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INTERNATIONAL BANK$TERS > How will cryptocurrencies (aka cybermoney) influence the world economy?

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message 1: by James, Group Founder (new) - rated it 5 stars

James Morcan | 8194 comments I wonder how will cybermoney or cryptocurrencies influence the world economy?

The Age of Cryptocurrency: How Bitcoin and Digital Money Are Challenging the Global Economic Order might be worth a read on this score.

Bitcoin became a buzzword overnight. A cyber-enigma with an enthusiastic following, it pops up in headlines and fuels endless media debate. You can apparently use it to buy anything from coffee to cars, yet few people seem to truly understand what it is. This raises the question: Why should anyone care about bitcoin?

In The Age of Cryptocurrency, Wall Street journalists Paul Vigna and Michael J. Casey deliver the definitive answer to this question. Cybermoney is poised to launch a revolution, one that could reinvent traditional financial and social structures while bringing the world's billions of "unbanked" individuals into a new global economy. Cryptocurrency holds the promise of a financial system without a middleman, one owned by the people who use it and one safeguarded from the devastation of a 2008-type crash.

But bitcoin, the most famous of the cybermonies, carries a reputation for instability, wild fluctuation, and illicit business; some fear it has the power to eliminate jobs and to upend the concept of a nation-state. It implies, above all, monumental and wide-reaching change-for better and for worse. But it is here to stay, and you ignore it at your peril.

Vigna and Casey demystify cryptocurrency-its origins, its function, and what you need to know to navigate a cyber-economy. The digital currency world will look very different from the paper currency world; The Age of Cryptocurrency will teach you how to be ready.


The Age of Cryptocurrency How Bitcoin and Digital Money Are Challenging the Global Economic Order by Paul Vigna


message 2: by James, Group Founder (new) - rated it 5 stars

James Morcan | 8194 comments Excerpt from INTERNATIONAL BANKSTER$: The Global Banking Elite Exposed and the Case for Restructuring Capitalism re cryptocurrencies:

What do all the quotes, articles, facts, opinions, rumors, economic theories and mere conjecture throughout this book mean regarding banking and the monetary system?

Admittedly, many of the points raised simply lead to more questions.

Questions such as:

Is the Federal Reserve designed to be the biggest money laundering institution in the world?

Are there really powerful groups operating behind the scenes, manipulating governments, economies and the financial markets with effortless ease? If so, how are they able to hide their deceitful activities?

Do journalists purposefully obscure the truths surrounding the Fed in order not to upset the powers that be? Or is the average journalist simply unaware of the shady history of the Fed?

Who are the Financial Overlords manipulating the markets in their favor? Are they the elite banking families, the likes of the Vatican Bank, or other more shadowy figures?

We do not have any definitive answers to such questions, but all we know is there has got to be a fairer financial system that protects the world’s poor and working classes.

So, perhaps the most important question of all is:

How many more individuals, communities and countries have to go bankrupt before the big changes we all anxiously await are finally devised and implemented?

Maybe advances in the Internet and new cyber technologies might be part of this long-awaited change. We do wonder how cybermoney, or cryptocurrencies, will influence the world economy, and whether this 21st Century phenomenon might provide a means for the common people to circumvent the all-pervasive web of central banking.

Did you know, the world’s most popular form of cybermoney is Bitcoin? The Age of Cryptocurrency: How Bitcoin and Digital Money Are Challenging the Global Economic Order, by Paul Vigna and Michael J. Casey, is one of the best books on the Bitcoin phenomenon.

The book’s synopsis informs us as follows:

“Bitcoin became a buzzword overnight. A cyber-enigma with an enthusiastic following, it pops up in headlines and fuels endless media debate. You can apparently use it to buy anything from coffee to cars, yet few people seem to truly understand what it is. This raises the question: Why should anyone care about bitcoin?

“In The Age of Cryptocurrency, Wall Street journalists Paul Vigna and Michael J. Casey deliver the definitive answer to this question. Cybermoney is poised to launch a revolution, one that could reinvent traditional financial and social structures while bringing the world's billions of "unbanked" individuals into a new global economy. Cryptocurrency holds the promise of a financial system without a middleman, one owned by the people who use it and one safeguarded from the devastation of a 2008-type crash.

