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How well do you know bitcoin?

Academy
April 22, 2023
1 Comment

The questions are shuffled randomly

1.

Which of the following historical figures is most easily forgivable according to the principles of a consistent libertarian?

Adolf Hitler, despite leading an authoritarian State with extreme measures

Justin Trudeau, despite leading an authoritarian State with extreme measures

Roger Ver, despite continued support for Bitcoin Cash

F. D. Roosevelt, despite Executive Order 6102 in which he confiscated his citizens' gold

Wright Patman, despite strenuously campaigning for the adoption by the US Congress of anti-money laundering procedures, which materialised in 1970 with the Bank Secrecy Act

2.

What is fractional reserve banking?

A now institutionalized bank fraud that has historically emerged for various reasons, not least the confusion between the concepts of deposit and credit

The practice, fortunately now discontinued, whereby banks kept only a part of their customers' deposits in cash, using the rest in loans, investments, etc.

The practice of remunerating the creditors of the state with only a fraction of the securities in reserve, to the benefit of the state and to the detriment of citizens

That fraction of the Imperial credits Chancellor Palpatine held on Aldhani

The fraudulent practice that some commercial banks carry out, depositing only a fraction of the cash reserves with the Minister of the Treasury who should supervise their operations

3.

Which of the following are positive historical examples in the history of money according to the Austrian School of Economics? [more than one answer is correct]

J. M. Keynes, for more careful planning and budgetary policy in the national economy

The bank of Amsterdam, until the first half of the eighteenth century, when fractional reserve banking was not yet practiced

Saint Pope Callistus I, due to his banking activity during the Roman Empire in the 3rd century AD

The Order of the Templars for the banking network that could handle transactions from one part of the Mediterranean to the other

Mario Draghi, thanks to the big monetary bazooka of 2011-2012 with which he saved the Euro

4.

Why has the cryptocurrency market seen the introduction of many new altcoins over the years?

Because by changing some parameters of Bitcoin, it is possible to create more scalable alternatives

Because cypherpunks want to confuse regulators by introducing many cryptocurrencies, so that they cannot exercise control

Because many traders and industry enthusiasts are pig-ignorant

Because it is possible to obtain a level of security similar to that of Bitcoin, while also reducing energy consumption (e.g. with the Proof of Stake)

Because Bitcoin is immutable and does not lend itself to innovations and upgrades

5.

What is the collateral backing US dollars?

The gold reserves of the US Treasury for dollars held abroad

The yield on US government bonds

Gold in Fort Knox and other reserves of the FED (Federal Reserve)

Gold and silver in reserves until 1900, the year in which bimetallism ends, from then on only gold

It is all just hot air, no collateral since the collapse of the Bretton Woods system in 1971

1 out of 1

Click on submit to complete the quiz and see the result

Time's up

One comment

Jacques

May 15, 2023 / 12:24 pm Reply

Lel, cool answer options

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