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My SEC Warning Regarding RBS Prescient As Biggest Loss Since Crisis on Mortgages Provision

Reggie Middleton's picture





 

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">Bloomberg reports #0033cc; transition: color 0.2s linear; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; background-color: transparent;">Royal Bank of Scotland Group Plc, Britain’s biggest government-owned lender, is on track for its largest pretax loss since 2008 after setting aside 3.1 billion pounds more ($5.1 billion) for legal and compensation claims. We will delve into this report in detail, but first a little background so we're all viewing 20/20.

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">I've been spending a lot of time rebuilding the banking system as software over a cryptocurrency framework. Basically, I'm building a more efficient, more "Trustworthy" financial system. Many are doubtful of these endeavors. I say, don't underestimate the effort. For one, a more efficient, more trustworthy system is sorely needed. Here we are, 7 years after the start of the #0033cc; transition: color 0.2s linear; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; background-color: transparent;">great financial trainwreck that I'm known for predicting, and I'm still at it doing the same thing to the same industry. This is only possible when there's a structural problem in the industry. A problem that rapid advancements in technology are ripe to solve.

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">On Thursday, 11 April 2013 I penned, #0033cc; transition: color 0.2s linear; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; background-color: transparent;">I Illustrate How The Irish Banking Cancer Spreads To The UK Taxpayer And Metastasizes Through US Markets! wherein I clearly illustrated that RBS is materially understating its liabilities AND even went so far as to include links to the SEC and the UK banking regulator so that US/UK taxpayers and investors can notify our erstwhile regulator(s) to the potential of financial shenanigans. The root of the problem is that RBS has materially under-reported its liabilities (in my oh so humble opinion.) Those that stress tested RBS (the same erstwhile professionals that allowed the Irish banks to pass their stress tests 3 months before they started collapsing) apparently overlooked humongous swaths of liabilities. 

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">The amount of evidence that I produced to back my claims was prodigous...

#2d2d2d; font-weight: 400; line-height: 1.2; margin-top: 0px; margin-bottom: 0px; padding: 0px; border: 0px; outline: 0px; font-family: Arial, Helvetica, sans-serif;">What happened behind closed doors?

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">Ulster Bank gave a first floating charge in favor of the Central Bank of Ireland (an arm of the European Central Bank) and the Financial Services Authority of Ireland. U.S. investors would have had to rely on the contents of The Royal Bank of Scotland's 2008 Annual Accounts which apparently (in my opinion) concealed the existence of the CRO registered charges to the Bank of Ireland.

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">#f2f2f2; display: inline-block; line-height: 0.5; vertical-align: top; width: 293px;">#0033cc; transition: color 0.2s linear; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; background-color: transparent; line-height: 0;">#cccccc; outline: 0px; font-size: 13.333333015441895px; background-color: transparent; vertical-align: baseline; cursor: pointer; display: inline-block; overflow: hidden; position: relative; float: none; width: 293px;">Ulster Bank RBS charge doc 2 Page 1#ffffff; float: none; height: auto !important;" /> >#000000;">Ulster Bank RBS charge doc 2 Page 1

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">Now, back to #0033cc; transition: color 0.2s linear; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; background-color: transparent;">the Bloomberg article...

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">The provision includes 1.9 billion pounds for lawsuits and fines tied mostly to the sale of $91 billion of mortgage-backed securities from 2005 to 2007, the lender said yesterday. It follows agreements Deutsche Bank AG, JPMorgan Chase & Co. and #0033cc; transition: color 0.2s linear; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; background-color: transparent;">UBS AG (UBSN) struck with U.S. regulators to settle claims they didn’t provide adequate disclosure about mortgage-backed debt sold in the housing bubble that preceded the 2008 financial crisis.

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">Are they referring to claims similar to the ones I made that RBS  bought Ulster Bank full of unrecognized mortgage crap, levered up off it and hid the debt? I strongly suggest my readers brush up on how #0033cc; transition: color 0.2s linear; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; background-color: transparent; line-height: 1.9;">The Irish Banking Cancer Spreads to the UK.

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">More than five years after giving RBS the biggest bank bailout in history, the government still hasn’t been able to cut its 80 percent stake.

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">... “When the crisis broke, the bank was involved in a number of different businesses in multiple countries that have subsequently faced heavy scrutiny by customers and regulators,” McEwan, 56, said in yesterday’s statement. “The scale of the bad decisions during that period means that some problems are still just emerging.”

