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submitted by MrDannyOcean to neoliberal [link] [comments]

TIL Bitcoin is controlled by central bankers.

Digital Currency Group owns BlockStream which controls Bitcoin Core. The controllers of DCG are old school central bankers which is why Bitcoin is shit now. If you are a bitcoin holder please sell for Bitcoin Cash. Make these people lose all their money plz. (this is a cut and paste from another post on /BTC)
http://dcg.co/who-we-are/#board-members
  1. Glenn Hutchins: Former Advisor to President Clinton. Hutchins sits on the board of The Federal Reserve Bank of New York, where he was reelected as a Class B director for a three-year term ending December 31, 2018. Vice-Chairman of Brookings Institue. On advisory board with Ben Bernanke and Hank Paulson.
  2. Barry Silbert: CEO of Digital Currency Group, (funded by Mastercard) who is also an Ex investment Banker at Houlihan Lokey. This is the guy who thought SW2x was a good idea.
  3. Lawrence H. Summers: "Board Advisor" "Chief Economist at the World Bank from 1991 to 1993. In 1993, Summers was appointed Undersecretary for International Affairs of the United States Department of the Treasury under the Clinton Administration. In 1995, he was promoted to Deputy Secretary of the Treasury under his long-time political mentor Robert Rubin. In 1999, he succeeded Rubin as Secretary of the Treasury. While working for the Clinton administration Summers played a leading role in the American response to the 1994 economic crisis in Mexico, the 1997 Asian financial crisis, and the Russian financial crisis. He was also influential in the American advised privatization of the economies of the post-Soviet states [a massive FUD campaign that caused Russian citizens to sell their shares in public companies - these shares were purchased by Oligarch bankers with ties to Western Banks], and in the deregulation of the U.S financial system, including the repeal of the Glass-Steagall Act." https://en.wikipedia.org/wiki/Lawrence_Summers
  4. Blythe Masters: "Former executive at JPMorgan Chase.[1] She is currently the CEO of Digital Asset Holdings,[2] a financial technology firm developing distributed ledger technology for wholesale financial services.[3] Masters is widely credited as the creator of the credit default swap as a financial instrument. She is also Chairman of the Governing Board of the Linux Foundation’s open source Hyperledger Project, member of the International Advisory Board of Santander Group, and Advisory Board Member of the US Chamber of Digital Commerce." https://en.wikipedia.org/wiki/Blythe_Masters
thanks Scott_WWS: https://www.reddit.com/CryptoCurrency/comments/7cdg79/each_side_accuses_the_other_of_being_centralized/
EDIT: Their greed cost the US approx $22 Trillion. This is much bigger than Roger Ver & some miners in China vs Bitcoin Core. What is at stake is the future of the global economy.
EDIT 2:

TL;DR Bitcoin was created in response to the 2008/2009 Global Financial Crisis. Bitcoin (BTC) is now controlled by those who were instrumental in creating the crisis. (By "crisis" I mean theft of billions (trillions?!) of dollars)

submitted by outbackdude to conspiracy [link] [comments]

A Crypto Fix for a Broken International Monetary System

The international monetary system is broken. Helping to fix it poses a huge opportunity for the cryptographers behind cryptocurrency and blockchain technology.
Now they have one of the stewards of that system in their corner: Mark Carney, the outgoing Bank of England Governor.
A week ago in Jackson Hole, Mont., Carney told the Federal Reserve’s annual gabfest that central bankers could develop a network of national digital currencies to create a new, basket-managed “synthetic hegemonic currency.”
Carney’s proposal was mostly a thought exercise to inspire conversation around solutions to the dangerous imbalances fostered by the current system’s dependence on the dollar as the world’s reserve currency. The specifics were necessarily thin – any solution will be both technically and politically complicated, and even though he’ll depart the BOE in January, Carney’s status as a public official demands caution.
But I don’t share those constraints. So, let me lay out my own modest proposal for a cryptocurrency-based fix to a broken global financial system. Hint: it is not “buy bitcoin.”
I’m neither a trained economist nor a cryptographer, so I know this act of hubris will attract naysayers. I welcome criticisms and suggestions. I’m also quite certain I’m not the first to think of this, so I’m eager to hear of others working on similar projects.
The thing is I’ve been obsessed with both the structural failings of the global financial system and cryptocurrency for many years now. Three of my five books have covered those topics. It’s hard to bite my tongue.

Fixing the global currency system

I think that instead of creating a whole new global currency, central bankers should work to develop digital currency interoperability. We need a system of decentralized exchange through which businesses in different countries can use smart contracts to create automated escrow agreements and protect themselves against exchange rate volatility. With algorithms that achieve atomic swaps now available and with other advances in cross-chain interoperability, I believe we’ll soon have the technology to remove foreign exchange risk from international trade without relying on an intermediating currency such as the dollar.
Here’s how it might work: A hypothetical importer in Russia could strike a deal with an exporter from China and agree to a future payment, denominated in Chinese renminbi, based on the latter’s prevailing exchange rate with the Russian ruble. Relying on an interoperability protocol that’s commonly integrated into each party’s preferred digital national currency – either in privately run stablecoins or central bank-issued digital currencies – the two firms could then establish a smart contract that “trustlessly” locks up the required renminbi payment in decentralized escrow. If delivery and contract fulfillment are confirmed, the payment is released to the Chinese exporter. If not, the funds revert to the Russian importer at the same, initial conversion rate.
In this scenario, both parties are protected against adverse exchange rate movements. Yet, despite the trust gap between them, there is no need to intermediate the payment through dollars, and no need for either party to take out a forward contract, FX option or some other expensive exchange rate hedge.
Of course, the importer would suffer the opportunity cost of locking up otherwise valuable working capital for a few months. But private banks could mitigate that with collateralized short-term loans on terms that would be a lot cheaper than the current cost of currency hedging. Alternatively, if the smart contract is executed on a proof-of-stake blockchain, the locked-up funds could be employed to earn cryptocurrency staking rewards.
What would central banks’ roles be?
Well, for one, they could backstop the entire credit and/or staking model. Providing liquidity or guarantees to banks’ trade finance businesses would be a more constructive use of domestic money supply than applying it to rainy-day funds of U.S. Treasuries and other dollar assets.
Secondly, they’d be charged with assuring the trustworthiness of the interoperability protocol. Whether central banks would endorse and regulate privately developed protocols such as Tendermint’s Cosmos, Parity Technologies’ Polkadot or Ripple’s Interledger, or whether they would commission a multilateral body to build and manage a single official system, there’s no getting around an oversight role for public sector policymakers.
(Don’t worry, crypto libertarians, no one’s taking away your bitcoin in this scenario. In fact, since central bankers will retain their own monetary sovereignty, with exchange rates continuing to fluctuate, bitcoin’s appeal as a “digital gold” alternative to domestic currencies could well be enhanced.)

