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Febo

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Quote from: hatshepsut93 on April 25, 2019, 04:04:11 PM

Quote from: Febo on April 24, 2019, 02:41:54 PM

https://www.romania-insider.com/romania-parliament-gold-repatriation

Romanian Parliament passes gold repatriation bill

The Chamber of Deputies adopted on Wednesday, April 24, the draft law that obliges the National Bank of Romania (BNR) to repatriate most of the gold reserves held in London, at the Bank of England.

Romanians saw clearly what happened with Venezuelan gold stored in UK. It seems that and Bitcoin is teaching National banks, that if you dont hold your private keys then that is not your Bitcoin.

Ironically, Venezuela not being able to access their gold in Britain is actually a good thing, because that gold belongs to the nation, and little crazy dictator Maduro wants to steal it for himself and move it to Russia. Something like that happened in 2014 in Ukraine when the President took a few trucks of cash and treasures with him when he fled to Russia. So, if your country is prone to corruption and dictatorship, keeping your gold in some stable country is better than keeping it at home.

OK buddy. You may send me your Bitoins wallet private keys. I will keep them safe fro you in case you get robbed or your computer gets some malware or something. Or even if you get tempted to buy something for you.

Oh and dont worry I will not send you Bitcoins back even if you lose a job and your kids starve. I will keep your bitcoins safe for your kids to use in future.

Genemind

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Quote from: alisafidel58 on April 25, 2019, 05:58:35 AM

The question is will the UK tend to give back most of the gold reserve that the country of Romania has stored them? Based on Venezuela event the UK said that it's hard to transport 14 tonnes of gold bars because of transport insurance. Will this excuse be used again by the UK so that they cant transport the gold bars back to Romania?

Good point, Romania almost have over hundred tonnes of Gold and 65% of it is kept in the Bank of England. It might take time for England to send this amount of gold back to Romania.

It's actually a good choice for Romania to keep their own gold reserve because they can sustain and keep it on their own land., would save them cost on paying Bank of England for keeping it.

LeGaulois

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It's funny to see the UK storing gold on behalf of other countries but the UK store its gold in the USA. There was a time when the UK thought that the USA no longer owned their gold, they had requested an audit and it had been refused. I think that at the end it was the queen who came for an official visit to the vault.

mersal

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Quote from: Febo on April 24, 2019, 02:41:54 PM

https://www.romania-insider.com/romania-parliament-gold-repatriation

Romanian Parliament passes gold repatriation bill

The Chamber of Deputies adopted on Wednesday, April 24, the draft law that obliges the National Bank of Romania (BNR) to repatriate most of the gold reserves held in London, at the Bank of England.

Romanians saw clearly what happened with Venezuelan gold stored in UK. It seems that and Bitcoin is teaching National banks, that if you dont hold your private keys then that is not your Bitcoin.

yes security are the most important thing that we have to follow every time because if we don't have the safe place to save your private keys then it will not been safer it will go anywhere anytime that is the thing that we need to convey through this topic.

AjithBtc

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Quote from: hatshepsut93 on April 25, 2019, 04:04:11 PM

Quote from: Febo on April 24, 2019, 02:41:54 PM

https://www.romania-insider.com/romania-parliament-gold-repatriation

Romanian Parliament passes gold repatriation bill

The Chamber of Deputies adopted on Wednesday, April 24, the draft law that obliges the National Bank of Romania (BNR) to repatriate most of the gold reserves held in London, at the Bank of England.

Romanians saw clearly what happened with Venezuelan gold stored in UK. It seems that and Bitcoin is teaching National banks, that if you dont hold your private keys then that is not your Bitcoin.

Ironically, Venezuela not being able to access their gold in Britain is actually a good thing, because that gold belongs to the nation, and little crazy dictator Maduro wants to steal it for himself and move it to Russia. Something like that happened in 2014 in Ukraine when the President took a few trucks of cash and treasures with him when he fled to Russia. So, if your country is prone to corruption and dictatorship, keeping your gold in some stable country is better than keeping it at home.

Yes, with venezuela the scenario is different and Britain taking such a stand made the big treasure of Venezuela secure. Earlier Ukraine President made it, and now Maduro tries it understanding the prevailing economic condition within the country. Now a new president is elected by Ukraine people who have made the citizens understand the governance happening in Ukraine.

hatshepsut93

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Activity: 3024

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Quote from: Febo on April 24, 2019, 02:41:54 PM

https://www.romania-insider.com/romania-parliament-gold-repatriation

Romanian Parliament passes gold repatriation bill

The Chamber of Deputies adopted on Wednesday, April 24, the draft law that obliges the National Bank of Romania (BNR) to repatriate most of the gold reserves held in London, at the Bank of England.