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">... The charges led the bank to cut its forecast for its core Tier 1 capital ratio, a measure of financial strength. RBS expects the ratio will be about 11 percent at the end of 2013, or as much as 8.5 percent under the latest rules set by the Basel Committee on Banking Supervision. That’s down from the company’s estimate of 11.6 percent and 9.1 percent in November.

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">“Fronting up to our past mistakes is very expensive, but RBS is a much stronger bank that can deal with these costs on its own while running a good capital position,” McEwan said on the call. “Dealing with these litigation and conduct issues is essential if we are to move the bank forward.”

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">Well, I still haven't noticed them come clean on the Ulster Bank charge issue. If they really are going to "Front[ing] up... past mistakes" then they really need to address this, no? If the Ulster Bank charges are included in the Basel capitalization guidelines, then RBS needs a bailout, and needs one Now! It doesn't end their though. On Monday, 20 May 2013 I queried #0033cc; transition: color 0.2s linear; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; background-color: transparent; line-height: 1.9;">Who is RBS? Royal BS... or the Royal Bank of Scotland, to wit:

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">"An independent Scotland would have an exceptionally large banking sector compared to the size of its economy - with banking assets of more than 1250 percent of Scottish [gross domestic product] - making it more vulnerable to financial shocks and the volatility of the sector," the Treasury report said on Monday.

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">The report pointed out Scotland's banking exposure would dwarf that of Iceland and Cyprus, two countries that faced severe banking collapses in recent years. Iceland's banks, for example, had assets equivalent to 880 per cent of GDP, while Cyprus, which faced a banking crisis in March, had total banking assets of around 700 per cent of GDP.

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">The report as cited by the article then goes on to make more direct comparisons to Cyprus, not unlike I did two months ago, but with Ireland (see #0033cc; transition: color 0.2s linear; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; background-color: transparent;">As Forewarned, The Irish Savers Have Just Been "Cyprus'd", And There's MUCH MORE "Cyprusing" To Come). 

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">"At the end of September 2012, the two largest banks – the Cyprus Popular Bank and Bank of Cyprus – had assets in the region of 210 per cent and 175 per cent of Cyprus's GDP respectively."

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">"It is worth noting that, if Scotland became independent, its banking sector would be similarly concentrated (with two large players, Bank of Scotland and Royal Bank of Scotland and a number of smaller firms), and that an independent Scotland's domestic banking sector would be likely to be significantly larger than that of Cyprus (assuming no change to firms' domicile arrangements)."

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">I penned, #0033cc; transition: color 0.2s linear; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; background-color: transparent;">I Illustrate How The Irish Banking Cancer Spreads To The UK Taxpayer And Metastasizes Through US Markets! wherein I clearly illustrated that RBS is materially understating its liabilities AND even went so far as to include links to the SEC and the UK banking regulator so that US/UK taxpayers and investors can notify our erstwhile regulator(s) to the potential of financial shenanigans. The root of the problem is that RBS has materially under-reported its liabilities (in my oh so humble opinion.) Those that stress tested RBS (the same erstwhile professionals that allowed the Irish banks to pass their stress tests 3 months before they started collapsing) apparently overlooked humongous swaths of liabilities. The charge documents referred to in the aforelinked article are definitively not apparent in the recent bank stress testing’ conducted by the European Banking Authority, at least not in the summary results that the EBA have made available. For those who are still skeptical, I beg thee reference the #0033cc; transition: color 0.2s linear; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; background-color: transparent;">RBS Stress Test download.

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">To think, there are actually many who query as to why I seek to make a more efficient financial system...

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">With the latest advances in technology, I can literally replace large swaths of bank functions with software. Software that doesn't lie, cheat, steal, or screw you for a bonus! Zero Trust software...

