This is the intriguing part of BTC. What will be able to plug into the block chain for authentication purposes? How does that affect future transaction fees as miners make less BTC rewards and want to be compensated for authenticating transactions? Will future price of BTC offset that?
Topic: Rand Paul Thinks Bitcoin Should Be Backed By Stocks - page 3. (Read 3260 times)
This is the intriguing part of BTC. What will be able to plug into the block chain for authentication purposes? How does that affect future transaction fees as miners make less BTC rewards and want to be compensated for authenticating transactions? Will future price of BTC offset that?
This is the intriguing part of BTC. What will be able to plug into the block chain for authentication purposes? How does that affect future transaction fees as miners make less BTC rewards and want to be compensated for authenticating transactions? Will future price of BTC offset that?
Imagine the knock-on benefit to the economy by making the core of everything, instantly auditable and fraud free. Bring on the fees! As a shopper I've always been happy to pay a premium for quality service/goods - which is what bitcoin offers.
He'll get it after a while I suppose. Rand, if you happen across this consider if the MERS mortgage title company had utilized the block chain to track ownership - for a legislator, that should be enough to get them thinking correctly.
For those who don't know, MERS was the unregulated organization that banks created to 1. forge signatures on mortgage docs 2. trade these documents bypassing local municipalities, in effect, stealing doc fees at the local level 3. double spend! there are cases of mortgages being held / claimed by multiple lenders... and other problems with that corrupt data base (MERS).
MERS scandal that could have been avoided with the bitcoin protocol: http://deadlyclear.wordpress.com/2013/08/20/wall-streets-mortgage-fraud-scandal-you-can-have-a-house-that-is-fully-paid-for-and-still-end-up-in-foreclosure/
"Wall Street’s Mortgage Fraud Scandal. 'You can have a house that is fully paid for and still end up in foreclosure”
Rand, what's the value of bitcoin now?
For those who don't know, MERS was the unregulated organization that banks created to 1. forge signatures on mortgage docs 2. trade these documents bypassing local municipalities, in effect, stealing doc fees at the local level 3. double spend! there are cases of mortgages being held / claimed by multiple lenders... and other problems with that corrupt data base (MERS).
MERS scandal that could have been avoided with the bitcoin protocol: http://deadlyclear.wordpress.com/2013/08/20/wall-streets-mortgage-fraud-scandal-you-can-have-a-house-that-is-fully-paid-for-and-still-end-up-in-foreclosure/
"Wall Street’s Mortgage Fraud Scandal. 'You can have a house that is fully paid for and still end up in foreclosure”
Rand, what's the value of bitcoin now?
gaud, that brings back bad memories.
so sad the robosigners they hired to do their dirty work as well. the banking system is so disgusting and deserves all the scorn we heap upon them everyday.
no wonder i've gone down the rabbit hole with Bitcoin.
Didn't mean to sour your meal, but you've got the cure in the last statement.
If you can stomach it, here's a relevant paragraph from the linked article:
Quote
...As a result of MERS’ actions, coupled with an intricate network of document preparers, it has virtually caused clouds on over 60,000,000+ titles to property in every state in the United States. In doing so, its membership base has saved millions of dollars in recordation fees, by hiding behind MERS’ electronic wall. By doing so, it has deprived the counties of the United States millions upon millions of dollars in badly-needed recordation fees; necessary for not only maintenance of property records (one of the basic tenets of American wealth) but also for the funding of certain county services, which have then had to raise property taxes to accommodate the lack of funds or simply cut back on services it used to be able to pay for on its own...
And people wonder why we don't like banks.
He'll get it after a while I suppose. Rand, if you happen across this consider if the MERS mortgage title company had utilized the block chain to track ownership - for a legislator, that should be enough to get them thinking correctly.
For those who don't know, MERS was the unregulated organization that banks created to 1. forge signatures on mortgage docs 2. trade these documents bypassing local municipalities, in effect, stealing doc fees at the local level 3. double spend! there are cases of mortgages being held / claimed by multiple lenders... and other problems with that corrupt data base (MERS).
MERS scandal that could have been avoided with the bitcoin protocol: http://deadlyclear.wordpress.com/2013/08/20/wall-streets-mortgage-fraud-scandal-you-can-have-a-house-that-is-fully-paid-for-and-still-end-up-in-foreclosure/
"Wall Street’s Mortgage Fraud Scandal. 'You can have a house that is fully paid for and still end up in foreclosure”
Rand, what's the value of bitcoin now?
For those who don't know, MERS was the unregulated organization that banks created to 1. forge signatures on mortgage docs 2. trade these documents bypassing local municipalities, in effect, stealing doc fees at the local level 3. double spend! there are cases of mortgages being held / claimed by multiple lenders... and other problems with that corrupt data base (MERS).
MERS scandal that could have been avoided with the bitcoin protocol: http://deadlyclear.wordpress.com/2013/08/20/wall-streets-mortgage-fraud-scandal-you-can-have-a-house-that-is-fully-paid-for-and-still-end-up-in-foreclosure/
"Wall Street’s Mortgage Fraud Scandal. 'You can have a house that is fully paid for and still end up in foreclosure”
Rand, what's the value of bitcoin now?
This is the intriguing part of BTC. What will be able to plug into the block chain for authentication purposes? How does that affect future transaction fees as miners make less BTC rewards and want to be compensated for authenticating transactions? Will future price of BTC offset that?
He'll get it after a while I suppose. Rand, if you happen across this consider if the MERS mortgage title company had utilized the block chain to track ownership - for a legislator, that should be enough to get them thinking correctly.
