> The author contends that banks are built on trust and Bitcoins are built on mistrust.
Sounds very much like the author is attempting to engage in doublespeak...
Sounds very much like the author is attempting to engage in doublespeak...
A human being of machine transports paper and/or coins from one location to another.
2)the bank inventing new dollars through the practice of fractional reserve banking
No paper or coins are moved from one location to the other.
If you think fractional reserve banking in morally equal to stealing people's possessions then you know less about the banking system than you think you do. Fractional reserve banking is a practice that is something like 400 years old so if you want to trash it you have to think long and hard about how useful it must be to the economies of the world to have lasted this long.