Re:Filecoin Suspends ICO After Raising $186M in One Hour
by icebraining on Friday August 11, 2017 @01:36PM
(#14992326)
The total USD value is much larger than bank notes. Money in bank accounts and equivalent services is in this context indistinguishable from notes.
Re:Filecoin Suspends ICO After Raising $186M in One Hour
by tome on Saturday August 12, 2017 @04:35AM
(#14997054)
The reserve requirements on balances on more than $115.1 million are 10%. That means with $1.56 trillion outstanding you're looking at a ballpark amount outstanding of $15 trillion in bank deposits. That's still not "much greater" than the $6 trillion annual tax revenue.
https://www.federalreserve.gov/monetarypolicy/reservereq.htm
Re:Filecoin Suspends ICO After Raising $186M in One Hour
by icebraining on Saturday August 12, 2017 @05:38AM
(#14997225)
From your link: "Depository institutions must hold reserves in the form of vault cash or deposits with Federal Reserve Banks."
Current balance of federal bank deposits is ~$2.3T:
Re:Filecoin Suspends ICO After Raising $186M in One Hour
by tome on Saturday August 12, 2017 @08:53AM
(#14997703)
Interesting. I'm not sure how to read that balance sheet. For the sake of argument let's say that there's $2.3T is federal bank deposits and $1.5T cash in circulation. If it's all used as reserve balances then that's a total of $38T in bank deposits outstanding. $6T taxing power a year is still not small compared to this!
> There was approximately $1.56 trillion in circulation as of July 12, 2017, of which $1.52 trillion was in Federal Reserve notes.
https://www.federalreserve.gov/faqs/currency_12773.htm
> In FY 2017, total US government revenue, federal, state, and local, is “guesstimated” to be $6.56 trillion
http://www.usgovernmentrevenue.com/total