Author Topic: seems not good, mega banks go crypto currency  (Read 2236 times)

Offline surfivor

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seems not good, mega banks go crypto currency
« on: June 14, 2017, 05:15:36 PM »
 I had always been suspicious of stuff like bitcoin and because it was developed in secret by people who seemed tied to intelligence agencies etc


http://www.telegraph.co.uk/business/2016/03/13/central-banks-beat-bitcoin-at-own-game-with-rival-supercurrency/

Central banks beat Bitcoin at own game with rival supercurrency

========

https://www.ft.com/content/1a962c16-6952-11e6-ae5b-a7cc5dd5a28c?mhq5j=e1

Four of the world’s biggest banks have teamed up to develop a new form of digital cash that they believe will become an industry standard to clear and settle financial trades over blockchain, the technology underpinning bitcoin.

UBS, the Swiss bank, pioneered the “utility settlement coin” and has now joined forces with Deutsche Bank, Santander and BNY Mellon — as well as the broker ICAP — to pitch the idea to central banks, aiming for its first commercial launch by early 2018.

The move, to be announced on Wednesday, is one of the most concrete examples of banks co-operating on a specific blockchain technology to harness the power of decentralised computer networks and improve the efficiency of financial market plumbing.

Offline Carl

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Re: seems not good, mega banks go crypto currency
« Reply #1 on: June 14, 2017, 06:37:41 PM »
  And a great way to tax and control the masses...

Offline bigbear

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Re: seems not good, mega banks go crypto currency
« Reply #2 on: June 15, 2017, 09:06:40 AM »
Interesting article and concept.  Thanks for posting.

From a political standpoint, it will face some stiff political challenge by commercial banks. 

From an economic standpoint, it seems like a fools choice to me though.  Behind door #1 (today's structure) you have fractional reserve commercial banking (with it's boom/bust gyrations).  Behind door #2 you cut out the middle man and have more central control in the government.

I can see value in getting lessening the boom/bust.  But the risk still remains the Achilles heal of all central planning:  you can't see everything.  There will eventually come along some type of event that the central bank cannot foresee or interpret in the code.  And when that happens, the bust is greater than any other. 

From a practical standpoint, I wouldn't be shocked if it moves forward and becomes the norm.  More control and they can drag out the game a bit longer (like all of the other iterations of fiscal moves: Jekyll Island, Bretton Woods, floating currencies helicoptering...).

The value I (and those who are skeptical of .gov meddling in currencies) see in crypto is that it is NOT associated with a central bank.  It's simply an independent mutually agreed upon means of transfer value in a transaction.  However, its weaknesses include universal acceptance/trust and competing technology advancements.

I'd love to hear what others think.

Offline surfivor

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Re: seems not good, mega banks go crypto currency
« Reply #3 on: June 15, 2017, 09:28:55 AM »
 I often listen to a (alt) Christian podcast: "Canary Cry news talk". This week they had mentioned about these banks going crypto currency. I think these two guys that do the show are actually out of California

 Here are some links to the show episode from Tuesday. The Crypto currency part starts at 10 minutes into the show after they are done talking about RFID chips at the beggining

utube (audio only)
https://www.youtube.com/watch?v=iF5YGRXZIIE


http://canarycrynewstalk.com/blog/2017/6/13/ccnt-computer-chips-crypto-cash-06132017


links from show notes:

RFID industry projected to reach $30 Billion in 6 years

http://www.prnewswire.com/news-releases/rfid-market-worth-3142-billion-usd-by-2023-626760911.html

Russia China will build Crypto on Ethereum

https://btcmanager.com/russia-china-to-digitize-currency-with-ethereum/

International Banks joining the Chamber of Digital Commerce

https://www.cryptoninjas.net/2017/06/12/bnp-paribas-bny-mellon-join-chamber-digital-commerce/

Bitshares in China

https://www.cryptoninjas.net/2017/06/10/chinese-exchange-chbtc-adds-bitshares-bts/

Nephilim game

http://www.dualshockers.com/lost-child-gets-screenshots-el-shaddai-enoch-return/



« Last Edit: June 15, 2017, 09:39:43 AM by surfivor »

Offline surfivor

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Re: seems not good, mega banks go crypto currency
« Reply #4 on: June 21, 2017, 02:25:37 AM »
 This weeks Canary Cry Newstalk podcast they talked about a bill introduced to mean you have to declare all crypto currency when entering the USA with very severe penalties that sound like everything you own could be seized if you don't comply and you would be thrown in jail.

http://canarycrynewstalk.com/blog/2017/6/20/ccnt-un-ball-and-blockchain-06202017

http://www.economicpolicyjournal.com/2017/06/bill-calls-for-massive-new-escalation.html

A bill introduced by Sen. Chuck Grassley [R-IA] on 05/25/2017 and co-sponsored by Sen. Diane Feinstein [D-CA], Sen. John Cornyn [R-TX] and Sen. Sheldon Whitehouse [D-RI] is the latest step in the war on cash and e-currencies.

