Quote from: X7 on March 07, 2019, 02:08:22 PM

Quote from: fxsurfer on March 07, 2019, 02:02:20 PM

Quote from: stortz on March 07, 2019, 01:55:00 PM

A private key is a mathematical proof of ownership for whatever bitcoins are associated with that key. That mathematical proof is the only way to interact with those coins, nothing else can interact with it, no government, company or person can do it without those private keys. Cryptography makes it impossible.

Mathematics, are tangible parts of our universe. Numbers and notations might be abstract, since we gave them value and order, but mathematics are natural, and exist within the realm of the tangible universe.

So bitcoin is a currency based of tangible principles.
Fiat is abstract, since there is no protocol behind it. Your loans do not follow any mathematical immutable rule.

Fiat is a scam.

This is just another instance of language manipulation. "Block Reward" is just an algorithmic change of entry in a database (blockchain) from 0 to 50 initially, and this change is called Bitcoin. This has nothing to do with
"tangible principles", but it is just a database management.

Fractional reserve banking is a banking system in which banks only hold a fraction of the money their customers deposit as reserves. This allows them to use the rest of it to make loans and thereby essentially create new money. This gives commercial banks the power to directly affect money supply. When the rest of the money they 'create' is done, how do you think this is done. Not by adjusting a centralized database?

Don't cite something incorrectly then state wrong again. This conversation is pretty tedious

So, how that changes the OP?