Megaphone
Satoshi wrote:
„Internet commerce has come to rely almost
exclusively on financial institutions acting as
trusted third parties to process payments (...)
completely irreversible transactions are not
really possible because financial institutions
cannot avoid conflicts of mediation, while the
costs of mediation increase transaction costs
in return.”
In our western countries, we are totally dependent on the
banking system that forces us to pay fees in order to dispo-
se of our own money. Do you realize that your bank requ-
ires you to pay „accountable” fees by imposing transaction
ceilings, whereas it is actually your money? Today, more
than 50% of the world’s population does not have access to
a bank account; yet we observe in our developed countries
their proliferation on every corner. Which kind of makes
sense since the banks create money.
„MONEY” - Do you actually think you have Euros in
your bank account? Haha! Nobody really has Euros, we all
have a stack of “units of account” - simply just that.
I am even inclined to say that buying Bitcoins is as risky
as saving on your Livret A, with a derisory return. French
commercial banks have only a maximum of 7% of their
money in real cash. (Against for example, the 19% in Swit-
zerland, the highest in Europe).
What this means, in other words, is that: if everyone deci-
ded to empty their accounts today, that would certainly be
impossible (one has to check out what happened in Greece
in 2008 to get a sense of it). If you pay a merchant who
uses the same bank as yours, not a single Euro has actually
been spent for it.