Bitcoin And The Money Myth
This video about the history of Bitcoin gives a very good explanation of how it started and has grown into what it is today.
It also explains a brief history of money and offers a simple elevator pitch on what Bitcoin is.
I hope you find it as helpful as I did.
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Keep calm because we are not stealing your real value... yes, keep on dreaming banksters. That is sort of the trouble with fiat money; fractional reserve banking. How can cryptocurrency compete with fiat which is created without work? Having to have 4% in cash means you can loan out 25 times the money you actually have. Any ideas how to overcome? Or am I overlooking something?
Instead of trying to change institutional organizations and their status quo way of doing things it is better to create a new wat of doing things that makes the old way obsolete. That is what I like about crypto currency.
While I share the same viewpoint would you agree from a mathematical perspective that it is impossible to compete since the amount of work done to fabricate currency out of thin air is always less than a more fair system?
Could you elaborate? What do you mean by a more fair system?
Well for the creation of any currency, work ought to be done, as we add value by labour, right? Banks create money out of thin air, the question is what is the value of their labour?
See you could say I 'scammed' the bank by asking where does the money come from, by asking "can you give me the real accounting?", they couldn't and haven't for several years now.
This was a test because I had learned from several sources that banks create money out of thin air and I didn't believe it. So with bitcoin, it is created as a thank you for validating transactions. There are people better at this than me for calculation the cost, but a fractional reserve bank, who has to have 3-4% 'real' cash in the vault can thus lend out 25-99x more than they really have.
How much work or energy does it take them? I'd say very little if you look that always at the most prominent places the nicest building is a bank... Not really a scientific answer but you get the point I think.