pull down to refresh

The whole address is about bankers using custodial Bitcoin as collateral for a return to fractional reserve banking, just like gold before it. The Celsius/Voyager vibes hit hard in this video: "You're earning .05% on your savings account; why not 10% per year?"
Am interested in roundtable thoughts on this from the high IQs on SN. Fractional reserve banking with any asset, whether gold or graham crackers, always ends in massive financial panics, tears, "I lost everything" stories, and people explaining "Not your keys, not your coins" over and over again...
Are we heading to another massive round of it, scaled up and even more annoying than before?
21 sats \ 1 reply \ @winteryeti 17h
Banks aren't going to accept crypto entirely until they are sure they can continue business as usual. Until then, Bitcoin and similar are threats to their norm.
reply
More financial engineering is not going to fix decades of neglect of the actual engineering-manufacturing-infrastructure-supply chains productive capacity of the US economy.
reply
USA is struggling to come up with some new financial engineering trick that can deal with the problem that China has won the trade war and without Chinas supply of Rare Earths the US military Industrial combine is crippled - USA cannot fight a war of any scale - nor can its credibly threaten to without the rare earths supply that China has cornered.
USA narrative that more financial engineering can fix the chronic decimation of US industrial capacity is growing desperate and tired.
Time to deal with reality- financial engineering does not produce any real goods - it just creates illusory wealth and more debt.
Chinas mercantile mixed economy has beaten the wests neoliberalised-financialised capitalism-imperialism. Most westerners do not even realise it yet.
reply