You are viewing a single comment's thread from:
RE: Russia's Central Bank Moves To Shut Down All Russian CryptoCurrency Exchanges, Claiming They Are Pyramid Schemes!
Yes, well put. You had me with your title.. very tricky and entertaining. LOL Don't forget the US currency all states "in God we trust". So if you don't trust this picture of the american hero on the front then know we trust GOD.
Also banks are required to have less than 10% on reserves. So it is possible for them to lend out more than they have... saving and loans scandal in the 80s were great for this. Loan out more than you have, use the Federal reserve to back you up and if things go wrong use FDIC or Federal Reserve as insurance. Cryptcurrency has less corruption but it can ... no! WILL BE better than it is today. :-)
Yes, the entire financial system is based on fraud. It would not be difficult to make something better - even just using pebbles is better.
The main problem with cryptocurrency is it's reliance on technology and that the technology is itself typically made using slave labour and minerals from literal child slave mines.