Tuesday, 24 October 2017

Getting the BlockChain. Central Banks worried for all the wrong reasons. Time for banks to worry is when Cryptos no longer priced in Dollar or other FIAT denominations!

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First Published December 1, 2015 (Bjerg 2014, 96
100). With Žižek, we can understand the commodity theory of
money as an effort to found the value of money in the dimension of the real by pointing to the intrinsic value of gold as the ultimate support of the currency. It is crucial to note how Žižek's definition of the real is anything but straightforward and even varies throughout his writings. At some points, the real is located in a positive existence beyond the sphere of symbolization. He defines the real as ‘that which resists symbolization’ and ‘as the rock upon which every attempt at symbolization stumbles’ (1989, 69, 169). At other points, the real is located in a negative existence, i.e. as merely a void or an aporia inherent in the symbolic

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order. Žižek states that: ‘the symbolic order itself, is ...
barré, crossed-out, by a fundamental impossibility, structured around an impossible/traumatic kernel, around a central lack’ (1989, 122). This lack is the real.



Credit money plays a crucial role in Schumpeterian theoretical analysis of economic development.
Recollection of the famous passage in The Theory of Economic Development
(Schumpeter, 1934,p. 74) should suffice: The banker […] is not so much primarily a middleman in the commodity ‘purchasing power’ as a producer of this commodity […] He stands between those who wish to form new combinations and the possessor's of productive means. He is essentially a phenomenon of development, though only when no central authority directs the social process. He makes possible the carrying out of new combinations, authorizes people, in the name of society as it were, to form them. He is the ephor of the exchange economy. In other words – as Schumpeter wrote in his ambitious and unlucky
Business Cycles credit creation is the monetary complement of innovation
(Schumpeter, 1964, p. 110):

Soddy

Money now is the NOTHING you get for SOMETHING before you can get ANYTHING


RT
4 hrs
'It's not under supervision of any central bank' - Saudi billionaire


Bitcoin is going to implode, repeating the fate of US energy and commodities giant Enron, Saudi billionaire investor Prince Alwaleed bin Talal said.
RT.COM
Comments
Kilroy Smith Your answer comes in the form of who is opposed to bitcoin...Just look at them and what they have been up to. Obviously they don't want to lose control of currencies. Jaimie Diamond bad mouthed Bitcoin and then went ahead and invested in it on the drop........

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John Dwyer Wikipedia says that the future limit on bitcoins is 21 million. Therefore a limited issue “currency “. If limited in such fashion it can’t be a currency and becomes merely a limited product. A tulip. It cannot grow in response to economic demand for money as can existing money. It cannot be reduced as can ordinary money supply. It’s priced in units of existing currency. It may increase significantly in “price” but is still a Ponzi scheme. Good luck passing the hot potato.

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Jay Ensley Bitcoins can be sold and traded in fractions.

In effect, 21 million Bitcoins can be broken into an endless number of smaller units.


This is, of course, potentially inflationary.


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Soheil Behrad Bitcoin price is determined by demand.... paper money by printer... you 100$ in your pocket will always be worth 97$end of this year...bitcoin will depend on its demand... the more limited money is the more valuable it is

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Piotrek Kefanopolous agree with both before me. However if suddenly there will be run away from Bitcoin, nobody can stop it like central banks do with their fiat currencies.

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Roger Lewis Soheil Behrad Money is not valuable in and of itself, Money is a ticket or coupon for exchange / deferred consumption and the value and wealth lie in the economy within which a token/Coupon Unit of account is valid for trade within.
Aristotle said money is created by Law not nature, this is true of FIAT money. Bitcoin and cryptocurrencies are presently created by convention or custom within a defined network lets call it the Blockchain space. Crypto is voluntary and very powerful but a very small fish in an ocean of FIAT money.
When Bitcoin or ETHER or Dash or any of the hundreds of COins are generally accepted and held in preference to other Money´s with STate/central bank sanction then the Bankers will have lost. Things are a far way from that point as most of the Greater Fool investment in the present bubble is not an investment but speculation where The speculator takes profits in FIAT currency, ultimately this ties Bitcoin to FIAT value which in itself is also illusory.
Carol Quiggley sums up the idea of Moey and wealth in Tragedy and Hope thus,

Money and Goods Are Different
”Thus, clearly, money and goods are not the same thing but are, on the contrary,
exactly opposite things. Most confusion in economic thinking arises from a failure to
recognise this fact. Goods are wealth which you have, while money is a claim on wealth which you do not have. Thus goods are an asset; money is a debt. If goods are wealth; money is not wealth, or negative wealth, or even anti-wealth. They always behave in opposite ways, just as they usually move in opposite directions. If the value of one goes up, the value of the other goes down, and in the same proportion.”
The Relationship Between Goods and Money Is Clear to Bankers
In the course of time the central fact of the developing economic system, the
relationship between goods and money, became clear, at least to bankers. This relationship, the price system, depended upon five things: the supply and the demand for goods, the supply and the demand for money, and the speed of exchange between money and goods. An increase in three of these (demand for goods, supply of money, speed of circulation) would move the prices of goods up and the value of
money down. This inflation was objectionable to bankers, although desirable to producers and merchants.On the other hand, a decrease in the same three items would be deflationary and would please bankers, worry producers and merchants, and delight consumers (who obtained more goods for less money). The other factors worked in the opposite direction so that an increase in them (supply of goods, demand for money, and slowness of circulation or exchange) would be deflationary.”

http://letthemconfectsweeterlies.blogspot.se/.../on-tulip...

Central Banks are developing their own Blockchain, of course, it is not going to be open source and will swindle the users of its tokens as the present system does. Actually, Bitcoin is already compromised, its basic algorithm is NSA patented.
Blockchain will win out in the end on the distributed web Bitcoin and Ether will more than likely figure as also-rans

http://letthemconfectsweeterlies.blogspot.se/.../the-king...

Meanwhile, in the forthcoming shit storm the key to hedging against the forthcoming shitstorm is to diversify into several cryptos and physical gold and silver and other commodities, any centrally controlled "Market" is comprehensively rigged at this stage so pay very close attention to Quiggle quoted above.

On Monetary theory generally, try this.
http://letthemconfectsweeterlies.blogspot.se/.../neo...

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John Morrill thats up in till the NSA uses their hashing power to stop the whole thing and force an algorithm change to tax you, but hey after an MIT economist said americans are too stupid to realize the affordable care act is a tax im guessing the existence of bitcoin means we are fucked...

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Paul Adams The best that they could hope for is a hard Fork. And in order to maintain their new currency fedcoin they would need to maintain their hashing power. This would not only split Bitcoin into two parts making everybody Pro approximately twice as rich but what also signaled the federal government's invested in cryptocurrency and would probably be the best thing that ever happened to it

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John Morrill Paul Adams it doesnt take much research to find criminal bankers behind bitcoin and from what i have seen dealing with criminal bankers its not very smart to think it would be used for good

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Garrett Sommerfeld John is smart. 
Also, Id like to say, after review of SHA-256 i am convinced there is some sort of backdoor. Why would the NSA give us tools to defeat them anyway? There is a simple solution to the hash algorithm. Either way, with Xkeyscore they can simply take your keys. Its not secure.


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