Interestingly, the first technology to be developed since the advent of fractional reserve banking that actually has a real chance of putting a stop to most of the double counting of reserve assets is... drum-roll... blockchain!
I'm sorry. I don't subscribe to your point of view either. All I have seen in the 4 years in this cryptocurrency space is scam after scam and scheme after scheme. There is no salvation. https://www.youtube.com/watch?v=mPVpMxVn6mk
Ok what If I modify my statement a bit.
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Interestingly, the first technology to be developed since the advent of fractional reserve banking that actually has a real chance is theoretically technologically capable of putting a stop to most of the double counting of reserve assets is... drum-roll... blockchain!
Would you disagree that it is a tool that is, at least in theory, capable of combating this in a meaningful way? If so, would you agree that it is the first technology that has ever been invented that is potentially capable of doing this?
The main reason that we see so much scamminess in this space is that blockchain is largely about censorship resistance, which is for the most part only needed by people who would be censored, and, big surprise, it turns out that a lot of the people who would have been censored are people who would have been up to no good. IMAGINE THAT! Anyway, just because that sort of thing is the lowest hanging fruit and so developed out first, I don't think this means that blockchain technology will never find legitimate use cases in safeguarding against scams (like the double counting of precious metals reserves).
4 years is not a long time, it is a flash in the pan.
Unfortunately, there is nothing to prevent someone from building a layer on top of a blockchain and issuing tokens that are supposed to be backed by deposits and then running a fractional reserve. (Many accuse Tether of doing just that.) Furthermore, blockchains have difficulty scaling. That is why BTC has resorted to the lightning network to attempt to address the scaling problem.
So BTC is a solution, but it's really not a solution because someone can come up with a different solution on top of BTC which wouldn't really be a solution at all, thus making underlying BTC not a solution. Think i got it. And then BTC is having problem scaling so that's why they introduced a scaling solution called LN. Did i get it right?