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What do you think will the tech bros jump on next? (feddit.org)
submitted 1 year ago by to c/memes@lemmy.world
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[–] 5 points 1 year ago (8 children)

A large majority of "real" money is digital, like 80% non-m1 m2. The only real difference between crypto and USD is that the crypto is a public multiple ledger system that allows you to be your own bank.

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  • [–] 6 points 1 year ago (3 children)

    I've heard the sales pitch, it's a ponzi scheme with receipts. An open pyramid, so to speak. At best a volatile store of wealth.

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  • [–] 0 points 1 year ago (3 children)

    What do you mean with being your own bank? Can you receive deposits from customers? Are you allowed to lend a portion of the deposists onwards for business loans/mortgages? If not, you are not your “own bank”.

    I think you mean that you can use it as a deposit for money, similar to, say, an old sock.

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  • [–] -2 points 1 year ago (2 children)

    Banks have multiple ledgers to keep track of who owns what and where it all came from. They also use ancient fortran/cobol written IBM owned software to manage all bank to bank transactions, which is the barrier for entry.

    Blockchain is literally a multiple ledger system. That is all it is. The protocol to send and recieve funds is open for all.

    Locally stored BTC is when you're the bank. For all the good and bad that comes with it.

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  • [–] 2 points 1 year ago (1 child)

    That sounds super cool and stuff, but it has nothing to do with the essence of banking. Banks are businesses that take deposits for safekeeping and that provide credit. Banks in fact outdate Fortran by a 1000 years or so.

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