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.
And most definitely gold and bitcoin have both been used in fractional reserve situations.
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.
Read the rules closely and you can figure out it bans opening a BitCoin bank in NY. Basically, if you take deposits it needs to 100% back by BitCoins, so no fractional reserve banking.
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.
The IRS has ZERO jurisdiction over digital "currency."
Yeah? Well the IRS disagrees with you.
This comes from someone who just does not understand that without weapons manufacture most of the world would be speaking German or Russian by now.
And without whiskey manufacture, most of the world would be speaking Gaelic by now.
You mean someone willing to publish virtually every aspect of how we protect ourselves from terrorism without any independent review, oversight or responsibility?
Hopefully the great mass of irony in your statement squished your brain as it rolled out of your mouth.
Teachers are under attack....
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.
It's called the Dormant Mining Clause. But you probably haven't heard of it...
Why yes, I do watch Fox News. why do you ask?
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.
Link to Original Source