“It implies, above all, monumental and wide-reaching change-for better and for worse. But it is here to stay, and you ignore it at your peril”.

The Age of Cryptocurrency synopsis also points out that the “digital currency world will look very different from the paper currency world”.

We can only hope that all future economic development, whether brought about by new technologies or otherwise, places more monies into the hands of the average citizen, not to mention curtails the powers of international banksters!

Finally, for the ultimate solution to all the financial problems we’ve outlined, perhaps what’s needed is not so much a redistribution of wealth, which sounds a bit communistic to our liking, but rather a reclaiming of stolen monies – monies stolen by the global banking elite; monies that rightfully below to we, the people, the majority, the 99%.

INTERNATIONAL BANKSTER$ The Global Banking Elite Exposed and the Case for Restructuring Capitalism (The Underground Knowledge Series, #5) by James Morcan


message 3: by James, Group Founder (new) - rated it 5 stars

James Morcan | 8194 comments And speaking of monies stolen...

$9,000,000,000,000 (Nine Trillion) MISSING From The US Federal Reserve https://www.goodreads.com/videos/9014...

Nine Trillion: That's $30,000 per American citizen.

And nobody, not even the Federal Reserve Inspector General, has a clue where the money went.

Go figure!


message 5: by James, Group Founder (last edited Jul 21, 2017 10:00AM) (new) - rated it 5 stars

James Morcan | 8194 comments Economic Outlook & Geopolitics http://www.coasttocoastam.com/show/20...

In the first half, V, the Guerrilla Economist, who has worked for some of the top commodity trading firms and investment banks, talked about the state of the economy and geopolitical climate. The US has learned nothing since the 2008 crash and bailout, he declared, and while he thinks the Dow will keep rising throughout the rest of the year (up to around 29,000), the "electronic duct tape" will no longer hold the system together, and there could be a big collapse. Only 3% of the money in the world is physical cash, while the rest is all digital, so in many ways we have already moved into a cashless society, he noted.

V praised cryptocurrencies such as Bitcoin and Ethereum as being a decentralized system that treats all its investors the same. These currencies are allowing people to unplug from "the biggest troublemakers in the world...the central bankers," he commented, adding that we are at the ground level of this phenomenon and it could be the next big phase of the Internet. In addition to high values for the Dow, Bitcoin, and the US dollar, in the next few months, he sees gold as a good investment, though there could be some volatility.


message 6: by Lance, Group Founder (new) - rated it 5 stars

Lance Morcan | 2091 comments 5 Benefits of Cryptocurrency: A New Economy For The Future http://www.ameerrosic.com/5-benefits-...


message 7: by Lance, Group Founder (new) - rated it 5 stars

Lance Morcan | 2091 comments How much has been lost in Friday's cryptocurrency rout? Nearly $200 billion https://www.msn.com/en-au/money/marke...

"The entire universe of digital currencies has seen heavy selling pressure on Friday, resulting in a 12-digit decline in total market capitalization since just midnight. The size of the entire cryptocurrency space is about $426.14 billion, according to pricing website CoinMarketCap, down from $610.43 billion at the start of the day."


message 8: by James, Group Founder (new) - rated it 5 stars

James Morcan | 8194 comments United Arab Emirates and Saudi Arabia Collaborate on New Cryptocurrency https://cointelegraph.com/news/united...


message 9: by James, Group Founder (new) - rated it 5 stars

James Morcan | 8194 comments Initiative Q (which some say will be the replacement to Bitcoin and is currently giving away free Q currency to anyone invited) has been covered by Forbes: https://www.forbes.com/sites/lelalond...


message 10: by James, Group Founder (new) - rated it 5 stars

James Morcan | 8194 comments Initiative Q is not the new Bitcoin, but here’s why the idea has value https://theconversation.com/initiativ...


message 11: by Iain (new)

Iain McKenzie (Iain_mckenzie) | 2687 comments If they ever become a reserve or replaces tangible reserves like Gold, it won't be good.

