Programmable Currency, a Tool of Enslavement

originally posted by: underpass61
Well, the financial sector wouldn't be bending over backwards to accommodate crypto payments if there wasn't any benefit for them, so why are they?

Visa and MC aren't bending over backwards, they'd co-brand a cat turd if would make them money.

originally posted by: anonentity
It all BS with third party risk, the whole idea of money, is something small but valuable that can be carried for the exchange of goods or services. Look at Russia at the moment, lining up to get cash. If it was still a silver and gold coin it would be another story.Their is a reason why past civilizations have ended.

Nice platitudes, too bad in the real world people have been using money for millennia.

originally posted by: JinMI
Crypto is valued at multi-trillions...well couple trillions anyway.

JPMC has assets around $4trillion alone. Add in the other major banks and issuers and you've got a lot of market muscle, they aren't giving this up and that's not even factoring in the Fed.

a reply to: AugustusMasonicus

Im not saying theyre not powerful or impactul.

However to ignore the crypto industries rise, influence and new unique properties would be silly, and i dont think youre ignoring it personally.

Coinbase for example is worth 40B with liquidity even during the worst bear markets.

I dont have the Binance numbers as the are multinational but segregated from US markets in a few ways. But also plenty of liquidity.

originally posted by: JinMI
Coinbase for example is worth 40B with liquidity even during the worst bear markets.

That's not even half what JPMC makes in one year. They aren't ignoring crypto, they're working to get a regulated version so they can monetize it themselves.

a reply to: AugustusMasonicus

Agreed but with the caveat that Coinbase is still a new company.

What will a regulated version entail? An existing one or one built from scratch? Database or blockchain? Consensus model?

For their sakes, i hope theyve already broke ground on R&D. Unless they are simply backing Fedcoin and copy/paste it among all countries to participate.

originally posted by: JinMI
What will a regulated version entail? An existing one or one built from scratch? Database or blockchain? Consensus model?

It will be very close to the MIT white paper I posted in the other thread.

originally posted by: ChaoticOrder
a reply to: AugustusMasonicus

The debt based central banking money system is basically enslavement as far as I'm concerned. It's one of the core reasons so many people live in debt and poverty, the money system is rigged against the little guy and mostly benefits those who control the money supply. Our savings slowly wither away into nothing as they print endless amounts of new money.

When I first got into crypto many years ago it amazed me how much control I had over my own money. How easy it was to send coins anywhere in the world in a fraction of a second with relatively low fees. And since Bitcoin has a low amount of inflation I was actually making money over time and not losing money (it has some inflation since new coins are always being mined).

What control do you have over your money in crypto that you don't have in cash?

And how much control will you have when the 4 Chinese miners that control 50% of bitcoin decide they want all of it?

Or what happens when China just up and decides it owns the mining rigs of the 66% of the entire bitcoin network?