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Yes, there are many Bitcoiners who believe that everyone will become their own bank but I believe a more common sentiment is the idea off full backed reserved.

Yes, there are many Bitcoiners who believe that everyone will become their own bank but I believe a more common sentiment is the idea off full backed reserved. But a great I feel that a more common belief held by Bitcoiners is that the "inherent" issues with capitalism come from fractional reserve banking. Now for the first time in history there is a form of money that you can prove in a matter of seconds that your money didn't move when you gave custody to the bank. In fact with multisignature transactions banks would simply act as a escrow service for those, I imagine a most people, who do not feel comfortable managing their own keys.

geezerjay 7y ago
> Now for the first time in history there is a form of money that you can prove in a matter of seconds that your money didn't move when you gave custody to the bank. Why do you believe this has any relevance at all? People want to buy stuff, not exchange bill with serial number #abcxyz with stuff. And from my example you can easily understand why your assertion is quite wrong to begin with.
- JoeSamoa 7y ago
  I care about my exact bills and your exact bills. I care. Maybe you don't, but I do and so does the person you replied to. That makes at least two of us.
  - codyb 7y ago
    You care about your exact bills? You actually take the time to look at the serial numbers of all the bills you use in a given day/week/month/year? For what purpose? I check for cool serial numbers fairly frequently but I couldn’t say I care about the exact bills. A five’s a five. That’s why currency is great.
    - JoeSamoa 7y ago
      If I was interested in financial forensics I'd be interested in the serials. Don't be dense.
- Macross8299 7y ago
  >Why do you believe this has any relevance at all? People want to buy stuff, not exchange bill with serial number #abcxyz with stuff. Because it solves the double spend problem [0] associated with digital currency without use of a centralized database. I think that matters to people trying to avoid onerous capital controls or a government printing 31% of the money supply in a week [1] [0]: https://en.wikipedia.org/wiki/Double-spending https://en.wikipedia.org/wiki/Double-spending [1]: https://www.bloomberg.com/news/articles/2019-02-05/venezuela-prints-money-at-fastest-pace-ever-in-sign-of-panic https://www.bloomberg.com/news/articles/2019-02-05/venezuela...

geezerjay 7y ago

> Now for the first time in history there is a form of money that you can prove in a matter of seconds that your money didn't move when you gave custody to the bank. Why do you believe this has any relevance at all? People want to buy stuff, not exchange bill with serial number #abcxyz with stuff. And from my example you can easily understand why your assertion is quite wrong to begin with.

JoeSamoa 7y ago
I care about my exact bills and your exact bills. I care. Maybe you don't, but I do and so does the person you replied to. That makes at least two of us.
- codyb 7y ago
  You care about your exact bills? You actually take the time to look at the serial numbers of all the bills you use in a given day/week/month/year? For what purpose? I check for cool serial numbers fairly frequently but I couldn’t say I care about the exact bills. A five’s a five. That’s why currency is great.
  - JoeSamoa 7y ago
    If I was interested in financial forensics I'd be interested in the serials. Don't be dense.
Macross8299 7y ago
>Why do you believe this has any relevance at all? People want to buy stuff, not exchange bill with serial number #abcxyz with stuff. Because it solves the double spend problem [0] associated with digital currency without use of a centralized database. I think that matters to people trying to avoid onerous capital controls or a government printing 31% of the money supply in a week [1] [0]: https://en.wikipedia.org/wiki/Double-spending https://en.wikipedia.org/wiki/Double-spending [1]: https://www.bloomberg.com/news/articles/2019-02-05/venezuela-prints-money-at-fastest-pace-ever-in-sign-of-panic https://www.bloomberg.com/news/articles/2019-02-05/venezuela...