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Banks Are Obsolete & Will Not Exist As We Know Them In 10 Years
The not so popular "Truth" being preached at the Blockchain conference in NYC last week...
See http://veritaseum.com/ for much more info on this topic and our higly disruptive offerings.
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Audio is so bad that it is not worth the effort; bypass this one and it is a "Block-Chain" conference. If the technology is so good, then why the crappy audio?
No kidding; banks are not what they were 10 years ago nor will they be in 10 months from now.
Another thing if we stay this course banks will be replaced by.
The IRS.
The only way out of this mess is thru barter town. There is no problem with trade only the coin has a value issue.
By the way:
I had a brief power outage and I'm back online but I can't get the Zerohedge homepage to display. The top banner articles show over the
page not found in the body of the page.
What's up with that? Every other page everywhere works fine except for ZH Home page.
Is it maintenence or me?
Bitcoin is just fiat by another name ... is it not obvious?
Well considering the definition of fiat means "by decree" i.e. it has to be accepted as legal tender and as lawful payment and is issued and controlled by government and regulated central banks I don't think it's actually that obvious since bitcoin does not have a single one of these "fiat" attributes.
BUT - it is regulated by some governments and if it can be regulated a little it can be regulated more. It is a Central Bank or closely tied in Academic experiment, which s why there is such mystery behind its origin.
You need to do more research. The bitcoin protocol has not been regulated by any government. They can talk about regulation of exchanges and banks who handle bitcoin etc just as they can regulate the same with gold. However they cannot regulate the molecular structure or atomic weight of gold just as they cannot regulate the bitcoin protocol.
What happens if they shut down or tax use of the internet? A simple question - a simple answer please. Bitcoin and all its derivatives are worse than holding pre 65 silver coins. The fact is that you might make a killing over a few days or lose the lot in 1 second. PH.
A shutdown of the internet would mean:
.
.
A shutdown of the telephone system
A shutdown of the AC power grid
A shutdown of all TV & Radio
A shutdown of the entire banking system / ATM etc
A shutdown of the entire Credit Card system
A shutdown of Air Traffic Control and Airports / booking systems / insurance / courrier companies / you name it ....
A shutdown of most road traffic and railway signalling and communications systems / oceanic communications & satellite navigation / global shipping
All of these systems are interdependent on TCP/IP , the underlying protocol of the internet.
And you think they are going to shut down all of this .... to stop bitcoin ?
I know it's crazy but how about using gram weight silver coins for alternative cash transactions.
This may not be an entirely original plan, but actual market pricing rather than an LBMA 'spot' price could determine value and once established by bid/ask would remain relatively stable and not be determined by paper trading ponzi metals.
Any mint capable of producing .999 silver could be State assayed for use. This, in conjunction with State Banking using full reserve credit would remove the Federal govt. and Fed Reserve from the money system.
States could assert independence in controlling monetary flows with transparencies and accountability far better than Washington. Digital and paper currency that is redeemable on demand keeps everyone honest.
Show me the money.
Trade bills are another for discussion that expand the money supply and allow flexibility for business that self extinguish on payment without inflation.
Look who's been following Prof. Fekete! We'll done with your "Real Bills" and self extinguishing credit! ;)
BTC, BTChez.
Dumb ShitERT
You mean we can remove the whole 30% boat anchor of "financial services" from the human creative engine? About fucking time.
Digital currency will be the worse thing that could happen to mankind, short of an huge asteroid impact. In every calamity and crisis that befell man, he could always take his money and run {physical money, whether it be paper or coin}. This way you are a trapped rat, no where to run to, because they have shut down the system temporarily {or maybe just your account individually}. No privacy, no anonymity. Screw this, I would fight it to my last breath. I'd rather die a free man than live life as a slave. I suppose some are used to it. I'm not.
Reggie, I liked you better when you did chart porn, wore the loincloth and carried the spear in your celebrity photo op included with each article.
As for crypto currency - what a fucking joke - that is like handing a knife to a religious fanatic and waving your dick in his face while telling him you burn the Koran , and lube yourself up with bacon grease before dating Muslim women.
Jesus, fucking kids these days. You all think technology is a miracle. All it is is electrons that can be made to go poof any fucking minute now.
Crypto currency is just a fancy name for digital fractional reserve banking - without the reserve, or the bank.
If I blew up your phone right now, you would look like a cow at the slaughterhouse just at the moment the bolt gun goes off.
" How could you do this to me ? What'll I do now ? I'll die without my phone / number of the Beast / NSA tracker / marketing wet dream machine ! "
Wake up. Improvise. Adapt. Overcome. Triumph over adversity.