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">#f2f2f2; display: inline-block; line-height: 0.5; vertical-align: top; width: 309px;">#0033cc; transition: color 0.2s linear; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; background-color: transparent; line-height: 0;">#cccccc; outline: 0px; font-size: 13.333333015441895px; background-color: transparent; vertical-align: baseline; cursor: pointer; display: inline-block; overflow: hidden; position: relative; float: none; width: 309px;">page-0#ffffff; float: none; height: auto !important;" />#000000;">page-0#f2f2f2; display: inline-block; line-height: 0.5; vertical-align: top; width: 309px;">#0033cc; transition: color 0.2s linear; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; background-color: transparent; line-height: 0;">#cccccc; outline: 0px; font-size: 13.333333015441895px; background-color: transparent; vertical-align: baseline; cursor: pointer; display: inline-block; overflow: hidden; position: relative; float: none; width: 309px;">page-1#ffffff; float: none; height: auto !important;" />#000000;">page-1#f2f2f2; display: inline-block; line-height: 0.5; vertical-align: top; width: 309px;">#0033cc; transition: color 0.2s linear; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; background-color: transparent; line-height: 0;">#cccccc; outline: 0px; font-size: 13.333333015441895px; background-color: transparent; vertical-align: baseline; cursor: pointer; display: inline-block; overflow: hidden; position: relative; float: none; width: 309px;">page-2#ffffff; float: none; height: auto !important;" />#000000;">page-2#f2f2f2; display: inline-block; line-height: 0.5; vertical-align: top; width: 309px;">#0033cc; transition: color 0.2s linear; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; background-color: transparent; line-height: 0;">#cccccc; outline: 0px; font-size: 13.333333015441895px; background-color: transparent; vertical-align: baseline; cursor: pointer; display: inline-block; overflow: hidden; position: relative; float: none; width: 309px;">page-3#ffffff; float: none; height: auto !important;" />;">#000000;">page-3#f2f2f2; display: inline-block; line-height: 0.5; vertical-align: top; width: 309px;">#0033cc; transition: color 0.2s linear; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; background-color: transparent; line-height: 0;">#cccccc; outline: 0px; font-size: 13.333333015441895px; background-color: transparent; vertical-align: baseline; cursor: pointer; display: inline-block; overflow: hidden; position: relative; float: none; width: 309px;">page-4#ffffff; float: none; height: auto !important;" />#000000;">page-4#f2f2f2; display: inline-block; line-height: 0.5; vertical-align: top; width: 309px;">#0033cc; transition: color 0.2s linear; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; background-color: transparent; line-height: 0;">#cccccc; outline: 0px; font-size: 13.333333015441895px; background-color: transparent; vertical-align: baseline; cursor: pointer; display: inline-block; overflow: hidden; position: relative; float: none; width: 309px;">page-5#ffffff; float: none; height: auto !important;" />#000000;">page-5

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">If the RBS/Ulster Bank mortgage-backed secutities would have been traded through UltraCoin, rehyppthecation, double-spending, over-leverage, and thrice pledged assets would have been a thing of the past. These contracts are overollateralized (200%) and use no leverage, yet still hold the promise of significant return, not to mention a mere fraction of the cost of the big bank stuff.

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">For those who ponder if I'm the one qualified to structure ZeroTrust products to curb Wall Street charlatanism, reference Who is Reggie Middleton?

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">Will the dawn of this technology herald the end of fractional reserve banking as we know it?

#666666; padding: 0px; border: 0px; outline: 0px; font-size: 13.333333015441895px; font-family: Arial, Helvetica, sans-serif; line-height: 16.46666717529297px;">Let it be known, Wall Street banks' profit margin IS my business model!!!

 


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Thu, 01/30/2014 - 20:15 | Link to Comment pupdog1
pupdog1's picture

The Bitcoin problem is this.

Gold and gold-backed paper has scarcity. Bitcoin claims to have scarcity by only mining a finite amount of the "stuff."

That's every hacker's call to action, but let's say it is true (i.e., defensible).

Gold has uniqueness. There is only one atomic arrangement called gold, and it is found and processed, not manufactured.

Bitcoin is about as scarce as the next Cheetos-stained teenage freakshow operating in his mom's basement who congers up the next bitcoin... Bitcoin Redux. Fiat currency has a government's threat of violence to protect it. Bitcoin's protection is as good as it's inventor's line of marketing bullshit.

Gold has barrier to entry. It takes a zillion dollars worth of land, huge trucks, much labor, and giant grindy machines to profitably mine gold.

All Bitcoin Redux takes is another bag of Cheetos and a case or two of Zap Cola.

 

 

Thu, 01/30/2014 - 18:00 | Link to Comment Wave-Tech
Wave-Tech's picture

Not 100% sure but it appears to me that Reggie’s UltraCoin is more of a “software platform exchange” for converting bitcoin to fiat / fiat to bitcoin rather than an actual digital currency itself.  

Thu, 01/30/2014 - 15:50 | Link to Comment TPTB_r_TBTF
TPTB_r_TBTF's picture

 

 

Will there be any confusion between this UltraCoin and that UltraCoin?

Thu, 01/30/2014 - 19:06 | Link to Comment tip e. canoe
tip e. canoe's picture

hmm, interesting.  that ultracoin looks like it's going to be a PoW/PoS hybrid.    it's also got client downloads available with scant other info.   malware honey pot?

still think reggie should call his BOOMcoin.

