Bit-Coin v1.0 is Global Neo-Currency
Bit-Coin is the Worlds first functional financial protocol
Ignorance is NOT "bliss" - so do not CHOOSE ignorance
We (Westerners) actually experience money and finance as a series of fragmented and poorly managed money-networks or "money organizations". It is not ONE single "entity". And It is NOT... "The American Dollar", printed on paper with ink. But global finance has been based upon that "standard". So, really examine, HOW do you buy a house? A meal? A Train-ride? Or, even a political vote? In recent history a parallel may be drawn between the internet and early communications- services. The internet allowed a flat-playing-field for Global communications. And this is EXACTLY how it is with our "money", and with the state of Global finance today. It is based upon an antiquated, system. And it shows every sign of that old age.
When the internet first came out. People were AFRAID of it. And regulators wanted to control it. So too it is with Bit-Coin. And Bit-Coin is the first (successful) financial protocol.
But, whatever it actually evolves into, Bit-Coin is NOT "monopoly money". Yet, our leaders have handled American Currency just exactly as IF it IS "Monopoly Money". And we also know who holds ALL of the "Get out of Jail Free" Cards. All of the "Pay no tax" cards. All of the "Collect 35 percent from each player" cards. And it ain't... us. It is not the average citizen. And at this point of "the game" we no longer even have a true voice (in government) without money... on how foreign policy or the expenditure of the GDP and monies from that, are handled.
So perhaps it IS "time" that some sort of "protocol" is in place on this subject of finance.
One that we may all agree upon, that is safe, and good for "The People".
Our "financial system" is
... just a series of fragmented (badly fragmented) networks of specific utility and "cost".
Before the internet existed, telecommunications was like this. Before the "magic" allowed by the TCP-IPv4 protocol, and "ubiquitous" access of the technology in our Western World. If you wanted to send a long-distance message you would "post" it, writing it on paper, buying a stamp... etc. Then you would wait a few days to send and receive a message through this system. The first times you wanted to send video anywhere, you would uplink to a satellite (laboriously and expensively) and "bounce" it to another location on the surface of the Earth. If you wanted to transmit some text, but do it RAPIDLY- you could use a telegram or telex. And if you needed to transmit an image, maybe a fax-machine.
Every type of "information" had a slightly different network it depended upon... all were segregated by speed, convenience, or "cost", time-to-destination, all these differing restrictions came to define communications.
Now-a-days? Centralized Banks control all our finance and "bleed off" funds continuously.
Look where THAT thinking has led us.
The internet has not simply made communications EASIER
It has fundamentally changed the way we use information, and opened up easy communications on a global scale.
So too with Bit-Coin.
The "upside" of the Bit-Coin protocol is just beginning, and it is actually relevant in areas such as "intellectual property", "ownership", "deeds" and "security" ...not... just.... money-exchange and global finance, or small business and personal business.
With Bit-Coin, things that were done only sparsely in the past, can be done CONTINUOUSLY now. Things that were EXPENSIVE to do, are not inexpensive. Things too far to reach. Are now close. We are about to do this with money. Bit-Coin "does this", with money. (and more than just money).
In the worlds current financial environment, there are literally, hundreds of financial sub-networks. There is SWIFT. The Society for World-wide Inter-bank Fund-Transfer.
You as an average citizen have NEVER used SWIFT, unless you are a broker or a bank- transferring millions or billions of dollars. BANKS have swift terminals and they use them to send 25-million dollar transfers to another "bank". Now, unless YOU have enough money (as a private citizen) you can NOT set yourself up as a bank- and some people DO have personal "banks" or ARE "banks"... by law. Nor are you privately allowed (by law) to transfer such huge sums of money (as a private citizen). You NEVER are privy to the movements of such sums of money. And "things" have been setup to keep you OUT of that "network". You, and "your kind" will never know what major funds are being transferred around the globe... nor are you allowed to. You would be classified as a criminal. (not a successful business man).
You have no access, until it is "openly sourced" and made public record.
Like the internet.
I am talking about ... a more TRUE transparency of finance than we currently have with our current Geo-political and American-currency-based thinking based upon old finance and old business. Antiquated fee-based networks, which over-control you, and limit you.
YOU have never used SWIFT. But, you do have Visa. And if you are a merchant then you can receive some funds through Visa. It is a consumer to merchant network. it has a lower practical limit of about 5 dollars. And it does have an upper limit. of course, it has it's own attendant fees.
You could use checks and ACH "clearing house", for transactions between individuals. In the U.S. most people take money from a digital bank account, write a check (for rent or mortgages) - writing upon a piece of paper, often putting the piece of paper into a terrestrial mail transport system. Taking 3 days to arrive at destination. The paper check is then carried physically to a bank to be presented and entered into a banking computer- and then the money "sits there" for again, 3 to 5 days.
This is how your money is handled in 2014.
Within the "most prosperous" country in the World.
Are we .... DAIN BRAMAGED?
