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General Discussion / Re: Is Fractional Reserve Banking a Ponzi Scheme?
« on: January 16, 2015, 06:57:39 pm »
I want all cryptos to uplift humanity and we are all walking this path together, learning and evolving in hopes of trying to make the Is it safe to say by this point that we could have a hangout with Jordan and Bytemaster to have a grown up, rational conversation about this?
world a better place overall for those here now and those in the future. In light of this I think it would be valuable for all of us to consider having a hangout specifically on this topic where both viewpoints can be clearly and fairly represented.
I would personally love to see this next hangout be one wherein Jordan visits our mumble server and brings any and all community members who would like to participate in an open discussion. There is no reason why Nubits/NuShares couldn't find a way to fix these problems if in fact we come to a consensus that they are valid.
Please consider it.
NO!!! Absolutely not!
There is no point in BM arguing about a tone of nonsense every time some knucklehead comes around with his stupid ideas...
Hell, I can do a good enough job of arguing it Jordan... if you let me do so of course... I mean, if you decide that I am no longer the only person speaking on mumble worth cutting each time I open my mouth....Saying that NuBits is like fractional reserve banking is a much better comparison than calling it a Ponzi.
I created a detailed post examining whether the notion of fractional reserve has any meaning within the Nu network eight hours ago. In short, because Nu is designed for zero counterparty risk and zero reserves, there can be no fractional reserve. There is, however, the related notion of a ratio of assets to liabilities:
https://discuss.nubits.com/t/regarding-reserves-and-fractional-reserve/1126
I hope you don't think it is inappropriate to post a link to our forum here, but where you are interested in fractional reserve in the context of NuBits right now, and where I just wrote about that, it seems appropriate to bring it to your attention.
Fist off I screamed for 1/2 hour before starting to write this...
You and all the rest must realize that if 20% reserves is 80% Ponzi, your system with 0% reserves is 100% Ponzi...
Nu is designed for zero counterparty risk - Yes, there is 0% counterparty risk ...as the buyer has assumed 100% of the risk buying something backed by 0% value...
NuBits is not Ponzi...Nubits is a self appointed federal reserve that issues non-interest bearing bonds of a self appointed organization
In short if fractional reserve banking is 75-80-90% insolvent, the fed is 100% insolvent... but they at least have some power to claim themselves worth it... It is 'no-interest bearing bond/obligation of the government'...Nubits on the other hand is also 100% insolvent/100% no value backing it and only have the words of the totally lost and clueless 'JordanLee' to collateralize Nubits value... And by definition:' A NuBit is no obligation bearing instrument [no interest including], aka promise for nothing by nobody and/or [JordanLee???]'
[/end rant]