Forums
New posts
Search forums
What's new
New posts
New media
New media comments
Latest activity
Classifieds
Media
New media
New comments
Search media
Log in
Register
What's New?
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Navigation
Install the app
Install
More Options
Advertise with us
Contact Us
Close Menu
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Forums
The Water Cooler
General Discussion
Interesting new money
Search titles only
By:
Reply to Thread
This site may earn a commission from merchant affiliate links, including eBay, Amazon, and others.
Message
<blockquote data-quote="Hobbes" data-source="post: 2163570" data-attributes="member: 3371"><p>Let's compare 2 scenarios:</p><p></p><p><span style="color: #B22222"><strong>1.</strong> </span> Currently, I have direct deposit to my checking account and from that I pay bills online electronically and I also transfer some of that money to another institution to invest in</p><p>my IRA.</p><p></p><p>Is there anywhere in that sequence of transactions that anything happens that is not just moving numbers around in a computer?</p><p>Does anything physical happen anywhere in that chain of events?</p><p>NO</p><p>It's only when I withdraw paper money at the ATM that any physical money enters the picture and I use very little paper money.</p><p>I use credit cards and then pay the CC off every month online.</p><p></p><p>Very nearly ALL of my currency transactions are nothing more than numbers moving around from one computer ledger account to another.</p><p></p><p>If I'm lucky enough to ever draw SS the .gov will electronically transfer money, that they transferred from somewhere else, to my same electronic checking account.</p><p>For the rest of my life money will for the most part be computer transactions.</p><p></p><p><span style="color: #B22222"><strong>2</strong>.</span> Using bitcoin I would receive the direct depost(<em> it really is direct deposit now</em> ) directly from one bitcoin account into my own.</p><p>I would send bitcoin payments directly to other merchants without going through the bank.</p><p>It's still just numbers moving from one computer ledger account to another.</p><p></p><p></p><p>Here are the key differences:</p><p></p><p>In the first scenario, the banks holds the ledger that tracks the flow of money from one account to another.</p><p>In the second scenario, the ledger is distributed among every bitcoin holder on the planet instead of a central clearinghouse bank.</p><p></p><p>In the first scenario, the dollars deposited into my 3rd party bank account are at the whim of the federal reserve and they can create as much as they want as they don't really print much money anymore. They create a computer debit to the account of one of the major banks to create more money.</p><p>In the second scenario, the amount of currency is mathematically limited by an algorithm that makes it impossible to create more than a finite number of bitcoins.</p><p></p><p></p><p>No matter what, my finances will be mostly numbers moving around in computers, bitcoin or no.</p><p>The only real question is.... </p><p>A 3 party transaction or a 2 party transaction? </p><p>A fiat currency that has no limit or a digital currency that is bound by the laws of mathematics?</p></blockquote><p></p>
[QUOTE="Hobbes, post: 2163570, member: 3371"] Let's compare 2 scenarios: [COLOR="#B22222"][B]1.[/B] [/COLOR] Currently, I have direct deposit to my checking account and from that I pay bills online electronically and I also transfer some of that money to another institution to invest in my IRA. Is there anywhere in that sequence of transactions that anything happens that is not just moving numbers around in a computer? Does anything physical happen anywhere in that chain of events? NO It's only when I withdraw paper money at the ATM that any physical money enters the picture and I use very little paper money. I use credit cards and then pay the CC off every month online. Very nearly ALL of my currency transactions are nothing more than numbers moving around from one computer ledger account to another. If I'm lucky enough to ever draw SS the .gov will electronically transfer money, that they transferred from somewhere else, to my same electronic checking account. For the rest of my life money will for the most part be computer transactions. [COLOR="#B22222"][B]2[/B].[/COLOR] Using bitcoin I would receive the direct depost([I] it really is direct deposit now[/I] ) directly from one bitcoin account into my own. I would send bitcoin payments directly to other merchants without going through the bank. It's still just numbers moving from one computer ledger account to another. Here are the key differences: In the first scenario, the banks holds the ledger that tracks the flow of money from one account to another. In the second scenario, the ledger is distributed among every bitcoin holder on the planet instead of a central clearinghouse bank. In the first scenario, the dollars deposited into my 3rd party bank account are at the whim of the federal reserve and they can create as much as they want as they don't really print much money anymore. They create a computer debit to the account of one of the major banks to create more money. In the second scenario, the amount of currency is mathematically limited by an algorithm that makes it impossible to create more than a finite number of bitcoins. No matter what, my finances will be mostly numbers moving around in computers, bitcoin or no. The only real question is.... A 3 party transaction or a 2 party transaction? A fiat currency that has no limit or a digital currency that is bound by the laws of mathematics? [/QUOTE]
Insert Quotes…
Verification
Post Reply
Forums
The Water Cooler
General Discussion
Interesting new money
Search titles only
By:
Top
Bottom