A broken system

Let’s be clear: if foreign trade no longer requires dollar intermediation, the U.S.-centric global economy will suffer a massive impact, perhaps bigger even than the 1971 “Nixon Shock,” when the dollar was unpegged from gold.
The entire reserve currency system, in which foreign central banks own U.S. government bonds as a backstop and multinational companies hold large parts of their balance sheets in dollars, is based on the need to protect against exchange rate losses. If that risk is removed, the edifice would, in theory, come down.
Yet, as Carney rightly points out, continuing with dollar hegemony is not tenable, either. The system is broken. Whenever global investors get the jitters they rushen masse into “safe haven” dollar assets – even when, as with President Trump’s trade war with China, U.S. policy is the cause of their malaise.
This process, which has become progressively more acute with each financial crisis, causes huge distortions, economic dysfunction and political turmoil. And with economies slowing and the worldwide value of bonds carrying negative yields now at $17 trillion, we now face worrying signs of another crisis. This time, traditional central bank policy could be powerless.
When another crisis comes, the dollar-based system will generate a predictable vicious cycle. The dollar will rapidly rise. This will hurt U.S. exporters, which further stir the mercantile instincts of anti-free traders such as Trump and fuel risks of a destructive tit-for-tat currency war.
Meanwhile, emerging markets will suffer capital flight as a rising dollar raises the risk of debt defaults in those countries. Their central banks will respond by jacking up interest rates to prop up their domestic currencies, but this will choke their economies at a time when they require easier, not tighter, monetary policy. Unemployment will surge and governments will topple.
The current system breeds what former Fed Chairman Ben Bernanke dubbed the “global savings glut” as developing countries squirrel money into dollar reserves that could otherwise be used for domestic development.
In the U.S., it creates the countervailing effect of massive deficits – in other words, sky-high debt. Far from being the “exorbitant privilege” once described by French Finance Minister Valéry Giscard d’Estaing, the dollar’s reserve status is an American curse. It creates artificially low U.S. interest rates, which misprices credit risks and fuels bubbles – see: the 2008 housing crisis.
Worst of all, the dollar system undermines democracy and diminishes economic sovereignty. The performance of every economy hinges on U.S. Federal Reserve policies. Yet the Fed’s low inflation/maximum employment mandate is defined only by the U.S. economic outlook. This policy mismatch makes it much harder for governments to pursue effective measures to create opportunities for all.
When things really go sour, the Fed belatedly and reluctantly becomes the world’s lender of last resort, pumping dollars into the world’s banks via their New York subsidiaries. That’s how we ended up with the “quantitative easing” surfeit after the last crisis, money that went into financial assets, London real estate and fine art, but did little to boost the earning power of the middle class.
These policy failures have bred a populist backlash against globalization, manifest in the U.K.’s Brexit crisis and President Trump’s adversarial trade policies. Yet the reality is that capital flows are more globalized than ever and increasingly beating to the drum of the U.S. dollar.
So, yes, we need change. The question is how and in what time frame?

Violent or managed change?

The solution I described could be adopted abruptly and disruptively or it could be cooperatively managed for a smoother transition.
Under the first scenario, let’s consider Russia and China, the two countries I deliberately chose for my explanatory example, since they are believed to be further ahead than most in developing fiat digital currencies. Both would love to do away with dollar dependence. Could they go it alone and jointly devise a bilateral, cross-chain smart contract between a digital renminbi and a digital ruble? Sure. Would other countries follow suit? Maybe. Such an uncontrolled retreat from dollars could do huge harm to the U.S. and the overall global economy.
That’s why I think central banks should heed Carney’s call and work together on a solution. They could coordinate the gradual introduction of digital currencies, selectively managing access and applying differential interest rates to discourage an exodus from shaky banks. They could also charge the IMF with seeking a global standard for cross-chain interoperability.
Regardless, the disruptive technologies behind digital currencies, stablecoins and decentralized exchanges will advance. It’s a ticking time bomb.
Some central bankers, led by Carney – and now, Philadelphia Fed President Patrick Harker, who said in a Wharton Business School podcast that stablecoins are “inevitable” – get it. Others need to learn fast.
Mark Carney image via Twocoms / Shutterstock.com
submitted by lordofhippos to CryptoCurrencyLive [link] [comments]

TIL Blockstream is controlled by ex-JP Morgan, Federal Reserve, Mastercard Banksters. Spread the word.

http://dcg.co/who-we-are/#board-members
  1. Glenn Hutchins: Former Advisor to President Clinton. Hutchins sits on the board of The Federal Reserve Bank of New York, where he was reelected as a Class B director for a three-year term ending December 31, 2018. Vice-Chairman of Brookings Institue. On advisory board with Ben Bernanke and Hank Paulson.
  2. Barry Silbert: CEO of Digital Currency Group, (funded by Mastercard) who is also an Ex investment Banker at Houlihan Lokey. This is the guy who thought SW2x was a good idea.
  3. Lawrence H. Summers: "Board Advisor" "Chief Economist at the World Bank from 1991 to 1993. In 1993, Summers was appointed Undersecretary for International Affairs of the United States Department of the Treasury under the Clinton Administration. In 1995, he was promoted to Deputy Secretary of the Treasury under his long-time political mentor Robert Rubin. In 1999, he succeeded Rubin as Secretary of the Treasury. While working for the Clinton administration Summers played a leading role in the American response to the 1994 economic crisis in Mexico, the 1997 Asian financial crisis, and the Russian financial crisis. He was also influential in the American advised privatization of the economies of the post-Soviet states [a massive FUD campaign that caused Russian citizens to sell their shares in public companies - these shares were purchased by Oligarch bankers with ties to Western Banks], and in the deregulation of the U.S financial system, including the repeal of the Glass-Steagall Act." https://en.wikipedia.org/wiki/Lawrence_Summers
  4. Blythe Masters: "Former executive at JPMorgan Chase.[1] She is currently the CEO of Digital Asset Holdings,[2] a financial technology firm developing distributed ledger technology for wholesale financial services.[3] Masters is widely credited as the creator of the credit default swap as a financial instrument. She is also Chairman of the Governing Board of the Linux Foundation’s open source Hyperledger Project, member of the International Advisory Board of Santander Group, and Advisory Board Member of the US Chamber of Digital Commerce." https://en.wikipedia.org/wiki/Blythe_Masters
thanks Scott_WWS: https://www.reddit.com/CryptoCurrency/comments/7cdg79/each_side_accuses_the_other_of_being_centralized/
EDIT: Their greed cost the US approx $22 Trillion. This is much bigger than Roger Ver & some miners in China vs Bitcoin Core. What is at stake is the future of the global economy.
EDIT 2:

TL;DR Bitcoin was created in response to the 2008/2009 Global Financial Crisis. Bitcoin (BTC) is now controlled by those who were instrumental in creating the crisis. (By "crisis" I mean theft of billions (trillions?!) of dollars)

submitted by outbackdude to btc [link] [comments]

