what I meant is the 2nd bank owner would have to put actual money into it to make it work. which would be stupid since he would have to provide enough money for all of his client's withdrawals. otherwise I would see my bank account having $5000, try but fail to withdraw. because the actual money is not there. it is completely different because the money has to be there

crypto currencies are effectively a ponzi scheme

what. no. what do you think steem originally is, by design? the blockchain itself perfectly serves it's purpose. people who like consuming content get on it and optionally support authors they like. people who like creating content post their stuff here because it might pay off. it works. it is perfect.

people don't understand steem because they don't want to. all they want to see is a pile of numbers. there is a lot more to it than numbers. bitcoin is all numbers. that could be considered a ponzi scheme. anything that is nothing but numbers may fall into that category. not steem

but I guess it is a pointless argument since not a single fucking witness ever wanted to actually work on mass adoption, which is, free instant registrations. from this perspective, they're all retarded