is set in stone. There could always be bitcoin credit money issued by bitcoin banks. In the same way 97% of of money today is credit and only 3% is cash.
@bankingreform There is currently no bitcoin bank/ bond issuers out there but if bitcoin is still around in 3 years time I'm certain somebody will set one up. There's already bitcoin options trading and a bitcoin stock exchange so a bond/debt market is bound to be on the cards sometime soon. It also occurred to me the other day that the big exchanges like mtgox are actually "promising to pay" you your bitcoins that you have in an account with them. Which is full reserve banking.
@vimeocomuk Yes I agree, even have fractional reserve banking in bitcoins as well. However, you have to have enough in supply to meet the demands of a growing population or you will get serious deflation. If everyone in the U.S. went on the bitcoin standard would there be enough bitcoins to meet the populations demand? Answer is no, they would be at the mercy of the current bitcoin holders.
The hackability of bitcoin is a real issue, but hypothetically speaking if it was 100% unhackable I see bitcoin as the perfect new form of money. Some say that 21 million bitcoins isn't enough but you can add 8 decimal places after each one and rename each smaller denomination. Bills point about it dropping from 30 to 10 and being unstable is to be expected the bitcoin currency is in its infancy.
If you buy 21 bitcoins today you will always be 1 in a million the same can't be said about gold
@vimeocomuk lol you called me Bill. Is that like in Bill Still? My name is Chris, just to set the record correctly :p. Even if you add decimals you are back tracking on the same supply of bitcoins. This concept has never made any sense to my why they would think this would work to prevent Deflation in the currency.
Peer to peer lending will become a huge threat to the traditional retail banking system. The retail banks must evolve quickly, be open, random and supportive or face going out of business once the full reserve banking system is implemented. Will the politicians go against peer to peer lending at the request of the traditional banks? Most likely not if they want to remain on side with the electorate.
Innovation, entrepreneurship, fair competition in a real free market will allow us to enjoy goods and services that keep getting better and cheaper. Big government and monopolistic or limited competition will ensure stagnation of all the great benefits of a real free market with associated penalties of higher costs, poorer quality and in time reduction of choices and even personal freedom itself.
@DAS1105 The problem is that money is far to important to be created privately by banks as 97% of it is today. It is necessary for a body independent of banks and the government to create our nations money supply, then we can really test the free market, but the privatised money that we see today is a disaster.
There are new models popping up and they are more efficient imo than traditional banking... Micro financing, p2p lending, crowd funding, etc.. Who would have thought someone from China could lend money to someone in US to fund an idea which could potentially change the world? Because capital can cross the world so easily this will create major shifts in currency dynamics.
Looking beyond, trends point toward micro-corporations, started on the web, crowd funded, everyone might own several.
Peer to peer lending is nothing new varies religious sects have done so for centuries. What is new is the possibility to raise capital from outside your immediate network. Whether this will ever replace traditional banking is questionable. Through regulation corporates and government will seek to control such an activity doing so will ensure such an enterprise remains small. Technology controls it limits choice technology makes it easier for institutions to govern.
@downtheshiter Bitcoin is already owned in large amounts by private hands this won't work. Even bitcoins FAQ admits deflation could be a problem in its very own system. Unregulated money leads to monetary choas. Take the money creation power away from the private bankers and the government will better represent the will of the people. I like this idea of peer to peer borrowing it would increase competitiveness in private lending rates, but we must first get a debt free issued currency
@bankingreform I think it will be nothing more than a hyped fad, just like the Magic The Gathering Card Market was back in the day. It wont work as a monetary system because a majority of the coins are already owned in private hands. 30.00 to 10.00 in 2 months should be example enough the system is not stable. It was even brought down 15 to 0 in a matter of seconds one day thanks to a hacker. Also there is no government laws protecting the system, this is very dangerous. Monetary anarchy
@whahas So it was hacked but not hacked? They say bitcoins is totally a "free market" but some central authority (mtgox in this case) had the right to recover those bitcoins that were hacked from peoples computers that day. Hardly a "free market".
@dogbarker1981 Excuse me, it seems that I was a few months behind... The last time it got 'hacked' it wasn't really hacked, but it seems that it was hacked this time... hmm. I'll look some more into it, perhaps, but as I understand it was Mt. Gox itself that was hacked. Correct me if I'm wrong, though.