A Look at DCG & Bitfury's Incestuous Ties With the U.S. Government

Peter Todd Tweet in 2014: https://archive.is/vKZ9C
[email protected] I gotta say, looks really bad legally how Austin Hill's been negotiating deals w/ pools/etc. to get control of hashing power.
Board of Digital Currency Group
Glenn Hutchins
Advisory Board
Larry Summers
DCG of course is an investor in both Blockstream and BTCC.
DCG's money comes from:
DCG also owns Coindesk.
BTCC and Bitfury are the only two large mining pools who are outspoken in their support of Bitcoin Core.
The Bitfury Group Leadership to Present at Clinton Global Initiative (https://archive.is/MWKee)
Full Video (Begins at 32:00)
“The Bitfury Group is proud to be the world’s leading full service Blockchain technology company, we are deeply honored to represent this innovation to an audience of extremely dedicated game-changers, and we look forward to highlighting our company’s groundbreaking ‘Blockchain for global good’ work at such an important event, said Smith. “From the White House to the Blockchain, I know this technology has the power to deliver inclusion and opportunity to millions, if not billions, of people around the world and I am so grateful to work for a company focused on such a principled vision.”
Bitfury Lightning Implementation
  • In partnership with a French firm called ACINQ (http://acinq.co)
  • ACINQ is a subsidiary of the larger ACINQ Financial Services
  • CoinTelegraph: Bitfury Lightning Network Successfully Tested With French Bitcoin Company
  • TEAM: https://archive.is/Q5CNU
  • ACINQ’s US Headquarters is in Vienna, Virginia, a small town of only 16,000. Why would a global financial firm choose to locate here? -- Feeder community into Washington, D.C. Has an orange line metro stop. -- Located in Fairfax County, VA. -- The US Federal Government is the #2 largest employer -- Booz Allen Hamilton (NSA front company) is #6 largest employer -- In fact, most of the top employers in Fairfax County are either US Federal Gov’t or companies that provide services to Federal Government -- The county is home to the headquarters of intelligence agencies such as the Central Intelligence Agency, National Geospatial-Intelligence Agency, and National Reconnaissance Office, as well as the National Counterterrorism Center and Office of the Director of National Intelligence.
Chairman: Avinash Vashistha
CEO: Chaman Baid
CSO: Nandan Setlur
  • https://www.linkedin.com/in/nandansetlur https://archive.is/wp3L0
  • From 1986-1993 he worked for Information Management Consultants (imc) Ltd as a Technical Consultant with various federal government agencies. McLean, Virginia
  • 1993-2000 Technical Consultant for Freddie Mac, in McLean Virginia
  • From 2000-2007, President of InterPro Global in Maryland
  • From 2011-2012, Director of VibbleTV in Columbia, Maryland
  • From 2008-Present has been Executive Director at ACINQ and Managing Partner at Vine Management, both in Vienna, Virginia.
BitFury Enhances Its Advisory Board by Adding Former CFTC Chairman Dr. James Newsome and Renowned Global Thought Leader and President of the Institute for Liberty and Democracy Hernando de Soto (Businesswire)
Bitfury Board of Directors
Robert R Dykes
The other board members include two Bitfury founders, and an investor.
Bitfury Advisory Board
James Newsome
  • Ex-chairman of CFTC
  • Dr. Newsome was nominated by President Clinton and confirmed by the Senate to be at first a Commissioner and later a Chairman of CFTC. As Chairman, Newsome guided the regulation of the nation’s futures markets. Additionally, Newsome led the CFTC’s regulatory implementation of the Commodity Futures Modernization Act of 2000 (CFMA). He also served as one of four members of the President’s Working Group for Financial Markets, along with the Secretary of the Treasury and the Chairmen of the Federal Reserve and the SEC. In 2004, Newsome assumed the role of President and Chief Executive Officer of the New York Mercantile Exchange (NYMEX) where he managed daily operations of the largest physical derivatives exchange in the world. Dr. Newsome is presently a founding partner of Delta Strategy Group, a full-service government affairs firm based in Washington, DC.
Hernando de Soto
  • Hernando de Soto heads the Institute for Liberty and Democracy, named by The Economist one of the two most important think tanks in the world. In the last 30 years, he and his colleagues at the ILD have been involved in designing and implementing legal reform programs to empower the poor in Africa, Asia, Latin America, the Middle East, and former Soviet nations by granting them access to the same property and business rights that the majority of people in developed countries have through the institutions and tools needed to exercise those rights and freedoms. Mr. de Soto also co-chaired with former US Secretary of State Madeleine Albright the Commission on Legal Empowerment of the Poor, and currently serves as honorary co-chair on various boards and organizations, including the World Justice Project. He is the author of “The Other Path: the Economic Answer to Terrorism”, and his seminal work “The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else.”
  • Frequent attendee at Davos World Economic Forum
  • Frequent Speaker @ Clinton Global Initiative http://www.dailymotion.com/video/x2ytfrs https://archive.is/MWKee
  • Criticisms: -- In his 'Planet of Slums'[104] Mike Davis argues that de Soto, who Davis calls 'the global guru of neo-liberal populism', is essentially promoting what the statist left in South America and India has always promoted—individual land titling. Davis argues that titling is the incorporation into the formal economy of cities, which benefits more wealthy squatters but is disastrous for poorer squatters, and especially tenants who simply cannot afford incorporation into the fully commodified formal economy. -- An article by Madeleine Bunting for The Guardian (UK) claimed that de Soto's suggestions would in some circumstances cause more harm than benefit, and referred to The Mystery of Capital as "an elaborate smokescreen" used to obscure the issue of the power of the globalized elite. She cited de Soto's employment history as evidence of his bias in favor of the powerful. https://www.theguardian.com/business/2000/sep/11/imf.comment http://www.slate.com/articles/news_and_politics/hey_wait_a_minute/2005/01/the_de_soto_delusion.html
Tomicah Tilleman
  • https://en.wikipedia.org/wiki/Tomicah_Tillemann
  • Dr. Tomicah Tillemann is Director of the Bretton Woods II initiative. The initiative brings together a variety of long-term investors, with the goal of committing 1% of their assets to social impact investment and using investments as leverage to encourage global good governance. Tillemann served at the U.S. State Department in 2010 as the Senior Advisor on Civil Society and Emerging Democracies to Secretary Hillary Clinton and Secretary John Kerry. Tillemann came to the State Department as a speechwriter to Secretary Clinton in March 2009. Earlier, he worked for the Senate Foreign Relations Committee, where he was the principal policy advisor on Europe and Eurasia to Committee Chairmen, Senators Joe Biden and John Kerry. He also facilitated the work of the Senate's Subcommittee on European Affairs, then chaired by Senator Barack Obama. Tillemann received his B.A. magna cum laude from Yale University. He holds a Ph.D. with distinction from the School for Advanced International Studies at Johns Hopkins University (SAIS) where he also served as a graduate level instructor in American foreign policy. http://live.worldbank.org/node/8468 https://archive.is/raDHA
  • Secretary Clinton appointed Tomicah Tillemann, Ph.D. as the State Department’s Senior Advisor for Civil Society and Emerging Democracies in October 2010. He continues his service under Secretary Kerry.
  • Mr. Tillemann and his team operate like venture capitalists, identifying ideas that can strengthen new democracies and civil society, and then bring together the talent, technology and resources needed to translate promising concepts into successful diplomacy. He and his team have developed over 20 major initiatives on behalf of the President and Secretary of State.
  • Mr. Tillemann came to the State Department as a speechwriter to Secretary Clinton in March 2009 and collaborated with her on over 200 speeches. Earlier, he worked for the Senate Foreign Relations Committee, where he was the principal policy advisor on Europe and Eurasia to Committee Chairmen, Senators Joe Biden and John Kerry. He also facilitated the work of the Senate's Subcommittee on European Affairs, then chaired by Senator Barack Obama. Mr. Tillemann’s other professional experience includes work with the White House Office of Media Affairs and five U.S. Senate and Congressional campaigns. He was a reporter with Reuters New Media and hosted a commercial radio program in Denver, Colorado. http://m.state.gov/md160354.htm https://www.newamerica.org/our-people/tomicah-tillemann/ https://archive.is/u2yF0
  • Director of “Bretton Woods II” initiative at New America Foundation Bretton Woods was an international summit that led to the creation of the IMF and the IBRD, one of five members of The World Bank
Jamie Smith
Jason Weinstein
Paul Brody (no longer appears on site, and his LinkedIn has no mention of Bitfury, but he is mentioned in a Press Release
  • https://www.linkedin.com/in/pbrody
  • Ernst & Young since 2015 as “Americas Strategy Leader”, “Global Innovation Leader”, and “Solution Leader”
  • Prior to E&Y, he was an executive at IBM since 2002
New America Foundation
Muskoka Group
[note: this is worthy of much more research]
  • https://www.bloomberg.com/news/articles/2016-08-29/blockchain-s-backers-embark-on-campaign-to-improve-its-image
  • Don Tapscott, co-author of the book “Blockchain Revolution,” hosted the meeting with his son and co-author Alex Tapscott at his family’s summer compound in Lake of Bays, Ontario. The group included some of blockchain’s biggest backers, including people with ties to IBM and JPMorgan. They considered ways to improve the governance and oversight of the technology behind the digital currency bitcoin as a way to fuel the industry’s growth. They included Jim Zemlin, executive director of the Linux Foundation; Brian Behlendorf, executive director of the Hyperledger Project, a blockchain supporter group that includes International Business Machines Corp., Airbus Group SE and JPMorgan Chase & Co.; and Ana Lopes, board member of the World Wide Web Foundation. Participants with blockchain industry ties include former deputy White House press secretary Jamie Smith, now chief global communications officer of BitFury Group Ltd., and Joseph Lubin, founder of startup Consensus Systems.
Blockchain Delegation Attends Democratic National Convention https://archive.is/k16Nu
Attendees:
Jamie Smith — The Bitfury Group & Blockchain Trust Accelerator Tomicah Tillemann— New America Foundation & Blockchain Trust Accelerator Alex Tapscott— co-author: Blockchain Revolution Brian Forde — MIT, Digital Currency Initiative
Brian Forde
  • Was the founding director of the MIT Digital Currency Initiative -Left his 4 year post as White House Senior Advisor for Mobile and Data Innovation to go directly to the MIT DCI
  • Brian Forde has spent more than a decade at the nexus of technology, entrepreneurship, and public policy. He is currently the Director of Digital Currency at the MIT Media Lab where he leads efforts to mainstream digital currencies like Bitcoin through research, and incubation of high-impact applications of the emerging technology. Most recently he was the Senior Advisor for Mobile and Data Innovation at the White House where he spearheaded efforts to leverage emerging technologies to address the President’s most critical national priorities. Prior to his work at the White House, Brian founded one of the largest phone companies in Nicaragua after serving as a business and technology volunteer in the Peace Corps. In recognition of his work, Brian was named a Young Global Leader by the World Economic Forum and one of the ten most influential people in bitcoin and blockchain. https://www.linkedin.com/in/brianforde https://archive.is/WjEGU
Alex Tapscott
World Economic Forum
  • Strategic Partners: https://www.weforum.org/about/strategic-partners
  • Includes Accenture (See Avinash Vashistha), Allianz, Deloitte (Scaling Bitcoin platinum sponsor, Blockstream Partner), Citigroup, Bain & Company (parent of Bain Capital, DCG investor), Dalian Wanda Group (working on blockchain technology), Ernst & Young (see Paul Brody), HSBC (Li-Ka Shing, Blockstream investor, used to be Deputy Chairman of HSBC), IBM, KPMG International, Mastercard (DCG Investor), PwC (Blockstream partner, also sponsor of Scaling Bitcoin)
  • Future of Financial Services Report [PDF] The word “blockchain” is mentioned once in this document, on page 23 (http://i.imgur.com/1SxyneJ.png): We have identified three major challenge areas related to innovation in financial services that will require multi-stakeholder collaboration to be addressed effectively. We are launching a project stream related to each area, with the goal of enabling tangible impact.... Decentralised systems, such as the blockchain protocol, threaten to disintermediate almost every process in financial services
  • The Steering Group who authored the report is a who’s who of the global financial elite. (Pages 4 & 5) http://i.imgur.com/fmYc1bO.png http://i.imgur.com/331FaX6.png
Bitfury Washington DC Office
Washington DC Office 600 Pennsylvania Avenue Suite 300 Washington, D.C. 20003
http://bitfury.com/contacts https://archive.is/ugvII
Bitfury Chosen for Ernst & Young Blockchain Startup Challenge
Deloitte Unveils Plan to Build Blockchain-Based Digital Bank http://www.consultancy.uk/news/12237/deloitte-unveils-plan-to-build-blockchain-based-digital-bank https://archive.is/UJ8Q5
submitted by 5zh8FoCiZ to btc [link] [comments]