US Bill S.1241 – The Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017, contains a provision to greatly extend its authority to seize your assets through “Civil Asset Forfeiture.” Corporations will also be required under the Act to monitor the size of activity on prepaid credit cards, prepaid phones, prepaid retail gift cards and prepaid coupons.

The bill also would require the Secretary of Homeland Security and the Commissioner of U.S. Customs and Border Protection to devise a “border protection strategy to interdict and detect prepaid access devices, digital currencies, or other similar instruments, at border crossings and other ports of entry for the United States, including an assessment of infrastructure needed to carry out the strategy.”

..

      Since digital currencies technically travel with the holder where ever the holder goes, one would have to declare one’s entire crypto portfolio each time the holder entered the U.S. Such a declaration is not required for travelers who may happen to have bank accounts or precious metals worth more than $10,000 stored outside the United States.

    The type of infrastructure required to detect foreign holdings may come in the form of (i) expanding Foreign Account Tax Compliance Act to currently unregulated foreign crypto currency exchanges and to non U.S. citizens. FATCA currently only applies to U.S account holders of certain foreign financial and non financial institutions; (ii) some type of global monitoring of blockchain activity; or (iii) extreme vetting at the border and penalties for non disclosure that would encourage full disclosure.

..

[T]hey’re authorizing themselves in this bill to seize not just the money you didn’t report, but ALL of your assets and bank accounts.

They even go so far as to specifically name “safety deposit boxes” among the various assets that they can seize if you don’t fill out the form....

..

But it’s even crazier that they’re threatening to take EVERYTHING that you own merely for not filling out a piece of paper, without any due process whatsoever.

Oh, and on top of civil asset forfeiture penalties, there are also criminal penalties.

Right now according to current law they can imprison you for up to FIVE YEARS for not filling out the form. Five years.

So this bill aims to double the criminal penalty to TEN years in prison.

..

And if that weren’t enough, this bill also gives them with new authority to engage in surveillance and wiretapping (including phone, email, etc.) if they have even a hint of suspicion that you might be transporting excess ‘monetary instruments’.

Usually wiretapping authority is reserved for major crimes like kidnapping, human trafficking, felony fraud, etc.


The bill also attempts to drop a major bomb on Bitcoin by including it in the list of monetary instruments that must be reported when entering or leaving the US.

So theoretically if you leave the US with more than $10,000 in Bitcoin or Ether, you’d have to confess this fact to the authorities or otherwise face the aforementioned penalties, i.e. prison time, civil asset forfeiture, etc.


Offline Smurf Hunter

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Re: seems not good, mega banks go crypto currency
« Reply #5 on: July 07, 2017, 12:05:01 PM »
  And a great way to tax and control the masses...

Just think - two private adults exchanging used items across state lines would be subject to federal financial regulations...

Offline Smurf Hunter

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Re: seems not good, mega banks go crypto currency
« Reply #6 on: July 07, 2017, 12:10:34 PM »


The bill also attempts to drop a major bomb on Bitcoin by including it in the list of monetary instruments that must be reported when entering or leaving the US.

So theoretically if you leave the US with more than $10,000 in Bitcoin or Ether, you’d have to confess this fact to the authorities or otherwise face the aforementioned penalties, i.e. prison time, civil asset forfeiture, etc.


WTF!?

Last summer we took a family day trip to Vancouver, BC.  For the novelty of it, we visited the WORLD's first bitcoin ATM.  My son deposited a $10 canadian note into it, and got a printed blockchain address in exchange.  He ultimately scanned and deposited into his CoinBase account to buy video games, but the point is it's still possible to anonymously exchange fiat paper currency for a bitcoin paper wallet.

In my scenario the .gov could no better prove you had a bitcoin paper wallet than a shoe box with cash under your mattress.

But I can leave the country with my debit card, that's connected to a checking account with > $10,000.  Then I could withdraw that money on foreign soil theoretically.

LVWood

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Re: seems not good, mega banks go crypto currency
« Reply #7 on: January 31, 2018, 02:48:49 PM »
Little known company Blockchains  pays $175 million for 74,000 acres in Nevada For mysterious Ethereum project

In the same industrial park Tesla's Gigafactory is located near Sparks, Nevada, and they only take up 3,000 acres.
175,000 acres or 110 square miles for a blockchain company?

https://www.zerohedge.com/news/2018-01-30/unkown-group-pays-175-million-74000-acres-nevada-mysterious-ethereum-project

Offline Carl

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Re: seems not good, mega banks go crypto currency
« Reply #8 on: January 31, 2018, 04:03:20 PM »
  Digital stuff takes a lot of sun to grow....