@whahas yeah someone had their account hacked that held a huge amount of bitcoins. Look up on youtube "Bitcoin Mt. Gox FLASH CRASH! Bitcoins at $0.01 Each" and "Bitcoin Report Volume 8 - (FLASHCRASH)"
@bankingreform could debt free money like a bitcoin work? Yes. But you would need to get government on board and trade debt notes with the new debt free notes 1:1. The program code would have to be 100% hack proof and issuance tied to something like the GDP or population growth to keep the quantity controlled. I really don't like the GDP idea because you can increase GDP simply by going to war and/or increasing # of sick people. It's a far stretched idea, I am just throwing it out there.
@dogbarker1981 Interesting. From what I know about banking and IT though, there is not such thing as 100% hack proof. Everything is hackable. The most secure system I know is Apple.
@bankingreform yes I was just about to say nothing is 100% hack proof and the last thing we would need is another private interest or banker creating such a code in their favor rather than the benefit of the general public. But the efficiency could be enough that would be better than the current system and an electable regulation comity could be formed to oversee the source code to make sure no wrong doing is being done. It comes down to trust of the people and a system for the people
It's a great idea, but the banking elite will not allow this to happen. They will force the government to make laws against it for whatever reason they can make up. I think this needs to stay underground as the Jews have done for generations, do not involve the corrupted government that are only puppets of the banking oligarchs.
What if..? :)
Musicalabionda 4 months ago
How about you take away the fucking music so that we can hear what the people say in the video?
freshaca3 4 months ago 2
@freshaca3 You are charming.
Thanks for the suggestion.
Simon Dixon
bankingreform 4 months ago
@bankingreform Of what I have seen this is almost no different from the normal lendingsystem. This system also has interest rate which is the reason for the world going bankrupt. Wth would I want to participate in this bankshit that attributes NOTHING to the world?
freshaca3 4 months ago
Real change is happening with this innovative research.
Yelzoe4 4 months ago
@Yelzoe4 We need a combination of banking reform, entrepreneurs innovating the alternatives and mass education.
As as you said, it is happening, and all all areas. The politics one is the challenging one, but the more debt defaults we see the more incentive to change.
It is a question of time.
Thanks for your comments.
Simon
BankToTheFuture 4 months ago
How can we wake up the masses to force politicians to give us true banking reform? Would you say that direct action is appropriate for this goal?
whydidigetdeleted 5 months ago
@whydidigetdeleted We all need to contribute in the way we can. My mission is to create the alternative system and keep educating.
Business is a great tool for change. Just finishing the book on banking reform too.
We all have something to contribute.
Thanks for your action?
Simon Dixon
bankingreform 5 months ago
@bankingreform
My question is, as you are clearly far more aware about how to make a good pitch as I, How do we make it such that the percentage of people aware about the private licence to print money is far greater than the percentage of money is created by gov't? Bank to the future seems a great idea. I'm in. What i would think would be an example of competition beating service would be to take on the other similar sites ie zopa, lendloaninvest and show the world you have a (ctd)
whydidigetdeleted 4 months ago
@bankingreform
proper alternative to the insane system we are in. After all, I know you can do better than me, even though I have helped my work be 20% up on last year through providing a superior service to my clients (and since I didnt get a raise I am leaving... Its called capitalism...)
A hint from the (officially defined via the Gambling Act 2005) gambling economy, The most lucrative robberies come when the consumer robs themself.
I feel ashamed as someone who studied Physics (ctd)
whydidigetdeleted 4 months ago
that I am aware that I am involved in an industry that is involved in price fixing (for this, look at the gross profits of pick 3 match 3 on the irish lotto vs the "49s.", the math is quite simple, inbox me if you want an explanation) The Competition Commision will get wind of the allegations in full writing when I leave the company (all the majors are in a cartel here, all it takes is to do some math and conclude.) I cannot name names as it would be a breach of contract.
whydidigetdeleted 4 months ago
Few questions:
1. Without interest, what is the incentive to lend money?
2. Without interest, how do I account for the risk involved in default (risk premium)?
unotelly 5 months ago
@unotelly I dont agree with the removal of interest as I think it is essential for the reasons you gave.
But to answer your questions those that believe in alternatives to interest normally work of equity models with shared upside on investments.
Any reason why you ask about interest, were you under the impression that social lending will be done without interest.
Just curious.
Thanks for the comments.
Simon Dixon
bankingreform 5 months ago
@bankingreform
I was under the impression that social banking does not involve interest because of all the talks about "evil banking corporations ripping people off and the fractional reserve system".
