Category Archives: Banks

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Who Loves Bitcoin?

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 Bitcoin

Bitcoin

With the Bitcoin price so volatile everyone is curious. Bitcoin, the category creator of blockchain technology, is the World Wide Ledger yet extremely complicated and no one definition fully encapsulates it. By analogy it is like being able to send a gold coin via email. It is a consensus network that enables a new payment system and a completely digital money.

It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. Bitcoin was the first practical implementation and is currently the most prominent triple entry bookkeeping system in existence.

Who created Bitcoin?

The first Bitcoin specification and proof of concept was published in 2009 by an unknown individual under the pseudonym Satoshi Nakamoto who revealed little about himself and left the project in late 2010. The Bitcoin community has since grown exponentially.

Satoshi’s anonymity often raises unjustified concerns because of a misunderstanding of Bitcoin’s open-source nature. Everyone has access to all of the source code all of the time and any developer can review or modify the software code. As such, the identity of Bitcoin’s inventor is probably as relevant today as the identity of the person who invented paper.

Who is involved in Bitcoin?

Over $1B of investment into Bitcoin and blockchain companies has taken place resulting in thousands of companies and hundreds of thousands of individuals involved from around the world.

Who controls the Bitcoin network?

Nobody owns the  network much like no one owns the technology behind email or the Internet.  Transactions are verified by Bitcoin miners which has an entire industry and Bitcoin cloud mining options. While developers are improving the software they cannot force a change in the Bitcoin protocol because all users are free to choose what software and version they use.

In order to stay compatible with each other, all users need to use software complying with the same rules.  Crypto currencies can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.

How does Bitcoin work?

From a user perspective, crypto currencies  is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and enables a user to send and receive bitcoins.

Behind the scenes, the  network is sharing a massive public ledger called the “block chain”. This ledger contains every transaction ever processed which enables a user’s computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses therefore allowing all users to have full control over sending bitcoins.

Thus, there is no fraud, no chargebacks and no identifying information that could be compromised resulting in identity theft. To learn more about Blockchain, you can consult the original Bitcoin whitepaper, read through the extremely thorough Frequently Asked Questions, listen to a Bitcoin podcast or read the latest Bitcoin news.

 

 

Banks Congress Federal Reserve Gold Silver Uncategorized

“Biggest Bubble Ever”

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trading-currency_siIn an interview on RT’s Boom Bust, Ron Paul spoke frankly about the presidential election and the economy.

On whether the top tier Republicans reflect a trend in people distrusting Washington, D.C., Paul shrugged it off, saying, “Most incumbents are going to be reelected,” and, “I think some of this stuff in the presidential race is orchestrated by the major media, and it’s entertainment and they have competitions going on and on.”

Acknowledging that it’s impossible to predict when the next collapse will come, Paul warned, “The world has never had a situation like this where the whole world endorsed a paper currency and had pyramiding of debt around the world by the reserve currency which is the dollar, so it’s the biggest bubble ever so it’s going to be the biggest crash ever.”

“For over a century, the Federal Reserve has operated in secrecy, to the benefit of the elites and the detriment of the people”
RonPaul.

Will the economy crash before the next presidential election?

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Banks Current Events Putin Russia Uncategorized

Putin says dump the dollar

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Russian President Vladimir Putin © Alexei Druzhinin / RIA Novosti

Russian President Vladimir Putin © Alexei Druzhinin / RIA Novosti

Russian President Vladimir Putin has drafted a bill that aims to eliminate the US dollar and the euro from trade between CIS countries.

This means the creation of a single financial market between Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries of the former Soviet Union.

“This would help expand the use of national currencies in foreign trade payments and financial services and thus create preconditions for greater liquidity of domestic currency markets”, said a statement from Kremlin.

The bill would also help to facilitate trade in the region and help to achieve macro-economic stability.
Within the framework of the Eurasian Economic Union (EEU) the countries have also discussed the possibility of switching to national currencies. According to the agreement between Russia, Belarus, Armenia and Kazakhstan, an obligatory transition to settlements in the national currencies (Russian ruble, Belarusian ruble, dram and tenge respectively) must occur in 2025-2030.

Today, some 50 percent of turnover in the EEU is in dollars and euro, which increases the dependence of the union on countries issuing those currencies.

Outside the CIS and EEU, Russia and China have been trying to curtail the dollar’s dominance as well.
In August, China’s central bank put the Russian ruble into circulation in Suifenhe City, Heilongjiang Province, launching a pilot two-currency (ruble and yuan) program. The ruble was introduced in place of the US dollar.
In 2014, the Russian Central Bank and the People’s Bank of China signed a three-year currency swap agreement, worth 150 billion yuan (around $23.5 billion), thus boosting financial cooperation between the two countries.

It’s now up to the State Duma, Russia’s lower house of parliament, to ratify the president’s bill to become law.

READ MORE: China approves usage of ruble instead of US dollar for border city

RT News