This page has been archived and commenting is disabled.
Wells Fargo, America's Largest Bank By Market Cap, Pushing To Offer Bitcoin Services
Earlier we pointed out that mortgage origination at Wells Fargo - the bank's bread and butter - is crashing at an unprecedented pace, and as per the conference call, Q1 isn't looking any better. Naturally, it stood to reason that the bank would seek alternative business and product lines to supplant the declining revenue it used to generate when it would originate some $100 billion in mortgages every quarter, now half that number. However, not even in our wildest dreams did we predict just what this "alternative" product would be. Because, as the FT reports, Wells Fargo, the largest US bank by market cap, is currently exploring Bitcoin as just that revenue replacement source. Per the FT: "Wells’ anti-money laundering chief, Jim Richards, has launched a group to examine how it might safely offer Bitcoin-related services or banking arrangements to virtual currency entrepreneurs, according to people familiar with the initiative."
More:
Wells chief executive John Stumpf said it was the bank’s practice to examine financial innovations.
“We have made enormous investments as a company and as an industry in a payments system that is secure, and we need to be sure we are up to speed with what other things are going on and their risks and rewards,” he said.
“We want to make sure we understand what it is, what it does and what it does not . . . . The world is changing and will continue to change. Whether Bitcoin will be a big part of that, who knows?”
As the FT accurately points out, "the difficulty in persuading financial institutions to offer bank accounts has become one of the biggest difficulties facing Bitcoin entrepreneurs in the US." Which of course means it is also a great opportunity for the first entrant, such as what almost certainly appears to be Wells:
Wells’ public-private group, comprising more than a dozen members, was scheduled to meet in San Francisco on Tuesday to debate the security issues surrounding banking and Bitcoin. One possible aim would be to produce a set of anti-money laundering principles for established financial institutions to follow when dealing with virtual currency start-ups, according to a person familiar with the event.
Naturally, the US government's desire to increasingly regulate Bitcoin has pushed it to scramble in clearing up what the legal status of Bitcoin is: "last month the Congressional Research Service circulated a report on virtual currencies for policy makers, setting out a list of areas where the legal and regulatory approach to Bitcoin remains unclear. These range from national tax issues, because Bitcoin profits are not recorded within the traditional financial system, to concerns among individual states."
However, as HSBC and various other criminal banks have shown, if a client is willing to pay for a service, regulations and/or laws is the last thing banks are concerned with, so while the US Congress and Fed dither on how to treat Bitcoin first Wells and soon all other banks will provide some Bitcoin-related services.
Then the only question becomes whether the people who have used Bitcoin in the past precisely because it remained at more than arms length away from the big money centers, will continue to do so now that BTC is for all intents and purposes just another institutionalized asset, if not quite currency just yet.
- 20439 reads
- Printer-friendly version
- Send to friend
- advertisements -


Well this will end well...
yeah, this will be problematic for the bitcoin anti-establishment marketing pitch... anyone still want to claim that some guy in a basement came up with bit coin? satan coin goes mainstream.
It's all propaganda until we see what is really done.
I still don't get why so many ZHs hate Bitcoin so much. It's like they'd rather conduct commerce in fiat. Of course I'd rather conduct commerce in gold, but Bitcoin is the only viable alternative right now.
bitcoin is like the Fed....it has Rothschilds fingerprints all over it........
the secrecy behind both bitcoin and the Fed are deeply disturbing....
As long as banks dont start issuing fractional reserve credit bitcoins they can do whatever they want for "related" services
+ .0000000000012 ;-)
I don't care if Wells Fargo and the likes of them become involved in Bitcoin because Bitcoin is much more powerful than all of them combined.
Fantastic religious fervor frothing forth from everyone here who worships the GOD OF MONEY. Doesn't matter if it's paper, BTC or metals, it's just different versions of the same GOD that you worship. Money isn't truly necessary for civilization, although very few have the imagination to conceive of how such a society would work. Carry on.
Trade is necessary for civilization.
Trade and taxes. Does bitcoin enable both? Not yet.
Bitcoin Myths Exposed:
http://www.planbeconomics.com/2014/01/bitcoin-myths-exposed.html
Taxes? This presumes that government, and the pointing of a gun, are civilized.
Will work for beer.
All the easier for me to take your money little red riding hood.
"we couldn't believe the number of suckers that fall for this crap. We had to have a piece of it" said Stumpf.
we want a piece of the action! a fucking banker want in? oh, yea, i see what up!!!
now, imagine if wells ceo said; we are iniitiating the rollout of a precious metals exchange at all of our branches and we want to be involved with the conversion of fiat cuurency for a great store of value!
