Skip to comments.Why Bitcoin Matters For Bankers
Posted on 03/16/2014 11:35:27 AM PDT by TsonicTsunami08
Ask Alan Lane. In October, the president and CEO of Silvergate Bank in La Jolla, Calif., was up in Sacramento for a roundtable convened by the California Bankers Association and the state's Department of Business Oversight. Reading a laundry list of about a dozen issues on the department's radar, Commissioner Jan Lynn Owen mentioned Bitcoin the Internet currency, payment system and technology that's been grabbing headlines, igniting controversy and inspiring innovation across the globe. Lane pricked up his ears, in part because the $616 million-asset Silvergate had been in discussions about banking a Bitcoin startup.
(Excerpt) Read more at americanbanker.com ...
Promoting it on Free Republic isn’t going to increase the value of your speculative investment.
Bitcoin is air. You want to buy some air? I’ll sell it to you for a dollar a gallon.
So. Is the dollar.
In fact the dollar may be more like air in a balloon than Bitcoin.
Heh, I get a kick out of what is perhaps the ultimate form of fiat, looking down on the fiats of of the world (where at least we know who / what is behind them and how they are produced)... and you have to spend those other fiats, to buy their fiats.
I gave you the opportunity to put your money where your mouth is.
Are you ready to accept my proposal?
Damn right it matters to banks! One of Japan’s largest lenders, Mizuho Bank Ltd, has just been added as a defendant in the lawsuit against Mt. Gox for “losing” a half billion dollars worth of bitcoins! In other words: banks beware about getting involved with bitcoin!
Perhaps, but the dollar is still the strongest fiat currency in the world. Bitcoins aren’t worth two bits compared to the dollar. Bitcoins will lose most of its value overnight. Possibly 100%. The dollar might lose 10% of its purchasing value in the course of a year. That was as bad as it has ever gotten. That was during Carter.
Bitcoins are not only a fiat currency. But they can be summarily declared illegal by any government tomorrow. Then all you will be holding is a computer filled with worthless electrons.
Invest at your peril.
So I guess the choice is that either the government steals from us through printing money and inflation, or we get to risk the more straightforward form of theft with Bitcoin.
I’m starting to think my chances are better with Bitcoin. (And I have not yet invested)
1 BTC = $640.01 US
Are you capable of stating one fact?
“So I guess the choice is that either the government steals from us through printing money and inflation, or we get to risk the more straightforward form of theft with Bitcoin.”
You could always buy precious metals, something that has been proven to hold their value for thousands of years.
“Then all you will be holding is a computer filled with worthless electrons.”
Marlowe, is the computer filled with worthless electrons because it uses electricity?
So buy one. I don't care if you want to throw your money in the toilet.
Right now I'm selling P-Marlowe coins for $800 per coin.
So 1PMC=$800 US
Obviously the PMC is 800 times stronger than the dollar because that's what you have to pay to get one.
Can I interest you in buying a dozen?
I will sell you beer bottle caps with my finger print on them for 20 bucks a piece.
I’m selling them in six pack lots and I call them Joesixpackcoin.
I promise that I will only take profit from the interest I earn. Really, I promise!
It’s more tangible than Bitcoin and more predictable than Gold.
For you with regard to Bitcoin. There will be no victory and many wounds.
It is clear that you are incapable of rational discourse.
I’m doing that!
Since your bottle caps are only worth 20 times the value of the dollar, the. Obviously my PM Coins are a stronger currency since they are currently on the market for $800 each. The PM Coin is even more valuable than the Bit Coin.
But then maybe you could declare a value of your Bottle Caps at $1000 each and then you could corner the fiat currency market.
If we start a fiat currency war who will win?
The last one to type in their price before they die?
Or maybe the one who goes to jail last.
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