#Bitcoin is a protest against bank bailouts.
That's why I'm here.
Central banks suck too.
🫡
Discussion
Yes! Without central bank there would be no comercial banks bailouts. That’s the purpose of the central bank!
I know that now, but not when I got started. Self-custodial bitcoin was the alternative to fractional reserve banking I was searching for.
I didn't know it was the decentralized alternative to central banking until I read the Bitcoin Standard.
Tell me more about you inicial interest. How did you learned about fractional reserve banking?
My high school economics teacher was part owner of a small bank in a previous career. On the first day of class he explained how it only took 3 million bucks to start a bank. That 3 million allowed them to loan out 27 million because of fractional reserve banking. My dad was out of work and had to borrow money from my aunt so my parents didn't lose the house. I didn't think it was fair that my family had to struggle when the bank could basically get free money to buy a $136,000 house.
He was the best teacher I ever had by the way. I thought about majoring in economics, but chose Creative Writing instead. I continued studying economics on my own though.
That’s an amazing story. You were very lucky to have such a professor. was his name Tom, by any chance?