How Money & Banking Work (& why they're broken today) - Lyn Alden
youtu.be
In this 30-minute explainer video, Lyn Alden takes a step back through history and looks into the intricacies of money and banking, offering an answer to an ...

cross-posted from: https://lemmy.ml/post/17303063

An enlightening and high quality video on how money and the banking system work, why they are corrupted and what is the solution.

  • jarfil@beehaw.org
    1·
    3 months ago

    This is a fancy way to say that it is slower unless you pay higher fees.

    My bank takes:

    • 24-48 hours for 0€, only in the EU, up to 15k€
    • 5 minutes for 0.50% (min 1.25€), only in the EU, up to 900€
    • 48-120 hours for 0.70% (min 35€), international, up to 20k€

    So my bank is also “slower unless you pay higher fees”… or “slower even with higher fees”… and on top of that, it has an amount cap.

    Meanwhile, on Bitcoin Lightning (https://1ml.com/statistics):

    • Median Base Fee: $0.000617

    fork the network and update it if they had 50%+1

    No. There are 3 components to Bitcoin: Miners, P2P nodes. and coin owners.

    • Getting 1 miner and 1 P2P node, allows forking… and getting kicked off the network.
    • Getting >50% of mining power, allows a chance at double-spending some own coins.
    • Getting 100% of miners AND/OR 100% of P2P nodes, allows taking over the network.
    • Getting an owner’s key, allows full access to the coins tied to that key.

    Neither of those are impossible, some are just easier and have a higher ROI than others.

    The tax and identity layers have to be added on top. They are not built-in.

    Same as with cash.

    Yes, this is one of the selling points of Bitcoin vs. Banks, in an age where cash is getting phased out.

    The opposite, is also a selling point of “OpenSource Money with Taxes built-in” vs. Bitcoin.

    Pick whichever side you prefer.