Showing posts with label Currency. Show all posts
Showing posts with label Currency. Show all posts

Friday, October 10, 2014

Canadian Banking Fraud? See What This 12 Year Old Girl Knows.

Amazing video.  This 12 year old girl knows more about world banking and finances than most people will ever understand because most people do NOT want to know what is really happening.  She talks about the Canadian banking system, however, it applies to just about all banking systems throughout the world.  Think the US is any different?  No way.  There are some interesting arguments on the comments of the video.  It's amazing how many people have no clue and will argue to no end on issues they simply do not understand.

  One area where agreement is made, this 12 year old seems rather well trained.  Does she actually understand what she is saying?  It's a tough question.  Is paper money actually a debt?  Well if you read the wording on paper money, then you will quickly realize that it is in fact a debt and not a currency.  Coinage is a currency.  Paper money is a debt.

Federal Reserve Notes are the only type of U.S. banknote currently produced.[1] Federal Reserve Notes are authorized by Section 16 of the Federal Reserve Act of 1913(codified at 12 U.S.C. § 411) and are issued to the Federal Reserve Banks at the discretion of the Board of Governors of the Federal Reserve System.[2] The notes are then put into circulation by the Federal Reserve Banks,[3] at which point they become liabilities of the Federal Reserve Banks[4] and obligations of the United States.[2]

Federal Reserve Notes are legal tender, with the words "this note is legal tender for all debts, public and private" printed on each note. (See generally 31 U.S.C. § 5103.) They have replaced United States Notes, which were once issued by the Treasury Department. Federal Reserve Notes are backed by the assets of theFederal Reserve Banks, which serve as collateral under Federal Reserve Act Section 16. These assets are generally Treasury securities which have been purchased by the Federal Reserve through its Federal Open Market Committee in a process called debt monetizing. (See Monetization.) This monetized debt can increase the money supply, either with the issuance of new Federal Reserve Notes or with the creation of debt money (deposits). This increase in the monetary base leads to larger increase in the money supply through the fractional-reserve banking as deposits are lent and re-deposited where they form the basis of further loans. (Wait, I thought that paper money was backed by the good faith and credit of the people of the United States?)

(Source: )

Now that you understand what paper money is, wait, are you sure you understand what paper money is?  Do you really understand what the above is saying to you?  You can go through all the links above and try to educate yourself to the best of your ability, but chances are very high that you will be more confused than you already are.  That's okay, it's designed to be confusing.  We highlighted a key area for you to really ponder upon however.  It's the Debt Monetizing.  Wait, wouldn't that make paper money a debt obligation and not a currency?  Play this game any way you want and you can control the economics of the country that this system is set up in.  You can create economic downturns or economic booms.  It matters not.  It only matters what those in control want to do.  Sorry, you get no vote in this.

Lincoln memorial cent, with the S mintmark of ...
Lincoln memorial cent, with the S mintmark of the San Francisco mint. (Photo credit: Wikipedia)

Let's hear it for the penny.  Actual US currency.  Maybe it's time to reconsider matters?  Some interesting further reading.  You might learn something new.  

Thursday, April 17, 2014

Bitcoin 101 - The Nightmare of a 51% Attack - Part 1 - Calculating The Costs

The bitcoin logo
The bitcoin logo (Photo credit: Wikipedia)

Proof of work is a new technology, and it has amazingly protected Bitcoin for five plus years. Still, there may be no greater point of weakness in Bitcoin. While a 51% attack doesn't appear to offer a lot of financial gain, monetary gain may not be the motive of the attacker. In part one, we go through a cost analysis of the current hardware needed to launch a successful 51% attack to get a better picture how much it might cost. Unfortunately, the numbers are lower than expected, and most of the previously published values come in three to fifty times higher than actuality. In part two we will talk more about what an attacker might be able to do (double spending is not the worse tool at their disposal) and we prod at some possible solutions. Stay tuned.

Welcome to WBN's Bitcoin 101 Blackboard Series -- a full beginner to expert course in bitcoin. We hope you enjoy. And remember the official WBN launch is coming up : July 1st, 2014.
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Thursday, January 23, 2014

Bitcoin 101 - Understanding Bitcoin (pt. 3 of 3) - A Beginner's Guide

The bitcoin logo
The bitcoin logo (Photo credit: Wikipedia)

Wikipedia's a great place to start when you want to learn about anything. Trouble is bitcoin is so novel, that most people get even more confused when they read the Wikipedia page. With terms like double spending, decentralized computing and cryptocurrency, it often feels like one might need a PhD just to read wikipedia. Our humble goal is to help you get through the first paragraph and get a full grasp of these terms. So, sit back, relax, in due time you'll be understanding this amazing new currency like a bitcoin insider.

This episode (number three) focuses on PROOF OF WORK.
This video is part two of the three part series

For reference, here's Wikpedia's first paragraph on Bitcoin

"Bitcoin is an open source peer-to-peer payment network and digital currency introduced in 2009 by pseudonymous developer "Satoshi Nakamoto". Bitcoin has been called a cryptocurrency because it uses cryptography to secure funds. Transactions transfer bitcoins, the unit of currency, between Bitcoin addresses derived from cryptographic public keys. To spend the funds associated with an address, a user must broadcast a payment message digitally signed with the associated private key. Transactions are verified by a decentralized network of computers all over the world. Specialized computers use a proof-of-work system to prevent people from copying and spending the same bitcoin multiple times, a problem for digital currencies known as double-spending. The operators of these computers, known as "miners", are rewarded with transaction fees and newly minted bitcoins."

