91–100 of 901 posts
Do they just lose all their money in those accounts?
The law says the bank must give them their money. But banks are above the law. I know when PaPal codes and account, PayPal usually steals the money. Most traditional banks eventually give you your money if you hire a lawyer, that is, they give the money to the lawyer who keeps it.
Eventually more and more use cases for Bitcoin will emerge, as the government becomes less competent and more reckless with its fiat. It costs $35,000 for a reason.
We just discussed this on the occasion of SBF being convicted as a fraudster: all crypto is a scam. Them being negative sum games makes them so. Whether the scam is a ponzi, a pyramid scheme or something novel is a matter of debate. That it's a scam is not in debate, that's a plain mathematical fact. https://www.washingtonpost.com/news/wonk/wp/2015/06/08/bitco... https://prestonbyrne.com/2017/12/08/bitcoin_ponzi/ htt…
"A Ponzi scheme, or "ponzi" for short, is a type of investment fraud with these five features:
1 People invest into it because they expect good profits, and
2. that expectation is sustained by such profits being paid to those who choose to cash out. However,
3. there is no external source of revenue for those payoffs. Instead,
4. the payoffs come entirely from new investment money, while
5. the operators take away a large portion of this money."
This is great because points 3 and 5 are trivially proved false for Bitcoin and shows that is no more a ponzi scheme than stocks or real estate or any other common investment.
Thank you for the insight.
Earlier quoted context omitted.
Read the comments on the article at the NYT, as well. Notice how many people take the banks' side. Whatever happens to you is fine and dandy as long as it doesn't happen to them... and it probably won't happen to them.
> "and it probably won't happen to them." Until it does ... at which point they'll scream "Bloody Murder!" and ask "How could this happen to me?"
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Banking is not optional in today's advanced societies, and the sooner we recognize that, the sooner we'll have proper regulations mandating a minimum level of banking service, eg. Limited deposits, withdrawals, debit/secured cards.
Solution, bring back post office banking or banking through the social security admin. Turn 18 you get a banking and benefits card. Do that and most people won't ever have to do business with a private bank, ever.
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Just say crypto. Stop being a sarcastic ass and just say crypto
Bitcoin, not crypto. And poster has to be cryptic and/or sarcastic because even though it's a solution to this very problem staring us in the face, people here shut down any intelligent conversation about it both with down votes and tired, long winded, oft repeated, uninformed arguments against it. It's pretty discouraging, honestly
It is cash like in that if you typo the destination address you instantly lose all the money, which is sort of like how you can accidentally set cash on fire.
So many restaurants in my city are credit/debit only. That should be illegal.
It depends on the kind of restaurant, but cash cannot be refused when paying a debt. https://www.federalreserve.gov/faqs/currency_12772.htm
United States currency is legal for all debts public and private (it says so on the notes), but that doesn't mean it's required to be accepted for all debts.
Earlier quoted context omitted.
We just discussed this on the occasion of SBF being convicted as a fraudster: all crypto is a scam. Them being negative sum games makes them so. Whether the scam is a ponzi, a pyramid scheme or something novel is a matter of debate. That it's a scam is not in debate, that's a plain mathematical fact. https://www.washingtonpost.com/news/wonk/wp/2015/06/08/bitco... https://prestonbyrne.com/2017/12/08/bitcoin_ponzi/ htt…
Fine, I clicked and read a couple of those. I like the 3rd one that defines a ponzi scheme: "A Ponzi scheme, or "ponzi" for short, is a type of investment fraud with these five features: 1 People invest into it because they expect good profits, and 2. that expectation is sustained by such profits being paid to those who choose to cash out. However, 3. there is no external source of revenue for those payoffs. Instead,…
"By that definition the USD is a ponzi. No, national currencies too fail to fit the definition, because people do not 'invest' in them with the expectation of gain..."
Do they just lose all their money in those accounts?
The law says the bank must give them their money. But banks are above the law. I know when PaPal codes and account, PayPal usually steals the money. Most traditional banks eventually give you your money if you hire a lawyer, that is, they give the money to the lawyer who keeps it.
Debanking is deeply unfair but more so in our society that is moving increasingly towards a cash-less society. A person can be debanked for no fault of their own and that causes them to be unable to pay rent, bills, etc. Like being arrested - there is little recourse without great expense or effort.
It's federally required to exist, and services all Americans already. Basic banking services should be one of the things it is expanded to provide in a minimal, safe fashion (i.e. no loans or lending, but guaranteed electronic banking and funds transfer services).
Eventually more and more use cases for Bitcoin will emerge, as the government becomes less competent and more reckless with its fiat. It costs $35,000 for a reason.
We just discussed this on the occasion of SBF being convicted as a fraudster: all crypto is a scam. Them being negative sum games makes them so. Whether the scam is a ponzi, a pyramid scheme or something novel is a matter of debate. That it's a scam is not in debate, that's a plain mathematical fact. https://www.washingtonpost.com/news/wonk/wp/2015/06/08/bitco... https://prestonbyrne.com/2017/12/08/bitcoin_ponzi/ htt…