Bitcoin and crypto currencies

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Milo
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Re: The War Against the Dollar: the Alternative to SWIFT

Post by Milo » Sun Oct 21, 2018 8:58 pm

neverfail wrote:
Sun Oct 21, 2018 8:25 pm
Well, my country is not exactly lining up to join the Russian-Chinese "alternative". I cannot name too many others that would want to do so.
Two turkeys does not make an eagle.

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DavAdmin
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Re: The War Against the Dollar: the Alternative to SWIFT

Post by DavAdmin » Sun Oct 21, 2018 9:30 pm

Doc wrote:
Sun Oct 21, 2018 11:17 am
I don't understand the tech particularly well either. ATADMIN knows quite a bit about that. The overall system insure privacy until it is turned into something else like Fiat currency. All transactions are viewable by anyone however who made those transactions are unknown until converting to or from Crypto -currency.

In any event you can be sure that with or without swift, banking systems are completely transparent to multiple nations. With maybe exceptions like Iran that are cut off from the world banking system. But I wouldn't count on that. I really wouldn't. In the end VIA swift or any other system it will come down to a choice DO business with Iran or do business with the US.
SWIFT is painfully slow and expensive for cross-border payments, especially small ones. Cryptocurrencies, whether state backed or independent, will be the future of finance.

The banks hate them because they are a threat to the profit margins as banks make billions by charging people to move their money around.

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Doc
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Re: The War Against the Dollar: the Alternative to SWIFT

Post by Doc » Sun Oct 21, 2018 10:53 pm

DavAdmin wrote:
Sun Oct 21, 2018 9:30 pm
Doc wrote:
Sun Oct 21, 2018 11:17 am
I don't understand the tech particularly well either. ATADMIN knows quite a bit about that. The overall system insure privacy until it is turned into something else like Fiat currency. All transactions are viewable by anyone however who made those transactions are unknown until converting to or from Crypto -currency.

In any event you can be sure that with or without swift, banking systems are completely transparent to multiple nations. With maybe exceptions like Iran that are cut off from the world banking system. But I wouldn't count on that. I really wouldn't. In the end VIA swift or any other system it will come down to a choice DO business with Iran or do business with the US.
SWIFT is painfully slow and expensive for cross-border payments, especially small ones. Cryptocurrencies, whether state backed or independent, will be the future of finance.

The banks hate them because they are a threat to the profit margins as banks make billions by charging people to move their money around.
Tell me about it. But the banks are seemingly trying really hard to co-op Bitcoin. They have a huge amount of political pull.
“"I fancied myself as some kind of god....It is a sort of disease when you consider yourself some kind of god, the creator of everything, but I feel comfortable about it now since I began to live it out.” -- George Soros

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SteveFoerster
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Re: The War Against the Dollar: the Alternative to SWIFT

Post by SteveFoerster » Mon Oct 22, 2018 12:39 pm

Doc wrote:
Sun Oct 21, 2018 10:53 pm
DavAdmin wrote:
Sun Oct 21, 2018 9:30 pm
Doc wrote:
Sun Oct 21, 2018 11:17 am
I don't understand the tech particularly well either. ATADMIN knows quite a bit about that. The overall system insure privacy until it is turned into something else like Fiat currency. All transactions are viewable by anyone however who made those transactions are unknown until converting to or from Crypto -currency.

In any event you can be sure that with or without swift, banking systems are completely transparent to multiple nations. With maybe exceptions like Iran that are cut off from the world banking system. But I wouldn't count on that. I really wouldn't. In the end VIA swift or any other system it will come down to a choice DO business with Iran or do business with the US.
SWIFT is painfully slow and expensive for cross-border payments, especially small ones. Cryptocurrencies, whether state backed or independent, will be the future of finance.

The banks hate them because they are a threat to the profit margins as banks make billions by charging people to move their money around.
Tell me about it. But the banks are seemingly trying really hard to co-op Bitcoin. They have a huge amount of political pull.
They basically can't. But those who run the existing financial system can place barriers in between cryptocurrencies and exchange with conventional fiat currencies, which for many people is just as inconvenient.
Writer, technologist, educator, gadfly.
President of New World University: http://newworld.ac

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Doc
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Re: The War Against the Dollar: the Alternative to SWIFT

Post by Doc » Mon Oct 22, 2018 3:05 pm

SteveFoerster wrote:
Mon Oct 22, 2018 12:39 pm
Doc wrote:
Sun Oct 21, 2018 10:53 pm
DavAdmin wrote:
Sun Oct 21, 2018 9:30 pm
Doc wrote:
Sun Oct 21, 2018 11:17 am
I don't understand the tech particularly well either. ATADMIN knows quite a bit about that. The overall system insure privacy until it is turned into something else like Fiat currency. All transactions are viewable by anyone however who made those transactions are unknown until converting to or from Crypto -currency.

In any event you can be sure that with or without swift, banking systems are completely transparent to multiple nations. With maybe exceptions like Iran that are cut off from the world banking system. But I wouldn't count on that. I really wouldn't. In the end VIA swift or any other system it will come down to a choice DO business with Iran or do business with the US.
SWIFT is painfully slow and expensive for cross-border payments, especially small ones. Cryptocurrencies, whether state backed or independent, will be the future of finance.

The banks hate them because they are a threat to the profit margins as banks make billions by charging people to move their money around.
Tell me about it. But the banks are seemingly trying really hard to co-op Bitcoin. They have a huge amount of political pull.
They basically can't. But those who run the existing financial system can place barriers in between cryptocurrencies and exchange with conventional fiat currencies, which for many people is just as inconvenient.
Like "foreign currency" exchange rates?
“"I fancied myself as some kind of god....It is a sort of disease when you consider yourself some kind of god, the creator of everything, but I feel comfortable about it now since I began to live it out.” -- George Soros

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DavAdmin
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Re: The War Against the Dollar: the Alternative to SWIFT

Post by DavAdmin » Mon Oct 22, 2018 6:51 pm

SteveFoerster wrote:
Mon Oct 22, 2018 12:39 pm
They basically can't. But those who run the existing financial system can place barriers in between cryptocurrencies and exchange with conventional fiat currencies, which for many people is just as inconvenient.
Cryptos are still nascent tech and the drawback is that they need to used centralized exchanges to transfer in and out of fiat. In a few years all exchanges will be decentralized and peer to peer and when more adoption occurs (you can actually buy stuff using crypto from your blockchain powered smartphone), the reliance on state and bank manipulated fiat currencies will fall.

Some counties are fully open to crypto-fiat trading: Japan, South Korea, UK, Australia, Switzerland, Singapore, Thailand.

Some are totally against it: China, India, Russia, Vietnam.

Some are still on the fence dithering around with what to regulate: US.

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SteveFoerster
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Re: Bitcoin and crypto currencies

Post by SteveFoerster » Thu Nov 22, 2018 3:13 pm

Here's an article from Asia Times that's about crypto and is set in the Caribbean, so it triply gets my attention. ;)

How ‘hippie king of crypto’ is helping restart Puerto Rico
http://www.atimes.com/article/how-hippy ... erto-rico/
Writer, technologist, educator, gadfly.
President of New World University: http://newworld.ac

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