2013-06-03 Rawstory Federal Reserve studying effect of Paypal and Bitcoin on ..

TraderTimm

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Quote from: ShadowOfHarbringer on June 04, 2013, 06:47:46 AM

Quote from: BCB on June 03, 2013, 05:55:00 PM

"Give me control of a ~~nation's~~ world's ~~money~~ bitcoin supply, and I care not who makes its laws."

Well, good luck with that.

I would absolutely LOVE to see a government try to "corner" bitcoin, then realize what they've done. The price swings would be legendary. I have zero fear of a "corner", just knowing what the market dynamics would be.

Akka

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Quote

The U.S. Federal Reserve is investigating the possible ~~risks~~ benefits in online payment systems like PayPal Inc. and the virtual currency bitcoin, as bankers worry that new online players could disrupt the financial system, officials said at a conference on Monday.

FTFY

ShadowOfHarbringer

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Bringing Legendary Har® to you since 1952

Quote from: BCB on June 03, 2013, 05:55:00 PM

"Give me control of a ~~nation's~~ world's ~~money~~ bitcoin supply, and I care not who makes its laws."

Well, good luck with that.

aigeezer

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Cryptanalyst castrated by his government, 1952

Chair: "Have the DHS team arrest the ringleaders. Set up the press conference for Tuesday."

cypherdoc

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Quote from: solex on June 03, 2013, 11:51:08 PM

Federal Reserve Study Meeting - All-Day Session

Location: Room 666, Marriner Eccles Bldg

Topic: Payment System Threats

Agenda
1) Paypal
2) Bitcoin

(Meeting commences)

Chair: "Item 1, Paypal as a payment system threat"
Attendee X: "I have been researching this one. Paypal blacklists not only the Axis of Evil, but dozens of other countries with troublesome banking systems. They dropped Wikileaks like a hot potato. When we say jump, they ask 'How high?'"

Chair: "OK, so that's wrapped up. Item 2..."

attendee y:

"Uh sir, we've got a problem. "

solex

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100 satoshis -> ISO code

Federal Reserve Study Meeting - All-Day Session

Location: Room 666, Marriner Eccles Bldg

Topic: Payment System Threats

Agenda
1) Paypal
2) Bitcoin

(Meeting commences)

Chair: "Item 1, Paypal as a payment system threat"
Attendee X: "I have been researching this one. Paypal blacklists not only the Axis of Evil, but dozens of other countries with troublesome banking systems. They dropped Wikileaks like a hot potato. When we say jump, they ask 'How high?'"

Chair: "OK, so that's wrapped up. Item 2..."

aigeezer

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Quote from: Foxpup on June 03, 2013, 08:31:44 PM

Quote from: aigeezer on June 03, 2013, 07:11:46 PM

Anyone into etymology or semantics?

The bankers are worried that BTC will disrupt their system. Presumably that implies that they, the bankers, want to "rupt" it.

"rupt-, -rupting, -ruption. (Latin: break, tear, rend; burst)."

http://wordinfo.info/unit/1875

Actually, that is the etymology of the word "disrupt": the prefix "dis-" can also be an intensifier, as in "disgruntle" (from gruntle to complain) or "distend" (from tendere to stretch).

I walked into that one but I have an excuse (sorta). Some fifty years ago a philosopher I admired at the time used "gruntled" (for fun) to mean "satisfied", and the usage stuck for me. I didn't realize until just now that he got it from Wodehouse.

http://www.worldwidewords.org/qa/qa-dis1.htm

I'll have to think of some other way to mock the bankers.

CurbsideProphet

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Quote from: Swapster on June 03, 2013, 05:37:28 PM

It is absurd that Pay Pal was mentioned in that story, but what really made me angry was that there is a concern by the Fed to protect the banksters and their ripoff fees. They want the fleecing to continue.

The Fed is nothing more than a cartel of banks, it shouldn't surprise you that they're trying to protect their own.

Foxpup

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Quote from: aigeezer on June 03, 2013, 07:11:46 PM

Anyone into etymology or semantics?

The bankers are worried that BTC will disrupt their system. Presumably that implies that they, the bankers, want to "rupt" it.

"rupt-, -rupting, -ruption. (Latin: break, tear, rend; burst)."

http://wordinfo.info/unit/1875

Actually, that is the etymology of the word "disrupt": the prefix "dis-" can also be an intensifier, as in "disgruntle" (from gruntle to complain) or "distend" (from tendere to stretch).

aigeezer

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Cryptanalyst castrated by his government, 1952

Quote from: btceic on June 03, 2013, 04:45:43 PM

From the ibtimes on the same story,

Quote

The U.S. Federal Reserve is investigating the possible risks in online payment systems like PayPal Inc. and the virtual currency bitcoin, as bankers worry that new online players could disrupt the financial system, officials said at a conference on Monday.

http://www.ibtimes.com/federal-reserve-investigating-bitcoin-paypal-other-online-payment-services-security-breaches-1288785

Anyone into etymology or semantics?

The bankers are worried that BTC will disrupt their system. Presumably that implies that they, the bankers, want to "rupt" it.

"rupt-, -rupting, -ruption. (Latin: break, tear, rend; burst)."

http://wordinfo.info/unit/1875

BCB

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BCJ

"Give me control of a ~~nation's~~ world's ~~money~~ bitcoin supply, and I care not who makes its laws."

Mayer Amschel Rothschild 2.0

marcus_of_augustus

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Eadem mutata resurgo

It is just a pretext they are trying to establish to warrant future criminal intervention to prop up the contract law debt US Federal Reserve note racket.

Basically BitCoin is outside their jurisdiction, their boundary properly ends at dollars. The ECB was trying to use the same gambit. It is a matter for the people (through elected representatives) to decide not unelected bureaucrats guarding their rackets.

They are trying to establish that they have jurisdiction over decentralised crypto-currencies in general as fait accompli when they clearly do not have any legal authority and that debate in Congress has not even happened. It is the same game when they took paper currencies off the gold standard ... do you know anybody who voted on that? The Federal Reserve should have been charged with racketeering when that happened.

Edit:
"Give me control of a nation's money supply, and I care not who makes its laws."

Mayer Amschel Rothschild 2.0

Swapster

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It is absurd that Pay Pal was mentioned in that story, but what really made me angry was that there is a concern by the Fed to protect the banksters and their ripoff fees. They want the fleecing to continue.

btceic

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♫ A wave came crashing like a fist to the jaw ♫

From the ibtimes on the same story,

Quote

The U.S. Federal Reserve is investigating the possible risks in online payment systems like PayPal Inc. and the virtual currency bitcoin, as bankers worry that new online players could disrupt the financial system, officials said at a conference on Monday.

http://www.ibtimes.com/federal-reserve-investigating-bitcoin-paypal-other-online-payment-services-security-breaches-1288785

bitbitcoins

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bitbitcoins.com

http://www.rawstory.com/rs/2013/06/03/federal-reserve-studying-effect-of-paypal-and-bitcoin-on-banking/

Topic: 2013-06-03 Rawstory Federal Reserve studying effect of Paypal and Bitcoin on .. (Read 1244 times)