BellyBrain, I wholeheartedly agree. In fact, the things that ail our civilization are all related to the obsession with money / power. Both will wane as we enter a sustained surplus socio-economic condition.
There's no such thing as a 'surplus' socio-economic condition. People always want more.
Maybe in Iain M. Banks' The Culture we'd have surplus, but we are a long, long way off that.
We are a long way off only because many want the privilege they currently have maintained. If we were actually focused in trying to create the surplus, we'd have achieved it long ago.
Money -- real money that powerful men cannot create and distribute at will -- is not a god -- but it is freedom. Freedom for concenting adults to trade their effort -- their time on this Earth -- freely and without coercion.
False money -- like we have all over the world right now -- is evil. It represents powerful men controlling the world -- controlling all human interactions -- by forcing us to accept their force-backed 'money'.
The people who tell you that money is evil -- are themselves evil.
Does it have 7000 years of history bonestar? Inquiring minds want to know...
Bitcoin = mainstream now, just another reg op. LOL!!
Bitcoin will be usurped by the bankers. Can see it happening. So is it a free, libertarian medium of exchange? Or a plan to move you into a digital currency where your every move is tracked and soon to be taxed? The entire thing stinks. The logo, the gold coin, the secrecy. Why someone would put their faith into something so nefarious is remarkable. I think you Bitcoiners are highly delusional and are searching for that one thing that will (falsely) protect you, because you've seen everything else fall victim to US govvy manipulation. Bitcoin is no different.
Its because some of us dont trust that its creator and its true intentions are pure and honorable...imo, its seems everyday as bitcoin is mentioned, the more suspicious it seems to get.
Why don't we just refer to it as NSAcoin from here on out, and be done with it?
NSA has nothing to do with Bitcoin you morons.
I'm still ready to teach you about how to make arguments without resorting to logical fallacies.
Or you could teach yourself.
Right now you are continuing to act exactly as a paid shill would act.
There are excellent reasons to be suspicious of BTC, and those reasons cannot be disproven by calling people names.
Exactly, and Satoshi Nakamoto is an asshole!
NSA has nothing to do with Bitcoin you morons.
Try looking at most of the original research published on the subject cryptocurrencies. Who was involved with most of it? NSA employees.
I think anyone here, if they take a few minutes and seriously think about it, will arrive at the conclusion that Bitcoin, and all the other "cryptos" are creations of the very same TPTB that have been Manipulating gold, silver for a decade+ This year we leaned w/o any doubt that ALL communications, including the encrypted commincations of Global Leaders, e-mail, phone, and much, much more, including people's cell-phones, PC's, TV's that can spy in on you. So are we supposed to believe that Nobody knows or knew about Bitcoin ??? And have you noticed how the same Talking Heads on the Financial Media, the ones who either ignore or trash gold, have been blabbing about Bitcoin constantly, daily. TPTB needed something to point The People to, other than gold and silver, because the USD was reaching the point where it wasn't wanted by many, globally speaking. I hope you all can see that Bitcoin is a FED sanctioned US/UK led "op"/ployWhere I live most commerce is done in KG's of RICE,... why limit yourself to FIAT or BTC? or GOLD.
Rice makes booze, you can eat it, you can store it, ... you can get anything you want if you have rice.
Food, shelter, family, ... love is way higher on human needs than toilet-paper money, or gold that you cannot eat.
**
In asia GOLD is kept so that you can run away from your home and start life anew elsewhere, and pocketful of gold can start a new life, ... but its not a replacement for life.
***
BTC is just one of 1,000's of cryptocurrency's, so quit this shit that BTC is the only virtual currency option.
The hardest thing in life is to KEEP your wealth, if you play BTC, its only a matter of time before you lose your wealth, and that is the problem.
It's called a free market, come to whatever trading arrangements you and your business partners agree to.
You can mix them with rabbit pellets and put um directly into your tank for better mileage too.
Dry Rice does share some of the qualities of money. It's divisible (at least as much as it needs to be - what's a single grain of rice worth? And if you want to subdivide that, I guess you could grind it and sell proportions of the resulting minipile). As long as the amounts compared contain roughly equal amounts of residual moisture, I'd presume it's fairly fungible, too.
It's intrinsically valuable, both in the sense of meeting consumer need and being scarce (at least in the sense it takes human labour to produce it in a useful state)
Portable and durable? Not so much.
For all intents and purposes Bitcoin and Litecoin are the only two crypto-currencies. Dried rice cannot be send accross the globe in real time, so another stupid comparison.
