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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1951049 times)
79b79aa8d5047da6d3XX
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January 27, 2015, 07:55:57 AM
 #20661

The FED wants to reinvent Bitcoin! Except very slowly and in a way that does not cut it out of the game.

https://fedpaymentsimprovement.org

(Jan 26/2015) The Federal Reserve System is pleased to release Strategies for Improving the U.S. Payment System, a multi-faceted plan for collaborating with payment system stakeholders to enhance the speed, safety and efficiency of the U.S. payment system.


https://fedpaymentsimprovement.org/wp-content/uploads/strategies-improving-us-payment-system.pdf

The document identifies vast inefficiencies in legacy payment systems, and proposes all sorts of inititiatives, task forces, forums, and the FED's leadership to bring things up to date.

Next steps include things like:
"Phase 3 (2016 or beyond): Explore the technology, infrastructure and operational and resource changes required to support weekend and/or 24x7 operating hours [for the National Settlement Service]". (p.21)

Bitcoin is not mentioned, but we have:

Design options not selected for further review:
"A digital transfer vehicle was not considered a sufficiently mature technology at this time, but was identified for further exploration and monitoring given significant interest in the marketplace. It is noteworthy that Option 2 (leverage distributed architecture), which was selected for further exploration, has certain similarities to this option with respect to leveraging decentralized IP networks for point-to-point communications." (p.42)

In case you are curious, Option 2 is:
"Facilitate direct clearing between financial institutions on public IP networks using common protocols and standards for sending and receiving payments. A distributed architecture for messaging between financial institutions over public IP networks has the potential to lower costs compared to clearing transactions over a hub-and-spoke network architecture. A central authority would establish common protocols for messaging standards, communication, security and logging transactions in a central ledger to facilitate subsequent interbank settlement. The central authority would also establish the rules of the system. Participating institutions could directly exchange credit-push transactions with (near) real- time authorization/clearing and the payer’s bank guarantee of good funds." (p.41)

You are late, FED. Temporally and conceptually late.  



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January 27, 2015, 08:24:30 AM
 #20662

... until bitcoin came along they would have denied there were any problems.

Basically, because of bitcoin they have examined their system and now recognize it is old, broken, dysfunctional ... I would add corrupt, riddled with cronyism, systemically fraudulent and insolvent.

tl;dr sell US federal reserve notes (or any unverifiable electronic promises issued by the same)

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January 27, 2015, 02:36:32 PM
 #20663

Nice

NYSE Invokes Rule 48 To Pre-Empt Selling Panic

http://www.zerohedge.com/news/2015-01-27/nyse-invokes-rule-48-pre-empt-selling-panic
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Let's talk governance, lipstick, and pigs.


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January 27, 2015, 02:39:04 PM
 #20664

Centralized Bitcoin exchanges need to divorce themselves from the libertarian paradigm.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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January 27, 2015, 02:50:31 PM
 #20665

I've said repeatedly that markets won't like usd strength over the long run.

Market Wrap: Futures Tumble On Spike Of "Strong Dollar" Earnings Disappointments And Profit Warnings

http://www.zerohedge.com/news/2015-01-27/market-wrap-futures-slide-spike-strong-dollar-earnings-disappointments-and-profit-wa
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January 27, 2015, 03:04:28 PM
 #20666

Centralized Bitcoin exchanges need to divorce themselves from the libertarian paradigm.
Solve this:

1) We dont have centralized, "serious" exchanges like the Gemini or Coinbase one, which leads to old big money not comming in.

2) We have centralized exchanges which means we get to deal with wall street bastards and risk the price being rigged, also risk on the exchanges being a failure again killing bitcoin due lack of trust.

How to solve this?? afaik, decentralized exchanges dont allow for proper trading.
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Let's talk governance, lipstick, and pigs.


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January 27, 2015, 03:10:55 PM
 #20667

Centralized Bitcoin exchanges need to divorce themselves from the libertarian paradigm.
Solve this:

1) We dont have centralized, "serious" exchanges like the Gemini or Coinbase one, which leads to old big money not comming in.