How the US government will regulate Bitcoin - just turn the miners into 'financial institutions'

This article appeared a couple of weeks ago. It describes how the "Building America's Trust Act" (S. 1757) would change the definition of a 'financial institution' in the U.S. Code (the compendium of Federal laws) to read:
(2) ‘‘financial institution’’ means—.....(K) an issuer, redeemer, or cashier of travelers’ checks, checks, money orders, prepaid access devices, digital currencies, or other similar instruments;"
It seems like this would turn every US miner and probably any US-based organization creating a digital currency into 'financial institutions' who would have to comply with all the related laws. It's also not clear whether 'other similar instruments' would include tokens, and how a distinction would be made as to which were securities and which weren't.
For those who want to look this up, here are links to: The text of S.1757. Scroll down to section 409(A)(1)(A) on page 250; and Section 5312(a)(2)(k) of the U.S.C.
You can follow the progress of S.1757 here.
This could be why Dimon and Bernanke think Bitcoin will end badly.
Sorry if this is a bit of a repost, but I think it deserves more attention.
submitted by jph108 to Bitcoin [link] [comments]

A list of people who haven't completely dismissed Bitcoin

This is not an attempt to convince anyone why Bitcoin will succeed, but merely to show that there exist reasonably intelligent people who believe there's a chance.
Paul Graham Co-founder of Y Combinator
I am very intrigued by Bitcoin. It has all the signs. Paradigm shift, hackers love it, yet it's derided as a toy. Just like microcomputers.
https://news.ycombinator.com/item?id=5402513
Peter Thiel Co-founder of PayPal His VC Founder's Fund led a $2m invesetment in BitPay
It is worth thinking about money as the bubble that never ends. There is this sort of potential that bitcoin could become this new phenomenon
Exclusive: Peter Thiel on Bitcoin
Eric Schmidt Google Chairman and former CEO
Bitcoin is a remarkable cryptographic achievement and the ability to create something which is not duplicable in the digital world has enormous value. It’s very hard to do and it’s incredibly useful for many many computer applications. … The Bitcoin architecture, literally the ability to having these ledgers that can’t be replicated is an amazing advancement. A lot of businesses will be built on top of that... Eric Schmidt: The technology behind bitcoin has enormous value
Sir Richard Branson Founder of Virgin Group
I have invested in some bitcoins myself, and find it fascinating how a whole new global currency has been created. For people who can afford to invest a little in bitcoins, it’s worth looking into.
Bitcoins in space
Kevin Rose Founder of Digg
Those of us that understand that Bitcoin has the potential to change money forever. If you believe that a decentralized digital currency, free from government corruption and controlled by the masses is the future – then you’re in this camp. This is no easy road, there are going to be sell-offs, attempted regulation, and major unforeseen disasters. It’s not for the faint of heart. We could and probably will lose everything, but IF we pull this off, the results will be unlike anything we’ve ever seen.
Bitcoin is falling, again, here is why it really doesn't matter.
Ben Bernanke Former chairman of the U.S. Federal Reserve
In letter to Senate committee “to explore potential promises and risks related to virtual currency for the federal government and society at large”:
..while these types of innovations may pose risks related to law enforcement and supervisory matters, there are also areas in which they may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system
full letter to the Senate committee
Paul Buchheit Creator and lead developer of GMail
Bitcoin may be the TCP/IP of money.
https://twitter.com/paultoo/status/328969714283995136
Alexis Ohanian Co-founder of reddit, investor in Coinbase and Buttercoin
I am cautiously optimistic about it — but I am intrigued
Reddit co-founder Alexis Ohanian: ‘I’m cautiously optimistic about Bitcoin’

Organizations

Union Square Ventures Select portfolio: Twitter, Twillio, Kickstarter, Meetups Investor in Coinbase
We believe that Bitcoin represents something fundamental and powerful, an open and distributed Internet peer to peer protocol for transferring purchasing power. It reminds us of SMTP, HTTP, RSS, and BitTorrent in its architecture and openness
Y Combinator Investor in Coinbase and Buttercoin Select portfolio: Airbnb, Dropbox, reddit
Google Ventures Investor in Buttercoin Select portfolio: Nest, Uber, 23andMe
edit: do what you want with the list, copyrights of quotes and trademarks belong to respective owners, anything else is cc0
Kind of wish people could just edit it like a wiki as well
submitted by enkideridu to Bitcoin [link] [comments]

Subreddit Stats: AskEconomics top posts from 2016-12-11 to 2017-12-10 16:42 PDT

Period: 363.79 days
Submissions Comments
Total 1000 9010
Rate (per day) 2.75 24.68
Unique Redditors 765 1500
Combined Score 9038 28269