We live in a world where banking is horribly fragmented
The financial experience is different for consumer or business
it is different from business to government. It is different from large sum of money to small sum of money. It's fragmented. it's "all over the place". It is all handled differently in all differing ways, at differing times in different places. It's different if you want to send a large amount fast or a small amount fast.
The next time you stand in line at a bank to do a transfer. And the bank closes for the day. And you are charged another overdraft fee of 36 dollars... when you had the money. But could not move it. You will understand what I mean.
Something like THAT should not even be an "issue" in your life.
And if you wanted to send money over a border? Yes, it is a "big deal" for an average citizen (not for a criminal) But again, on the back end, to the bank? it is essentially the same technology as sending an email. ... But it would be a big deal of YOU (personally) want to do it.
With Bit Coin it is NOT a big deal. Nor is some institution trying to control it and get (large) cut of the action. I refer you to ATM's and pulling out 20 or 40 dollars with a 2-Dollar fee... And that is primarily why it is "not a big deal" to BitCoin. Fee's are negligible. To BitCoin each transaction is the same. it's digital. There will always be security threats and criminals. But regulation does not stop the criminals.
So, yes... "Bit Coin is better". Because it opens this world. To ALL.
Just like the internet.
Bit-Coin can send anything from Micro-Transactions (fractions of a penny) to Giga-Transactions of 100-Billion Dollars. Globally.
The fee, is the same for both transactions. A third of a penny. Maybe.
The TIME it will take to transmit these transactions is the same. 5 seconds later it is visible across the ENTIRE global financial Bit-Coin Network. You will have absolute clearance in 10 minutes, from the public- globally held "Ledger". Bit-Coin does not care about borders. Bit-Coin does not care who the recipient is, merchant or consumer, wealthy, or poor. It is EQUAL to all. Bit-Coin does not care what equipment you use to do this transmission on.
Bit-Coin is a "bridge" across all these differences. It merely enables the transaction. Creates a larger economy. And makes such transactions free and open. Sharable by all. ALL are free to participate.
Bit-Coin provides, for the FIRST TIME IN HUMAN HISTORY- Something which has never happened before. Which is...
-a unified protocol for transmitting value.
IF you think of Bit-Coin in this manner, it is as big a revolution as TCP-IPv4 was, to communications. It provides a transmission protocol that spans any amount - any destination - and gives you a "flat playing field" that ANYONE can connect to.
And to call Bit-Coin an "intangible asset" and to slap a fee on it, as if you really understand what that is? Is HUBRIS. At the very least. Short-sighted probably. And grossly-idiotic, most likely.
Bit Coin - is a software defined NETWORK. It is a software infrastructure. And we do not even KNOW where it is going as the future unfolds. The BASELINE function of Bit-Coin is that of "value" which we (knuckle dragging humanoids) call "Money". And even the most wild-eyed technical visionaries can not see where this "protocol" is going to lead us. It's baseline parameters are fundamentally understood. The software foundation appears sound and it appears to be operational in the real world. BitCoin is a "sleeping giant".
Bit Coin is just beginning.
It is NOT "just" money. And it is certainly NOT "Monopoly Money".
It is a "protocol", and it has OPENED THE DOOR to creating hundreds or THOUSANDS of applications that we can not even ENVISION now in 2015.
When the internet first started... Would you have envisioned a team-played game of "Call of Duty" and the business it spawned? Back when the internet was first starting. We could barely run an email system without it being a pain.
So Too With Bit Coin.
The fact that it (truly) contains value? That it represents "value". Is just the BEGINNING of it.
I was on the internet in 1989. Back then it took days to send email across the internet via arcane tools like "uucp store-and-forward". Which IS truly as awkward as you may think from it's name. if you were to ask ME.... "then"... at that very moment. "What are people going to be able to do with this 'internet' "? I could have imagined instantaneous email.
I could have imagined "online shopping"... eventually.
I would NOT have imagined FaceBook or Twitter. And I most certainly would never have imagined "Bit Coin". But it birthed BIT-COIN.
Bit-coin is a protocol. And that protocol has ONE "application". And, granted, it IS a "killer-app". That "app" is "currency". It is a currency without government, and without a bank. And it is unique and has never been built before.
But it is JUST .... the "first" app.
YOU have NO IDEA (I have no idea) what other apps will be created from this environment. Just like with TCP-IPv4.
If I took a quick guess. There WILL be a whole new industry spawned (as sub-protocols) creating an entire panorama of fundamental business all born from Bit-Coin. But what exact form those businesses take? I've no clue exactly. But, one must be able to USE this new currency. And therefore...
This new currency needs new business operators, willing to help this all grow.
Our old "financial systems"
Have become deeply interwoven into other "control systems". And all of these systems have begun to malfunction badly. To the point where criminals wearing ties in courts of inquiry, simply commit wholesale theft, to the tune of Billions and Trillions of dollars and just walk away, as our current financial system. ...The American Dollar itself is eroded to nothing.