How do you know when Zenofrog has been swallowing too many hormone pills ?
Satoshi101 complains about her beard tickling the back of his kneck while he's being fucked up the ass by her clitoris .
I still don't get why so many ZHs hate Bitcoin so much. It's like they'd rather conduct commerce in fiat. Of course I'd rather conduct commerce in gold, but Bitcoin is the only viable alternative right now.
I'm sorry, but how exactly is bitcoin not a fiat currency?
How exactly is bitcoin a fiat currency?
"Satoshi" and his...ahem, board members...as the central bitcoin bankers, collect a capital gain on every "new minting"...thats how.
Just wait till they cash out to fiat, its gonna be epic ;-)
hey you show your face again?? where was that wave of terror you and your army were going to scare everyone about?
keep eating your popcorn and watching from the sidelines
I'll show my face wherever I want, when I want...soros.
Actually, I'm kinda enjoying the show you feckless turds put on, trying to make a YellenBuck and having it virtually vaporize before your very eyes.
With extra butter & salt ;-)
It is an invention. It is a network and it is a store of value. Spend a few minutes learning before you spout off...
http://www.cryptocoinsnews.com/2014/01/13/andreas-m-antonopoulos-compell...
And its encrypted too!!!...yada yada yada...
"WASHINGTON, Jan 14 (Reuters) - The U.S. National Security Agency has put software in almost 100,000 computers around the world allowing it to carry out surveillance on those devices and could provide a digital highway for cyberattacks, the New York Times reported on Tuesday."
http://www.huffingtonpost.com/2014/01/14/nsa-international-computers_n_4599030.html
I don't know whats more remarkable about you people, your blind faith of your power inside the digital world or your blind faith that you can move around inside it anonymously.
Surpised at anyone who doesn't see through who is behind Bitcoin ---just another diversion to keep The People out of gold and silver ...so, so obvious
Bitcoin Created by NSA & Others December 5 2013http://www.youtube.com/watch?v=dL97O2HzxCk
Published on Dec 4, 2013
France has banned cash, silver and gold (including jewelry) in the mail...thanks for watching!
http://groups.csail.mit.edu/mac/class...
You have it the wrong way around , people are cashing out of fiat and into BTC. And yes , it is already epic ;-)
It's not even a fiat currency, it's just a number.
You're buying a fucking number, that's all.
with all the inherent wealth that implies. Zero.
maybe in another 10 years you'll comprehend what the blockchain is.. right now just consider it witchcraft and not boil your mindless meathead over it
You already admitted you cashed out (that would be in fiat wouldn't it?) and set yourself up for...what was it again...two years?
Pump harder soros.
I'm a software engineer, bitch... I stack silver, not BTC!!
How do you make purchases of goods and services all over the world with your silver? If you need to leave your country and capital controls are in place, how will you take your silver with you?
In my pockets?
That's very little wealth.
That's very little wealth.
You can bet your arse it won't be in bitcoin either...
ever heard of 'back to back' funding?
1. You can always sell your silver and then buy it again in the new location.
2. You can buy and store physical silver in another country - in Switzerland, Frankfurt or Singapore.
Viamat or Brink's Global offers almost all countries of the world.
Viamat has 60 years of history on the market of safe storage valuables.
Brink's Global - 150 years.
1. You can always sell your silver and then buy it again in the new location.
You sure can... and pay a 15-20% transaction fee each time.
2. You can buy and store physical silver in another country - in Switzerland, Frankfurt or Singapore.
Kind of kills the "if you can't hold it you don't own it" arguement doesn't it?
In the world there is no perfect assets that are completely free you from all taxes and all risks.
We can only talk about the advantages and disadvantages of aggregate for each asset.
If we compare between silver and Bitcoin, my choice of course silver, anyway.
Risks of storing real silver in Switzerland or Singapore are negligible, compared to the risks of storing of virtual Bitcoin on the your hard disk.
When you buy a hedge, you have to know what you are hedging against.
What kind of future world.
For the future I want to hedge against, the right hedge is -- well -- look at my avatar!
I was shocked my husband,who has been in software development for over 30 years, wouldn't consider Bitcoin. When he explained to me the problems with it I heartily agreed. To me this is critical. Some one like me, Josephine Average must be confident to use Bitcoin in day to day transactions for it to be accepted as a viable currency. I can appreciate the younger less than 30 crowd being entranced with it being more comfortable with technology, but the bulk of economic activity lies with the 45-65 age bracket who view it more cautiously. We've been robbed enough and won't be fooled into dumping what little we have left into a potential pig in a poke.
