20 Sep '13, 1pm

Of course you can have fractional reserve Bitcoin banks

If you study what Bitcoin can do, you will se that it has real market value that do not go away. Private transactions. No government inflation. No freezing, you own your own money. Superlow transaction fees. No cost of holding the coins or getting an address. No fractional reserve lending possible. You need to own a Bitcoin to lend a Bitcoin. Which makes it the most real digital currency in the world. Those are unique properties that cater to real needs that dont go away, this gives the currency real longterm value. Whatever the merits of the argument, however, it's just not true that there can't be fractional reserve lending in Bitcoins. Imagine I set up a Bitcoin bank. I offer to store Bitcoins on my secure servers where they are less likely to be lost or stolen than if they're kept on your laptop. Let's say 100 Bitcoin users decide to bank with me, collectively depositi...

Full article: http://www.cnbc.com/id/101048897

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