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Author Topic: A blockchain use for R3  (Read 507 times)
Thenoticer
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January 26, 2016, 08:07:25 PM
 #1

Dear R3 bankers,

If you can't beat Bitcoin then maybe you should join it. The massive Bitcoin hashrate makes Bitcoin pretty darn secure. We have learned that merge mined coins with Bitcoin can tap onto this security. Why not help society out by creating an Elastic Fed Coin, that is merge mined with Bitcoin. Think about it. You get a premined coin you control, with Bitcoin Blockchain tech. Add in the features that Martin Armstrong talks about, (allowing the paid back elastic money to expire) and you just might stabilize the economy.

Sincerely yours

A Concerned Citizen



http://www.armstrongeconomics.com/archives/42557

Quote
Elastic Money
Elastic money was a brilliant idea that, if implemented properly, would help to stabilize the economy during economic declines. The problem is that Congress usurped and transformed it into buying government bonds that do not help the economy at all. The original design was to “stimulate” by directly buying corporate paper. The Fed would create money to stimulate, and when the short-term paper was repaid, the “elastic money would expire. Targeting corporate paper funded corporations when banks were not lending, and thus prevented excessive unemployment.

The Fed would expand the money supply during periods of economic decline and it would contract the money supply as the corporate paper was repaid. There was no such authority to perpetually create money at will on some covert perpetual basis. A banking crisis, as we have now in Europe, occurs when banks cannot meet the demand for withdrawals because they lent the money long-term. They would have to sell their portfolios at discounts to raise cash to meet the demands of depositors. Elastic money would meet the demands of depositors without having to liquidate the portfolios.

Elastic money was not some evil conspiracy. It was to keep money flowing when banks were contracting. Keep in mind there was also limitations on banks to regions. The Clintons removed all restraints and allowed interstate banking which siphons money from local regions and deploys it someplace else. If we returned the central bank to perform its original function, then the economy would be much more stable. Our problem is we live in a political economy where politicians just cannot keep their fingers out of everyone’s pockets.

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Erkallys
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January 26, 2016, 08:48:17 PM
 #2

Why not help society out by creating an Elastic Fed Coin, that is merge mined with Bitcoin. Think about it. You get a premined coin you control, with Bitcoin Blockchain tech. Add in the features that Martin Armstrong talks about, (allowing the paid back elastic money to expire) and you just might stabilize the economy.

You explained very well in just one sentence what is the worst thing that they could ever do. Please, don't give them bad ideas !
AtheistAKASaneBrain
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January 27, 2016, 04:58:25 PM
 #3

Let's not forget here the ultimate goal for Bitcoin is to deprecate fiat money and be used all over the world as the default currency. 1 world currency is what we need, but I doubt governments will deal with that idea, they always want to control money, so I would be ok with that as long as it's used as a sidechain in the bitcoin blockchain.
siameze
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January 27, 2016, 05:13:05 PM
 #4

Let's not forget here the ultimate goal for Bitcoin is to deprecate fiat money and be used all over the world as the default currency. 1 world currency is what we need, but I doubt governments will deal with that idea, they always want to control money, so I would be ok with that as long as it's used as a sidechain in the bitcoin blockchain.

True, a premined coin which is shit to begin with offers little/no benefits besides .... just a blockchain.

Governments aren't going to get behind the "One world currency" idea, I think that is something we can all agree on.


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Thenoticer
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January 27, 2016, 06:55:39 PM
 #5

If you look at what Martin Armstrong is saying about the fed, he doesn't necessarily think its bad. If the fed functioned like it originally did then MA says it could help stabilize the economy. Originally as per quote money loaned into existence simply expired once it was repayed. Different then what we have today.

A bitcoin merge mined coin / sidechain could provide a vehicle for this type of system. So maybe R3 has thought about this use.

And again. It is doubtful that someone makes a stronger network then Bitcoin hence banks will need to use Bitcoin to secure their chains through merge minning.
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