Top Submitters' Top Submissions

  1. 75 points, 11 submissions: Ask_Everything
    1. How did Ireland become SO WEALTHY in spite of being hit by the Great Recession so hard? (10 points, 4 comments)
    2. Peru's economy grew by 7.8% per year since 2009. Is this due to quinoa exports? (8 points, 4 comments)
    3. Why can't employers hire 16% more employees and pay ALL of their employees 14% less in aggregare? This would make the unemployment rate 0% without adding to employer costs. (8 points, 10 comments)
    4. In the USA, an we have employee owned businesses like Bob’s Red Mill. Is there a model that allows a business to be municipal owned or partly owned by the municipality? (7 points, 3 comments)
    5. What are the best leading indicators for the economy or the stock market? (7 points, 11 comments)
    6. EITC VS Higher Minimum Wage for poverty reduction and reducing income inequality (6 points, 9 comments)
    7. How would implementing a $15/hour minimum wage NOT contribute to inflation across the board (thus negating its effect)? (6 points, 13 comments)
    8. In Communist USSR, (1) was the Gini Coefficient = ~0? (2) If everyone earned about the same amount, then was there poverty? (3) What were some economic triumphs of Communism? (6 points, 12 comments)
    9. India and China had equal Per Capita GDP (PPP) in '89. Why are all economic predictions of India so much more pessimistic about India than for China? (6 points, 4 comments)
    10. Why is there a black market for USD in developing countries? (6 points, 4 comments)
  2. 62 points, 6 submissions: VanGod21
    1. How much money could be collected with pigouvian and land/natural resource taxes in the United States? (21 points, 3 comments)
    2. Is income inequality an externality? (17 points, 16 comments)
    3. Why do private companies get the patent on drugs funded by the government? (9 points, 2 comments)
    4. Would cutting the corporate tax increase investment? (6 points, 4 comments)
    5. When is it better for the government to borrow money for spending rather than pay with taxes? (5 points, 5 comments)
    6. What are the biggest externalities in the United States? (4 points, 4 comments)
  3. 61 points, 6 submissions: BainCapitalist
    1. ACA replacement bill is out. Any changes from the original talking points that were released? (17 points, 1 comment)
    2. Examples of 'good' infrastructure plans? (12 points, 2 comments)
    3. Applications of blockchain technology? (9 points, 4 comments)
    4. Articles/ books on wartime economics? (8 points, 3 comments)
    5. Can I have a breakdown on all the major theories on the emergence of money? (8 points, 17 comments)
    6. Question about X-Tax (7 points, 6 comments)
  4. 54 points, 5 submissions: benjaminikuta
    1. Millennials are earning 20% less than boomers did at the same age in life... (19 points, 8 comments)
    2. Does marketing make society better off, or is it rent seeking? (12 points, 3 comments)
    3. The Interstate Commerce Act of 1887 regulated the railroads, forced consistent cargo rates and eliminated price discrimination between long and short haul fares. Would it be fair to describe the law as enforcing a kind of "rail neutrality"? What was the impact of the law? (8 points, 1 comment)
    4. What if instead of a ban on plastic grocery bags, there was just an extreme tax? (8 points, 20 comments)
    5. What are some examples of natural monopolies that exist or would exist without government intervention? (7 points, 25 comments)
  5. 54 points, 3 submissions: Alethean
    1. If major countries go to war, what happens to their debt obligations? (30 points, 3 comments)
    2. Does the world have a contingency plan for a Chinese recession or financial crisis? (15 points, 11 comments)
    3. Is there much risk of contagion or a reduction in aggregate demand if/when bitcoin collapses? (9 points, 4 comments)
  6. 52 points, 3 submissions: Municipal_Man
    1. What are the most profound ideas of economics in the last 20 years? (35 points, 53 comments)
    2. Where can I find the Debt of a city and the GDP of a city? (10 points, 4 comments)
    3. What are the DISADVANTAGES of the EITC? (7 points, 3 comments)
  7. 48 points, 6 submissions: zangerinus
    1. net neutrality: good or bad? (13 points, 25 comments)
    2. In the 50's a single person in the US with a decent job requiring little or even no education could provide a comfortable home, education for their children, etc etc by themselves. Why were they paid so much or why hasn't that pay transitioned to 2017? (9 points, 9 comments)
    3. Best behavioral economics textbook? (7 points, 5 comments)
    4. Will US debt be a problem in the future? (7 points, 13 comments)
    5. Books/sources on Public Choice theory? (6 points, 2 comments)
    6. How to help third world countries? Why is foreign aid controversial among economists? (6 points, 10 comments)
  8. 48 points, 4 submissions: dewarr
    1. If the USSR was so ineffecient, how was it such a superpower? (21 points, 24 comments)
    2. Is Schrumpeter's "Capitalism, Socialism, and Democracy" remotely approachable for a relative layperson? (11 points, 5 comments)
    3. Good history of economics textbook? (9 points, 5 comments)
    4. Does the concept of economic utility stem from ethical utiliarianism? (7 points, 6 comments)
  9. 46 points, 5 submissions: jomdo
    1. Does the U.S. have a different definition than the rest of the world, in regards to what exactly "Middle Class" is? (13 points, 14 comments)
    2. What are some fictional books that appears to have a realistic running economy- looking for books where one would later go back and say, "Hey maybe this happened because of ----" (10 points, 0 comments)
    3. What are some economic indicators of corruption? (9 points, 7 comments)
    4. Does anyone have a source that compares the income of every nation's lowest quintile? (8 points, 0 comments)
    5. How is it that there are modern nations with more income inequality than the Roman Empire (based on a study published by Cambridge) (6 points, 12 comments)
  10. 43 points, 5 submissions: neoliberalQuestions
    1. Is unilateral free trade as beneficial as bi/multilateral free trade agreements? Are there greater costs to it compared with other free trade arrangements? [x-post from /AskSocialScience] (11 points, 5 comments)
    2. How much contribution does healthcare make to health outcomes in the US compared with other factors like lifestyle, diet, environment, etc.? How does the US's mix of factors compare to those of other developed countries? (10 points, 2 comments)
    3. In the US, certain localities have short-run reduced employment prospects due to positive productivity shocks (automation, trade, etc.). What frictions/market failures prevent workers in these places from retraining themselves and moving away? (10 points, 6 comments)
    4. Is market power as little a problem (and anti-trust as ineffective at promoting consumer welfare) as depicted in this Econtalk podcast with Don Bourdreaux? (7 points, 10 comments)
    5. How might relatively low income localities mitigate the effects of a high national minimum wage? (5 points, 9 comments)
  11. 40 points, 4 submissions: CarltonFrater
    1. Am I crazy for wanting to be an economist? (13 points, 13 comments)
    2. Would a Masters Degree in Economics be a good choice for me? (11 points, 14 comments)
    3. Will Automation Lead to Drastic Unemployment and a Depression as some Speculate? (10 points, 14 comments)
    4. What is the relation between government spending as a percentage of GDP? (6 points, 1 comment)
  12. 37 points, 5 submissions: MTGTCG
    1. Which country has the best policies and institutions in place for economic growth? (11 points, 6 comments)
    2. What problems do mainstream economists have with libertarian beliefs? (9 points, 9 comments)
    3. Foreign Aid to the 3rd World (6 points, 4 comments)
    4. Intellectual Property, is it needed? (6 points, 2 comments)
    5. What is the best way to design the tax system if the goal is GDP growth? (5 points, 24 comments)
  13. 36 points, 4 submissions: Semaug
    1. What sort of impacts will Trump's proposed tariffs have on the economy? (13 points, 6 comments)
    2. Did economists see the 2008 recession coming? (10 points, 5 comments)
    3. What percentage of Venezuela's economy is run by the state(SOEs)? (7 points, 4 comments)
    4. Does the US spend a disproportionate amount on drug R&D compared to other countries? If so, is this related to the lack of price control? (6 points, 1 comment)
  14. 36 points, 4 submissions: rishijoesanu
    1. How do economists price carbon? (12 points, 14 comments)
    2. Can someone ELI5 Amartya Sen's Liberal Paradox? (10 points, 5 comments)
    3. Does automation cause Job loss in the long run? Thoughts on the new Kurzgesagt video? (9 points, 34 comments)
    4. What aspects of Ray Dalio's video "How The Economic Machine Works" is wrong or oversimplified? (5 points, 0 comments)
  15. 35 points, 5 submissions: remarkablecereal
    1. If people find a cheap way to make near unlimited amounts of gold, would the money backed by gold become worthless? (11 points, 10 comments)
    2. Is the "robot" revolution different this time? (7 points, 1 comment)
    3. When misers hoard wealth, can the market pretend it doesn't exist? (6 points, 11 comments)
    4. Why is war expensive? (6 points, 22 comments)
    5. Why is labour cheaper in developing countries? (5 points, 6 comments)
  16. 35 points, 2 submissions: Jyan
    1. Why tax brackets, rather than a smooth increase? (22 points, 8 comments)
    2. Judea Pearl wrote that "men were more qualified than equally paid women", in contrast to the usual statement on gender inequality. Is anyone aware of a citation? (13 points, 1 comment)
  17. 35 points, 2 submissions: Paul_2
    1. Is "Basic Economics" by Thomas Sowell reliable? (25 points, 3 comments)
    2. What is the standard of proof in economics? (10 points, 10 comments)
  18. 35 points, 1 submission: PM_ME_MESSY_BUNS
    1. /memenomics posts aside, is Ben Bernanke really a hero? Did the Fed save us from something much worse during the recession? How bad would it have been if the Fed acted as poorly and lamely as it did before/during the Great Depression? (35 points, 5 comments)
  19. 33 points, 2 submissions: johnfrance
    1. Most important books or papers in economics published since 2000? (27 points, 5 comments)
    2. Looking for good secondary literature on Ricardo, and JS Mill? (6 points, 2 comments)
  20. 33 points, 1 submission: papermarioguy02
    1. What parts of Friedman's "The Role of Monetary Policy" are now part of the economic consensus? (33 points, 1 comment)

