You're right, I don't believe fractional reserve banking with bitcoin can exist, and you have yet to provide any evidence to the contrary.

So...in your mind, BTC exchanges are operating as fractional reserve banks. That's a rather...um, unique position to hold. I suspect the operators and customers of the exchanges would disagree with you, though.

Just because businesses are paying interest on bitcoin deposits and/or charging interest on BTC loans does not mean they qualify as fractional reserve banks. But since your definition of fractional reserve banking seems to differ from the generally accepted definition, I guess you can make any claim you want. In any case, it sure would help your argument(s) if you could back them up somehow.

Excellent points. I'd add another: it's tough to imagine why anyone would want to deposit BTC with a bitcoin "bank" in the first place. All of the usual reasons (other than earning interest) for storing money with another party simply don't apply when it comes to BTC.

I hope you won't mind if I ask you to cite a real-world example of a legitimate BTC business operating as a fractional reserve "bank". I'd be very interested to see exactly how that was done.

You can't use bitcoin for fractional reserve banking; the system itself doesn't support it. Legislation banning fractional reserve banking in BTC is like legislation banning the sun from rising in the west.

Yeah? Well the IRS disagrees with you.

And without whiskey manufacture, most of the world would be speaking Gaelic by now.

Hopefully the great mass of irony in your statement squished your brain as it rolled out of your mouth.

There's a lot of truth to what you say; your observations are among the reasons why I describe the situation as "sad'.

However, it is possible to work in teaching and not be subjected to the hardships you point out above. All the teachers I know personally love their jobs. Of course, they are fortunate enough to be employed by institutions that are insulated from a lot of the problems you mention.

FTFY

Because citizens who do not watch Fox News are threats to national security, and are therefore placed under surveillance. No need for you to be concer...oh wait, you're posting on a known subversive site that is part of our selector set. I guess we'll be watching you after all.