Miffed;-)
P.S. Don't shop at Target.
Miffed, I've been working with computers since I was a kid, writing software since I was a late teen, and developing hardware for the last few years after college. I originally gave bitcoin and ZH early adopters the benefit of doubt, and I've been openly calling bullshit on bitcoin for a while now, but that's just me. My colleagues, veterans of the HW/SW field spanning the whole spectrum, haven't even mentioned bitcoin, and never will. I had a chat with my boss (owner, technology maker) recently where he mentioned getting contacted about a potential new biz opportunity for making bitcoin mining hardware a couple of years ago, but he said "lol" and went about his business.
I'm just a schmo who bangs nails in the schnow and even a brainfart like myself could tell Bitcoin was a fools errand from word "bit". Commonsense is all you need, programming not so much...
So before anyone else even heard of bitcoin, sneakily on Lawrence Expressway, possibly the birthplace of bitcoin (there's a jillion tech companies that lie on/near Lawrence), lay two billboards. One smaller one with the bitcoin sign, and one medium sized one with a store that accepted bitcoin. It's seriously been there for a long fucking time, no kidding. I've driven or been driven on Lawrence nearly every day, my whole life. Everyone sees this shit but no one adopts... literally a quarter of Silicon Valley's tech employees going past these two billboards and no adopters. Then a couple of years ago, way before the whole ALLAHU BITCOIN craze, the billboard is changed - it's a bigger one. It reads "Bitcoin, the honey badger of currencies," with a picture of a honey badger. It was right after that whole honey badger viral video thing. The other billboard with the store that accepts bitcoins remains the same lol.
That is how old the advertising for bitcoin goes, and no adopters. Fuck you bitcoin, fake slut.
rental for 40+ years of billboard space of course was paid in .........wait for it....
prains, skateboarder. What a pair: brainfart and braindead.
Can't either of you read? The LARGEST retail bank in the US wants legislative clarity so that it can work on offering the public Bitcoin-related services. They can see the future. Meanwhile you two will be the last people in the soup queue with wheelbarrows of fiat paper bricks, while those who had foresight drive past dropping fag-ash on your heads.
i think you might have slipped on some sidewalk bukakee and pulled a groin in your brain winterpuke, get your opposable thumbs in working order and wipe that shit off your face
answer this: if a bitcoin falls in the forest, does anybody hear it? NO! You're mistaking the sound of Sacktoshi's balls slapping off your chin !
Some paper, some PMs, some skateboards, some bacco/pot/booze, and as satoshi101 says, some bags of rice and wheat. I think we'll make it without bitcoin.
Bitcoin
......powered by kerosene for the 22nd century
Bitcoin v. paper = false dicotomy.
The central banking families are methodical and will govern all and everything. However, the realm of money is their metier. You can take away consumers from them and liberate souls from their evil mechanisms, but money/currency is forever theirs.
The cliche saying, "if you can not beat them, join them" precisely applies with Bitcoin. They will join and take over. They want the greed and egotism which fanatics of Bitcoin promote and generate. Welcome to the club of Satan Bitcoin.
One thing about capitalism, it is exceptional at cooption. Doesn't matter what it is or how taboo, if it has a market, it will be adopted, if it poses a threat, it will be enveloped / sanitized - neutered / marketed. Just look at the history of free radicals / social differences in society... they've been cocooned by the market.
It won't take 10 years to find out what it's worth and no one considers it witchcraft except mindless dumb fucks who pump and dump it...
I know what a block head is, someone who thinks he still has ten years left.
Troll with 001 IQ
Dickhead with less...
a lot less...
Ok let's flip a bitcoin, heads ill keep it tails You keep it. Winner will have to claim it on their taxes though, because they'll know.
It's a consensus currency.
It's a consensus currency.
then it may as well be Dick Cheney Chia Pets, if enuff people beleeve then why not use Dick sproutin pets
He who has the bucks to afford the most mining power has the power to change the software and create more bitcoin. Typically that would be government.
Actually by that explanation from bitcoin.org, it sounds as though the software could be changed anytime to allow more bitcoins. You want to keep using the old version where there are fewer bitcoins to mine so they are harder to find, you are welcome to do that. Look how many decades the govt has been debasing fiat and getting away with it.
Then there are the backdoors to the NSA...
The whole network has to agree, which would destroy Bitcoin's value instantly. I don't see it happening but also more than happy if that is reason enough to keep you away from the bitcoin economy.