It is time for a real currency once more that cannot be destroyed by inflation, debased,manipulated, re-hypothecated, credit default swapped, NIRP-ed, or margin bet on the market.
You want digital currency enslavement ? Go right ahead. Some people are just not that stupid.
Careful there buddy , your ignorance is really shining through with that post.
good luck paying for stuff over the internet with physical metals.
alternatively, perhaps there's space for more than just one unit of exchange. with digital currencies (not necessaily bitcoin), you can pay instantaneous, and without a middle man taking a cut.
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Just open a paper wallet following bestpractices. Cut the drama. Hold your silver and gold as money and run your bitcoin as currency.
Digital currency is slavery. Interesting that a black man would be a proponent of it. Once we arrive at a digital currency, it is total control for the elites. There will be no hiding from the tax man. All transactions will be recorded, and all applicable taxes will be taken off the top. Get out of line, and the man shuts off your digital cash chip, NO BUYING OR SELLING FOR YOU REBEL. Life is really going to suck when this happens.
I'll ignore the troll bait racial remark and attempt to educate you as to what is going on. This video is not about digital currency, it is about adopting consensus networks for decisision making in areas where trust is either non-existent or hard to come by. These consensus networks allow us to do business as we never have been able to do before, ex. transact with total strangers without having to do background checks, credit checks or counterparty risk analysis. In addition, the method and mode of transportation is inherent in the very system that we are transacting on, damn near close to free (comparatively). In addition, to this addition, we can program the transactions via code and smart contracts to be self executing, self recording and unbreachable - hence the unbreakable promised as expressed through Veritaseum.
This is actually the opposite of slavery but, in order to be freed, you really have to educate yourself and not fall for everything that is printed in the pop media. This is the elimination of the slave master, the intermediary that extracts rents without adding value. The Man! ... or should I say... The Middleman!
Remember, it's not about digital currency! For a more detailed explanation, go through this presenation - https://docs.google.com/presentation/d/1UxB33wp1rCncBtPbuzQbkS1SZg_fjCTN...
That link was broken. Try this link.
Wink WInk -
Styx - Fooling Yourself https://www.youtube.com/watch?v=AtzIWPeun7cThanks, I want to be open minded of this, I must admit I am completely ignorant when it comes to tech stuff. I tend to think small local communities bartering trading and selling are more in line with my philosophy
He is making money on selling you the software, not on using the software - sound familiar?
Microsoft make money by selling software. The company that buy's that software then makes money by actually using that software. Sound familiar ?
Your link does not work Reggie, or maybe just for me it doesn't.
How does this work at at the local farmers market? I only sell my eggs, and vegatables and meat for cash and I some times barter. I want to be paid with something I can hold in my hand.
Try this link. If you want to be able to hold it in your hand you'd need physical coin, which was blocked by the US.gov. I don't know if it is for sale now, though.
No troll bait, just stating the facts. Don't need your education either, I know all to well what is going on Mr.Oracle.
Well then why are you discussing digital currencies versus the matter at hand. I want you to discuss facts. Come with them!
Fact - you are selling a "product" in order to make a profit, a business. Fact - if the product is so good, then why would you sell something you could profit from by using it for personal use? Because you are such a caring person?
The product being sold is a tool ... Your logic s flawed - why would a toolmaker sell a screwdirver if they can use it themself ?
In addition, the product is not being sold, it is being given away for free. The services afforded by the product which is a value transfer and smart Contract platform, are being sold. His logic is faulty as is his facts,
If this were true I'd be all in, but I believe it to simply be your goal, a dream, that is unattainable under the ever tightening nose of Centralized Global Governance.
Any progress made toward this dream of eliminating the middleman, although noble, will end up being the Trojan Horse that enables Governments to dictate that all the People's transactions, of any kind, are done under the watchful eye of the Elite and their lap dog tax collectors.
Congress has all the means, and law to back it up, to eliminate the middleman, the Central Bank, from the creation of our currency by Government Debt. Reference Andrew Jackson, his veto of the 2nd Bank of the United States' charter and the Specie Circular that followed, the last time the US payed off it's debt....
In 5000 years of credit based economic system, how exactly does credit work in bitcoin monetary system? Are they going to lend out nonexistant bitcoins into existance for a promise to repay it with interest tomorrow? What a farce!
Well if they can lend non-existent paper..errrr...digital dollars, than why not?
Shhhhhh.....this is revolutionary. You need to own a bitcoin to be able to lend it to someone.
