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The Banks versus the People again

Discussion in 'Digital Currencies' started by Flight2gold, Mar 16, 2016.



  1. Flight2gold

    Flight2gold Silver Member Silver Miner Site Supporter ++

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    Don't think for second that Bitcoin is beaten.
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    Central banks beat Bitcoin at own game with rival supercurrency


    Computer scientists have devised a digital crypto-currency in league with the Bank of England that could pose a devastating threat to large tranches of the financial industry, and profoundly change the management of monetary policy.

    The proto-currency known as RSCoin has vastly greater scope than Bitcoin, used for peer-to-peer transactions by libertarians across the world, and beyond the control of any political authority.

    The purpose would be turned upside down. RSCoin would be a tool of state control, allowing the central bank to keep a tight grip on the money supply and respond to crises. It would erode the exorbitant privilege of commercial banks of creating money out of thin air under a fractional reserve financial system.

    “Whoever reacts too slowly to these developments is going to take it on the chin. They will lose their businesses,” said Dr George Danezis, who is working on the design at University College London.

    "My advice is that companies should play very close attention to what is happening, because this will not go away," he said. Layers of middlemen in payments systems face a creeping threat across the nexus of commerce, stockbroking, currency trading or derivatives. Many risk extinction over time.

    “Deep in the markets there are dark pools buying and selling shares, and entities that facilitate that foreign exchange. There are Visa, Master, and PayPal. These are the sorts of guys that we are going to disrupt,” he said.

    http://www.telegraph.co.uk/business...bitcoin-at-own-game-with-rival-supercurrency/
     
  2. FunnyMoney

    FunnyMoney Silver Member Silver Miner

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    Buy gold and keep it in your possession. I don't know when, but this is not going to end well.

    If you own a private business and the day comes where some stealth entity comes to you and wants to buy you out for a huge sum, much more than you ever thought your business to be worth, don't fall for it unless you can turn around and do something with the proceeds very quickly. Because it could likely be a sign that the CBs are in the process of buying up everything just before they crash the currencies. Remember they also own the gold, maybe not as part of their banks, but definitely they do as individuals.
     
  3. Flight2gold

    Flight2gold Silver Member Silver Miner Site Supporter ++

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    Your right about the PM's. I lost all mine in a boating accident here in FL.
    I posted this because it's interesting watching the banks try to outdo Bitcoin.
    "We'll go cashless if it kills us."
     

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