Crypto currencies require CPU processing and online access; there's your first and major weak point right there


message 12: by Ian (new)

Ian Miller | 651 comments Iain wrote: "If they ever become a reserve or replaces tangible reserves like Gold, it won't be good.

Crypto currencies require CPU processing and online access; there's your first and major weak point right t..."


They say cryptocurrencies can't be hacked. I read of a dealer that lost millions through someone hacking and transferring. The hackers will get better, and the cryptos will probably have problems because they cannot easily modify themselves without causing difficulties for that which is out there already.


message 13: by James, Group Founder (new) - rated it 5 stars

James Morcan | 8194 comments Draft law proposes 10-year jail term for dealing in cryptocurrency
https://economictimes.indiatimes.com/...
Besides making it completely illegal, the bill makes holding of cryptos a non-bailable offence.

NEW DELHI: Holding, selling or dealing in cryptocurrencies such as Bitcoin could soon land you in jail for 10 years.

The "Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019" draft has proposed 10-year prison sentence for persons who "mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies.

Besides making it completely illegal, the bill makes holding of cryptos a non-bailable offence.

Read more at:
//economictimes.indiatimes.com/articles...


message 14: by Ian (new)

Ian Miller | 651 comments James wrote: "Draft law proposes 10-year jail term for dealing in cryptocurrency
https://economictimes.indiatimes.com/......"


If that idea is taken up by other countries, the conversion rate for bitcoin etc should tumble.


message 15: by Iain (last edited Jun 08, 2019 03:27PM) (new)

Iain McKenzie (Iain_mckenzie) | 2687 comments Ian wrote: "Iain wrote: "If they ever become a reserve or replaces tangible reserves like Gold, it won't be good.

Crypto currencies require CPU processing and online access; there's your first and major weak ..."


"They say crypto-currencies can't be hacked".

I think they mean the actual underlying code can't be compromised in order to produce / mine coin at a whim. That was a hack via proxy.

That's the problem though - regardless the angle - binary can be compromised,modified and replicated so much more so than a tangible like gold . . . .


message 16: by Ian (new)

Ian Miller | 651 comments Yes, 1 kg of gold can only be replaced by another kg of gold. One can easily create some more digits, and if you can get at them, they are probably easier to steal.


message 17: by Iain (last edited Jun 09, 2019 07:23AM) (new)

Iain McKenzie (Iain_mckenzie) | 2687 comments Ian wrote: "Yes, 1 kg of gold can only be replaced by another kg of gold. One can easily create some more digits, and if you can get at them, they are probably easier to steal."

And your effectively tied to having an "online presence" to exchange with it, which could be a major point of failure.

I am not buying into the hype surrounding digital currency.


message 18: by Ian (new)

Ian Miller | 651 comments I am not even buying crypto. Why send someone real money for formulating some digits?


message 19: by Iain (new)

Iain McKenzie (Iain_mckenzie) | 2687 comments Ian wrote: "I am not even buying crypto. Why send someone real money for formulating some digits?"

They'll come a time Ian, when you'll have no choice.


message 20: by Ian (new)

Ian Miller | 651 comments I can't see governments forcing that in my time. Crypto makes tax evasion to easy.


message 21: by Iain (new)

Iain McKenzie (Iain_mckenzie) | 2687 comments Ian wrote: "I can't see governments forcing that in my time. Crypto makes tax evasion to easy."

How so?


message 22: by Ian (new)

Ian Miller | 651 comments How do you track where the money goes? Why do you think these hackers that lodge stuff on computers that cause the data to be lost will return data only if paid in bitcoin?


message 23: by Iain (last edited Jun 09, 2019 02:19PM) (new)

Iain McKenzie (Iain_mckenzie) | 2687 comments Ian wrote: "How do you track where the money goes? Why do you think these hackers that lodge stuff on computers that cause the data to be lost will return data only if paid in bitcoin?"