Banks are discovering "blockchain". But a centralized blockchain is still just . . . a bank. And if you trust the bank, with its KYC/AML (honeypot of personal information to be hacked) and captured corrupt regulators like Lawsky - be my guest.
The word "Bitcoin" has all but been banned in NYC. Bitcoin (not "blockchain") is decentralized, secure, and virtually trustless. That is the true innovation. The one the banks would love to have us all just quietly forget.
In ten years, NOTHING will exist as we know it now. I know a little something about being obsolete.
A-yup. 'sthuth, that.
I think what will happen is that banks and governments themself will eventually push for digital currencies. They already propagated it several times. When that happen, you will have digital government currency and no cash. Bitcoin derivatives will get concurrence and lose appeal as people will always trust more established and protected by law currency. Of course this will be a bad thing for many reasons and gold/silver will be the only place to go after that, though I suspect they will success at suppressing it and premiums and taxes on gains will be over the roof. Bad times await us.
All of the major banks in the US and Europe (and I do mea all of them) are investigating how they can use private blockchain tech (permissioned ledgers) to further their means. That doesn't mean that the public bitcoin [or other] blockchain (permissionless ledger) will fade away. No bank or financial system is large or powerful enough to subsume the rest of the world. The power of the bitcoin blockchain is its ubiquity and netwrok effect of millions of users.
Think if comparing the power and value of bank's corporate intranet to the public Internet. It's not even close! Veritaseum is based solely on the public net, the Blockchain. For privacy, we're working on several initiatives, but to neuter or even attempt to neuter the power of the open blockchain is to invite a Delph-/Compuserv/AOL story all over again.
Yes I am not saying that Bitcoin and its derivatives will cease to exists. But, national currencies can also go blockchain/digital and then its about what people chose. Government can still attack Bitcoin via various means(like last time Gox?) they dont have to close it all down(its not even possible), fear will be enough for many people to give up ideas. Then they likely chose government alternatives with similar advantages and thats that. Even if those will be more private like intranet compare to Bitcoin etc., they can still bring many of the same advantages already. For example, they will likely make them accessible 24/7 as that should not require human contribution and so on. Still I want you to succeed, maybe one day your`s will be something like Linux vs proprietary OS`s in comparison ;). Best regards.
Thanks for the well wishes. Just a quick correction, MT. Gox had nothing to do with a failure of Bitcoin. It was a corporate failure due to mismanagement. As a matter offact, if the zero trust attributes of the blockchain (ex. Veritaseum.com) were actually used then Mt. Gox could never have happened.
Do you listen to yourself; have you ever tried selling Toyotas?
Reggie, I've always been a fan of your analysis, logic and reason regarding the financial markets but digital money has always been the root of famine, coruption and war. The war on real money; fractional reserve system, modern money mechanics is responsible for countless masacres world wide. TPTB will use tech to put the final nail in the coffin for the ban or use of cash and metals for all transactions because a cashless society is nirvana to the contollers of society.
Consensus algorithm based monies can very well exist in physical form. They used to be sold and used in circulation, until the government outlawed it. Reference the Casascius physical bitcoins. Think bearer bonds...
Casascius physical bitcoins, also called Casascius coins, are physical metal coins created by Bitcoin user Casascius (Mike Caldwell, Sandy, Utah, USA) that contain an embedded piece of paper with digital Bitcoin value, covered by a tamper-resistant hologram. Casascius coins are available in 1, 10, 25, 100, and 1000 BTC increments. They can be purchased at Casascius's website,https://www.casascius.com (only Bitcoin accepted), or at http://www.MemoryDealers.com (PayPal and credit cards accepted).
The coins are designed such that they could be circulated in face-to-face transactions. The first person to redeem its private key gets the value on the coin, and afterwards, the coin no longer has any Bitcoin value. It is difficult or impossible to read the private key on the coin without damaging or destroying the hologram, which exposes a honeycomb-like tamper-evidence pattern when peeled.
The piece of paper inside each coin has a private key which forms the backing for the Bitcoin value represented by the coin. Redeeming the private key back into digital Bitcoins is currently available with a patched reference client and many of the alternative clients.
Casascius coins are similar to Bitbills in that they are an object that contains a redemption code that serves as a bearer item for digital bitcoins.
There are 2 independent websites that track the status of all Casascius coins in circulation, based on information from the block chain:
Yours and many inovative ideas have been and will be hijacked. The automobile, radio, air travel, television, the internet all hi-jacked by governments longing to and understanding that controlling technology can and will limit freedom and liberty. Casascius is another example. I applaud your innovativation but I'm afraid it will also fall into the wrong hands.