It's not Bit-Coin that is "worthless" and "Play Money".
And THAT is not just "my opinion". I quote others on the world wide playing field. I personally have NO INTEREST in seeing America "go under".
But what BitCoin may offer us? Is a new way to cope, to grow, and to move-on.
Remember. What's good for a 3rd world country. Might be EXACTLY what we (America) need.
Our "voice" in government may depend upon such a change.
Perversely, there has been a recent vote, (in 1976) where money has been redefined as "speech" or a "form of expression". Money is now officially accepted as a form of "expression" and therefore you may "express" through as much money as you wish within politics, using that money as a "form of expression" or "speech". And therefore, the more money you have. THE MORE FREE SPEECH YOU HAVE. And here 40 years later- this concept has led to the current "political performance" we now have in our leadership. Just as there is a separation of "religion and state", perhaps the same should be true of our "public servants" and money. I do believe that was the original intent of law. (That our public servants would SERVE the public's interest) But, this is another matter (somewhat) related to this one of Global Currency. In another article I wrote, entitled, "conversion of American Dollars into assets", Canadian Billionaire (Ned Goodman) points out that America is no longer worth the "bond rating" it gives itself, and it is all related to "politics, war, and money". And HE is pulling out of the American dollar, entirely.
The Federal Court Upheld
The Court Ruled...
"The Court ... ruled that spending money to influence elections is a form of constitutionally protected free speech, and struck down portions of the law...." What parts of the law were struck down you may ask?--
“A restriction on the amount of money a person or group can spend on political communication during a campaign necessarily reduces the quantity of expression by restricting the number of issues discussed, the depth of their exploration, and the size of the audience reached. This is because virtually every means of communicating ideas in today’s mass society requires the expenditure of money. The distribution of the humblest handbill or leaflet entails printing, paper, and circulation costs. Speeches and rallies generally necessitate hiring a hall and publicizing the event. The electorate’s increasing dependence on television, radio, and other mass media for news and information has made these expensive modes of communication indispensable instruments of effective political speech.”
Let us be VERY clear on this
People were now "free to discuss" THEIR OWN focused issues, as long as their money held out. See above, where it says... "by restricting the number of issues discussed, the depth of their exploration, and the size of audience..."
They simply did not want THEIR "expression"... restricted.
But YOUR "expression" ... IS... limited, as a logical extension of this. Why? Because YOU have no money in this "game". So, please do understand.
Everything that has happened, up until 2015, has been the result of a socio-political evolution based upon an antiquated banking-system, that has it's roots in middle-Europe. And old families.
From centuries ago.
By contrast, the people who are creating Bit-Coin apps are trying to think of ways to allow the underprivileged (and "under-Banked") of 3rd worlds, access to simpler easier, lighter, and faster methods of financial exchange.
What if... there is a financial system that is agile and rapidly adapting. A financial system that is growing exponentially and vigorously backing new business? Money is present and available easily for your use, leverage, and creation of a business? Most of us know that "OF COURSE I CAN BE SUCCESSFUL if I HAVE FINANCIAL BACKING".
The same is completely true of those we have allowed to be "in charge" of our financial and political arena's. Except NOW? Lately? The abuses of the old system has been over-utiilzed to obscene degree's in the "Bailing Out" of businesses, and their executive players. With zero accountability. These businesses have PROVEN their ability to fail. Their repetitive "failure". And their repetitive "reward" FOR that failure... THAT financial system... has failed.
What is hilarious is they KEEP ASKING for money. And keep getting it.
It is NOT capitalism that has failed. But the internal system of "checks and balances" within SEC or Banking has failed.
(I have an ex- who used to be an Operations Manager for Morgan-Stanley, I actually helped her study for her series-7 license. I am no "financial expert" but I, like many people do have a certain practical knowledge of some fundamentals. And, I've been around a while, and am not entirely blind.)
"Too Big to Succeed" ... is now a possibility
Below, in this video, watch as Mr Bernanke simply avoids the direct answer, required time and again. He "side steps" as all politicians do. Yes, I am calling him a "politician", it's all "political". They merely go on TALKING about "other thangs", than simply answering the question.
And that question was.
"Was ...ANYBODY... penalized for making mistakes?" And Doggett was referring to gross financial negligence and misuse of funds.
And the (unspoken) answer to that question was (and still is).
"No they were not penalized. They were REWARDED." A "golden parachute" is the phrase used when someone leaves a position. But is very amply rewarded financially.
I am a captialist. I do believe that Bill Gates was worthy of his Billionaire Status. But I do NOT believe that a CEO (like Bob Nardelli) warrents 1/3 of a Billion dollars for FAILING as the CEO of a business like Home Depot. I do believe that our "executive compensation systems" have far-outrun their practical uses within our culture. It has in fact led to a decay of American Culture.
And perhaps, ultimately. It is our own fault.
But, in order to rebuild business at this time. 2015. We may require a new currency. And a new start. And it remains to be seen how the next couple of years play out regarding Global Economy.