Oddbean

▲ ▼

 That's the description of a scenario that destroyed the gold standard, hope it never happens to bitcoin

▲ ▼

 That's the description of a scenario that destroyed the gold standard, hope it never happens to bitcoin nostr.fmt.wiz.biz

▲ ▼

 We're not there yet, but maybe in the future, we will have verifiable full-reserve Bitcoin banks.

▲ ▼

 Or banks will be where they belong, in the history museum.

▲ ▼

 So in your communist world, nobody can get capitals, nobody can get credit? Nobody can start a business? They have to work for you and live like a peasant. 😂

▲ ▼

 They can, and who lends money will go bankrupt sooner or later. It simply does not work. That's why banks create central banks, to socialise the loss. Without central banks and with sound money, lending money simply does not work.

▲ ▼

 And it's not communist when people have to really work to get money, but practically no one will lend money.