It literally says all users can choose what version and protocol to use. That's your only guarantee. They even say developers are constantly improving (changing) the software. They can change the software, they can change the number of bitcoin.
Yep, they can change Their version of the software. Won't matter though unless the rest of the network adopts the changes. This is dangerous stuff, I recommend you stay away from bitcoin.
isn't visa basically bitcoin on a platic card? magic money paid digitaly-hell fucking o...
Lol, no it's not. Visa is basically a black box, they keep their own books behind closed doors. Bitcoin's accounting is distributed to each user so I don't have to trust you or some central clearinghouse or anyone but can still send and receive mullah quickly, cheaply with no worries about counterfeits and double-spends.
Bitcoin is a fiat currency for those who can't read and received their historical awareness degree from DeVry or Youtube.
Oh crap. I agree with Fonestar on the substance of this particular post.
It is given value by people trading things for it, not by government FIAT.
Further, it has a limited quantity, and can't be lent on a fractional reserve basis.
But dollars are better, according to the ZH peanut gallery.
Is it impossible to hack? I would think it would take only one large event for people to lose faith.
Every hacker worth his salt, every intelligence agency has had 5+ years to whack at it. So far, no dice. Not saying it is impossible -- compared to PMs BTC is high risk.
Why hack it now when it's going to $10,000?
Hack it then.
If Hacker A can hack it so can Hacker B. Only works the first time.
If there was an exploit found, I'm sure they would simply patch it and revert the blockchain to the last known good records before the exploit.
"revert the blockchain to the last known good records"
And what if you had just executed a 1000 BTC transaction in that time period? Your transaction would be on a bad fork, terminated by the software. That's $1 million lost in virtual space forever.
This happened recently to Dogecoin. The developers created a modification to the qt wallet, and some players updated immediately, but some did not get the message. The blockchain forked and some people lost 1000s or more of coins.
This is what happens when you have major software changes on a distributed system with no checks and balances. And it's fundamentally the same mechanism for Bitcoin and all the alt coins.
If you reverted the blockchain back to the last known good point then your 1000 BTC would still be there you dimwit.
But the guy you bought goods or services from would lose everything...
The transaction will be lost. Losing transactions is fatal for a database system.
See, this is the point. Everyone involved in Bitcoin knows it's a scam, they are just hoping the other guy pays the price.
It is not a scam, it is a beta. It has issues that need to be solved. At least we can know and discuss the problems, unlike propriatary black box systems run by governments and corporations where the problems are obfuscated.
No, Bitcoin cannot be hacked. People's computers and online wallets can be hacked and have been hacked. The blockheads on this site confuse the two on a regular basis.
Even if I am a bit of a blockhead, insults bring nothing to the discussion. It only gives your opinion less weight from my perspective. So you are saying it's iron clad, impossible to be hacked, taken over etc. if I look at the longer term big picture I only see benefits to the establishment. Something in my gut says stay away, and that doesn't mean I believe in fiat either.
tmosley, it's all about the intrinsics-value in raw metal... USD and BTC are one and the same- faith in a system.
lol.....gold has almost no intrinsic value as a metal......that's why it makes such good money. Metals with intrinsic value are way to useful to waste as money.
Using gold coin is a system, using gold-backed notes is a system, using Bitcoin is a system, using fiat notes is a system. Not only do the blockheads on this site still passively accept fiat notes, they also want a return to a gold-backed notes system (scam) instead of actual gold and silver coins (not a scam) used as currency. It's because they're frauds who enjoyed exceptional privilage under paper-gold and paper-fiat scam systems.
AR15AU, Nothing has intrinsic value until enough people put a value on it!!! Gold by itself has no value if no one is there to place a value on it. --- i.e. Oil didn't have "intrinsic" value 2,000 years ago because no one had a use for it then... get it????
looks like gold is going the same way as the sea shell.
What prevents the United States to abandon all debt right now?
Only one - United States already lost ability to live at their own expense.
I mean the inability of the U.S. to live without borrowing conditions in the virtual absence of the real economy.
Waiver of debt = no one will give a loan in the future = economic death in the future.
For this reason , the U.S. can not abandon its debts and forced to support the dollar.
But for Bitkoin all this is irrelevant.
Any U.S. debt denominated in Biktoin may be revoked without any consequences and without grounds for accusations against the United States.
Thus, the U.S. dollar looks even more reliable as compared with Bitcoin.
Thus, the U.S. dollar looks even more reliable as compared with Bitcoin.
Another fraud, boot-licking, .gov-worshiping "stacker". I rest my case.
