Digital Cash is Tested & Coming Soon
It seems they (establishment)is getting ready to pull the plug on paper money! This will make the system an Orwellian nightmare for us sheple,bet on it.
serf
"This isn't `financial engineering.' This is software engineering that is going to reshape financial services."
http://www.bloomberg.com/news/articles/2016-05-02/inside-the-secret-meeting-where-wall-street-tested-digital-cash
On a recent Monday in April, more than 100 executives from some of the world's largest financial institutions gathered for a private meeting at the Times Square office of Nasdaq Inc. They weren't there to just talk about blockchain, the new technology some predict will transform finance, but to build and experiment with the software.
By the end of the day, they had seen something revolutionary: U.S. dollars transformed into pure digital assets, able to be used to execute and settle a trade instantly. That's the promise of a blockchain, where the cumbersome and error-prone system that takes days to move money across town or around the world is replaced with almost instant certainty. The event was created by Chain, one of many startups trying to rewire the financial industry, with representatives from Nasdaq, Citigroup Inc., Visa Inc., Fidelity, Fiserv Inc., Pfizer Inc. and others in the room.
serf
"This isn't `financial engineering.' This is software engineering that is going to reshape financial services."
http://www.bloomberg.com/news/articles/2016-05-02/inside-the-secret-meeting-where-wall-street-tested-digital-cash
On a recent Monday in April, more than 100 executives from some of the world's largest financial institutions gathered for a private meeting at the Times Square office of Nasdaq Inc. They weren't there to just talk about blockchain, the new technology some predict will transform finance, but to build and experiment with the software.
By the end of the day, they had seen something revolutionary: U.S. dollars transformed into pure digital assets, able to be used to execute and settle a trade instantly. That's the promise of a blockchain, where the cumbersome and error-prone system that takes days to move money across town or around the world is replaced with almost instant certainty. The event was created by Chain, one of many startups trying to rewire the financial industry, with representatives from Nasdaq, Citigroup Inc., Visa Inc., Fidelity, Fiserv Inc., Pfizer Inc. and others in the room.
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I thought we had digital cash already 0 -
quote:Originally posted by papernicker
I thought we had digital cash already
Think if it was all you had from this point on and eureka you have an epitome! Wake up dude.
serf
http://www.fastcoexist.com/3056736/what-happens-when-we-become-a-cashless-society
Once this information exists, it will become a target of government agencies such as the police and intelligence services and trafficked to insurance companies, tax collectors, fraud squads, and even marketers. If, as Ben Dyson and Graham Hodgson suggest in their paper Digital Cash, digital cash were issued by a federal or government-run bank and then administered by private agencies, then you would have to read the small print in your contract to see just who your information might be sold to when you bought anything.0 -
bit coin has been existent for some time... and hardly under the radar. 0 -
quote:Originally posted by Mr. Perfect
bit coin has been existent for some time... and hardly under the radar.
Yep probably right.Spooks(CIA/Massad ETC.... are using it for money transfers for now.
Money transfers has a long history of manipulation
Of Societies like The Knight Templar's did 10 centuries ago with the first check transfers of hard money.
I like hard money myself must be my Norseman Hertiage [:D][:D]
serf0 -
I've been using "digital cash" for at least 13 years. No digital cash,, no EASY way to live outside the U.S. ,, there is a way,, but who needs the aggravation.
Social Security deposits money in my U.S. account,, that's digital,, isn't it?
Then get on the internet and transfer funds from my Bank in the United States to my overseas bank and the "dollars" magically become "pesos" that's digital transfer and it is absolutely wonderful. The cost for this digital transfer is 5 BUCKS U.S. for $1,000 dollars and that equals a $3,000,000 peso increase in my account balance in about,, 1 hour to 24 hours.
Need a few million pesos,, no problem,, take my Overseas (not U.S.) card with an embedded digital chip to almost any store,, ring up my purchase,, clerk inserts card in chip reader,, swivels it around facing my way,, make sure the amount is right,, enter my pin and I'm on my way.
Actually the digital payment equipment used in Colombia is FAR more sophisticated then what I've seen in the U.S. Should have taken a picture today during my shopping trip of the big city TULUA. https://en.wikipedia.org/wiki/Tulu%C3%A1
Same with ATM's,, they are everywhere. and accept digital cards with embedded chips,, plus,, for those with the archaic "magnetic strip" only,, they will also read those.
Was at my U.S. bank a few years ago and asked when they would issue "chip" cards like the one I had and the teller said,, LOOK,, this is what our new chip card will look like (when we get them).
