There are 22 trillion USD in deposits in US banks (M2)
There are 3 trillion USD in reserves and 2 trillion USD in cash. (Monetary base)
That's the 7x leverage at foundation of the fiat system. Add all the debt and derivatives on top of this an you have a pluss 100x leveraged ponzi ready to blow up!
Nb! There are infinite USD in the Federal Reserve to backstop this fraud.
And you ask me why bitcoin?
Wtf, LND leveraging LDK to implement bolt 12
Bitcoin: A Peer-to-Peer Electronic Cash System
Satoshi Nakamoto
1. Introduction
Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model.
Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for non-reversible services. With the possibility of reversal, the need for trust spreads.
Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party.
What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.
Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers.
In this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions.
The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.
Moral hazard is baked into the fiat banking system. The only way out is sound money.
#bitcoin
Onboarding usd plebs to bitcoin by fiat haha, good luck!
For #nostr peeps who aren't really into bitcoin, but still want to receive zaps, and don't want to deal with bitcoin vol, you can have your sats auto-converted to USD or EUR-backed derivatives using Kollider wallet all working over Lightning so you don't ned to do much work, to enjoy your preferred unit of account.
https://void.cat/d/4JMiRcN691jpUAXkiXFCX8.webp
Download the chrome/brave/firefox extension, upload your nostr private key and use it as your primary key signing tool and you can set up an LN address with Kollider and assign it to your profile
Once set up, If you get sats sent to your wallet, you can have them converted to USD or EUR if you prefer using cuck bucks.
Note: This is a custodial wallet that uses LNDHub similar to Alby
My preferred unit of account is sats ¯\_(ツ)_/¯
Beware the fiat fuckers attempt to capture and control the bitcoin market.
Fiat price control modus operandi:
The bankers are limiting access to bitcoin spot markets by ways of capital control, and dragging their feet on a spot ETF etc.
Simultaneously rolling out paper bitcoin products via the big banks to millions of customers shuffling demand away from the spot markets.
#bitcoin fixes this
Hot take on zaps from hampus
#[0]
Rate hikes, bailouts, bailins, capital control, and full on narrative control meltdown. Everything is fine, fiat fixes this lol
This is bitcoin. We shouldn't settle for less. Right on Carman, love this attitude!
This is the Great Reset vs The Great Awakening
CBDC vs Bitcoin
With the banking sector caught in the middle.. Which way old banker, which way?
Wow, they're desperate. Gave me back my twitter account again. 😂
https://twitter.com/Nakadai_mon/status/1638258755102994441?s=20
Get banned asap lol
They have no idee wtf is happening, and when they find out it will be to late to stop us.
Nostr and bitcoin freedom tech features for the win:
Pseudonymous identity, cross app compatibility, decentralization, censorship resistance, proof of work, final settlement, sound money, premissionless use and innovation ++++
Please add winning features in the comments :)
FWIW I also bank with Wells Fargo as well as other institutions with my business. We have noticed just this week reduced transfer limits as well as additional days to clear funds. Keep in mind this is a business account and now our 30 day maximum limit from Wells Fargo to Chase is capped at 15k which is bonkers for a business. Our daily transfer limit has also been capped at 10k. There are severe controls in place at WF to reduce the risk of capital flight.
https://twitter.com/StealthQE4/status/1638048347599650817?s=20
The is no capital control in bitcoin. Censorship resistance is key.
#[0]
FWIW I also bank with Wells Fargo as well as other institutions with my business. We have noticed just this week reduced transfer limits as well as additional days to clear funds. Keep in mind this is a business account and now our 30 day maximum limit from Wells Fargo to Chase is capped at 15k which is bonkers for a business. Our daily transfer limit has also been capped at 10k. There are severe controls in place at WF to reduce the risk of capital flight.
https://twitter.com/StealthQE4/status/1638048347599650817?s=20
Interesting anecdote, thanks
