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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 | 10562 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 | 10562 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 | 10562 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 | 10562 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 | 2582 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 | 2582 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 | 10562 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 | 10562 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 | 10562 comments Initiative Q is not the new Bitcoin, but here’s why the idea has value https://theconversation.com/initiativ...


message 11: by Ian (new)

Ian Miller | 1314 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 12: by James, Group Founder (new) - rated it 5 stars

James Morcan | 10562 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 13: by Ian (new)

Ian Miller | 1314 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 14: by Ian (new)

Ian Miller | 1314 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 15: by Ian (new)

Ian Miller | 1314 comments I am not even buying crypto. Why send someone real money for formulating some digits?


message 16: by Ian (new)

Ian Miller | 1314 comments I can't see governments forcing that in my time. Crypto makes tax evasion to easy.


message 17: by Ian (new)

Ian Miller | 1314 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 18: by James, Group Founder (new) - rated it 5 stars

James Morcan | 10562 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 19: by James, Group Founder (new) - rated it 5 stars

James Morcan | 10562 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 20: by James, Group Founder (new) - rated it 5 stars

James Morcan | 10562 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 21: by Ian (new)

Ian Miller | 1314 comments And it took Trump this long to work out the benefits for criminals.


message 22: by Lance, Group Founder (new) - rated it 5 stars

Lance Morcan | 2582 comments France and Germany agree to block Facebook's Libra https://www.reuters.com/article/us-fa...

PARIS (Reuters) - France and Germany have agreed to block Facebook’s Libra cryptocurrency, the French finance ministry said on Friday.

In a joint statement, the two governments affirmed that “no private entity can claim monetary power, which is inherent to the sovereignty of nations”.


message 23: by Ian (new)

Ian Miller | 1314 comments Lance wrote: "France and Germany agree to block Facebook's Libra https://www.reuters.com/article/us-fa...

PARIS (R..."


“no private entity can claim monetary power" ?? What about the Federal Reserve of the US??


message 24: by J. (new)

J. Gowin | 121 comments Don't frequent flyer miles have more real world buying power than many national currencies?


message 25: by James, Group Founder (new) - rated it 5 stars

James Morcan | 10562 comments You asked for NK Bitcoins...
And they listened!

North Korea Plans Bitcoin-Like Cryptocurrency to Sidestep Sanctions https://www.coindesk.com/north-korea-...


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

James Morcan | 10562 comments Tiny Pacific nation forges ahead with national cryptocurrency https://nakedsecurity.sophos.com/2019...
The Republic of the Marshall Islands (RMI) is forging ahead with its plans to issue a blockchain-based, national currency – the Marshallese sovereign (SOV). This is in spite of naysayers (including the US government) predicting that it will be unstable, and/or will crash the local telecom system of this tiny Pacific island nation, and/or that it will be used for money laundering and/or to fund terrorism.


message 27: by James, Group Founder (new) - rated it 5 stars

James Morcan | 10562 comments 6 ways cryptocurrency and blockchain are changing entrepreneurship https://jaxenter.com/blockchain-entre...

Blockchain technologies only continue to grow as time goes on. With decentralization, it has become easier to share things with others, ensure fraud protection, and make agreements. In this article, find out some of the reasons that adapting to the future means adopting blockchain technologies at the entrepreneurship level.

The blockchain world has helped to produce various intriguing developments in the field of cryptocurrency. The rise of Ethereum and various other digital currencies is a sign of what makes the industry so appealing. But as it turns out, there are many other details surrounding cryptocurrency and blockchain that are directly influencing how business activities are working around the world.


message 28: by Ian (new)

Ian Miller | 1314 comments James wrote: "Tiny Pacific nation forges ahead with national cryptocurrency https://nakedsecurity.sophos.com/2019...
The Republic of the Marshall..."


