Bitcoin Forum

Fed: "Ohshit, we got a lot of catching up to do". ;)

Only part way through it but the gist so far is as little as they'd like to admit it Bitcoin has them panicking and they need urgent planning to bring the industry together and come up with a competitor, this was partly set in motion in 2012 with the intention of completion within 10 years but they're pulling out the stops.

It's kind of funny as they're trying to copy the community and some of their findings may have been researched actively here. It also looks like they may be setting up their own public discussion forum too, the trolling there will be epic, payback's a bitch :) They seem to be trying to copy open source development to a degree... but by committee with competing companies that have been trying to get the market to themselves for years. Bring popcorn, 10 years sounds optimistic :)

EDIT: One thing to their credit, I don't see Professor Bitcorn mentioned so they might be able to keep some sort of connection with the real world ;)

Looks like they're pointing to Ripple as the best example of what they'd like to do.

http://newsbtc.com/2015/01/22/federal-reserve-bank-vp-acknowledges-ripple-bitcoins-original-ledger/

-B-

Would you want/expect them to use Bitcoin?

no, they should just accept the inevitable and make plans to wind down the federal reserve debt note pyramid scheme in as an orderly manner as possible.

How can they wind down the pyramid scheme orderly without taking the DOW JONES down to 1913 levels and 90% real unemployment and famine?

that's a problem of their own making. Seems like they have a lot to think about without commissioning investigations into free market information technology innovations that they are clearly unqualified and too inexperienced to master or examine and well outside their political remit anyway.

that's a problem of their own making. Seems like they have a lot to think about without commissioning investigations into free market information technology innovations that they are clearly unqualified and too inexperienced to master or examine and well outside their political remit anyway.

But how would Bitcoin help this acceptance of the inevitable depression for the 300,000,000 people not invested in it now?

Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized. The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.

It’s important to understand why a remedy had to be written into the Federal Reserve Act. To look at that, we look at the description in the title: [63rd Congress, Sess. 2; Ch. 4-6, P. 251]
“An Act. To provide for the establishment of Federal Reserve banks; to furnish an elastic currency; to afford means of rediscounting commercial [debt] paper…”
The important part for us to focus on is “to furnish an elastic currency”. To understand the authority behind remedy in the United States of America, we should look back to 1789, the Judiciary Act, and read:
“…saving to suitors in all cases the right of a common-law remedy, where the common law is competent to give it.”
This saving to suitors clause of 1789 also allows for the exclusive original cognizance by Congress and by the United States Government of all seizures on land. i.e. “reprisal”
Therefore, Congress was required to write the remedy from elastic currency into Section 16 of the Federal Reserve Act:
“They [Federal Reserve Notes] shall be redeemed in gold on demand at the Treasury Department of the United States, or in gold or lawful money at any Federal Reserve bank.”
However, reading Section 16 carefully, the remedy from central banking reveals that Federal Reserve Notes are for reserve banks. If you have Federal Reserve Notes in your wallet, in other words, you are considered a reserve bank. [Or holder in due course]
To restate remedy, one could quit being a reserve bank by redeeming lawful money with their Federal Reserve Notes.

Fed: "Ohshit, we got a lot of catching up to do". ;)

Only part way through it but the gist so far is as little as they'd like to admit it Bitcoin has them panicking and they need urgent planning to bring the industry together and come up with a competitor, this was partly set in motion in 2012 with the intention of completion within 10 years but they're pulling out the stops.

It's kind of funny as they're trying to copy the community and some of their findings may have been researched actively here. It also looks like they may be setting up their own public discussion forum too, the trolling there will be epic, payback's a bitch :) They seem to be trying to copy open source development to a degree... but by committee with competing companies that have been trying to get the market to themselves for years. Bring popcorn, 10 years sounds optimistic :)