I am a proponent of real money - gold and silver.
But if we compare only between the U.S. dollar and any Shit-coin, then of course the dollar is much more reliable.
I'm sorry, but how exactly is bitcoin not a fiat currency?
A fiat currency derives its value from government demanding it in the form of tax. Can't supply x dollars of fiat this year? Off to jail you go, you evil tax evader!
BTC is not fiat. No government demands it from its subjects. Whether it becomes a 'currency' - ie, something everyone will use as money - is a matter of wait-and-see. It seems to me its market value lies chiefly in its blockchain. If enough people start valuing the BTC blockchain at its current fiat excahnge ratio, maybe use of it will take off. Now that it's fiat value is not so far off the price of an ounce of The Precious, it's not a chance I want to take. Hats off to Fonestar for buying a load of it when BTC was, what, $1? Good move.
Despite both being used at various times to pay off government goons, tally sticks were fiat, silver is not. Get the difference? The latter has value even when you can't pay your tribute with it.
Bitcoin - it is not fiat currency. Because Bitcoin is is not currency.
Bitcoin - it's just the technology that serves as a front screen for the usual Ponzi scheme.
"Fiat" means force. A fiat currency is one that is backed by the threat of force applied by a 'government'. That is a criminal act.
There is no agency that is threatening you with force if you do not use BTC.
I am very suspicious of BTC, and I argue against it with arguments that Fonestar has tried to refute with name-calling and strawman arguments -- but you cannot say that BTC is a fiat currency.
because they think they know better...
bitcoin has many facets. if you want to be annonymous there are a pile of other cryptos you can use. Wells will basically have people ID themselves to a bitcoin address and their bank will only allow transactions to that address and to others they approve. That will serve a needed purpose to flood more money and velocity into bitcoin.
The next big step will be how the USA money thugs will treat the crypto foreign exchanges and if there will finally be a true western one and how it will deal with all the transparency they want
Also, they probably have another bullet point about mining pools and their operators.. they most likely hate that a few pool operators hold the network in their hands
'if you want to be annonymous there are a pile of other cryptos you can use'
so there's no fucking point then. You mighta s well use a credit card.
Yep, please do ;)
Is WF desperate? Just spoke to a friend of mine that works at WF yesterday... they are hiring 400 new underwriters for a new portfolio division. They know they need to do something fast because the mortgage origination business is bleeding badly.
Lost the battle I see, and the war is not far behind, keep truckin though, like the do da man you is.
The main principle Bitcoin is that for a good life do not need to create products and do not need to extract oil or gas.
Only need to have the most powerful computers in the world who will "make money."
Let others work, and the United States will live well only because the U.S. is the best in the world of computers and networking.
I wonder how on such a wonderful idea, would be react China and Russia ?
Well where and who has the BTC 2.0 SPECIFICATION? I thought JPM had a patent?
We know BTC 1.0 is broken, and we know its ran by common-criminals, not unlike professional criminals ( in suits ) GS, JPM, WF....
Besides even the RICH at the banks need an anonymous way to move CASH around, ... cuz we all know that the USA is going to implode, I can imagine that all the bankers are looking at BTC X.0 as a way to get their $$$ out of USA or ISRAEL,.. or CHINA.
***
Trouble is WHO do you trust? To wash&rinse your sythetic money? Me thinks that GOLD is still your only friend.
We used to say long ago a man can only trust, ... CASH, and old woman, and his dog.
The entire BTC n.x FUCK is based on 'trust' today BTC is ran by the mafia, tomorrow BTC will be ran by the bankers,... go ahead bitches talk about TRUST.
***
let's cut the crap and talk about a REAL anarchist peer-2-peer currency free of assholes.
Who's this "we"? "We" don't know shit. BTC 1.0 is processing transactions just fine.
Exactly... and its amazing watching even the smart, alternative-thinking people on here who so badly "want to believe" in the fiat fairy tale of BTC.
It heats my house and pays my bills. Https://bylls.com
If you are a miner, you have a fighting chance to profit from the system. Miners run the system, and collect the rent.
If you are just a speculator putting real money into Bitcoin hoping it continues to go up in value, you are taking a big risk.
You thought wrong again! SUCKER!!
We all know BTC 1.0 is broken ?
Where the fuck do you dream this shit up ? Same place you dreamed up your PhD in Computer Science ?
This is a REAL anarchist peer-2-peer currency and YOU are the ASSHOLE - Just cos you think you missed the boat (which you have not)
See it the other way, banksters are becoming Bitcoin slaves.
