License to print money... BitCoin?

April 3rd, 2015 at 3:52:56 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 1068
Posts: 12569
Quote: petroglyph
Attributed to Jefferson Quotation: "If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered...I believe that banking institutions are more dangerous to our liberties than standing armies"


Throughout history many quotes have been attributed to founding fathers, which seem very unlikely.

Snopes (urban legend website) looked at this one
http://www.snopes.com/quotes/jefferson/banks.asp#ePY5TZG0cUgVUXUv.99

Tthe closing sentence in Jefferson's 28 May 1816 letter to John Taylor reads:

And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.

The first statement part of the statement is probably made up.
April 3rd, 2015 at 4:31:58 PM permalink
petroglyph
Member since: Aug 3, 2014
Threads: 25
Posts: 6227
Yeah, it makes good copy though. : )

https://en.wikiquote.org/wiki/Andrew_Jackson

What about Jackson? "You are a den of vipers and thieves. I have determined to rout you out, and by the Eternal, (bringing his fist down on the table) I will rout you out!"

Surely there must be some president that wasn't in bed with the bankers?

Maybe president E. Warren?
The last official act of any government is to loot the treasury. GW
April 3rd, 2015 at 8:32:53 PM permalink
petroglyph
Member since: Aug 3, 2014
Threads: 25
Posts: 6227
http://tucson.com/news/state-and-regional/gov-doug-ducey-vetoes-bill-making-gold-legal-tender/article_cdb82f1e-f331-5e07-b2e2-b08c6ef132c0.html

From the article: "Former Gov. Jan Brewer vetoed similar legislation in 2013 over concerns that its language might exempt the state from collecting income taxes "

In other words the reason for not wanting "sound money" is it would prevent the state from collecting a vig every time a transaction is made. So if there is a tax expected every time a unit of money changes hands then after x amount of transactions of that unit the state owns 100% of the unit. It baffles me that we can describe ourselves as being free under this form of taxation.

I don't have a link, but IIRC, I heard B. Clinton say that we were at that time paying around 84% tax on every dollar by the time income tax, sales, property, and all other collections have been extracted. He was giddy at the time, chuckling.
The last official act of any government is to loot the treasury. GW
April 8th, 2015 at 10:17:17 AM permalink
petroglyph
Member since: Aug 3, 2014
Threads: 25
Posts: 6227


This is an interesting explanation, those on fixed incomes are u-scrayed.

https://www.thefinancialist.com/europe-the-land-that-yield-forgot/ I would hate to load up on negative yield bonds and be holding when the pendulum swings back. The exit will be worse than trying to get out the fire door in a crowded theatre.

Some pensions have to hold bonds by law.
The last official act of any government is to loot the treasury. GW
July 19th, 2015 at 7:13:53 PM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 62
Posts: 7831
European Court of Justice : No transaction involving bitcoin is subject to vat tax.
August 1st, 2015 at 8:07:05 PM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 62
Posts: 7831
Japanese police arrest ceo of Mt. gox for fraudulent entries alleging that all or most of the digital "robbery" was internal.
August 2nd, 2015 at 4:14:43 PM permalink
zippyboy
Member since: Oct 24, 2012
Threads: 2
Posts: 665
Quote: Fleastiff
Japanese police arrest ceo of Mt. gox for fraudulent entries alleging that all or most of the digital "robbery" was internal.

I just finished a book on the birth and growth of Bitcoin, Digital Gold. Fascinating read. Mt Gox was in fact based in Tokyo, but did you know what Mt Gox stands for? That website had been running for years before Bitcoin emerged, as a way for gamers to trade their Magic the Gathering cards, but business was down and the guy wanted to try something new.

Mt Gox = Magic The Gathering Online eXchange.
August 2nd, 2015 at 7:50:31 PM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 62
Posts: 7831
Quote: zippyboy
Mt Gox = Magic The Gathering Online eXchange.
I assume "Magic" is some sort of computer or graphic game.

Its strange. Look at the corporate charter of the chase Manhattan bank and you will see it was originally a water transport company.

One of the earliest women operating an 800 singles phone exchange and then singles electronic bulletin board became one of the first to operate an offshore gambling operation. she made so much money that when the feds contacted her she was fortunate enough to have already told her lawyer than she would prefer to be wealthy even if it meant the end of her citizenship. He had moved so many millions abroad and her business could be operated from anywhere so renounced her us citizenship and stayed happily out of the country.
August 2nd, 2015 at 8:23:12 PM permalink
zippyboy
Member since: Oct 24, 2012
Threads: 2
Posts: 665
Sounds like what some online poker sites did.
August 2nd, 2015 at 9:56:55 PM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 62
Posts: 7831
Quote: zippyboy
Sounds like what some online poker sites did.
Yes, but often some of those online poker sites or online casinos were barely profitable and if you are in central america often bribes and air conditioning fees drive you to the poor house. this womanwith the first 800/900 singles site and early gambling sites made so much money she was very financially secure despite her not ever able to be inside the United States again.