Top Commenters

  1. zzzzz94 (2400 points, 299 comments)
  2. RobThorpe (1525 points, 515 comments)
  3. MrDannyOcean (1401 points, 185 comments)
  4. he3-1 (599 points, 65 comments)
  5. riggorous (534 points, 178 comments)
  6. generated_regressor (487 points, 131 comments)
  7. Petros557 (450 points, 112 comments)
  8. Integralds (432 points, 59 comments)
  9. ZerexTheCool (407 points, 99 comments)
  10. whyrat (394 points, 116 comments)
  11. Randy_Newman1502 (385 points, 80 comments)
  12. Cutlasss (369 points, 79 comments)
  13. isntanywhere (349 points, 93 comments)
  14. Cross_Keynesian (347 points, 59 comments)
  15. King_Freedom (339 points, 109 comments)
  16. themcattacker (321 points, 115 comments)
  17. IDontGiveAFuckDude (269 points, 78 comments)
  18. Greenhorn24 (266 points, 91 comments)
  19. jmo10 (240 points, 72 comments)
  20. panick21 (227 points, 108 comments)
  21. say_wot_again (203 points, 36 comments)
  22. bon_pain (174 points, 49 comments)
  23. UpsideVII (164 points, 37 comments)
  24. gorbachev (164 points, 27 comments)
  25. VodkaHaze (153 points, 33 comments)
  26. Yankee9204 (151 points, 33 comments)
  27. Hypers0nic (146 points, 33 comments)
  28. adam7684 (131 points, 21 comments)
  29. Philosopher013 (128 points, 38 comments)
  30. FinancialEconomist (127 points, 26 comments)
  31. loaengineer0 (123 points, 26 comments)
  32. neoliberalQuestions (121 points, 33 comments)
  33. Cystee (115 points, 33 comments)
  34. a_s_h_e_n (110 points, 31 comments)
  35. Frexican (106 points, 25 comments)
  36. ManWithAMasterplan (106 points, 18 comments)
  37. brberg (103 points, 22 comments)
  38. MiltonFriedom (102 points, 32 comments)
  39. Rimshotsgalore (100 points, 31 comments)
  40. HeFlipYa (97 points, 33 comments)
  41. VineFynn (96 points, 18 comments)
  42. electrodraco (94 points, 10 comments)
  43. MrCava (90 points, 26 comments)
  44. WikiTextBot (86 points, 50 comments)
  45. wumbotarian (86 points, 16 comments)
  46. Holophonist (85 points, 13 comments)
  47. MaesterMagoo (79 points, 26 comments)
  48. FatBabyGiraffe (77 points, 19 comments)
  49. badbooksaintbad (76 points, 17 comments)
  50. econ_learner (76 points, 15 comments)

Top Submissions

  1. Is there even one economist in here that thinks Trump's protectionist agenda will result in welfare gains for the American people? by deleted (38 points, 39 comments)
  2. What are the most profound ideas of economics in the last 20 years? by Municipal_Man (35 points, 53 comments)
  3. /memenomics posts aside, is Ben Bernanke really a hero? Did the Fed save us from something much worse during the recession? How bad would it have been if the Fed acted as poorly and lamely as it did before/during the Great Depression? by PM_ME_MESSY_BUNS (35 points, 5 comments)
  4. What parts of Friedman's "The Role of Monetary Policy" are now part of the economic consensus? by papermarioguy02 (33 points, 1 comment)
  5. Maybe a dumb question but, If we're so good at producing efficiently why can't more people live in a single income? by thebshwckr (30 points, 33 comments)
  6. My friend recently published this - help me prank him by gosick (30 points, 11 comments)
  7. If major countries go to war, what happens to their debt obligations? by Alethean (30 points, 3 comments)
  8. What programming language should an Economist learn? by MrEconomist206 (29 points, 61 comments)
  9. What is it really like to be an economist? by ListenAndObserve (28 points, 5 comments)
  10. Why does Marxism seem to be so much more prevalent in philosophical circles than in economic ones? by Oedium (27 points, 36 comments)

Top Comments

  1. 85 points: zzzzz94's comment in Can anyone explain why Austrian Economics is so unpopular?
  2. 67 points: say_wot_again's comment in Who hates Milton Friedman most?
  3. 45 points: he3-1's comment in Why does Marxism seem to be so much more prevalent in philosophical circles than in economic ones?
  4. 41 points: MrDannyOcean's comment in What is an economists opinion on Libertarianism?
  5. 39 points: he3-1's comment in How can I learn enough about economics to make informed voting decisions?
  6. 39 points: zzzzz94's comment in Where did the $15 minimum wage come from?
  7. 38 points: ManWithAMasterplan's comment in What are the strongest arguments against free college?
  8. 37 points: MrDannyOcean's comment in My friend recently published this - help me prank him
  9. 37 points: ZerexTheCool's comment in Is the field of economics separable from capitalism?
  10. 35 points: MrDannyOcean's comment in Maybe a dumb question but, If we're so good at producing efficiently why can't more people live in a single income?
Generated with BBoe's Subreddit Stats (Donate)
submitted by subreddit_stats to subreddit_stats [link] [comments]

Crédito, débito ou bitcoin?