C-S-ing Buffett bank and Warren is buddies with Obama.
This will go nowhere. The banks will try to find a way to become middle men and make a profit, then quickly discover they can't do that in Bitcoin and will try to have it regulated away.
Theoretically, a bank could draw significant fee income just by offering universal Bitcoin ATM services.
Then some statist will say, you can't do that unless every transaction is logged, similar to Western Union.
i can see it all now.
Where did they get all that fiat to buy that BitCoin and was it taxed? Furthermore, we need a threshold for reporting BitCoin transactions...say, instead of $10,000 in fiat deposited or withdrawn from a bank, lets say 10 BitCoins.
Long BitClearingHouses ;-)
Yep, where a working mexican sends $100 USD to his wife in Mexico, and WUnion nabs $40 or more, ...
Stealing 10%-60% from the poor, ... anybody think for a minute that West-Union is going to stand down and let their gravy fuck end?
Well, not many leeches will survive Bitcoin.
Yeah , Western Union have a got a special 'Instant Kill Bitcoin' button on their magical unicorn computer keyboard.
Bitcoin client and wallet, placed on the user's computer. For the NSA, any computer any user is an open book.
Bitcoin security - it's just a myth for people unable to think.
"Super safe Bitcoin, which installed and work in the super open operating system" - it is a very witty joke!
IF your paranoia is true, using bitcoin is not any worse (and probably better) than credit cards or PayPal. You just have more faith in USD it seems.
Access to my computer does not allow completely and without a trace vaporize my money for Visa card or Paypal.
But access to your computer, allows completely and without a trace vaporize all your Bitcoin.
Also via access to your computer, all your Bitcoin can be sent to any anonymous purse, with marked "Charity."
How are you going to prove that you did not make this transaction in person, while under the influence of marijuana, that you bought for Bitcoin before?
As someone no longer famous once said, when the music is playing you just have to keep dancing.
This is going to be good; popcorn level good. WFC will either need to prove Coins are tracable to source or try to explain to the AntiMoneyLaundering task force how they ensure all their 'coin's are clean.You either bust the annon. part of Bitcoin or open your bank up to audits every month.
I clicked on this article just so I could read Fonestar's commentary. The scary part is this the push to get rid of paper money, it's similar to the "Red money" idea. It's the next real squeeze in the USA; taxing the grey and black market. The disappearance of paper money opens up a HUGE amount of revenue. Going back to the archives http://www.zerohedge.com/article/red-money-conspiracy-theory-11
bitcoin is the ULTIMATE in identity theft protection. the "theory" is simple enough..."I am who I say I am"...but since your identity is literally "the coin of the realm" now...securing that simple FACT is indeed a challenge. One way to do it is to literally equate it as a "currency" or "part of the monetary transaction service." this is already done at the corporate level (Apple obviously has their own proprietary internet service...among many others)...once your identity is "made secure" (i am who i say i am...and no one else) then ALL interlopers are booted off the network and "spyware" becomes a thing of the past. the first place this will impact is in the MEDIA universe...suddenly you'll start seeing and hearing something other than "total bullshit." (more likely in the form of a price and "a litany of permanent mine closures.")
'TDS Funny you should bring this up, if you have seen the movie "Loopers", perhaps you noticed the currency is red and appears to be made of plastic (thin plastic notes like paper dollars). Also I was discussing with Skateboarder the other evening that in the movie "Tekken" plastic Global Blue notes are the preferred currency. I can assure you we are going to plastic ( not like credit cards- like folding money) currency in the future, so why not red in color? There will still be currency you can put in your pocket for quite some time to come.
With a free RFID in every piece of plastic. Why even have the plastic? FedCoin baby.
NIH CI, It's kind of cool we get to finish this conversation where we left off. I didn't get a chance to reply with my thoughts on the nature of the Tekken future and plastic notes as currency.
The current position the world stands in now is that of an exponentially debased reserve currency, upon which the relative measure of all other national currencies and valuations of real items stands. Bitcoin is apparently being used as a means to bypass the gub/banking system, but the truth behind Satoshi is not divulged, and under a 1000 people own half the currency. If the last few years have taught us anything, it's that TPTB like to test the waters (recall all the staged shows that happened). Bitcoin is simply a test of the waters, to gauge the response and attraction toward Sauron's currency. My colleagues who have been making software and hardware for the last 25-30 years don't give two shits about bitcoin. Apparently no one gives a fuck except Zynga Zuckerbucks, Overconstipated.com, and bubble tea shops.
