@66rounds
Active 5 years, 3 months ago-
Abdulaziz posted a new activity comment 5 years, 3 months ago
Thank you for your response.
This is where I am confused. In the absence of a double entry ledger, could deposits still not be administrated “virtually”? Using the goldsmith analogy, if I deposited gold with the goldsmith could he then not “transfer” ownership of that “gold” elsewhere?Perhaps the ubiquitous nature of double entry ledgers…[Read more]
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The goldsmith could, but if he started to do it for thousands of clients in multiple countries, he’d soon lose track of where he stood, if he didn’t have an accurate accounting system. That’s just too hard to keep track of with a single-entry ledger.
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Abdulaziz posted a new activity comment 5 years, 3 months ago
I have, that’s why I’m asking. I don’t understand how DEB made it any easier for them to rig the bullion market than previous bookkeeping methods -
Abdulaziz posted an update 5 years, 3 months ago
Can someone please explain how double entry book keeping facilitated the development of commercial trade and fiat? What is it about DEB that makes it more amenable than previous accounting methods?
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Read the “Vipers of Venice” book.
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I have, that’s why I’m asking. I don’t understand how DEB made it any easier for them to rig the bullion market than previous bookkeeping methods
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I don’t know if there’s a direct connection between DEB and the bullion market, but there’s probably an indirect one. You’d need a widespread physical presence, and a widespread intelligence network, to successfully rig the bullion market. DEB would have facilitated this, by allowing banks to set up and manage multiple branches that handled…
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Thank you for your response.
This is where I am confused. In the absence of a double entry ledger, could deposits still not be administrated “virtually”? Using the goldsmith analogy, if I deposited gold with the goldsmith could he then not “transfer” ownership of that “gold” elsewhere?Perhaps the ubiquitous nature of double entry ledgers…
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The goldsmith could, but if he started to do it for thousands of clients in multiple countries, he’d soon lose track of where he stood, if he didn’t have an accurate accounting system. That’s just too hard to keep track of with a single-entry ledger.
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Abdulaziz became a registered member 5 years, 3 months ago