Romanians saw clearly what happened with Venezuelan gold stored in UK. It seems that and Bitcoin is teaching National banks, that if you dont hold your private keys then that is not your Bitcoin.

Ironically, Venezuela not being able to access their gold in Britain is actually a good thing, because that gold belongs to the nation, and little crazy dictator Maduro wants to steal it for himself and move it to Russia. Something like that happened in 2014 in Ukraine when the President took a few trucks of cash and treasures with him when he fled to Russia. So, if your country is prone to corruption and dictatorship, keeping your gold in some stable country is better than keeping it at home.

Febo

legendary

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Quote from: jjjfff on April 25, 2019, 07:29:38 AM

Storing your gold in another country is like giving your Bitcoin private keys to someone else.

It defeats the purpose of holding something as a reserve.

Anyway it's interesting to see nations take their gold seriously again. The Fed toy money system is near collapse. More and more people are becoming aware of it.

Yes. Most gold bugs are quite upset because of Bitcoin. Since they believe it steal the shinnies of Gold as store of value. But I believe Bitcoin and education that people will get with Bitcoin will make Gold great again.

coinplus

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This has been long awaited and it should have not been like that from the start. British people and Swiss people made a fortune for themselves using the money of others and it can't continue like that forever.

They have to really pull it off though because if Romania pulls their money off and bankers of UK somehow tries to get a revenge or even send a message to people who will follow Romanians footsteps than they may have the power to do something about it which would hurt all the world and not just Romanians. That is why all around the world other countries should do the same as Romania did to make bankers of UK less powerful to do anything about it and leave them with nothing, otherwise they will comeback for it. Should start the same on Swiss bankers as well.

jjjfff

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Storing your gold in another country is like giving your Bitcoin private keys to someone else.

It defeats the purpose of holding something as a reserve.

Anyway it's interesting to see nations take their gold seriously again. The Fed toy money system is near collapse. More and more people are becoming aware of it.

Pab

legendary

Activity: 1862

Merit: 1012

Quote from: Febo on April 24, 2019, 02:41:54 PM

https://www.romania-insider.com/romania-parliament-gold-repatriation

Romanian Parliament passes gold repatriation bill

The Chamber of Deputies adopted on Wednesday, April 24, the draft law that obliges the National Bank of Romania (BNR) to repatriate most of the gold reserves held in London, at the Bank of England.

Romanians saw clearly what happened with Venezuelan gold stored in UK. It seems that and Bitcoin is teaching National banks, that if you dont hold your private keys then that is not your Bitcoin.

If you don't have gold in your own account then you don't have gold
It is similar to bitcoin or any other form of money
My private key are in my pendrive my money are in my pocket
Germany has finally withdrawn all his gold from USA stored there from the end of WW2
That gold was mostly Nazi gold in fact

alisafidel58

full member

Activity: 364

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The question is will the UK tend to give back most of the gold reserve that the country of Romania has stored them? Based on Venezuela event the UK said that it's hard to transport 14 tonnes of gold bars because of transport insurance. Will this excuse be used again by the UK so that they cant transport the gold bars back to Romania?

manfredmann

member

Activity: 518

Merit: 21

This is not new and news that other country had followed also withdrawing their gold deposits on other country. But, the withdrawal may not going to be easy of course it will consider the economic state of that country if Gold Will be pulled out then there will be probable economic pull down or inflation in their economy. So, there should be a proper way in withdrawing gold deposits from other country.

mustangy

full member

Activity: 333

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this is awesome awakeness all will leran one by one, WTF mean i ll not give your golds?
This is big lose for britain monetary kingdoms is collapsing, those are first signs

alyssa85

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Quote from: Artemis3 on April 24, 2019, 06:40:13 PM

The irony here is that Venezuela repatriated gold during Chávez (not all as you might guess), but that gold that cost a fortune to move back from foreign banks, and was kept at great expense in our national bank, is simply being sold by Maduro. They already sold a lot to the Russians. He of course has no authorization from the legislative branch, but de-facto power means they can do whatever they want and that is that.

If anything, the UK has at least kept some of the gold safe from the usurper thief. Once things normalize and the usurper is gone, that might be our last gold reserve left.

