21–30 of 312 posts
Earlier quoted context omitted.
I think the more interesting part of the story (if I'm reading it right) is he paid $5000 to completely own a company with millions in assets.
is that really how it works?
Earlier quoted context omitted.
I think the more interesting part of the story (if I'm reading it right) is he paid $5000 to completely own a company with millions in assets.
is that really how it works?
The perils of fractional reserve banking can arise in any centralized custodial arrangement. As long as no one performs a physical audit—or there is no physical object to be audited in the first place—then accounting fraud can and will happen. This is, in my opinion, the raison d’etre of blockchain. Public, immutable ledgers are immune to this kind of fraud (although they have other issues, of course).
Crypto fractional reserve like tether has no backstop and that’s a completely different beast. It’s what exacerbated the Great Depression.
As with all blockchain unless the state is 100% totally and utterly encapsulated within the blockchain, then it’s garbage in, garbage immutably recorded. Which is why the only thing you can do with crypto is currency and kitties.
The perils of fractional reserve banking can arise in any centralized custodial arrangement. As long as no one performs a physical audit—or there is no physical object to be audited in the first place—then accounting fraud can and will happen. This is, in my opinion, the raison d’etre of blockchain. Public, immutable ledgers are immune to this kind of fraud (although they have other issues, of course).
The perils of fractional reserve banking can arise in any centralized custodial arrangement. As long as no one performs a physical audit—or there is no physical object to be audited in the first place—then accounting fraud can and will happen. This is, in my opinion, the raison d’etre of blockchain. Public, immutable ledgers are immune to this kind of fraud (although they have other issues, of course).
Also fractional reserve banking is a thing of the past. We've now evolved to no reserve banking. The banks' ability to create money from thin air is almost unrestrained.
The perils of fractional reserve banking can arise in any centralized custodial arrangement. As long as no one performs a physical audit—or there is no physical object to be audited in the first place—then accounting fraud can and will happen. This is, in my opinion, the raison d’etre of blockchain. Public, immutable ledgers are immune to this kind of fraud (although they have other issues, of course).
No blockchain would ever be able to keep with with equities trading
Should have a [2005] in the title. This is probably showing up on HN because naked short selling is topical, but the information in the article might be misleading if it's out of date.