Nice try Mike Hearn, but Bitcoin is just fine

Bitcoin is (or soon could be) a serious problem for the established banking system and most Western intelligence agencies. It can’t be printed on demand, like the established currencies, and it can’t be used to track your movements, like basically every other form of payment except cash. Thus, bitcoin can expect to come under serious attack from ...

The Fractional Reserve and Bitcoin XT 2

Let’s say you borrow money from the bank at 5% to buy a house. The bank borrows it from the “reserve” bank at a lower interest rate (say 2%) and makes a profit on the difference. But where does the reserve get the money from? When you can answer this question with certainty, you’ll understand why bitcoin ...