That brings us to cash. Cash and coin are the means of exchange as everyone everywhere has known it forever (in goldfish memory, that's two and a half infinity forevers ago). Go to anywhere outside "The West"®, and cash is still the primary means of transaction. It's only the indoctrinated West-minded-card-swiping-electricity-hogging-entitled-whether-he-knows-it-or-not plebian that has his head so far up his ass that he sees everything going digital in the new fantasy world. Look a fucking fairy just passed by. The dollar will go, but that means every other currency has to go too, in theory. Schemes like SDRs have long been in play, and whether or not there is debt forgiveness, a reset, or unlimited banana exponentiation, the one thing that binds us all is cash, and there will be new versions coming. You have to transact with Empire's currency if you want to participate in commerce. Barter is always an option, but gimme a fucking break. We still want coffee stores, right? (perhaps not OvercaffeinatedBucks) Do we expect to barter with homeboy behind the counter a pack of gum or something similar for a cup of coffee every time?
Since "we live in a globalized world"®, and a new global reserve (or the pretending to be a reserve) must be set, there is to be expected a worldwide currency like Global Blue that is the sweet, hot shit that everyone wants. Then there might be national and even local currencies that are acceptable up to a certain level of transaction. But Global Blue - people will always want it. Plastic foldable notes seem like an idea to be favored by the masses in time because of the resilience and waterproofness, etc. If they use the right blend, they could make a damn tough note.
The corporate Iron Fist cannot materialize as Tekken future goes, because the gub/bank/mil combo has always controlled technology. The big tech corps in our world are just bumbling arms trying to make sleek/cool/wanted techno distractions - toymakers. Real technology lies with the gub/bank/mil, and they are always permuting to perfect the killing machine. I definitely see the future looking like how it did in Tekken, though I doubt the disappearences of nations as a concept. Every gub will be a servant under Umbrella Corp.
Amigo Have been a currency collector for many decades, and I try to keep up on the trends in banknotes. I am very serious that polymer/plastic notes are in our near future. My collection of currency is mostly rare obsolete banknotes of which only a few specimens are known. When it comes to money, I've probably read it. I believe that there are about a dozen countries in the world who are now using the polymer/plastic type notes. I can remember 25 or 30 years ago Mitsubishi Corp. was making it known that they were on a 125 year plan to rule the world and everyone laughed. Who knows if a few corporations will rule the world some day, I'll be worm food by then.Granted the MIC/GUB/ BANKS are effing it up enough as it is.
I had meticulously collected all kinds of stamps (had a legitimate stamp from every country at some point) and even currencies when I was little (under 10). I might be young, but I have been paying attention to the transformation of currencies since I have known the concept of their exchange. I have come across polymer banknotes several times in my lifetime and have always observed and tested their properties if I had the chance. I don't think Mitsubishi Corp.'s statement to be hyperbole - slow and steady wins the race. I don't think either the Chinese or Japanese think in short Silicon Valley web/app startup timeframes haha. More along the lines of hundreds or even thousands of years.
If NSA/govt created this to be the next reserve currency wouldn't this be a good reason to get in? They seem to have the power to fuck metals so would this be a decent hedge? If they are all powerful and they created bitcoin then why the fuck not.
The jury is still out on that. The jury is NOT still out on if they are manipulating PM's to the south, stocks to the north and paper currency to hell. As much as I love my silver coins, well, you know the saying (improvised): "They can keep fucking with your real wealth longer than you can remain solvant."
BITCOIN!!!!!!!
Everyone is looking at BTC and wondering how NOTHING could have a $10 Billion USD capitilization, ... so fucking what this is news?
Well's Fargo the SCAM of the MTG world, even a DOG can get an MTG nothing down liar loan from WF, ... so fucking what?
They going to take BTC for downpayment?
It's irrelevant, cuz at the end of the day it will be in USA equivalent at settlement time, less a huge fucking service fee to cover the BTC-FUCK, e.g. going from BTC to real USD.
***
I'm sure every asshole in the world is 'looking at BTC', ... right? News ?
When you see the assholes circling the wagons around your baby you bitcoin bitches, ... understand that she's not a virgin anymore.
The real question is can WF or GoldmanSachs, can they outwit the MAFIA who run's BTC? I think not, which is why they'll pull BTC 2.0 out of their ASS.
Fuck off asshole.
Bitcoin is going mainstream
I smell squid.
Digitized already, for their convenience.
You should. It's roasting on an open fire.
I bet it tastes like VICTORY.
Buy Bitcoin, Crash JP Morgan!!
Turd's calling for you mosley, get back in your kennel!