Quote from: ajareselde on February 26, 2015, 06:47:39 PM

Quote from: MarihuanaStocks on February 26, 2015, 12:18:26 PM

Quote from: MarihuanaStocks on February 26, 2015, 12:05:09 PM

Quote from: Q7 on February 26, 2015, 11:45:13 AM

I see the threat or hate campaign will most likely come from companies offering money transfer services. If bitcoin ever gets big, it will most likely grab a large portion of the existing market share, so logically you would want your competitors out of the game at all cost. If you notice, nowadays trolls are all using newbie accounts and this raises the suspicion whether they got paid exactly to do that.

I saw a interesting presentation organized by an economist. He stated that normal banks usually have only 2% of their total liabilities available in liquid reserves.Once there were depot-banks and credit-banks now it is a mixture of both. One that allows banks to instantly invest the money you deposited in whatever they want. You don't have your money laying around there. At the moment of your deposit, the bank OWE's you this money. The second point is fractural reserve. Only 10 percent of the sum banks lend you need to be owned by themselves. It is this a giantic house of cards, where only 2 cards out of hundred needs to be "withdrawn" anywhere! So Bitcoin does not only affect payment processors, it also is a competing currency. It is a decentralized free-market currency, that gets it value through free interactions of market members. It has in fact many advantages over Fiat including anonymity.

If enough people decide to use Bitcoin..fiat is done!

We need a fiat-burn-coin! Like counterparty, while burning fiat

Quote from: koelen3 on February 26, 2015, 12:13:47 PM

Quote from: MarihuanaStocks on February 26, 2015, 12:11:26 PM

Burn 5 xxx-notes at home, catch it on video, and get 1000 fiat-burn-coins!

Aahahhahahahahaaahah!!! I would die, due to an extreme laughing flash.. Cheesy

Didn't got that Huh

I said, we need a fiat-burn-coin, like Counterparty did it with btc.

To get some, you could burn 5 fiat-notes at home and make a video of it. Tongue

Is money burning illegal?

Bitcoin is valuable as it is, there is no need to destroy fiat in order to increase its value, actualy, by destroying fiat, lets say usd, you would only increase
the value of it, because there would be less of it in circulation.
Same thing would happen if you were to "destroy" bitcoin by sending it to non existant address.
I believe it is illegal, since its representation of a country, a symbol, like a flag, but u would probably get soone in financial problems than legal, i think.

cheers

Can you remember Eric Cantona's project in 2010? He tried to organize a bank-run. All you had to to, was enter the serial-number of one 5-Euro Note on a web page. It's wasn't very successful.

Burning Fiat will have the same effect as this project. At the moment when you buy (for example) Bitcoins with Fiat, you only trade the Fiat for Bitcoins. The Fiat will maybe be deposited somewhere and is therefor still laying around on any bank. It is not out of circulation. Cantona tried to bring the money out of circulation. This is exactly how a bank run happens! So what will happen if you burn Fiat for Crypto's?

Link:
http://www.theguardian.com/world/2010/nov/20/eric-cantona-bank-protest-campaign