São Paulo - O empresário Rodrigo Souza, de 34 anos, mudou-se para os Estados Unidos em 2008 e colocou seu apartamento em Santos à venda no ano passado. Nada de excepcional, não fosse a única forma de pagamento aceita: bitcoin.
Como mora em outro país, essa é, segundo ele, a melhor maneira de receber o dinheiro sem pagar as altíssimas taxas de remessa ao exterior — que podem chegar a 10% do valor de venda — ou do imposto sobre operações financeiras (IOF), que no fim do ano passado chegou a 6,38%.
Essa transação não é novidade para Rodrigo. Sócio de uma empresa de vídeos publicitários de animação, a MindBug Studios, Rodrigo tem colaboradores espalhados por quatro países. Seus empregados no Brasil e na Argentina recebem o salário em bitcoins.
“Tentei pagá-los via PayPal (serviço online de pagamentos), mas as taxas sequestravam boa parte do dinheiro. Com o bitcoin, eles recebem o salário integral e descontam os impostos nos países onde moram”, diz. Rodrigo também aceita, e até prefere, essa moeda como forma de pagamento pelos serviços prestados por sua empresa. “O dinheiro chega mais rapidamente e eu me livro das taxas”, afirma.
O empresário usa bitcoins principalmente como forma de transferir dinheiro e mantém cerca de 20% do patrimônio na moeda virtual. “Como o valor é muito volátil, prefiro transferir o resto para dólar, por garantia”, explica.
O bitcoin é uma moeda que circula apenas online, sem a regulação de um banco central e com transações encriptadas, ou seja, transmitidas em códigos, para dar segurança ao usuário e manter anônimas suas informações. Cada unidade valia, no início de abril, 446 dólares.
No dia 19 de novembro a moeda havia chegado a 545 dólares. Dez dias depois, estava cotada em 1 023 dólares. Essa instabilidade é um dos principais argumentos dos economistas que afirmam que o “bit­coin é algo mais parecido com loteria do que com moe­da”. A frase é do professor de finanças da FGV Samy Dana.
“Uma moeda precisa armazenar e conservar valor, mas o bitcoin oscila mais de 20% em um único dia”, diz Samy. Outra questão é a falta de uma autoridade monetária. “Não existe uma agência central reguladora. Isso deixa o bitcoin praticamente à margem da lei”, diz o professor de finanças do Ibmec do Rio de Janeiro Nelson de Souza.
Entretanto, há quem defenda que o bitcoin seja a moeda do futuro. No fim do ano passado, Ben Bernanke, então presidente do Federal Reserve, o banco central americano, enviou uma declaração ao Comitê de Segurança Nacional do Senado reconhecendo que o bitcoin “pode ser uma promessa, particularmente se as inovações que ele traz forem capazes de promover um sistema de pagamento mais rápido, seguro e eficiente”.
O Departamento de Justiça americano também emitiu um co­municado oficial informando que as operações com bitcoin são um meio legal de troca. “O Departamento de Justiça reconhece que muitos sistemas monetários virtuais oferecem serviços financeiros legítimos e possuem potencial para promover um comércio global mais eficiente.”
No Brasil, só 52 estabelecimentos estão no coinmap, o mapa que mostra quem aceita bitcoins. Parece pouco, mas esse número dobrou desde o fim do ano passado. O engenheiro da computação de Belo Horizonte Eduardo Camponez, de 33 anos, deve aumentar essa lista.
Ele convenceu uma escola de inglês online a aceitar bitcoins. Eduardo começou a estudar o bitcoin no fim do ano passado e já usou a moeda virtual para comprar em sites como Amazon. Para ele, a principal vantagem dela é ficar livre de intervenções de governos e bancos.
Esse aspecto, no entanto, preocupa autoridades do mundo todo. Um bom exemplo disso foi o que aconteceu em 2010, quando o governo americano tentou fechar o WikiLeaks, site que vazou documentos confidenciais da Casa Branca sobre a guerra no Afeganistão.
Como punição, o governo americano proibiu que bancos e operadoras de cartões de crédito transferissem dinheiro ao site, que vive de doações. Foi então que o WikiLeaks começou a receber doações em bitcoins, que não podem ser bloqueadas nem rastreadas pelas autoridades.
Na rede, é possível visualizar quanto e quando o dinheiro foi transferido, mas as contas que o enviaram e o receberam permanecem anônimas. Com base nessa premissa, Charlie Shrem, criador da BitInstant, empresa de negociação da moeda virtual, foi preso em janeiro, acusado de um esquema de venda de bitcoins para usuários do Silk Road, mercado negro online que vende drogas e armas ilegalmente.
A origem do bitcoin é incerta. Acredita-se que ele tenha sido criado em 2008 por Satoshi Nakamoto, programador japonês de 64 anos radicado nos Estados Unidos. No mês passado, a revista americana Newsweek tentou confirmar a informação, que foi negada por Satoshi.
Mais misteriosa ainda foi a forma como, em fevereiro, a Mt. Gox, maior bolsa para troca de bitcoins no Japão, anunciou que 300 milhões de dólares na moeda virtual foram roubados por hackers. “Fraudes acontecem com qualquer moeda”, diz Eduardo Camponez.
O bitcoin é considerado por seus defensores uma resposta à alta carga tributária e ao excesso de regulação do sistema monetário. “Ela representa uma revolução sem precedentes no sistema bancário mundial”, diz o economista Fernando Ulrich, autor do livro Bitcoin — a Moeda na Era Digital. Já há centenas de criptomoedas criadas a partir do código-fonte do bitcoin.
A ripple, uma delas, já recebeu aportes milionários de investidores como o Google Ventures. Na dúvida, talvez seja bom se acostumar com a ideia de ter uma carteira digital. Ela pode se tornar uma realidade na sua vida num futuro bem próximo.
Entenda como são feitas as transações com essa moeda virtual
O que é: Uma moeda que só circula online, com transações feitas em códigos para proteger a identidade de seus usuários
Bitcoin: As transferências, mesmo que internacionais, são feitas diretamente entre os usuários, sem taxas.
Moeda convencional: Operações com cartões de crédito e débito ou transferências de dinheiro passam pelos bancos.
Como encher a carteira
Vendendo
• Vendendo produtos, em lojas e sites, e aceitando bitcoins em troca.
Comprando
• Comprando a moeda de outras pessoas em sites como LocalBitcoins.com ou em casas de câmbio especializadas.
Minerando
• Resolvendo problemas matemáticos gerados pelo software do bitcoin, usado para autenticar as transações com a moeda na internet. Quem soluciona primeiro os problemas é recompensado com um pagamento em bitcoins pelo serviço prestado aos demais usuários.
Essas pessoas são chamadas de mineradoras, porque “garimpam” seus bitcoins em vez de comprá-los.
Saiba como uma compradora nos Estados Unidos faria para adquirir com bitcoins um par de sapatos de uma loja na Itália e como a operação é validada pelos membros da rede
1 O primeiro passo é criar uma carteira virtual em sites como Coinbase e Multibit. Cada conta dá acesso a uma série de endereços, cada um formado por uma sequência de letras e números.
2 Quando visita um site de compras e decide adquirir um produto em bitcoins, a compradora recebe do vendedor um endereço.
3 O passo seguinte será entrar em sua própria carteira virtual e usar sua assinatura digital — uma espécie de senha — para autorizar a transferência para o endereço gerado pelo vendedor.
4 Cada transação gera um problema matemático, que precisa ser solucionado pelos mineradores para que a operação seja finalizada. Os mineradores emprestam a capacidade analítica de seus computadores para a rede e, como forma de bonificação, recebem 25 bitcoins por operação completada.
5 Para cada transação, é gerada uma chave pública — uma senha que permite a qualquer membro da rede verificar se a operação é válida, embora ninguém possa identificar os envolvidos nela.
Confira abaixo as vantagens e as desvantagens envolvidas no uso do bitcoin
Vantagens
• É possível enviar dinheiro para qualquer lugar do mundo sem pagar as altas taxas de transferência cobradas pelos bancos.
• Qualquer membro da rede pode ver quais transações foram feitas, o que reduz a possibilidade de fraudes. O valor e o horário das operações são registrados, mas os usuários permanecem anônimos — a menos que alterem seu nível de privacidade.
• No Brasil, só 52 estabelecimentos admitem bitcoins como forma de pagamento. Parece pouco, mas esse número já é o dobro do que existia até o fim do ano passado.
• É possível trocar reais por dólares ou qualquer moeda estrangeira sem incidência do imposto sobre operações financeiras (IOF), que chegou a 6,38% em 2013. Basta comprar bitcoins com moeda nacional e vendê-los na moeda desejada.
Riscos
• Não há a quem recorrer em caso de fraude ou quebra de uma casa de câmbio de bitcoins.
• Como não é uma moeda regulamentada, o valor do bitcoin pode oscilar mais de 100% em um dia. Sua alta volatilidade faz com que ele não seja indicado como investimento.
• Assim como qualquer coisa que só existe o mundo virtual, carteiras e contas podem ser invadidas por hackers.
• Ainda são poucos os estabelecimentos ou prestadores de serviços que aceitam essa moeda
Fonte EXAME
submitted by allex2501 to BrasilBitcoin [link] [comments]

