#Bitcoin Bank
Actually there is a very good reason for Bitcoin-backed banks to exist, issuing their own digital cash currency, redeemable for bitcoins. Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient. Likewise, the time needed for Bitcoin transactions to finalize will be impractical for medium to large value purchases.
Bitcoin backed banks will solve these problems. They can work like banks did before nationalization of currency. Different banks can have different policies, some more aggressive, some more conservative. Some would be fractional reserve while others may be 100% Bitcoin backed. Interest rates may vary. Cash from some banks may trade at a discount to that from others.
George Selgin has worked out the theory of competitive free banking in detail, and he argues that such a system would be stable, inflation resistant and self-regulating.
I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash. Most Bitcoin transactions will occur between banks, to settle net transfers. Bitcoin transactions by private individuals will be as rare as... well, as Bitcoin based purchases are today.
https://bitcointalk.org/index.php?topic=2500.msg34211#msg34211
Last paragraph is fire!
Decentralized Consciousness - Remember to Breath | Issue No. 6 (Originally published in Citadel 21 on November 21st, 2021)
_____
"Dear Bitcoiners,
I feel a deep connection with each and every one of you. To fall down the rabbit hole, and see what has made you Bitcoiners, creates a strong bond. I admire the work you have done with the blocksize war and FUD crushing until now, but the next battle to be fought might be an inner one. Bitcoiners have won, and do not have any valid reasons for fears."
Yes he is. I've missed this notification apparently. π
Simply #Bitcoin Nov 16th - LIVE 12:15pm ET
Did Tucker Carlson Make Candice Owens a Bitcoiner? | EP 869
-Meme Review:
@BTC_for_Freedom
πΊπ https://youtube.com/live/gAIIDUqom5U
Tried an experiment with a Candace Owens fan using this episode of Simply Bitcoin who then went on a Thomas Sowell rabbit hole. Amazing rant by Opti at 22:02.
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Gm
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G7, Davos or Illuminati got nothing on my barbers. Feeling blessed to have attended to one of their meetings. Speaking from the heart with immense depth and knowledge of geopolitics, human nature and the art of war, I can testify to the truthfulness of their wisdom. There's no need for secrecy once you achieve a certain level of deep understanding of the nature of reality. Conclusions of said Council is nevertheless to stack harder them sats, relentlessly build the fren-infrastructure of the future and continue the inner works regardless of the fabricated war of deceptions. Everything is good for bitcoin, especially the parts that make little sense to the average voter. Feeling bullish within the Brotherhood Of The Golden Comb.
*Went UP 48k overnight
There, I fixed it! π
gm #yestr is extremely bullish
is labra its father? π
Gm
Pandora's box was roundish, but this got lost in translation. There's hope this might be solved later on.
Then we're in luck, bitcoin is hardly material. π€
π
"Work and talk" was a figure of speech. He did a bunch of stuff too, but I'm not really going into it rn. When you have the time, try dipping your toes and see how it feels. It's controversial for many but you seem quite well read yourself. I'd love your opinion on this subject someday.
gn
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Probably a niche topic, but chances are bitcoiners are up to the task. Brilliant personality of the last century - Rudolf Steiner - wrote and talked more than anyone I've studied so far. Hit me up if you're interested in exploring this further, more so if you've found any cracks in his works. For research purposes of course.
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Throwback
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