Thu, 01/30/2014 - 15:49 | Link to Comment lasvegaspersona
lasvegaspersona's picture

Reggie

the problem I see is that even with a perfectly functioning medium of exchange, WE, The People, have always demended that money be made 'easier'.

Yes many will shout that money should be made harder and that value should be maintained in a currency. Then the debtors of the world, shout even louder and in greater numbers that "NO!, it is too hard to pay our debts, make the money just a bit easier to come by so we can be relieved of these burdens!"

This is not the fault of the system, the bankers (who often hold the debt) nor even the politicians. It is US!. We as a whole have always made these demands. We even guillotine those who hold the paper that 'enslaves' us. This is in spite of the fact that we begged for the funds in the first place.

The solution lies, not in a perfect medium of exchange, but in a removed store of value.

When a store of value exists, apart from the currency, then savers can look at the panedonium in the currency system without being forced to share the pain.

Ultimately, gold, released from the many derivatives that keep its currency price low, will fill this function. It always has.

All we need now is for the current system to do what it always does when debts get out of control...collapse. With collapse comes a great cleansing, a removal of the debt and the destruction of the gold derivatives. It seems like we have been waiting for this forever but patience, the inevitable eventually comes. When it does perhaps these new medium of exchange will play a central role. They will always be that however, just a medium of exchange....unless you have a solution for human nature.

Thu, 01/30/2014 - 13:27 | Link to Comment GottaBKiddn
GottaBKiddn's picture

Rock on, Reg!

Thu, 01/30/2014 - 12:41 | Link to Comment maskone909
maskone909's picture

WHAT!?!?  This is crazy!  What does Paul Krugman have to sayabout all of this???

Thu, 01/30/2014 - 12:04 | Link to Comment Mercury
Mercury's picture

The problem is, all the advantages of a crypto-currency would be a central bank's (and its government's)  advantages if they were to issue one.  What central planner or central bank wouldn't want to get rid of physical cash and attach an audit trail to all its currency?

They would also have a huge implementation advantage and most people wouldn't see past the promises of safety and security until it was too late.

I have no problem with Reggie's self-promotion or record touting. In fact I think a cape and a mask would suit him admirably.

Thu, 01/30/2014 - 12:22 | Link to Comment donsluck
donsluck's picture

Since almost all "money" is already digital, the only change is who runs it. Reggie is trying to be the one. I doubt he will succeed.

Thu, 01/30/2014 - 12:58 | Link to Comment Skateboarder
Skateboarder's picture

"Uh... I'd like a small coffee and a blueberry muffin please."

"That will be 0.06918 UltraCoins sir. Would you like to lock it in at that price?"

"Yes please!"

Thu, 01/30/2014 - 16:15 | Link to Comment BLOTTO
BLOTTO's picture

Whats the use of a new system, when the old people are still in control?

.

Its like buying a new car, every year, from the same crooked old dealership. And every year that brand new cars' engine seizes. You expect this time the car will work?

Same as it ever was...

Thu, 01/30/2014 - 11:53 | Link to Comment RaceToTheBottom
RaceToTheBottom's picture

Bitcoins are not needed to force legitimacy in the financial markets.  Just a goal to not have Probabilistic thievery (via Fractional Reserve and many other methods) and basic ledger management. 

The present system is designed specifically to allow thievery.

 

PS. I have to spend two times the normal effort, mentally taking out Reggie's ego before I can read his stuff.

Thu, 01/30/2014 - 11:42 | Link to Comment RMolineaux
RMolineaux's picture

Reggie  -  If you could rein in the self-glorification you would be a lot more effective.

Thu, 01/30/2014 - 13:39 | Link to Comment Amagnonx
Amagnonx's picture

I have to laugh - ya, he has an ego and I doubt he will ever be able to detect it - let alone reign it in.  Regardless, he should be proud of his efforts in this regard, the work he is doing is probably the most important work being done on this planet at this time - so I can imagine the difficulty he has holding it in :D

 

Still, Reggie - it would definitely serve you well to have someone edit your work to improve your public image :D  Though dont stop pointing out if you have made accurate predictions, that is a pillar of your credibility.

 

Im a big fan Reggie, keep up the great work.

Thu, 01/30/2014 - 14:18 | Link to Comment Dingleberry
Dingleberry's picture

In this prognostication biz, you either fly high or crash and burn.

Reg has been correct far more than not. His record speaks for itself.

He can talk shit if he wants to.

You would if you were in his shoes.

I, of course, would exercise my legendary humility....

 

Thu, 01/30/2014 - 12:50 | Link to Comment sunnyside
sunnyside's picture

iReggie is a humble cat isn't he.