I would suspect that it is the selling of the cryptocurrency, which, after all, need have nothing behind it so it is free to the issuer, less costs of issuing, that is a way of making money for the nation. Actually, the US dollar tends to be an interest free-loan to the Fed for those dollars stashed away evading tax. The cocaine trade runs on US dollars, so to accuse the Marshall Islands of helping money laundering is a little unfair.


message 29: by James, Group Founder (new) - rated it 5 stars

James Morcan | 10562 comments Ian wrote: "James wrote: "Tiny Pacific nation forges ahead with national cryptocurrency https://nakedsecurity.sophos.com/2019...
The Republic o..."


You must be the only guy in NZ not watching the ABs, Ian!


message 30: by Ian (new)

Ian Miller | 1314 comments Could be, James. Delayed coverage, early start this morning, a long day over, I felt the need for sleep :-)


message 31: by James, Group Founder (new) - rated it 5 stars

James Morcan | 10562 comments Suddenly Facebook’s Libra is all about defending “the Free World” from China https://ftalphaville.ft.com/2019/09/1...


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

James Morcan | 10562 comments U.S. Gold Exec: “Phenomenon of cryptocurrency is here to stay” https://micky.com.au/u-s-gold-exec-ph...

Bitcoin Won’t Last, But Crypto is Here to Stay: Edward Snowden https://www.ccn.com/bitcoin-wont-last...

The second coming of crypto will be huge, it's simple maths / Financial Review https://www.afr.com/companies/financi...


message 33: by James, Group Founder (last edited Oct 06, 2019 06:18PM) (new) - rated it 5 stars

James Morcan | 10562 comments Iain wrote: "Banks have been around since the times of Babylon(House of Egibi); you think your gonna cut those guys out overnight?..."

No way.

But overall I'm not forming beliefs on all this and just on the fence. Am just listening to both sides -- those who say cryptocurrencies will never last, plus those who say it's gonna take over. I think we should keep an eye on Sweden as they move rapidly toward a completely cashless society (not strictly on this subject, but interrelated).

And looking at history there sure are some weird twists and turns, things not even the brightest men in each land saw coming - don't you think?


message 34: by James, Group Founder (new) - rated it 5 stars

James Morcan | 10562 comments DuckDuckGo Research Makes Bullish Case For Bitcoin And Cryptocurrency https://www.forbes.com/sites/ktorpey/...

DuckDuckGo, which is a privacy-focused online search engine, recently surveyed the general public's view on the importance of privacy on the internet. The results indicated that people care about the amount of information being collected about them online, and many respondents even claimed they have taken action to better protect their personal data.

"The results are clear: not only are privacy concerns widespread, but people are, indeed, taking action," said a DuckDuckGo blog post regarding the study.

This greater interest in online privacy should have a positive impact on Bitcoin adoption over the long term, as the cryptocurrency is basically the financial equivalent of deleting one's Facebook account.


message 35: by James, Group Founder (new) - rated it 5 stars

James Morcan | 10562 comments News WA: Perth Mint reveals new 'gold token' cryptocurrency https://www.9news.com.au/national/new...

The Perth Mint is taking a currency that's been physically traded for centuries into the digital age.
The Mint recently revealed its digital coin, the "Perth Mint Gold Token" – a cryptocurrency like Bitcoin, only it's tied to a real commodity in a real vault.
The digital currency can be converted into cash using an app. The mint will certify its value and can even deliver the physical product to user's door.


message 36: by James, Group Founder (new) - rated it 5 stars

James Morcan | 10562 comments With Around a 35% Chance of a Recession, Cryptocurrencies Look Increasingly Attractive https://beincrypto.com/with-around-a-...
As most people are likely well aware by now, the chances of the United States and potentially much of Europe slipping into a recession are as high now as they were back in July 2007.