Not kidding,, the U.S. needs to get with the program or the world will pass it by.0 -
quote:Originally posted by droptop
I've been using "digital cash" for at least 13 years. No digital cash,, no EASY way to live outside the U.S. ,, there is a way,, but who needs the aggravation.
Social Security deposits money in my U.S. account,, that's digital,, isn't it?
Then get on the internet and transfer funds from my Bank in the United States to my overseas bank and the "dollars" magically become "pesos" that's digital transfer and it is absolutely wonderful. The cost for this digital transfer is 5 BUCKS U.S. for $1,000 dollars and that equals a $3,000,000 peso increase in my account balance in about,, 1 hour to 24 hours.
Need a few million pesos,, no problem,, take my Overseas (not U.S.) card with an embedded digital chip to almost any store,, ring up my purchase,, clerk inserts card in chip reader,, swivels it around facing my way,, make sure the amount is right,, enter my pin and I'm on my way.
Actually the digital payment equipment used in Colombia is FAR more sophisticated then what I've seen in the U.S. Should have taken a picture today during my shopping trip of the big city TULUA. https://en.wikipedia.org/wiki/Tulu%C3%A1
Same with ATM's,, they are everywhere. and accept digital cards with embedded chips,, plus,, for those with the archaic "magnetic strip" only,, they will also read those.
Was at my U.S. bank a few years ago and asked when they would issue "chip" cards like the one I had and the teller said,, LOOK,, this is what our new chip card will look like (when we get them).
Not kidding,, the U.S. needs to get with the program or the world will pass it by.
Maybe old ways are better for we the people.Just like gun ownership,cash has a sense of being free from prying eyes and master of his/her own house.
Of course organized crime could not sell illegal drugs either so there would be pluses.
serf0 -
quote:Originally posted by serf
quote:Originally posted by droptop
I've been using "digital cash" for at least 13 years. No digital cash,, no EASY way to live outside the U.S. ,, there is a way,, but who needs the aggravation.
Social Security deposits money in my U.S. account,, that's digital,, isn't it?
Then get on the internet and transfer funds from my Bank in the United States to my overseas bank and the "dollars" magically become "pesos" that's digital transfer and it is absolutely wonderful. The cost for this digital transfer is 5 BUCKS U.S. for $1,000 dollars and that equals a $3,000,000 peso increase in my account balance in about,, 1 hour to 24 hours.
Need a few million pesos,, no problem,, take my Overseas (not U.S.) card with an embedded digital chip to almost any store,, ring up my purchase,, clerk inserts card in chip reader,, swivels it around facing my way,, make sure the amount is right,, enter my pin and I'm on my way.
Actually the digital payment equipment used in Colombia is FAR more sophisticated then what I've seen in the U.S. Should have taken a picture today during my shopping trip of the big city TULUA. https://en.wikipedia.org/wiki/Tulu%C3%A1
Same with ATM's,, they are everywhere. and accept digital cards with embedded chips,, plus,, for those with the archaic "magnetic strip" only,, they will also read those.
Was at my U.S. bank a few years ago and asked when they would issue "chip" cards like the one I had and the teller said,, LOOK,, this is what our new chip card will look like (when we get them).
Not kidding,, the U.S. needs to get with the program or the world will pass it by.
Maybe old ways are better for we the people.Just like gun ownership,cash has a sense of being free from prying eyes and master of his/her own house.
Of course organized crime could not sell illegal drugs either so there would be pluses.
serf
Agreed, serf.
While it is a practical impossibility to ensure one's retirement without assets in banks, brokerage houses, etc., it is imperative, IMO to hold hard assets in the form of gold and silver, and to hold sufficient cash for a long term emergency situation. Holding assets outside the purview of government just makes sense. The fact that some of those assets are printed by that government does not change the fact that absent a complete meltdown or dictated devaluation, those assets will have some value when needed.
This applies also to government owned assets such a traditional IRAs. The Federal (and State, if you live in a state with an Income Tax) Government has a vested interest in every dollar you hold in a traditional IRA. While they obviously know about after-tax investments that you hold in banks or brokerage accounts, at present it does not have control over the asset, only the earnings.
I have long advocated for the minimization of contributions to IRAs and putting what monies you would have invested into after-tax investments or precious metals.
When one retires with his nest egg in an IRA and finds that it will be taxed at 40%+ when withdrawn, it will be too late.0 -
Yeah but waddabout when Iran EMPs the world and we go back to 1850 again [:D] 0 -
quote:Originally posted by Wulfmann
Yeah but waddabout when Iran EMPs the world and we go back to 1850 again [:D]
Barter, better be a good negotiator because it will last many years.0
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