So what is the advantage of social banking over traditional banking? Is it simply the fund is more accessible and the lending standard is less strict?
Regards,
Nick
unotelly 5 months ago
killuminati.isgreat.org /banks,html
PoliticalBoondocks 6 months ago
Really interesting video. The way I look at it is, it's new and if there's anything that is a threat to the current corrupt banking system, I like this idea :)
ScottMcK9 6 months ago
@ScottMcK9 Thanks for your support.
Still need banking reform but creating an alternative for those fed up of traditional banking is also a start.
Simon Dixon
bankingreform 6 months ago
nice video:D
kazukun01toontown 6 months ago
@kazukun01toontown Thanks D,
Do you have an interest in banking reform?
Just curious.
Simon
bankingreform 6 months ago
Sorry Chris, don't forget that although the number of bitcoins is set in stone. There could always be bitcoin credit money issued by bitcoin banks. In the same way 97% of of money today is credit and only 3% is cash.
vimeocomuk 6 months ago
@vimeocomuk Is there fractional reserve banks in the world of Bitcoins???
bankingreform 6 months ago
@bankingreform There is currently no bitcoin bank/ bond issuers out there but if bitcoin is still around in 3 years time I'm certain somebody will set one up. There's already bitcoin options trading and a bitcoin stock exchange so a bond/debt market is bound to be on the cards sometime soon. It also occurred to me the other day that the big exchanges like mtgox are actually "promising to pay" you your bitcoins that you have in an account with them. Which is full reserve banking.
vimeocomuk 6 months ago
@vimeocomuk It is very interesting to watch.
I am dedicating a part of my latest book to the Bitcoin story.
Thanks for sharing.
Simon
bankingreform 6 months ago
@vimeocomuk Yes I agree, even have fractional reserve banking in bitcoins as well. However, you have to have enough in supply to meet the demands of a growing population or you will get serious deflation. If everyone in the U.S. went on the bitcoin standard would there be enough bitcoins to meet the populations demand? Answer is no, they would be at the mercy of the current bitcoin holders.
dogbarker1981 6 months ago
The hackability of bitcoin is a real issue, but hypothetically speaking if it was 100% unhackable I see bitcoin as the perfect new form of money. Some say that 21 million bitcoins isn't enough but you can add 8 decimal places after each one and rename each smaller denomination. Bills point about it dropping from 30 to 10 and being unstable is to be expected the bitcoin currency is in its infancy.
If you buy 21 bitcoins today you will always be 1 in a million the same can't be said about gold
vimeocomuk 6 months ago
@vimeocomuk lol you called me Bill. Is that like in Bill Still? My name is Chris, just to set the record correctly :p. Even if you add decimals you are back tracking on the same supply of bitcoins. This concept has never made any sense to my why they would think this would work to prevent Deflation in the currency.
dogbarker1981 6 months ago
Peer to peer lending will become a huge threat to the traditional retail banking system. The retail banks must evolve quickly, be open, random and supportive or face going out of business once the full reserve banking system is implemented. Will the politicians go against peer to peer lending at the request of the traditional banks? Most likely not if they want to remain on side with the electorate.
MartinYau8 6 months ago
@MartinYau8 Could not have said it better myself Martin.
Thanks for the comment.
Simon
bankingreform 6 months ago
Innovation, entrepreneurship, fair competition in a real free market will allow us to enjoy goods and services that keep getting better and cheaper. Big government and monopolistic or limited competition will ensure stagnation of all the great benefits of a real free market with associated penalties of higher costs, poorer quality and in time reduction of choices and even personal freedom itself.
DAS1105 6 months ago
@DAS1105 The problem is that money is far to important to be created privately by banks as 97% of it is today. It is necessary for a body independent of banks and the government to create our nations money supply, then we can really test the free market, but the privatised money that we see today is a disaster.
Thanks for sharing.
Simon Dixon
bankingreform 6 months ago
There are new models popping up and they are more efficient imo than traditional banking... Micro financing, p2p lending, crowd funding, etc.. Who would have thought someone from China could lend money to someone in US to fund an idea which could potentially change the world? Because capital can cross the world so easily this will create major shifts in currency dynamics.
Looking beyond, trends point toward micro-corporations, started on the web, crowd funded, everyone might own several.
ddnguyen278 6 months ago
@ddnguyen278 We live in amazing times today, hey?