Currently tracking is an issue. Crypto-computing will be a game changer with conventional encryption. Also, perfect excuse for Government back-doors(which brings its own problems) . . . .

It ain't going away. They'll solve it.


message 24: by James, Group Founder (new) - rated it 5 stars

James Morcan | 8194 comments Sweden: How to Live in the World's First Cashless Society https://interestingengineering.com/sw...
Sweden goes from being the first in adopting banknotes in Europe in 1661 to introducing its own digital currency in 2021, and becoming the first world's cashless society in 2023.


message 25: by Iain (last edited Jun 12, 2019 01:59PM) (new)

Iain McKenzie (Iain_mckenzie) | 2687 comments James wrote: "Sweden: How to Live in the World's First Cashless Society https://interestingengineering.com/sw...
Sweden goes from being the first in adopting ban..."


Good post, mate.

Innovation( steam rolling on) at the behest of its security implication?


message 26: by James, Group Founder (new) - rated it 5 stars

James Morcan | 8194 comments Not sure Iain. What do you think? Will Sweden come unstuck? Or will them jumping first into cashless economy be a Vikings 2.0 with a new Scandinavian Kingdom created?!


message 27: by Iain (new)

Iain McKenzie (Iain_mckenzie) | 2687 comments How Bitcoin can easily be Hacked - John McAfee

https://www.youtube.com/watch?v=YdzJT...


message 28: by Iain (last edited Jun 12, 2019 02:09PM) (new)

Iain McKenzie (Iain_mckenzie) | 2687 comments James wrote: "Not sure Iain. What do you think? Will Sweden come unstuck? Or will them jumping first into cashless economy be a Vikings 2.0 with a new Scandinavian Kingdom created?!"

I dunno . . . I guess the security implications vary from dangers at a state-level(Russia) to the individual requiring a digital presence in order to go about life or survive(that could get more complex in times of emergency or war).

At least with paper or coin you have something tangible(at least on principle); with a purely digital system your reliant on a number of facilities outwith your control to conduct a transaction, enlarging the footprint in tow for error or failure.


message 29: by Iain (last edited Jun 12, 2019 02:12PM) (new)

Iain McKenzie (Iain_mckenzie) | 2687 comments Iain wrote: "James wrote: "Not sure Iain. What do you think? Will Sweden come unstuck? Or will them jumping first into cashless economy be a Vikings 2.0 with a new Scandinavian Kingdom created?!"

I dunno . . ...."


And I am not sure if within the next 5 years that they will have had sufficient time to iron out or prevent major vulnerabilities being exposed, as IoT, 5G and all the rest of the new emerging technologies changing the digital landscape, will also increasly widen the attack surface in years to come


message 30: by Iain (new)


message 31: by Iain (new)

Iain McKenzie (Iain_mckenzie) | 2687 comments Trump: 'I Am Not A Fan Of Bitcoin And Other Cryptocurrencies'

U.S. President Donald Trump wrote in a series of Tweets Thursday evening cryptocurrencies are not real money and an unregulated crypto marketplace will "facilitate unlawful behavior."

https://www.benzinga.com/markets/cryp...


message 32: by James, Group Founder (new) - rated it 5 stars

James Morcan | 8194 comments Trump might have a point there.

I still wonder what's gonna happen to Sweden (or if they know something other countries don't?)...

Sweden Electronic Currency https://www.irishtimes.com/business/i...
Few countries have been moving toward a cashless society as fast as Sweden. ... The central bank, which predicts cash may fade from Sweden, is testing a digital currency – an e-krona – to keep firm control of the money supply.


message 33: by Ian (new)

Ian Miller | 651 comments And it took Trump this long to work out the benefits for criminals.


message 34: by Iain (last edited Jul 12, 2019 04:55PM) (new)

Iain McKenzie (Iain_mckenzie) | 2687 comments Short it. Let the pollyannaish tech trendies and mainstream mouth pieces inflate it, then 'short' at the most opportune time(it has a bit of air to gather yet!)

Although there is a caveat to that, in that Bitcoin or a derivative might get 'too big to fail!'


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