Strategies for Improving the U.S. Payment System, fed paper released 26 Jan 2015

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[General_A]

Its pretty big. Can you summarise?

[BillyBobZorton]

FIATCoin [Announcement thread]

This thread is moderated by the NSA

The Amazing Fiatcoin, welcome. This new coin will have a premine of infinite% with our favorite miner Mr Ben Bernakoshi. The coins will keep appearing infinitely as long as we want to! Coins for everyone! get loans, and get ridiculous interests and debt for life!

[marcus_of_augustus]

Its pretty big. Can you summarise?

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

fiatcoin goes open source ... should be a real entertaining clusterf#$k, banksters, snakey lawyers, bureaucrats, craven leftie economists, politicians wheeling, dealing and sticking their knives in each other ... while a few mousey quiet techies flick paperwads at the ceiling and rolling their eyeballs at each other in endless meetings.

edit: wait did i just describe the federal reserve by accident?

[solex]

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

No mention of Paul Krugman either. Obviously don't want their nascent project to get torpedoed at birth from the Ivory Towers of La-La-Land.

[BittBurger]

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-

[God27]

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?

[marcus_of_augustus]

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.

[God27]

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?

[marcus_of_augustus]

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.

[God27]

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.

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

[wilth1]

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.

Co-opting Bitcoin would be further complicated if they were to reprice it in dollars and ultimately wanted everyone to use Bitcoin instead...

[marcus_of_augustus]

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.

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

You are presuming that it is somehow the burden for Bitcoin to unwind the Federal Reserve Debt Note pyramid scheme?

In the matter of the unwind, the Federal Reserve Act itself has the clause for the people to seek remedy in the case of damages due to elastic money http://www.law.cornell.edu/uscode/text/12/411

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.

David Merill has some interesting thoughts on nature of unwinding the Federal Reserve Debt Note pyramid scheme ... http://sitsshow.blogspot.co.nz/2013/08/federal-reserve-act-remedy-no-lawful.html

Simply put, it is required by the Constitution that Federal Reserve Debt Note usage is voluntary and this is specifically written into the Act, so at some future point the people are able to simply opt out when the system becomes dysfunctional and contrary to their aims; life, liberty and the pursuit of happiness, for example.

[gogxmagog]

So the FED are here at bitcointalk. Do you think they simply lurk, or do they control any accounts. If so, who do you think is FED?
Come on Internet detectives, let's out them!

[notbatman]

Bitcoin fits the definition of "lawful money", could the Treasury Department be required by law to pony up BTC for anybody who shows up with fed notes?

I read that somebody tried to get "lawful money" i.e. gold out of the TD for a fed note once but the judge rejected it because the fed note was also considered "lawful money" and the request for gold was considered frivolous.

The judge seems to imply via his judgement that gold is obsolete with the advancement of fiat. Could the argument be made that fed note are obsolete with the advancement of BTC as a rebuttal to the claim of frivolity?

[solex]

Word clouds: https://ihb.io/2015-01-27/news/word-cloud-federal-reserve-vs-satoshi-15935

[turvarya]

Its pretty big. Can you summarise?

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

hmm ...
I always wanted to try out some trolling.
That might be fun.

[marcus_of_augustus]

Oh yeah, about that AUDIT, maybe the federal reserve can post proof of reserves on the blockchain now? In the interests of transparency.