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  1. #101
    The Shitlord
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    Many causes for the financial crisis have been suggested, with varying weight assigned by experts.[13] The U.S. Senate's Levin–Coburn Report concluded that the crisis was the result of "high risk, complex financial products; undisclosed conflicts of interest; the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall Street."[14] The Financial Crisis Inquiry Commission concluded that the financial crisis was avoidable and was caused by "widespread failures in financial regulation and supervision," "dramatic failures of corporate governance and risk management at many systemically important financial institutions," "a combination of excessive borrowing, risky investments, and lack of transparency" by financial institutions, ill preparation and inconsistent action by government that "added to the uncertainty and panic," a "systemic breakdown in accountability and ethics," "collapsing mortgage-lending standards and the mortgage securitization pipeline," deregulation of over-the-counter derivatives, especially credit default swaps, and "the failures of credit rating agencies" to correctly price risk.[15] The 1999 repeal of the Glass-Steagall Act effectively removed the separation between investment banks and depository banks in the United States.[16] Critics argued that credit rating agencies and investors failed to accurately price the risk involved with mortgage-related financial products, and that governments did not adjust their regulatory practices to address 21st-century financial markets.[17] Research into the causes of the financial crisis has also focused on the role of interest rate spreads.[18]
    from the page you just linked. tl;dr? finance industry got too full of itself. again. has nothing to do with what format people use to make purchases.

  2. #102
    I'll change yer fuckin rate you derivative piece of shit
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    Quote Originally Posted by fussel View Post
    Fucking lol

  3. #103
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    Quote Originally Posted by BaneTheBrawler View Post
    from the page you just linked. tl;dr? finance industry got too full of itself. again. has nothing to do with what format people use to make purchases.
    "a combination of excessive borrowing, risky investments, and lack of transparency" by financial institutions
    BTC is transparent. All transactions are public. You also can't lend someone bitcoins without having them (see: fractional reserve banking). You also can't just "print" the BTC equivalent of 700 billion dollars to bail out "too large to fail" banks (see: TARP).

    /edit: In the big picture, Bitcoin is not just another "online payment processing system", so comparing it to credit cards is comparing apples to oranges. It's more like digital gold: If you know the private key to an address that has an amount of BTC, you practically "own" those bitcoins and can transfer them to anyone else as long as you're able to submit a transaction to the Bitcoin network. In comparision, if you have a credit card, your bank has full control over your money, and if they decide to block your card, there's nothing you can do. Same goes with PayPal.

  4. #104
    I'll change yer fuckin rate you derivative piece of shit
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    Yes, let's replace our current fiat currency with something easily stolen that fluctuates in value wildly!

  5. #105
    Atheist Douchebag.
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    Quote Originally Posted by archibaldcrane View Post
    Yes, let's replace our current fiat currency with something easily stolen that fluctuates in value wildly!
    His reply will be that it's not big enough yet to sustain a stable price.

    EDIT:

    Digital gold analogy? Really?

  6. #106
    I'll change yer fuckin rate you derivative piece of shit
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    No, his response will be that the fiat currency system features constant theft.

  7. #107
    Atheist Douchebag.
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    Quote Originally Posted by archibaldcrane View Post
    No, his response will be that the fiat currency system features constant theft.
    True, I like that stealing over 6% of the current BTC's in existence can be compared to any possible theft of fiat currency. They're the same right?

  8. #108
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    Shut up, get in line, and start holding the bag. This system can't make any more money for the existing fanatics unless new suckers start getting into it. It is not secure, its hard to transfer, and its value fluctuates wildly. It is an interesting concept, but at the moment is nothing more than a plaything of the technologically inclined, those with too much money, and idiots. Sometimes more than one at a time.

  9. #109
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    Quote Originally Posted by Zetanio View Post
    True, I like that stealing over 6% of the current BTC's in existence can be compared to any possible theft of fiat currency. They're the same right?
    Who's Bernie Madoff?

  10. #110
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    I keep reading flat currency with an i making it Fiat currency and keep wondering to myself what Fiat currency would be like.

  11. #111
    Atheist Douchebag.
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    Quote Originally Posted by hey View Post
    Who's Bernie Madoff?
    A guy who took people for 50 billions dollars. Which is FAR FAR FAR FAR FAR FAR less then 6% of total currency and had a very negligible effect on currency prices.

    Do you even understand the difference?

