11–20 of 79 posts
Fractional reserve? I don't like that. It's like building a house of cards or a ponzi scheme. You shouldn't be able to say you have 10x of the value you actually have.
Right? Banks making loans? It's preposterous .
already pleading it to brazilian exchanges.
I've been using http://coinmkt.com
I regrettably used MtGox.com. I'm kicking myself now.
The developer is Gregory Maxwell, aka nullc. Here's a very interesting thread in which he proposes that the bitcoin community should demand that every bitcoin exchange (and every other type of service which can hold bitcoin on your behalf, like webwallets) continually prove that they are not fractional reserve. In other words, proof that if every user of the service simultaneously tries to withdraw all of their bitco…
This guy seems to be everywhere! He's a prolific Wikipedia contributor (administrator + many thousands of edits), and was also the guy behind the dump of a ton of pre-1923 JSTOR documents to the Pirate Bay, which in part helped pressure JSTOR to un-paywall its old/PD articles (http://arstechnica.com/tech-policy/2011/07/swartz-supporter-...).
What bitcoin exchanges do HN readers trust? I've been using http://coinmkt.com I regrettably used MtGox.com. I'm kicking myself now.
I've tried coinmkt but I don't like it. Their fees aren't great their deposit and withdrawal methods are limited and there are fees on deposits and withdrawals at least there were when I gave it a try.
This doesn't give you a way to validate your dollar deposits. In other words a dishonest exchange operator could misappropriate your dollar deposits and this scheme wouldn't tell you anything about it.
Fractional reserve? I don't like that. It's like building a house of cards or a ponzi scheme. You shouldn't be able to say you have 10x of the value you actually have.
Right? Banks making loans? It's preposterous .
I have no idea whether this is a good idea or if it would work as a business.
Fractional reserve? I don't like that. It's like building a house of cards or a ponzi scheme. You shouldn't be able to say you have 10x of the value you actually have.
Right? Banks making loans? It's preposterous .
Fractional Reserve banks enable you to have your money and be loaned out at the same time(thereby stretching the money supply like an elastic rubber band).
Full Reserve banks ONLY loan out money which was specifically deposited to them for the purposes of being able to be loaned out.
Fractional reserve? I don't like that. It's like building a house of cards or a ponzi scheme. You shouldn't be able to say you have 10x of the value you actually have.
Not sure if joking You do realize that modern finance depends on this notion? For example, Banks need no more than 10% of a loan as cash on hand.
Modern finance also causes some very serious societal problems, in my opinion.