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View Diary: Please don't hate Bitcoin (57 comments)

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  •  Please watch the video Edison's Revenge... (9+ / 0-)

    the official promotional video for Bitcoin.  You have to watch for a bout 5 minutes before the Libertarian anti-Fed, anti Government hate seeps in.  Very informative.

    •  And yet (1+ / 0-)
      Recommended by:

      I know a couple libertarians who bitterly criticized the banks in Cyprus, where people who had deposited more than 100,000 euros lost part of their deposit.

      Deposit insurance protected the first 100,000.

      Even the big depositors didn't lose everything.

      They want a central bank system to work perfectly, so nobody will lose some money, until they can get it entirely swept away and replaced by an unregulated outfit that charges only pennies per transaction. And runs the risk of bankruptcy and 100% loss.

      In Cyprus, the people losing money were at least given bank shares to help compensate, so there was at least a hope they might get something worthwhile back someday.

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