Posted on 01/14/2019 3:46:50 PM PST by Responsibility2nd
Bitcoin may as well be losing lotto tickets. So, no.
Like every advance in the progress of man, they'll try, but won't be able to stop it, short of returning us to the jungle through nuclear Armageddon - which I don't rule out.
The internet and distributed ledgers, able to run on it, will replace our current concept of money, which itself is only a method of accounting for services rendered/goods exchanged/etc.
Concepts of money, government, taxation, employment are all about to undergo extreme makeovers - literally biblical in nature.
Completely agree that we will eventually be forced into a digital economy where currency ceases to exist in physical form.
However, the digital currency will still be limited on the ledger to being backed by treasury securities. Those are the only governmental financial instruments that give away the future labor of the citizens.
Going digital will lock the entire world into "promise of future labor" based currency.
It is those who amass claims on this future labor that hold immense power.
So many focus on currency, etc. The world economy has much more to do with who controls the future labor of others. That would primarily be the international banks.
As an example - when Bush went to war with Iraq, what do you suppose was one of the first things that occurred over there when the military gained control?
Iraq used to have their currency printed and distributed by their Treasury. You can think of this as the currency being backed by the "completed labor" of the citizens.
A central bank was install in Iraq to change its money supply to debt-based.
Read up on the history of the British "tally stick", and what happened when Queen Mary (legal heir to the throne) wed King William and established a co-monarchy, then died shortly after. King William proceeded to establish the Bank of England - just as he had previously done in Holland with the Bank of Amsterdam.
ROFL!!!
Haha!
Why do you think that?
Yes I know XRP is nick named the Bankers coin. This is because it is regulation friendly, and now so is Bitcoin since they now want to be traded by Wall Street Institutions in order for the price to increase.
A lot of people argue that BTC is centralized since China has nearly 75% of the Hash power. Although Japan and Russia are ramping up mining has power. So I am doubtful China will be able to maintain its dominance.
As you already we have a huge financial problem that will affect all of us soon. Something has to be done or we will all be in great economic trouble. This is why I prefer a coin that works with the regulators and the government vs. opposing it. It should be the solution and not an adversary. As for the old Federal Reserve Banking system. It will be toast in 20 years. Although I am sure the families will probably still be very wealthy for at least 4 more generations.
If it’s the same SAP that deals with payroll, then I am very familiar with it. Haha!
So because the Bankers have the ability to get the rules changed to benefit themselves, the free market must capitulate? Let me introduce you to "The Irony of Democracy", if you haven't read it already.
Such may not succeed, if the internet remains somewhat free, or we're able to circumvent controls as they are established.
Anyway, this colossal financial experiment began last century may soon prove to be the biggest boondoggle in all of human history. So it will good to have something in place (i.e., Crytpo currencies) to allow us some sort of means of commerce, banker coins or not. :)
#AlwaysBePrepared
I feel like our current financial system is the biggest Ponzi scheme in all of human history. Think social security, fractional banking, quantitative easing, CB purchased securities, synthetic CDOs (weapons of mass financial destruction - Buffet) and etc.
I think Buffet got it right. In roughly the last 100 years, TPTB have laughed in the face of thousands of years of human monetary experience, putting at risk the well being of the entire world's population because of their greed for exponential growth of money.
...putting at risk the well being of the entire world's population because of their greed for the exponential growth of the "control of the future labor of others" (which is what money is backed by).
The real issue I have with our current system, besides complete loss of control over debt by our government and Fed, is the concept of fractional-reserve banking.
It obviously encourages "creative investing" (e.g., SDOs & etc.), and truly allows for money creation out or "thin-air". Credit cards represent another 1-2 trillion dollar money creation scheme - which if payed off at once would collapse the entire system.
Fractional-reserve banking is the Achilles heal of our current monetary experiment, along with the critical need to maintain data automation.
And since even systems based on actual precious metal coinage eventually failed, due to debasement, how much longer will our fiat money survive?!
Speaking of survival, since we now live mostly in specialized societies worldwide, failure of our monetary system, or lines of communication, will mean millions, perhaps billions will die.
The "uncivilized" and well-to-do/prepared only left to continue our species.
Currency refers to a component of the M0 or M1 money supply, and does not depend on any loans for expansion or contraction.
Other types of loans do expand the "overall" money supply - but are future labor obligations on specific people or organizations - rather than the general citizenry like treasury security backed currency.
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