It’s been a few weeks without a new post. Being busy with work, I’ve neglected to post any new news. Not that I plan on daily updates, I do like to keep track of articles I’ve found interesting. In any case, heres some articles I found interesting lately.
Bitcoin is important, it’s really going to change things in ways most current banking and transaction companies can’t comprehend. Visa isn’t aware of what threat they are facing by crypto currencies. These old people are old, they have old ideas, and an old mindset. Evolve or die, that’s the modern internet landscape.
The most important aspect of the blockchain is the confirmation of ownership. When banks sell off derivatives of derivatives based on loans on unstable credits they’re selling off money that’s owed to them that might never appear. This is double-double-double spending spent credits that don’t even exist, and it’s insane, and it’s why over 200 banks collapsed in 2008. Banks are the real Ponzie scheme by definition. But this term is thrown around quite a lot to define Bitcoin, an ignorant statement.
What defines a ponzie scheme?
“Ponzi schemes sometimes commence operations as legitimate investment vehicles…” This would be the credit debt swaps that fannie mae and freddie mac started off with by selling their credits of homeowners to banks. In short, If they sold a loan for a house for $100,000 + interest, they claimed on their books that they had that money, and pretended that they could make purchases with that money. They were making purchases with money they didn’t yet have.
“… the promoters, instead of admitting their failure to meet expectations, fabricate false returns and, if necessary, produce fraudulent audit reports” Jamie Diamond admits to cooking the books repeatedly over falsifications of profits at JPMorgan Chase, and should go to jail. JPMC fabricated false returns and falsified their reports.
“Promoters also try to minimize withdrawals” HSBC is limiting bank account holders to 5000 dollars unless you have “a really good reason.” You have to prove that you need your own money. Why is this? Are they anticipating a bank run? Or in reality are they over leveraged and so insolvent that they can’t even give you $5000 because they’ve already spent/lost all their money on bad stocks and worthless bonds?
The shadow banking of the worlds currencies occur on a global scale. This is done behind closed doors, over the phone between good-ol-boys and it’s effects spread to your own fiat-bank account. Bitcoin can’t be double spent. The fixed amount of bitcoin in the world means that the supply will not artificially grow just because someone owes you some bitcoin. You can’t buy things because someone owes you money. The blockchain is public, there’s no falsifying books or fabricating profits. You can’t lie about how many bitcoins you own. You can spend the bitcoins you have as you want without restriction, you don’t have to beg for your own money