I bet you think fractional reserve banking is a scam too 
Am I talking to a bunch of rubes that just fell off the turnip truck? Of course fractional reserve banking is a scam.
It is the natural state of affairs. You can't regulate what is natural. So nature is a scam?
Did you forget what the free market chose to do in the 1800s by preferring to use fractional receipts instead of trade physical gold.