Welcom to WBN's Bitcoin 101 Blackboard Series -- a full beginner to expert course in bitcoin. We hope you enjoy. And remember the official WBN launch is coming up : January 1st, 2014.
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Thursday, January 16, 2014


English: (Photo credit: Wikipedia)

Alex Jones and Gerald Celente predict a global shutdown in the 2nd half of 2014.  What this means to you, little to no access to your cash money you may have in any bank accounts.  Bitcoin begins to look more promising should this trend bear out.  One would need to get into Bitcoin before this trend actually hits however in order to have some degree of protection.  Bitcoin values are presently at $845.46 as of this post.  A substantial uptick from what we were reporting on last week.  A nice recovery on the Bitcoin market.  Expect a major rush and buy in on Bitcoin if the news continues to trend in world economic collapse.  Bitcoin values will soar and the opportunity to ride the wave up will not be realized to it's full potential.

  We are not real big on the other digital currencies trending out there such as litecoin or any of the others as we are with Bitcoin.  We see issues with all of the digital currencies as well as issue on freedom, however, we are facing those issues anyway with or without Bitcoin.  We will help everyone keep an eye out on world trends to help you determine how to cover yourself.

  Also, the above video has some very interesting news at the end.  Commercials galore on the above video which detract from the news, but, you have to pay for getting information out somehow.  Check out the information on what military personnel said about the potential for being deployed to Syria.  Watch the information, we are not going to spoil the surprise.
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Tuesday, December 31, 2013

Litecoin vs Bitcoin - Interview With IBM Architect Richard G Brown

As we continue to state, Bitcoin is the largest news story of the century to date.  Now of course Bitcoin is not the only game in town or in the world.  Litecoin is also a new contender on the market and there are others already popping up.  Crptocurrency as it is now being called is here to stay.  Based on all present research, what our own opinion is at this time, paper currency will not be going away in any country anytime soon.  Debit cards may disappear, however, credit cards will continue to flourish.

  What we are also looking at will be an entire new series of laws and regulations that will come up around these new currencies that will also invade privacy as well as change the way services are rendered which will mean price increases on many services.  Trying to protect your privacy in the future will become a crime.  This is a given.  What you presently take for granted will be going away.  It's based on the technology.  (Not really, that's just the excuse that will be used).

  There are many areas of the technology that we like, however, there are now many areas of the technology that are really starting to concern us.  The invasion of privacy that will follow is our biggest concern.  How will this new technology invade privacy?  It could and will be used to prevent anyone from remaining anonymous.  Only criminals have something to hide.  Are you a criminal?  Now of course you will be allowed to conduct certain transactions in an anonymous fashion, however, you will go through a great deal of scrutiny, questioning and audits.  You may or may not be found guilty of some form of conspiracy however.  This is how privacy will be invaded then taken away.

  Now it's not to say that it will be fully taken away, it will at first be made a major risk to anyone who wishes to try and remain anonymous for whatever reason.  Cash will become a rare commodity in the next 10 to 15 years if not sooner.  It still has uses, but they will become more and more limited.  Why cash currencies will not go away.  Imagine a major power grid goes out for days on end.  Cryptocurrencies depend on the ability to conduct transactions electronically.  How does anyone continue to conduct any form of trade without some form of payment in exchange?  Battery backups?  That is simply to limited.  Some form of alternative payment systems will always be needed.  Cash is the only means for that.

  Other issues of cryptocurrencies, they devalue cash.  When transaction and conversion fees apply one of the forms of payment must be devalued in order to value another.  If cryptocurrencies become the main form of transacting business, then it's the cash that gets devalued.  Now the cryptocurrency may be tied to the cash, one still has to take a hit.  So a question now comes up.  Is Bitcoin and other cryptocurrencies now starting to impact the value of other currencies?  It has to.  All of the cryptocurrencies have transaction and conversion fees.  Those need to be paid for in cash.  Add to it the country where you are conducting business and then take into account that they too want monetary conversion fees.  To reverse the cryptocurrency back to cash?  Yup, more fees.

  So who is going to lose with the new age of cryptocurrencies?  White collar workers as they get phased out of the offices as they will no longer be needed.  That in itself is yet another full post for a later story.
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Monday, December 30, 2013

Bitcoin 101 A Beginner's Guide - Part One Video

The bitcoin logo
The bitcoin logo (Photo credit: Wikipedia)

As we have said, Bitcoin is without question, the single biggest story of the 21st century right now.  It's like the invention of the automobile in many senses.  No matter what happens in the future, this technology is going to change everything.  We thought 3D printing was the major news story.  It's a big part of future trends, but Bitcoin is by far more a game changer.
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Let's Talk Bitcoin Podcasts, Information You Need To Understand

The bitcoin logo
The bitcoin logo (Photo credit: Wikipedia)

Because Bitcoin is the single largest news story of our times, we are going to educate everyone to the best way we can.  We are digging through all the information out there and bringing our findings to you.  Above is over 11 hours of podcasts on Bitcoin that brings you very indepth knowledge of the coming future wave.

  You can download each episode individually to play at a later time and keep it in your library for future reference.  We are going to continue to show where we are in the world with our present banking system and what the future looks like if we continue to go along that path, or what the future can look like if we decide to take more control of our future with concepts such as Bitcoin.  

  We think it has become very clear based on reports here for the past few days, if we continue down present paths with our present banking system, we are all in very serious trouble.  If we decide to take more control over our future, we have some serious hurdles to get through, but the end rewards for everyone makes the most sense.
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