Thu, 01/30/2014 - 16:29 | Link to Comment Motorhead
Motorhead's picture

I'd be, too, if I were banging Lauren Lyster.

Thu, 01/30/2014 - 11:29 | Link to Comment Going Loco
Going Loco's picture

He is absolutely right that it is possible to replace the majority of banking functions with software, making banks into utilities. There would also need to be a clear distinction between two kinds of bank account: custodial or safekeeping accounts for which customers would pay a fee, and at-risk interest-earning deposit accounts that are available for lending, preferably through an intermediated peer-to-peer system. The insuperable difficulty is that a better banking system will not be permitted by the banksters who control the existing system.

Thu, 01/30/2014 - 12:13 | Link to Comment madtechnician
madtechnician's picture

They may not have a choice. When the Jet Engine arrived aircraft manufacturers had the choice to either start using them or go bankrupt.

Thu, 01/30/2014 - 14:56 | Link to Comment TPTB_r_TBTF
TPTB_r_TBTF's picture

The aircraft industry is not binary and harldy comparable with the financial industry!

The aircraft manufacturers had another alternative:

 

3. Continue producing props by the thousands.

 

see the List of most produced aircraft and count the props against the jets.

Thu, 01/30/2014 - 13:39 | Link to Comment Going Loco
Going Loco's picture

The aircraft manufacturers were not able or motivated to destroy the jet engine innovation. The banksters are able through their control of politicians and central bankers to prevent banking innovations emerging and they have very strong motivation to do so.

Thu, 01/30/2014 - 13:44 | Link to Comment madtechnician
madtechnician's picture

The banks are all technically insolvent. Won't be too long before the next rounds of bail-in's start , when that happens nobody will be listening to the banks. Their days are numbered.

Thu, 01/30/2014 - 14:05 | Link to Comment TPTB_r_TBTF
TPTB_r_TBTF's picture

When the bankers run the S&P down to 666 (again!), the bankers will get listened to.

 

Give the bankers the ability to control the nation's finances, and they care not who makes the laws!

Thu, 01/30/2014 - 11:29 | Link to Comment dizzyfingers
Thu, 01/30/2014 - 11:09 | Link to Comment Clowns on Acid
Clowns on Acid's picture

Lotsa details left out of the UltraCoin, Reggie. 

Thu, 01/30/2014 - 14:44 | Link to Comment CoonT
CoonT's picture

Vegas ain't got nuthin on crypto! I can't wait to ride this pump-and-dump tsunami, brought to us this round, by our friendly neighborhood contrarian.

 

Surf's up, dudez!

Thu, 01/30/2014 - 14:37 | Link to Comment Matt
Matt's picture

Does UltraCoin have its own blockchain?

If so, what crypto is used?

How is it mined?

Will you publish a white paper?

Will you publish the source code?

Does it parasitically ride on the Bitcoin blockchain, and risk being removed by the developers in future versions?

Will you be publishing the source code to the client?

If UltraCoin does not have its own blockchain, is this a service hosted on a server?

Thu, 01/30/2014 - 19:20 | Link to Comment tip e. canoe
tip e. canoe's picture

matt, tangent: have you heard of open transactions?   just listened to this today, interesting:

http://letstalkbitcoin.com/chris-odom-on-opentransactions/

don't know enough about either to determine how much overlap between this & boomcoin. but it seems at least a little.   the guy talks about why the platform uses a server (to keep it off the blockchain), and how the server acts simply like a notary with no fiduciary capabilities.

Thu, 01/30/2014 - 18:38 | Link to Comment Reggie Middleton
Reggie Middleton's picture

The very first line in the whitepaper says...

About the
Application

 

UltraCoin,
a crypto-currency derivative application and management system is a one of a
kind solution that is literally the most revolutionary thing to hit finance
since the printing press. It allows its users to create zero trust, smart
contracts governing the behavior of crypto-currencies, crypto-securities and
their interaction with traditional fiat currencies (conventional sovereign
money, ex. USD or EUR), allowing hedging, speculation and capital mobility
opportunities for its users.

Thu, 01/30/2014 - 21:00 | Link to Comment Matt
Matt's picture

Nice little marketing pamphlet, but that really does not describe how it works; is it just a client-server based exchange that uses bitcoin?

Thu, 01/30/2014 - 17:59 | Link to Comment Wave-Tech
Wave-Tech's picture

Not 100% sure but it appears to me that Reggie’s UltraCoin is more of a “software platform exchange” for converting bitcoin to fiat / fiat to bitcoin rather than an actual digital currency itself. 

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