Do you think bitcoin...

December 6th, 2017 at 8:26:40 PM permalink
rxwine
Member since: Oct 24, 2012
Threads: 122
Posts: 5536
Do you think bitcoin and similar currency is the near perfect solution for secret political bribes? Seems like it could be.

I don't think a lot of our old political hacks in power are all that clued in, but it might not take too many years for them to figure out the potential.
No one has ever proven I am not God.
December 6th, 2017 at 9:08:25 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 753
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The large US banknotes $500 or over were all part of the 1928 and 1934 series, but were last put into circulation in 1945 as the requirement for large amounts of cash increased spectacularly with WWII. In 1969 the US government made a pledge to destroy all such banknotes that came into their possession and to never print a note higher than $100 again.

In May of 1976 the respected banker, Henry James, wrote an article that claimed the 1969 decision had not gone far enough, and to minimize the ease of criiminal activity and political bribes the $100 banknote and possibly the $50 should stop being produced. In 1976 circulation of $100 banknotes was less than 1 note per capita and the phrase "It's all about the Benjamins" was not invented yet.



Quote: rxwine
Do you think bitcoin and similar currency is the near perfect solution for secret political bribes? Seems like it could be.

I don't think a lot of our old political hacks in power are all that clued in, but it might not take too many years for them to figure out the potential.


No, I do not think bitcoin has made a major difference in secret political bribes. They certainly can be used for that, but their value is too speculative. I think most of them are being hoarded by people who hope to see their value skyrocket.

If the northern European countries and Korea begin issuing electronic currency they may be more useful for bribes, but it remains to be seen what kind of restrictions will apply.

It doesn't look like the three major currencies, the USD, EURO, and JPY are going to issue electronic currencies in the next decade.

What we have now in the world is electronic payment systems built around banks. That is not the same thing as electronic currency which will be independent of a commercial bank and more tied in with the central bank (like cash).

The Nordic countries of Sweden, Denmark, Norway and Iceland are the most likely countries to adopt electronic currency. The South Korean attempt to abolish coins may lead to electronic currency, but as of right now they only intend to spread electronic payments tied to commercial banks.
December 6th, 2017 at 10:21:05 PM permalink
petroglyph
Member since: Aug 3, 2014
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December 13th, 2017 at 10:12:04 AM permalink
rxwine
Member since: Oct 24, 2012
Threads: 122
Posts: 5536
Quote:
Speculators aren't the only ones cheering the runaway bitcoin boom -- North Korean leader Kim Jong Un may also be celebrating a windfall.
In recent months, experts and officials say North Korea has been "mining" bitcoin, demanding it as ransom payment and outright stealing the digital currency.
"It is a fact that North Korea has been attacking virtualcurrency exchanges," said Lee Dong-geun, a director with South Korea's state-run Korea Internet and Security Agency. "We don't know how much North Korea has stolen so far, but we do know that the police have confirmed the regime's hacking attempts."


Quote:
It's not just bitcoin's dizzying gains that make it appealing to North Korea.
The digital currency was designed to operate outside of the control of governments or banks. That's likely to appeal to North Korea at a time when the U.S. is stepping up efforts to cut the country out of the international financial system over its nuclear weapons program.





https://www.msn.com/en-us/news/world/north-korea-may-be-making-a-fortune-from-bitcoin-mania/ar-BBGDoIY?li=BBmkt5R&ocid=spartanntp
No one has ever proven I am not God.
December 13th, 2017 at 10:59:57 AM permalink
petroglyph
Member since: Aug 3, 2014
Threads: 17
Posts: 2293
Since Medical cannabis stores or rec mj stores are not allowed to use banks, they have to deal in strictly cash, which makes them a target for being robbed. Since they have cash and are a target for robberies they get a bad rap in agenda driven media as bad actors and undesirable business's. Stores that are taking in truckloads of cash have to hire private security outside the banking system to transport the money.

Pot shops would be ideal business's to accept bitcoin.
Everyone gets thrown from the plane to maintain altitude
December 13th, 2017 at 4:13:54 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 753
Posts: 8890
Quote: petroglyph
they have to deal in strictly cash


Cash is important because it allows you to make payments outside of the commercial banking system. It is also inherently anonymous and unlike credit cards cannot be disputed after the fact. It's also the easiest target for robberies as it doesn't have to be fenced, is not heavy, and is difficult to trace except through serial numbers which rarely come into play in police investigations.

Digital currency issued by a central bank would have many of the similar qualities as cash and not have a lot of the disadvantages. Unlike Bitcoin it speculative highs and lows would be no worse than normal currency on the world market. Transactions would be capped at $10,000 unless IRS forms are filled out (just like banknotes). There would have to be checks and balances so you can't make a $10,000 transfer every minute.

Digital currency has the potential to pit the central bank against commercial banks.

Sweden begins their debate electronic currency as banknotes and coins are now circulating at $577 per person in Sweden. It is possible that there will be a backlash as commercial banks feel threatened, and the last holdouts for cash are afraid a digital currency will encourage the Central bank to reduce physical currency even more.
December 13th, 2017 at 4:37:55 PM permalink
AZDuffman
Member since: Oct 24, 2012
Threads: 103
Posts: 7146
Quote: Pacomartin


Digital currency has the potential to pit the central bank against commercial banks.


Why do you think Jamie Dimon hates Bitcoin? He wants his own crypto.
The man who damns money has obtained it dishonorably; the man who respects it has earned it