Thanks for the comment.
Simon Dixon
bankingreform 6 months ago
Peer to peer lending is nothing new varies religious sects have done so for centuries. What is new is the possibility to raise capital from outside your immediate network. Whether this will ever replace traditional banking is questionable. Through regulation corporates and government will seek to control such an activity doing so will ensure such an enterprise remains small. Technology controls it limits choice technology makes it easier for institutions to govern.
GagaTechie 6 months ago
This is already happening. The banks are way behind....
ICTicon 6 months ago
Comment removed
dogbarker1981 7 months ago
@shanepaulcoward you are correct. What they are proposing in so many words a bridge/transition to getting chipped.
MannyMarvel 7 months ago
Bitcoin
downtheshiter 7 months ago
Comment removed
dogbarker1981 7 months ago
@downtheshiter Bitcoin is already owned in large amounts by private hands this won't work. Even bitcoins FAQ admits deflation could be a problem in its very own system. Unregulated money leads to monetary choas. Take the money creation power away from the private bankers and the government will better represent the will of the people. I like this idea of peer to peer borrowing it would increase competitiveness in private lending rates, but we must first get a debt free issued currency
dogbarker1981 7 months ago
@dogbarker1981 What do you think about Bitcoin?
Love to hear your opinions.
Simon
bankingreform 6 months ago
@bankingreform I think it will be nothing more than a hyped fad, just like the Magic The Gathering Card Market was back in the day. It wont work as a monetary system because a majority of the coins are already owned in private hands. 30.00 to 10.00 in 2 months should be example enough the system is not stable. It was even brought down 15 to 0 in a matter of seconds one day thanks to a hacker. Also there is no government laws protecting the system, this is very dangerous. Monetary anarchy
dogbarker1981 6 months ago
@dogbarker1981 Still, it wasn't hacked. Bitcoins cannot be stolen, because the bitcoins can only be spend from the computer they are on.
So you would have to hack the computer they are on and then use the wallet.
whahas 6 months ago
@whahas So it was hacked but not hacked? They say bitcoins is totally a "free market" but some central authority (mtgox in this case) had the right to recover those bitcoins that were hacked from peoples computers that day. Hardly a "free market".
dogbarker1981 6 months ago
@dogbarker1981 Excuse me, it seems that I was a few months behind... The last time it got 'hacked' it wasn't really hacked, but it seems that it was hacked this time... hmm. I'll look some more into it, perhaps, but as I understand it was Mt. Gox itself that was hacked. Correct me if I'm wrong, though.
whahas 6 months ago
@whahas yeah someone had their account hacked that held a huge amount of bitcoins. Look up on youtube "Bitcoin Mt. Gox FLASH CRASH! Bitcoins at $0.01 Each" and "Bitcoin Report Volume 8 - (FLASHCRASH)"
dogbarker1981 6 months ago
@dogbarker1981 funny, I was watching that video the exact moment I got notified of your reply!
I have never heard of a flash crash before.
So, the system wasn't hacked, someone's Mt. Gox account was hacked.
That's not the same thing, but in this case, it's not much of a difference...
whahas 6 months ago
@bankingreform could debt free money like a bitcoin work? Yes. But you would need to get government on board and trade debt notes with the new debt free notes 1:1. The program code would have to be 100% hack proof and issuance tied to something like the GDP or population growth to keep the quantity controlled. I really don't like the GDP idea because you can increase GDP simply by going to war and/or increasing # of sick people. It's a far stretched idea, I am just throwing it out there.
dogbarker1981 6 months ago
@dogbarker1981 Interesting. From what I know about banking and IT though, there is not such thing as 100% hack proof. Everything is hackable. The most secure system I know is Apple.
Simon
bankingreform 6 months ago
@bankingreform yes I was just about to say nothing is 100% hack proof and the last thing we would need is another private interest or banker creating such a code in their favor rather than the benefit of the general public. But the efficiency could be enough that would be better than the current system and an electable regulation comity could be formed to oversee the source code to make sure no wrong doing is being done. It comes down to trust of the people and a system for the people
dogbarker1981 6 months ago
It's a great idea, but the banking elite will not allow this to happen. They will force the government to make laws against it for whatever reason they can make up. I think this needs to stay underground as the Jews have done for generations, do not involve the corrupted government that are only puppets of the banking oligarchs.
eyeswideopennimrod 7 months ago