Maybe the central banks could eventually manage their entire monetary system on a blockchain with supercomputers. But, far more likely is a hybrid version, in my opinion. Where the financial industry implements blockchain technology and virtual currencies with a physical component, such as gold reserves and ownership deeds to property.
In this scenario I can imagine banks eliminating the zero lower bound with negative interest rates, unlimited derivatives and inflation. All that without hyper-inflation felt by the citizens who are mandated to accept national virtual currencies.
The virtual currencies could be valued at 0.00000003 fraction of a gold ounce!
With that mathematical precision the Derivatives keep burning infinitely.
Allow me to state this in my blunt way, the banks would have blockchain digital receipts on real tangible assets, but the national virtual currencies would be non-physical and worthless except in the minds of the clueless citizens. This could allow the banks to (inflate) cut smaller valuations to infinity without the citizens’ approval or recourse…
Yesterday, I posted about Goldman Sachs’ cryptocurrency patent.
See: Oh-oh, Goldman Sachs Has A Cryptocurrency Patent!
The importance of that was explained by Chris Duane.
The bank’s patent means there is now a proprietary digital technology acting as a receipt for underlying securities.
In their example IBM could use this tech to represent their stock shares:
“One IBM-S SETLcoin represent 100 shares of IBM, while one AAPL-S SETLcoin represent 5 shares of Apple.”
The cunning and deviousness from the financial engineers astounds me.
They wish to keep the monetary system enslaving mankind.
The updated monetary system version is digital and may be on a blockchain!
Okay, that’s enough of my speculation, below is the evidence that institutional governance will implement policies, regulations, and blockchain tech or destroy it as a threat.
Monetary Blockchain Policies:
On January 14, 2016 the Brookings institute convened a round-table for technical discussions about the digital distributed ledger technology with industry and policy stakeholders.
- Brad Peterson, Executive Vice President and Chief Information Officer (CIO), NASDAQ
- Barry Silbert, Founder and CEO, Digital Currency Group
- Michael Barr, Roy F. and Jean Humphrey Proffitt Professor of Law, University of Michigan Law School; Non-Resident Senior Fellow, Brookings
- David Mills, Assistant Director, Federal Reserve Board
- Vanessa Kargenian New York Fed
- Perianne Boring Chamber of Digital Commerce
- Lael Brainard Fed Board of Governors
- Drew Davidhizar House Committee on Financial Services
- Dino Falaschetti House Committee on Financial Services
- Ward Griffin CFTC
- Adrienne Harris National Economic Council
- Adam Riggs State Department
- Sean Rodriguez Chicago Fed
- Stephen Pair BitPay
- Neil Wolin Treasury Department
- Jose Pagliery CNN Money
- [and other officials, executives, legislators, corporate media – but was this meeting hyped up in the news-feeds? No, of course not – which is why I write about this. ~Ronmamita]
Title: Impact of Blockchain/Distributed Ledger on Financial Services and Payment Systems
Video posted 15 Jan 2017 by Brookings Institution
Please investigate and research further, I’m off to sleep – Ciao!
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