Today (October 25, 2018), Mastercard has applied for a patent for Fractional Reserve Cryptocurrency Bank — application 20180308092
Read this story with better fonts at:
https://medium.com/@super.crypto1/end-of-21-million-bitcoins-as-you-know-it-792e08cf3b24
I have been warning about this possibility since November 2017. Now we are lot closer to it with this patent for Fractional Reserve Cryptocurrency Bank.
The Ultimate Irony: Fractional Reserve Bitcoin
Fractional reserve banking is one of the problems Bitcoin was designed to solve. Instead banker’s have decided to solve Bitcoin’s scarcity issue by applying Fractional Reserve to Cryptocurrency.
What does this mean?
I am going to keep it short: Fractional Reserve, Commingling, Rehypothetication and Derivatives are complex words for one simple thing — increasing paper supply of something that has limited physical supply (like Gold, Silver, Bitcoin and Cryptos in general). Fractional Reserve is ultimate paper copying machine invented by Wall st.
With this patent, the Banks and Mastercard are telling you that they want to create unlimited supply of Bitcoin. Rest assured — they will until they remain in control over the financial system.
My thread with John Mcfee from November-2017
Wall St had found solution to scarcity of Bitcoin 20 years before Bitcoin was born. Its called Fractional Reserve. There is no such thing as “mathematically” as John claims in this old thread.
Read it here:
https://www.ccn.com/mastercard-wants-to-patent-a-fractional-reserve-cryptocurrency-bank/ (Thanks @cryptocraig123)
The paper ponzi will certainly end one day
…but that day may be far away. Till that day the FR will rule and the banks will continue to dilute Bitcoin supply (just as they have done successfully with Gold & Silver for last 8 years.)
Good luck to all. What are Bitcoin Minimalists going to do?
Now I am waiting for another rally after ETF and Bakkt so I can sell high AGAIN.
More at my twitter @Super_Crypto
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