I still don’t agree with you or @pzoot. This is all semantics. They may not create notes and coins, what you define as money, but they do credit our accounts with credit/money that didn’t exist before and that credit can be withdrawn as notes and coins that can buy real goods and services. It’s the same thing in any real sense.
I’ve read the new Basel III document before and while I don’t understand all of it, it appears that it doesn’t support what you have said about banks not creating money/credit/whatever out of nothing. If anything it confirms it, as it does state the % of reserves for lending and other conditions, which are as low as 3% in some cases (even if it is high quality collateral). If you only have 3% reserves of the 100% lending, where does the other 70% come from?
Besides, BIS is wholly owned by other privately owned central banks. I wouldn’t trust any guidance they’ve written to be in anyone’s interest but their own.
Like I said, I’m not dogmatic, but neither you nor @pzoot have provided anything that counters the many books by leading academics and economists over the last ten years that explain in detail how money/credit/whatever is created by banks out of nothing.
Wifey is in treasury management, I’ve traded for close to 15 years and I’m in wealth management. Maybe that matters, maybe it doesn’t, the choice is yours. I appreciate that you remain open minded and I encourage you to keep looking, either way. I can tell you that I am well familiar with a number of the writers and media producers you’re referencing and many are either mistaken or deliberately misleading.
man, stop this.
you are missing MY point.
I’m not saying there is anything beneficial in bitcoins or other cryptos.
And absolutely nothing changes for me if transactions on the blockchain become very fast.
For me bitcoins are an asset just like many others, I don’t care if other cryptocurrencies will beat it or whatever. Many people are thinking about buying bitcoins so they should be informed that bitcoins right now are an asset, not a currency, similar to gold or other commodities.
If you don’t like the reality of things, the fact that bitcoins have become something else, then I’m sorry but it’s not my fault nor my problem.
I’ve been pulled up here a few times for being mildly derogatory and it turns out i really can’t say anything at all that I want to say otherwise. Soooooo that’s that unfortunately. I am very sad.
On the verge of investing but gonna hold off a few days as rumor has it Elektron will announce the new trigcoin at NAMM… They may even show the new undermine software, runs on Digitakt…
I haven’t messed with any cryptos but I got a nice surprise the other day when I decided to sell my graphics card and saw that prices had skyrocketed. I’ll make a nice profit of $300 from the new price I paid last year, thanks to the miners
I feel compelled to ask you to have another think about this one… which seems big headed like I know what I’m talking about which of course I don’t… but my opinion of litecoin differs wildly from yours which is weird. If somebody asked me which of the top ten will disappear completely in the next 5 years I would probably go straight for litecoin. I just want you to be careful I guess sorry if it comes over as patronising or something. Good luck!