2) We have centralized exchanges which means we get to deal with wall street bastards and risk the price being rigged, also risk on the exchanges being a failure again killing bitcoin due lack of trust.

How to solve this?? afaik, decentralized exchanges dont allow for proper trading.
I posted on Reddit:
Quote
I want to see a bitcoin exchange that doesn't give a fuck. Keep bankers hours. Ring a bell at opening and closing. Develop a good OTC trading board. Buy and/or hire Trezor. Offer Trezor support for security, multisig deposits and withdrawals, and after hours OTC trading only.
The libertarian paradigm must be divorced from centralized exchanges. They can only work on decentralized exchanges. DEXs will flourish when they find their niche as arbitrage markets between regulated traditional markets.
Take a good look at Tether and develop your own Winkelvoss dollar backed colored coin. Maybe you can leverage it against your ETF profits.

Tether is a colored coin (Mastercoin-style) that pegs USD or any other fiat to bitcoin metadata. These can be used for crypto pairings on DEXs.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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January 27, 2015, 03:11:02 PM
 #20668

Centralized Bitcoin exchanges need to divorce themselves from the libertarian paradigm.
Solve this:

1) We dont have centralized, "serious" exchanges like the Gemini or Coinbase one, which leads to old big money not comming in.

2) We have centralized exchanges which means we get to deal with wall street bastards and risk the price being rigged, also risk on the exchanges being a failure again killing bitcoin due lack of trust.

How to solve this?? afaik, decentralized exchanges dont allow for proper trading.

i've thought of this alot.

the only way to solve it is to have multiple international exchanges in jurisdictions that are actually hostile to the US, like we already have in China and Russia.  next, provable audits, either thru Merkle trees or something better, along with real audits.  the bar needs to be set higher to prevent naked shorting.
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January 27, 2015, 03:22:53 PM
 #20669

hmmm, normally when we see huge gap opening gap downs like this on the Dow, it immediately starts grinding back up higher oftentimes to being flat before dropping once again.  we aren't seeing that this morning...
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January 27, 2015, 03:25:34 PM
 #20670

-320
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January 27, 2015, 03:36:17 PM
 #20671

gathering pace:  -351
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January 27, 2015, 03:39:06 PM
 #20672

MSFT needs to go full Bitcoin:

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January 27, 2015, 03:43:29 PM
 #20673

ugly.  i thought everything was peachy keen?



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January 27, 2015, 03:44:58 PM
 #20674

dow -383

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January 27, 2015, 03:45:38 PM
 #20675

oh yes, getting interesting now:  -388
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January 27, 2015, 03:47:10 PM
 #20676

here's the interesting thing which i brought up last week.

what if the dollar starts dropping along with stocks?
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January 27, 2015, 03:55:19 PM
 #20677

the black hole shit continues to swirl consuming everything in its path:

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Enabling the maximal migration


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January 27, 2015, 03:57:47 PM
 #20678

is this just from a blizzard?  Huh Why today?

Bro, do you even blockchain?
-E Voorhees
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January 27, 2015, 03:59:30 PM
 #20679

is this just from a blizzard?  Huh Why today?

b/c JR had his Austin meetup the other night.
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January 27, 2015, 04:11:17 PM
 #20680

Bitcoin has no competition:

This is possible because of two flaws with the system. Most problematically, it's easy for hackers to steal credit card numbers from stores, and then sell those numbers online. That's a fundamental problem with the credit-card system (and especially the stupid dumb magnetic stripes they all use), and something that Apple Pay is just an unwitting victim of.

The second issue, however, is specific to Apple Pay. In short, banks aren't taking the proper measures to ensure that the credit card owner is the one using the credit card in Apple Pay. According to Drop Labs, most banks use a phone call to authenticate when a card is loaded into Apple Pay, a method that's woefully inadequate.


http://gizmodo.com/turns-out-apple-pay-cant-solve-credit-card-fraud-1681932420
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