Quote from: unamis76 on August 22, 2015, 04:41:07 PM

The system will never evolve in the direction of banks. The objective of the system is the exact opposite, and a bank is definitely not safe or "bulletproof".

I'll comment on the above first, which I think is a blatantly false statement. It already IS evolving in this direction. Exchanges like Coinbase, Circle etc (and funded by companies like Goldman Sachs, JPMorgan and others) are absolutely the 1st wave of New Fiat Banks - just blockchain based ones. And XT is absolutely a patch designed to ease that transition. This really isn't something that is arguable... it just is.

Quote from: BrianM on August 22, 2015, 04:58:29 PM

Basically the exhange gives you a "I owe you note", that they "promise" to give back the bitcoins you have transfered to them. There are no gurantee for this. It is a fact that most exhanges runs with a negative ballance. If all user at once redeemed the "I owe you note" (redraw bitcoins from the exhange), then will there not be enough coins for everyone. This was very much the case with mt.gox as well.

Bitcoin exhanges can bassically generate money out of the thin air, when some one transfer $100, then can they give you $100 worth of bitcoin, that someone else have transfered and keep the $100 dollars for them self. This goes very well as long as the economy is expanding and new users are joining. But as soon as the bitcoin economy goes back, then does people start "redrawing" and BAM, the exhange was suddently "hack" and all the coins are gone.

I think on the above you are confusing what is known as a "Run On The Bank" with a "Run TO The Bank." It is unquestionable that in the current Fiat Banking System, they are completely overleveraged and nobody has enough money to cover what would happen if everyone "Run on the Bank." And yes, Bitcoin Exchanges (the future New Fiat Banks) are leveraged as well, but not so heavily.

Exchange Banks like Circle are much more prepared / technologically safe than Mt Gox - which was ahead of itself, and primed with corruption and stupidity and greed. The new Exchanges are slick operations run by the same insiders that run the current Fiat Banks.

But there WILL indeed be a Run ON the Banks - the Fiat Banks. The House of Cards and Illusion will indeed come crashing down.

But there will also be a Run TO the New Digital Fiat Banks, which will be positioned as the new "Gold Standard". So from a personally selfish standpoint, I am not that worried I will lose my money in Circle or Coinbase based on a Run ON the Bank - because they will be the recipients of the opposite effect.

And it won't matter as to whether the New System they control is any less safe, less susceptible to manipulation, etc etc. Just matters whether or not they can sell it to the sheep in a sudden rush of panic. What do you think? Could they do it?