With the odds of a recession in the next 12-months currently sitting at around 35%, people are understandably worried. However, with around a 1 in 3 chance of experiencing a significant market downturn, there is still plenty reason to be optimistic—particularly if you are a cryptocurrency investor.


message 37: by Lance, Group Founder (last edited Oct 26, 2019 04:48PM) (new) - rated it 5 stars

Lance Morcan | 2582 comments Forget China—Is This The Real Reason Bitcoin, Ethereum, Litecoin, And Ripple’s XRP Bounced? https://www.forbes.com/sites/billybam...

Bitcoin has swung wildly this week, as many had expected it to, with it losing $1,000 per bitcoin a few days ago before suddenly shooting back up earlier today.

The bitcoin price is now at over $9,000 per bitcoin after dropping to lows of almost $7,000 on Thursday–and heading fast towards the psychological $10,000 mark, according to the latest prices from Luxembourg-based exchange Bitstamp.

Elsewhere, other major cryptocurrencies ethereum, litecoin, Ripple's XRP, and bitcoin cash rallied between 7% and 23%, adding billions to the value of the combined cryptocurrency market.

Many bitcoin and cryptocurrency market analysts pointed to comments made by China's president President Xi Jinping that the country should "seize the opportunity" of bitcoin's blockchain technology as the reason behind bitcoin's sudden rally.

China banned bitcoin and cryptocurrency exchanges in 2017 and some took Xi's blockchain comments as a sign the country could ease bitcoin and crypto restrictions.

Today In: Money
"We must take the blockchain as an important breakthrough for independent innovation of core technologies," Xi reportedly said, speaking at the 18th collective study of the Political Bureau of the Central Committee in Beijing.

"[We must] clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation."


message 38: by James, Group Founder (new) - rated it 5 stars

James Morcan | 10562 comments Iain wrote: "I'd be on a beach somewhere now, wearing crocs and Speedos slurping Sangria..."

http://4.bp.blogspot.com/_770_Q-_EPr4...


message 39: by James, Group Founder (new) - rated it 5 stars

James Morcan | 10562 comments China passes cryptography laws, laying framework for a national digital currency https://www.abc.net.au/news/2019-10-3...


message 40: by Lance, Group Founder (new) - rated it 5 stars

Lance Morcan | 2582 comments Bitcoin Spikes As China Embraces Blockchain https://www.forbes.com/sites/cryptoco...


message 41: by James, Group Founder (new) - rated it 5 stars

James Morcan | 10562 comments China’s gold-backed crypto looming as ‘Pearl Harbor type event’ for US dollar in 2020 – Keiser Report https://www.rt.com/business/473222-ch...

There are two economies in the United States, says RT’s Keiser Report, the real economy, where the 99 percent live, and the one-percent economy, where bankers and the corporate elite live.

According to Max Keiser, there could be “a catastrophic trapdoor opening underneath the US economy.”

When China announces as a surprise its 20,000 tons of gold and a gold-backed cryptocurrency that “will kill the US dollar deader than a doornail,” it will be a “Pearl Harbor-type event and it’s coming in the next six to nine months,” he predicts.


message 42: by James, Group Founder (new) - rated it 5 stars

James Morcan | 10562 comments What Is a Cryptocurrency? We Need Clearer Definitions https://www.coindesk.com/what-is-a-cr...
There is an unresolved debate over how to define decentralization in a distributed ledger system, even though decentralization of peer-to-peer payments was the motivating factor for bitcoin. Personally, I like an approach that defines it as the absence of a named party participants must engage with. Think of it this way: “Can someone in North Korea use it if they wanted to” (that is, a permissonless system like bitcoin) and: “Could China prevent me from using it?” (a permissioned system, like Libra).


message 43: by Lance, Group Founder (new) - rated it 5 stars

Lance Morcan | 2582 comments Kraken CEO: Bitcoin Would Be Worth $1,000,000,000,000 If the Masses Knew the Power of Cryptocurrency https://www.youtube.com/watch?v=dje_i...

Big Bitcoin news! $8 Trillion Asset Giant Fidelity Expanding Bitcoin (BTC) and Crypto Trading https://www.youtube.com/watch?v=pOOT_...


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