Gold collapsing. Bitcoin UP. - page 993.

Russia Pushes Ahead With Plans for SWIFT Alternative

http://www.themoscowtimes.com/business/article/government-pushes-ahead-with-plans-for-swift-analog/506003.html

"...Moiseyev added that, although the law had been drafted, it would not become policy until it was clear that the Central Bank had the technology to enable processing of interbank transactions within Russia.

The plans to develop an alternative to SWIFT follow steps to create a national payment system for processing credit card transactions, after Visa and MasterCard stopped providing services for some Russian banks that were subject to Western sanctions.

Kommersant reported last week that the Central Bank had sent a letter to banks asking them to consider alternative mechanisms for interbank payments, citing national security concerns."

wachtwoord

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Quote from: cypherdoc on August 28, 2014, 05:51:06 PM

Ripple printing Roll Eyes

https://www.youtube.com/watch?v=hinsnnc0VBk

Dear lord. I think the Fed and the ECB will call Ripple labs for tips soon!

cypherdoc

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Ripple printing Roll Eyes

https://www.youtube.com/watch?v=hinsnnc0VBk

Chalkbot

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Quote from: wachtwoord on August 28, 2014, 04:00:07 PM

This is 2 whales arguing whose dick is bigger isn't it.

One of them should just bite the other off.

zeetubes

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Quote from: smoothie on August 28, 2014, 01:34:03 PM

Quote from: hdbuck on August 28, 2014, 01:20:24 PM

Quote from: smoothie on August 28, 2014, 01:17:48 PM

wow.... just....wow Shocked

http://www.thecoinsman.com/2014/08/bitcoin/inside-one-worlds-largest-bitcoin-mines/

Ha thats old news already. Tongue

Apparently hashfast's facilities.

A day old is old I guess lol

I wonder where it's located. In the third photo you can see a glimpse of the sky. More likely north west china where power is cheaper. This time of year, and most of the year, the sky in the east is never that clear.

wachtwoord

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This is 2 whales arguing whose dick is bigger isn't it.

cypherdoc

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oh yeah, baby. 2 of them!

cypherdoc

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bid wall moving forward to 507.97

cypherdoc

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haha. someone just pulled down their 290 wall. wimps.

cypherdoc

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Quote from: Melbustus on August 28, 2014, 01:41:11 PM

"Why Bitcoin is Better Than Gold, with Wences Casares"
https://www.youtube.com/watch?v=gKkfhi8Eaiw

I think his talk from Bitcoin2014 (https://www.youtube.com/watch?v=NERAN-89j8M) is better, but the above is shorter and more recent (published today).

thanks for that. excellent.

rocks

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Quote from: cypherdoc on August 28, 2014, 12:04:48 PM

The drawbacks of America’s civil tort system are well known. What is new is the way that regulators and prosecutors are in effect conducting closed-door trials. For all the talk of public-spiritedness, the agencies that pocket the fines have become profit centres: Rhode Island’s bureaucrats have been on a spending spree courtesy of a $500m payout by Google, while New York’s governor and attorney-general have squabbled over a $613m settlement from JPMorgan. And their power far exceeds that of trial lawyers. Not only are regulators in effect judge and jury as well as plaintiff in the cases they bring; they can also use the threat of the criminal law.

Perhaps the most destructive part of it all is the secrecy and opacity. The public never finds out the full facts of the case, nor discovers which specific people—with souls and bodies—were to blame. Since the cases never go to court, precedent is not established, so it is unclear what exactly is illegal. That enables future shakedowns, but hurts the rule of law and imposes enormous costs. Nor is it clear how the regulatory booty is being carved up. Andrew Cuomo, the governor of New York, who is up for re-election, reportedly intervened to increase the state coffers’ share of BNP’s settlement by $1 billion, threatening to wield his powers to withdraw the French bank’s licence to operate on Wall Street. Why a state government should get any share at all of a French firm’s fine for defying the federal government’s foreign policy is not clear.

think Ben Lawsky

http://www.economist.com/news/leaders/21614138-companies-must-be-punished-when-they-do-wrong-legal-system-has-become-extortion

IMHO this demonstrates the absolute beauty of the Decentralized Autonomous Corporation (DAC) model. You can think of the bitcoin network as a company (or individual) who performs a specified task, which is maintaining the ownership structure of a public ledger.

A traditional company (or individual) can be sued by Ben Lawsky. But with a DAC there is nothing and no one to sue, imprison or bring to either a public court or a private tribunal. It operates outside of anyone's control, whether regulator, judge, legislator or tyrant.

The fact that the concept of a DAC was invented in bitcoin and many people are drawn to it, is a direct outcome of what this economist article describes and also is a very negative assessment of the world today.

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