It is a double edge sword. You bring it back to your country thinking it would be "safer" but then you have to fear your corrupt politicians wont take it for themselves...

Oh well, Romania had a Ceaucescu, but we still have a Maduro. You would be surprised to know how many Venezuelans would wish for a similar ending to socialism...

Well said.

Part of the reason so many countries voluntarily keep their gold in London is because it is a) safe and b) won't be released without the proper authorisation by the owner's legislative branch.

Maduro wanted the gold for his own benefit. Romania has been mired in corruption recently, their existing govt passed laws exempting themselves from being prosecuted for corruption. I expect when the gold heads back to Romania it will disappear.

Artemis3

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The irony here is that Venezuela repatriated gold during Chávez (not all as you might guess), but that gold that cost a fortune to move back from foreign banks, and was kept at great expense in our national bank, is simply being sold by Maduro. They already sold a lot to the Russians. He of course has no authorization from the legislative branch, but de-facto power means they can do whatever they want and that is that.

If anything, the UK has at least kept some of the gold safe from the usurper thief. Once things normalize and the usurper is gone, that might be our last gold reserve left.

It is a double edge sword. You bring it back to your country thinking it would be "safer" but then you have to fear your corrupt politicians wont take it for themselves...

Oh well, Romania had a Ceaucescu, but we still have a Maduro. You would be surprised to know how many Venezuelans would wish for a similar ending to socialism...

BitHodler

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Quote from: magneto on April 24, 2019, 05:44:25 PM

I was always surprised at the level of trust that countries give each other in terms of holding reserves. It makes much more sense for a government or central bank to hold the assets within their own borders, so that if things do somehow go awry, or in the worst case scenario, some sort of fractional reserve starts to happen, you would go relatively unaffected.

I think it all comes down to how countries don't want to be presented with a no, therefore don't ask for their gold reserves to be moved back. It's more a precautionary principle in an attempt to not escalate the situation.

Holding gold on x country's behalf also stimulates economical activity between the countries, because you better treat the entity that holds your gold for you well enough in every possible way.

Bitcoin is really unique in that aspect. Instead of a fort knox type of basis that costs you tens of millions (if not more) every year to protect, you can simply store the same amount of value in a hardware or paper wallet.

magneto

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Quote

Romanians saw clearly what happened with Venezuelan gold stored in UK. It seems that and Bitcoin is teaching National banks, that if you dont hold your private keys then that is not your Bitcoin.

Well said here.

I was always surprised at the level of trust that countries give each other in terms of holding reserves. It makes much more sense for a government or central bank to hold the assets within their own borders, so that if things do somehow go awry, or in the worst case scenario, some sort of fractional reserve starts to happen, you would go relatively unaffected.

Though of course, the cost of building storage facilities for these assets is not always feasible, which raises the interesting notion of bitcoin as a reserve asset - you just need to secure the private key, and there can be multisig be used without any physical setups. Quick and easy, yet trustless.

Yakamoto

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Quote from: Febo on April 24, 2019, 02:41:54 PM

https://www.romania-insider.com/romania-parliament-gold-repatriation

Romanian Parliament passes gold repatriation bill

The Chamber of Deputies adopted on Wednesday, April 24, the draft law that obliges the National Bank of Romania (BNR) to repatriate most of the gold reserves held in London, at the Bank of England.

Romanians saw clearly what happened with Venezuelan gold stored in UK. It seems that and Bitcoin is teaching National banks, that if you dont hold your private keys then that is not your Bitcoin.

This isn't anything new, if anything it is just another country to add to the list of countries which are pulling their gold back into their own borders instead of storing it in another country's central bank. There was a massive push for this starting last year, where a series of countries took (or prepared to take) their gold back from the United States. It could be that Romania sees some trouble on the horizon, either with their Eurozone or concerns about Brexit. The limitations that the UK put on Venezuela kind of made sense at the time, since the gold would have been sold for either pennies on the dollar or as an exit strategy by the government, but it shouldn't be the standard. Good for Romania for starting this.

Febo

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Activity: 2730

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https://www.romania-insider.com/romania-parliament-gold-repatriation

Romanian Parliament passes gold repatriation bill

The Chamber of Deputies adopted on Wednesday, April 24, the draft law that obliges the National Bank of Romania (BNR) to repatriate most of the gold reserves held in London, at the Bank of England.

Romanians saw clearly what happened with Venezuelan gold stored in UK. It seems that and Bitcoin is teaching National banks, that if you dont hold your private keys then that is not your Bitcoin.

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