2013-06-03 Rawstory Federal Reserve studying effect of Paypal and Bitcoin on ..

[bitbitcoins]

http://www.rawstory.com/rs/2013/06/03/federal-reserve-studying-effect-of-paypal-and-bitcoin-on-banking/

[btceic]

From the ibtimes on the same story,

The U.S. Federal Reserve is investigating the possible risks in online payment systems like PayPal Inc. and the virtual currency bitcoin, as bankers worry that new online players could disrupt the financial system, officials said at a conference on Monday.

http://www.ibtimes.com/federal-reserve-investigating-bitcoin-paypal-other-online-payment-services-security-breaches-1288785

[Swapster]

It is absurd that Pay Pal was mentioned in that story, but what really made me angry was that there is a concern by the Fed to protect the banksters and their ripoff fees. They want the fleecing to continue.

[marcus_of_augustus]

It is just a pretext they are trying to establish to warrant future criminal intervention to prop up the contract law debt US Federal Reserve note racket.

Basically BitCoin is outside their jurisdiction, their boundary properly ends at dollars. The ECB was trying to use the same gambit. It is a matter for the people (through elected representatives) to decide not unelected bureaucrats guarding their rackets.

They are trying to establish that they have jurisdiction over decentralised crypto-currencies in general as fait accompli when they clearly do not have any legal authority and that debate in Congress has not even happened. It is the same game when they took paper currencies off the gold standard ... do you know anybody who voted on that? The Federal Reserve should have been charged with racketeering when that happened.


Edit:
"Give me control of a nation's money supply, and I care not who makes its laws."

Mayer Amschel Rothschild 2.0

[BCB]

 "Give me control of a nation's world's money bitcoin supply, and I care not who makes its laws."

Mayer Amschel Rothschild 2.0

[aigeezer]

From the ibtimes on the same story,

The U.S. Federal Reserve is investigating the possible risks in online payment systems like PayPal Inc. and the virtual currency bitcoin, as bankers worry that new online players could disrupt the financial system, officials said at a conference on Monday.

http://www.ibtimes.com/federal-reserve-investigating-bitcoin-paypal-other-online-payment-services-security-breaches-1288785

Anyone into etymology or semantics?

The bankers are worried that BTC will disrupt their system. Presumably that implies that they, the bankers, want to "rupt" it.

"rupt-, -rupting, -ruption. (Latin: break, tear, rend; burst)."

http://wordinfo.info/unit/1875

[Foxpup]

Anyone into etymology or semantics?

The bankers are worried that BTC will disrupt their system. Presumably that implies that they, the bankers, want to "rupt" it.

"rupt-, -rupting, -ruption. (Latin: break, tear, rend; burst)."

http://wordinfo.info/unit/1875

Actually, that is the etymology of the word "disrupt": the prefix "dis-" can also be an intensifier, as in "disgruntle" (from gruntle to complain) or "distend" (from tendere to stretch).

[CurbsideProphet]

It is absurd that Pay Pal was mentioned in that story, but what really made me angry was that there is a concern by the Fed to protect the banksters and their ripoff fees. They want the fleecing to continue.

The Fed is nothing more than a cartel of banks, it shouldn't surprise you that they're trying to protect their own.

[aigeezer]

Anyone into etymology or semantics?

The bankers are worried that BTC will disrupt their system. Presumably that implies that they, the bankers, want to "rupt" it.

"rupt-, -rupting, -ruption. (Latin: break, tear, rend; burst)."

http://wordinfo.info/unit/1875

Actually, that is the etymology of the word "disrupt": the prefix "dis-" can also be an intensifier, as in "disgruntle" (from gruntle to complain) or "distend" (from tendere to stretch).

I walked into that one but I have an excuse (sorta). Some fifty years ago a philosopher I admired at the time used "gruntled" (for fun) to mean "satisfied", and the usage stuck for me. I didn't realize until just now that he got it from Wodehouse.

http://www.worldwidewords.org/qa/qa-dis1.htm

I'll have to think of some other way to mock the bankers.

[solex]

Federal Reserve Study Meeting - All-Day Session

Location: Room 666, Marriner Eccles Bldg

Topic: Payment System Threats

Agenda
1) Paypal
2) Bitcoin

(Meeting commences)

Chair: "Item 1, Paypal as a payment system threat"
Attendee X: "I have been researching this one. Paypal blacklists not only the Axis of Evil, but dozens of other countries with troublesome banking systems. They dropped Wikileaks like a hot potato. When we say jump, they ask 'How high?'"

Chair: "OK, so that's wrapped up. Item 2..."

[cypherdoc]

Federal Reserve Study Meeting - All-Day Session

Location: Room 666, Marriner Eccles Bldg

Topic: Payment System Threats

Agenda
1) Paypal
2) Bitcoin

(Meeting commences)

Chair: "Item 1, Paypal as a payment system threat"
Attendee X: "I have been researching this one. Paypal blacklists not only the Axis of Evil, but dozens of other countries with troublesome banking systems. They dropped Wikileaks like a hot potato. When we say jump, they ask 'How high?'"

Chair: "OK, so that's wrapped up. Item 2..."

attendee y:

"Uh sir, we've got a problem. "

[aigeezer]

Chair: "Have the DHS team arrest the ringleaders. Set up the press conference for Tuesday."

[ShadowOfHarbringer]

"Give me control of a nation's world's money bitcoin supply, and I care not who makes its laws."

Well, good luck with that.

[Akka]

The U.S. Federal Reserve is investigating the possible risks benefits in online payment systems like PayPal Inc. and the virtual currency bitcoin, as bankers worry that new online players could disrupt the financial system, officials said at a conference on Monday.

FTFY 

[TraderTimm]

"Give me control of a nation's world's money bitcoin supply, and I care not who makes its laws."

Well, good luck with that.

I would absolutely LOVE to see a government try to "corner" bitcoin, then realize what they've done. The price swings would be legendary. I have zero fear of a "corner", just knowing what the market dynamics would be.