Wall Street earns the most, because it is the center of crony capitalism. (Not healthy captialism, but the theft side)
782 karma · joined July 18, 2013
1) It charges ECONOMIC RENTS. The ethical asset backed and currency backed stable coin needs to pass profits from revenue generating assets to the currency holder. The member companies should only take a tiny slice of the profits. This is the MASSIVE problem.
2) Libra is designed that ECONOMIC RENTS will be sharecropped and sent to the member companies. This will be the economic incentives for them to force it on their customer base and create incredibly fast adoption. This is a good thing, except it turns evil by the economic rents from #1.
Bitcoin, Ethereum and EOS have optimized away the exponential problem of O(n^2) byzantine tolerance. I'd be careful that that is just a short-term artifact of getting an early version running.
The GOOD NEWS: The healthy part of our economy:
* GDP grows 5.5% YoY (Yay! for population and productity growth)
* US Government revenues grow 5.5% YoY
THE PROBLEM:
* US National Debt increases 8.5% YoY (average over the last 40 years)
* US Money printing increases 8.5% YoY (averaged over the last 40 years. by Monetary base)
8.5% problem increases YoY > 5.5% growth of health
2030 is when US Social security retirement hits a big wall.
That is the real risk. That is why stopping them is an emergency action.
This was true for many years, until recently that was disallowed.
There are a ton of exceptions where they can see your full data. They just use an exception, like the abandonded email exception.
The problem is when open offices are crammed on workers.
They should make half open offices, and half closed offices. Some places have rooms for 2 to 8 people to work in, which is a good alternative to open offices. See which workers select.
* Bitcoin and Ethereum are grandfathered into not requiring KYC and AML. They are the rare currency with zero friction.
* All new currencies require KYC and AML. This is happening right now
* Other currencies can have some positives (backed by revenue generating assets, etc.). But they can be confiscated by governments
* Bitcoin always has a place, as the zero friction, no-KYC currency.
EXAMPLE: I did a wire transfer from the USA to India. Since it was sent in Indian rupees, the receiving bank kept rejecting it. They claimed it didn't pass AML. The real reason is that they wanted to take huge fees for the USD to Rupees conversion on their receiving side. So they kept rejecting it, until it is sent in US Dollars and they can scalp me on the conversion rate. I had 8 weeks of failed transfers.
That AML hostage taking can happen across all currencies BUT Bitcoin and Ethereum.
In the future, people in China are taking their money out in bitcoin. People across Africa, South America, also often move it into Bitcoin. They can cross justidictions with nobody to stop them. There is a place to cut around the hostage stakers at the AML level.
Where is your time gap to get past ACH clawbacks?
The NSA and FBI removed every US citizen of their constitutional right, to privacy. Edward Snowden informed the US citzen base on their constitutional rights being removed.
This lawsuit is the government saying it is illegal for any US citizen to inform all other citizens when the government removes their constitutational rights.
But it is designed so they can switch those out for Gov bonds, corporate bonds, real estate (REITs), etc.
Libra is still a problem. They start with a basket of USD + Yen + EURs to start. This appeases governments, just for the reason you mention "based on their currences".
...but Libra is designs that they can move away from them over time. It can move to revenue generating investments, like corporate bonds (like money markets do).
Libra can then wait until closer to countries defaulting on their national debt. The countries then start money printing at far higher rates. Their currencies drop in value (aka far higher inflation rates). Libra then shifts to corporate bonds and revenue generating assets.
This is good for citizens. It moves Libra from unsound money (USD + Yen + EURs) to sound money (asset backed & revenue generating assets). That makes Libra more powerful than bitcoin.
This becomes a strategic problem because it can cause a RUN on the national fiat currency, as Libra flees it. Libra then is infitely better than national's fiat currency, because Libra is asset backed. The US Dollar has about $0.03 worth of gold backing per $1.00 (after all of the money printing).
They mean, "When the establishment rigs the economy by diluting the national currency, then the establishment must not let their citizens escape the damage".
People talk about a "rigged economy". Where I found in economics it really happens is 3% inflation that comes from constantly printing money. Low income and the middle class often don't get 3%+ yearly pay increases. When they accept a job, the economy is rigged against them by 3% inflation based loss in their pay level, every year (over and over). When people stay at jobs 10 years, 3% year-over-year devistates people.
1801 to 1899 had ~0% inflation when it was on the gold standard with sound money. 3% yearly inflation came after moving off of the gold standard and with printing money.
Printing money hurts workers.