Free banking is synonymous with hypothecation. As soon as you introduce so called free banking, you no longer exist on a Bitcoin system, you instead exist in a debt based money system. 

Debt money is different from commodity and ledger accounting money.

nerd2ninja

Here's the direct download of the PDF:

*Bitcoin Banking Systems: Full Reserve s. Free Banking*
https://yakes.io/wp-content/uploads/2022/09/BITCOIN-BANKING-SYSTEMS_FINAL-1.pdf

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Here's the Tweet by the author that kicked off the Twitter thread where the paper was shared:

> Will fractional reserve banking inevitably emerge natively in #bitcoin?
> 
> If it does wouldn’t we just be recreating the fiat system?
> 
> It's likely not what you think bc digitally native #bitcoin banks will be fundamentally different than tradfi banks:
> 
> (1/X)
> 
> https://yakes.io/bitcoin-banking-systems-full-reserve-vs-free-banking

https://twitter.com/ericyakes/status/1567555800784334850 [[Nitter](https://Nitter.it/ericyakes/status/1567555800784334850)] 