  12. #112
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    Quote Originally Posted by Zetanio View Post
    A guy who took people for 50 billions dollars. Which is FAR FAR FAR FAR FAR FAR less then 6% of total currency and had a very negligible effect on currency prices.

    Do you even understand the difference?
    50b/1.26t=???

    It's pretty close.

  13. #113
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    It's not even remotely close. You really don't understand currencies. That's fine.

    Current M1 money (Just call it undeposited money) for the USD is 2,731 Billions or 2.731 Trillion
    Current M2 money (Which includes bank deposits) for the USD is ~11.1 Trillion at the moment.

    Not to mention Madoff's crime was committed over a decade or longer.

    You should do a little reading.

  14. #114
    The Sig...
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    Or watch Vsauce

    https://www.youtube.com/watch?v=w2tKg3E53DM


    Spoiler: show
    There's more than you think

  15. #115
    I'll change yer fuckin rate you derivative piece of shit
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    Um, you can make a pyramid scheme out of bitcoins too if you like. That's not a function of fiat currency.

  16. #116
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    Quote Originally Posted by Zetanio View Post
    It's not even remotely close. You really don't understand currencies. That's fine.

    Current M1 money (Just call it undeposited money) for the USD is 2,731 Billions or 2.731 Trillion
    Current M2 money (Which includes bank deposits) for the USD is ~11.1 Trillion at the moment.

    Not to mention Madoff's crime was committed over a decade or longer.

    You should do a little reading.
    Ok, and what is the technical reason that it's impossible to steal 6% of all usd?

    It's a brand new currency, over time it will spread around and stealing so much at once will also be much more difficult. I don't see how this is specific to bitcoin, and couldn't happen with any other currency.

    That huge fluctuation in value makes it a poor choice for making regular purchases, but that's also because it's brand new, and not an inherent problem with bitcoin.

  17. #117
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    Quote Originally Posted by fussel View Post
    BTC is transparent. All transactions are public. You also can't lend someone bitcoins without having them (see: fractional reserve banking). You also can't just "print" the BTC equivalent of 700 billion dollars to bail out "too large to fail" banks (see: TARP).

    /edit: In the big picture, Bitcoin is not just another "online payment processing system", so comparing it to credit cards is comparing apples to oranges. It's more like digital gold: If you know the private key to an address that has an amount of BTC, you practically "own" those bitcoins and can transfer them to anyone else as long as you're able to submit a transaction to the Bitcoin network. In comparision, if you have a credit card, your bank has full control over your money, and if they decide to block your card, there's nothing you can do. Same goes with PayPal.
    you missed the important part of that quote.

    "a combination of excessive borrowing, risky investments, and lack of transparency" by financial institutions
    finance industry is built on obfuscating. they'd have no problems hiding shit through bitcoins. there's a reason criminals use bitcoins to launder money.

  18. #118
    Atheist Douchebag.
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    Quote Originally Posted by hey View Post
    Ok, and what is the technical reason that it's impossible to steal 6% of all usd?

    It's a brand new currency, over time it will spread around and stealing so much at once will also be much more difficult. I don't see how this is specific to bitcoin, and couldn't happen with any other currency.

    That huge fluctuation in value makes it a poor choice for making regular purchases, but that's also because it's brand new, and not an inherent problem with bitcoin.
    Great job trying to backtrack over your silly statements earlier and move the argument.

    "It's new, it will spread." This doesn't work as a counter to the currency being 1) hard to use for a non-computer savvy person. 2) Insanely risky 3) Vulnerable to massive scamming and easy theft.

  19. #119
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    Quote Originally Posted by Zetanio View Post
    Great job trying to backtrack over your silly statements earlier and move the argument.

    "It's new, it will spread." This doesn't work as a counter to the currency being 1) hard to use for a non-computer savvy person. 2) Insanely risky 3) Vulnerable to massive scamming and easy theft.
    1) I never argued otherwise. This will change with time.
    2) Yes, for now.
    3) Only if you leave your wallet in an insecure location. Cash is just as easy to steal. If you leave millions of dollars worth of bitcoins sitting unsecured on your computer, you're just as stupid as someone with millions of dollars in cash in their mattress. No kidding it can be stolen.

  20. #120
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    Quote Originally Posted by archibaldcrane View Post
    Yes, let's replace our current fiat currency with something easily stolen that fluctuates in value wildly!
    If it's easily stolen, steal these 0.1 BTC from me, I won't even be angry. Free $60!

    1L8epAqHfsUYDb1hAN9qgWQzVLoWD29ELW

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