Home > bitcoin > What’s Not To Like?

What’s Not To Like?


With regard to your money, here is the status quo:

statusquo

The greatest threat to the well being of your pocketbook is not shown on the figure. It’s the fact that (despite “regulations“) the banks can loan out and/or invest a large fraction of the money you have deposited in their virtual “vaults” in all kinds of schemes that are highly risky to you… but not to them (thanks to the bailout and get-out-of-jail free cards they’re allowed to possess).

I’m not a right wing libertarian, so I don’t mind paying taxes to the government. However, since the banks have the power to play dice with my money, I do mind paying fees to fuel their reckless lending and investment practices.

As an alternative to the status quo, Bitcoin has the potential to entirely erase the shady banking industry as we know it from the landscape:

nobanks

So, what’s not to like?

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  1. January 14, 2016 at 7:57 am

    Why DON’T you mind paying taxes to the government? Everything the Federal and NYS Governments touch is an expensive fuck up. From wars to homeland security, to the Wars on Drugs and Poverty, it goes on and on. And they always wants more and more, government is voracious.

    • January 14, 2016 at 8:11 am

      Agreed on all counts. However small, some good comes from taxes. I believe in “some” government to prevent outright chaos and provide law and order. I don’t like the “amount” I pay in taxes, but I don’t mind paying taxes in general. No good whatsoever comes from the banks, whose “leaders'” sole purpose is to make profits at anyone’s expense – including their shareholders.

  2. January 14, 2016 at 8:17 am

    Your illustration is missing the arrow pointing from the government to the banks for the interest payments on the debt.

    • January 14, 2016 at 10:53 am

      I addressed that cozy relationship in the recent “bedfellows” post.

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