Did you notice the song that Christian Bale's character was jamming out to in his office when his partner came in to pull the money in The Big Short? Well, it happens to be my favorite metal band of all time: Metallica.
The curtain has been removed and the truth revealed: money is created out of thin air, and the banks and Wall Street are bathing in it.
To clarify, as it's important: Bitcoin will never be a replacement for a nation's central bank currency or new digital currency that's in development now.
Fairy dust old money is just a hierarchically controlled propaganda belief system.
Blockchain-based new money is the P2P, fair and transparent people's-money.
You are not actually drawing out your original money.
The banks then charge you fees to actually lend them money as well in the form of monthly account fees, overdraft fees and all the other small print fees that sneak in.
When the bank deposits money in your account in the form of a credit - for instance, if you buy a house - it's not an actual credit, it's really a debt that it repackages and calls a mortgage by leveraging its position and creating a profit margin for the services of lending you part of your own money back that you originally gave it, as well as all its other customers' money.
There is only one form of real money in this transaction, and that is the money that you originally gave the bank.
It's basically holding a lien over you and on your new house with the money you and its other customers let it borrow, which it turned around and let you borrow again and charged fees on it.
Master of Puppets: Bitcoin Cuts the Strings
Published on May 23, 2020
by Cointele | Published on Coinage
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