A quebra de um banco abala o sistema alternativo Bitcoin, mas as apostas persistem. Por Carlos Drummond

O fechamento do Flexcoin, principal banco de transações com bitcoins, assustou até os mais entusiasmados usuários dessa moeda virtual criada há quatro anos. A cotação caiu de 3,6 mil reais, registrados no fim de dezembro, para 1,6 mil reais, segundo o site TradingView.com. O total de estabelecimentos brasileiros de pequeno porte que aceitam pagamento em bitcoins, entre bares, oficinas e pousadas, caiu de 30 para menos de 10, em poucos dias.
Importantes para a captação de recursos por organizações como o site WikiLeaks, de divulgação de informações sigilosas, bloqueado pelas empresas de cartões de crédito, as transações com bitcoins ocorrem em um sistema de caixa eletrônico ponto a ponto, protegido por criptografia. Os atrativos, de acordo com os seus usuários, são a ausência de taxas, impostos, regulação e fiscalização pelos bancos centrais dos Estados nacionais.
Há, no entanto, um problema: os usuários de bitcoins não têm a quem recorrer em caso de quebra de participantes das transações. Na crise de 2008, os bancos centrais socorreram o Lehman Brothers e dezenas de outras instituições financeiras, com farto suprimento de dinheiro proveniente de impostos. Sem os BCs, rejeitados pela comunidade usuária de bitcoins, o mundo provavelmente teria afundado em uma crise pior do que aquela da Grande Depressão dos anos 1930.
O que provocou o fechamento do Flexcoin foi o roubo, por hackers, de 896 bitcoins, equivalentes a 365 mil libras esterlinas. “Como não temos reservas, ativos ou outro meio para superar essa perda, fechamos as nossas portas imediatamente”, dizia o comunicado exibido na primeira página do site. O encerramento aconteceu menos de dois meses depois do colapso do MtGox, principal site de transações do segmento, após o desvio de 740 mil bitcoins, ao que tudo indica em consequência de um golpe aplicado pelos seus donos.
Em novembro de 2013, um artigo publicado no site Generation21stCentury previa que o bitcoin criaria uma nova classe de milionários. O texto destacava as propriedades deflacionárias da moeda da internet, “algo nunca visto antes na história da humanidade”.
Críticos do bitcoin o comparam a uma bolha, ou a um esquema de pirâmide, em que os últimos a entrar no circuito sofrem todas as perdas. Os seus defensores estão certos de que percorrerá a mesma trajetória sinuosa e bem-sucedida de gigantes da internet e dos negócios como Facebook e Twitter.
Algumas iniciativas contribuíram para formar uma aura de segurança em torno do novo meio de pagamento. Em maio de 2013, o Bank of America passou a acompanhar o bitcoin, para efeito de análise de investimentos. Em novembro, o ex-presidente do Federal Reserve, o banco central dos Estados Unidos, Ben Bernanke, em depoimento ao Senado, disse que embora as moedas virtuais apresentem riscos de uso para lavagem de dinheiro e outros desvirtuamentos, há também áreas em que podem acenar com promessas no longo prazo.
Os riscos apontados por Bernanke mostraram-se palpáveis quando os governos da China e da Tailândia vetaram o bitcoin depois da sua utilização na Silk Road ou Rota da Seda, um domínio na internet voltado à comercialização de drogas e de armas.
A proposta inovadora e, para alguns, libertária, não para de sofrer revezes. O site de leilões eBay do Reino Unido baniu as vendas de bitcoins e o sistema de pagamentos PayPal declarou que as transações nessa moeda não são convertidas pelo seu programa de proteção por considerá-la um “bem intangível”. A Autoridade Bancária Europeia disse que os consumidores deveriam estar atentos aos riscos implícitos nas transações com esse instrumento de pagamento. Paul Krugman, Prêmio Nobel de economia e colaborador de CartaCapital, chamou o bitcoin de “sonho impossível” e considerou-o “perverso”.
Um instrumento recente para enfrentar a onda de eventos negativos para o novo mercado é o Bitcoin Center, criado em dezembro ao lado da Bolsa de Nova York, com pregões diários que pretendem gerar um clima de maior segurança para as transações. A ironia é obter esse efeito com uma simulação do arcabouço institucional que os adeptos da moeda tanto execram.
As contradições do bitcoin parecem bem resumidas por Wolfgang Münchau, especialista em economia da União Europeia e colunista do Financial Times: “O grau em que os economistas têm ignorado o bitcoin só é superado pela extensão em que os seus entusiastas têm ignorado a economia”. O economista, porém, não fecha a questão: “Se a instabilidade global persistir, produzirá mais crises. Se o bitcoin ou seus sucessores darão certo é impossível prever. Mas o ambiente favorece o florescimento de um sistema alternativo descentralizado”.
Fonte CARTA CAPITAL
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Ben Bernanke's Fed: How the Federal Reserve Analyzes and Manages the Economy Bill Still on Bernanke's Bitcoin Surprise Give States Billions, and You Help the Entire Country: Ben Bernanke, NYT THIS GUY PREDICTED THE BITCOIN PRICE BETTER THAN ANYONE ELSE!!! The Fed's Losing Battle with Deflation (w/ Jeff Booth)

While bitcoin may hold long term promise, keep in mind that Bernanke thinks printing billions of dollars quarterly to pay debt is a fine idea. . This current policy is keeping the economy from any growth. Bitcoin is a digital, decentralized, partially anonymous currency, not backed by any government or other legal entity, and not redeemable for gold or other commodity. Bernanke was reappointed Fed chief in 2010 by Democrat Barack Obama. He earned $199,000 a year as Fed chair. Prior to heading to Washington, Bernanke was an economics professor and dean at Virtual currency, also known as virtual money, is a type of unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community.The Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury, defined virtual currency in its guidance published in 2013. Utilising Tor to hide the site's location and Bitcoin based bounties and prediction technology, the site lists bounties on politician Barack Obama, economist Ben Bernanke and former justice minister of Sweden Beatrice Ask. In 2015 the site was suspected to be defunct, but the deposited Bitcoins had not been touched.

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Ben Bernanke's Fed: How the Federal Reserve Analyzes and Manages the Economy

On February 1, 2006, Bernanke began a fourteen-year term as a member of the Federal Reserve Board of Governors and a four-year term as chairman (after having been nominated by President Bush in ... how to invest in gold ,gold investment ,invest in gold,investing in gold .gold investments,how to invest in gold and silver,gold investing,investing in gold and silver ,gold investment companies ... 2012 RON PAUL vs. BEN BERNANKE - 3 Brutal Rounds - Duration: 14:15. pmpowell001 307,481 views. 14:15. Understanding The Financial Crisis--For Kids and Grownups - Duration: 4:09. Even before Ben Bernanke made the official declaration that the Fed is, in fact, targeting inflation, economists and governments around the world have counted on it to manage ever-increasing debts ... Ron Paul Hits Ben Bernanke at Hearing, Says Fed Has Destroyed 'Value of Real Money' - Duration: 4:50. ABC News 49,932 views. 4:50.

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