For those who don't know, MERS was the unregulated organization that banks created to 1. forge signatures on mortgage docs 2. trade these documents bypassing local municipalities, in effect, stealing doc fees at the local level 3. double spend! there are cases of mortgages being held / claimed by multiple lenders... and other problems with that corrupt data base (MERS).
MERS scandal that could have been avoided with the bitcoin protocol: http://deadlyclear.wordpress.com/2013/08/20/wall-streets-mortgage-fraud-scandal-you-can-have-a-house-that-is-fully-paid-for-and-still-end-up-in-foreclosure/
"Wall Street’s Mortgage Fraud Scandal. 'You can have a house that is fully paid for and still end up in foreclosure”
Rand, what's the value of bitcoin now?
For those who don't know, MERS was the unregulated organization that banks created to 1. forge signatures on mortgage docs 2. trade these documents bypassing local municipalities, in effect, stealing doc fees at the local level 3. double spend! there are cases of mortgages being held / claimed by multiple lenders... and other problems with that corrupt data base (MERS).
MERS scandal that could have been avoided with the bitcoin protocol: http://deadlyclear.wordpress.com/2013/08/20/wall-streets-mortgage-fraud-scandal-you-can-have-a-house-that-is-fully-paid-for-and-still-end-up-in-foreclosure/
"Wall Street’s Mortgage Fraud Scandal. 'You can have a house that is fully paid for and still end up in foreclosure”
Rand, what's the value of bitcoin now?
gaud, that brings back bad memories.
so sad the robosigners they hired to do their dirty work as well. the banking system is so disgusting and deserves all the scorn we heap upon them everyday.
no wonder i've gone down the rabbit hole with Bitcoin.
Bitcoin, or rather colored bitcoins can be backed by stocks.
He'll get it after a while I suppose. Rand, if you happen across this consider if the MERS mortgage title company had utilized the block chain to track ownership - for a legislator, that should be enough to get them thinking correctly.
For those who don't know, MERS was the unregulated organization that banks created to 1. forge signatures on mortgage docs 2. trade these documents bypassing local municipalities, in effect, stealing doc fees at the local level 3. double spend! there are cases of mortgages being held / claimed by multiple lenders... and other problems with that corrupt data base (MERS).
MERS scandal that could have been avoided with the bitcoin protocol: http://deadlyclear.wordpress.com/2013/08/20/wall-streets-mortgage-fraud-scandal-you-can-have-a-house-that-is-fully-paid-for-and-still-end-up-in-foreclosure/
"Wall Street’s Mortgage Fraud Scandal. 'You can have a house that is fully paid for and still end up in foreclosure”
Rand, what's the value of bitcoin now?
For those who don't know, MERS was the unregulated organization that banks created to 1. forge signatures on mortgage docs 2. trade these documents bypassing local municipalities, in effect, stealing doc fees at the local level 3. double spend! there are cases of mortgages being held / claimed by multiple lenders... and other problems with that corrupt data base (MERS).
MERS scandal that could have been avoided with the bitcoin protocol: http://deadlyclear.wordpress.com/2013/08/20/wall-streets-mortgage-fraud-scandal-you-can-have-a-house-that-is-fully-paid-for-and-still-end-up-in-foreclosure/
"Wall Street’s Mortgage Fraud Scandal. 'You can have a house that is fully paid for and still end up in foreclosure”
Rand, what's the value of bitcoin now?
Yeah he needs a quick primer. I think it's helpful though that they see the potential for commerce to switch to this type of system and get rid of the CC fees. CC companies should be shaking in their boots.
Do I even need to say it: he obviously doesn't quite "get" Bitcoin.
+1
Bitcoin and other cryptos are already backed by many things:
- Millions of dollars of electricity and equipment
- Its users, merchants and community
- A great technology that can't be exploited
Hopefully one day it will be well understood that digital is not equal to virtual; numbers actually are tangible in the information-age.
legendary
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Do I even need to say it: he obviously doesn't quite "get" Bitcoin.
Full article here:
http://newsbtc.com/2014/05/01/rand-paul-thinks-bitcoin-backed-stocks/
"And actually my theory, if I were setting it up, I’d make it exchangeable for stock. And then it’d have real value. And I’d have it pegged, and I’d have a basket of 10 big retailers. Because I read [Marc] Andreessen’s article a couple months ago. What fascinated me about it was those 2 to 3% margins. If you multiply that out for all of Wal-Mart and they don’t have to use Visa anymore, I’m guessing the people who have to be worried here are Visa and MasterCard. I think it would work, but I think, because I’m sort of a believer in currency having value, if you’re going to create a currency, have it backed up by — you know, Hayek used to talk about a basket of commodities? You could have a basket of stocks, and have some exchangeability, because it’s hard for people like me who are a bit tangible. But you could have an average of stocks, I’m wondering if that’s the next permutation."
http://newsbtc.com/2014/05/01/rand-paul-thinks-bitcoin-backed-stocks/
"And actually my theory, if I were setting it up, I’d make it exchangeable for stock. And then it’d have real value. And I’d have it pegged, and I’d have a basket of 10 big retailers. Because I read [Marc] Andreessen’s article a couple months ago. What fascinated me about it was those 2 to 3% margins. If you multiply that out for all of Wal-Mart and they don’t have to use Visa anymore, I’m guessing the people who have to be worried here are Visa and MasterCard. I think it would work, but I think, because I’m sort of a believer in currency having value, if you’re going to create a currency, have it backed up by — you know, Hayek used to talk about a basket of commodities? You could have a basket of stocks, and have some exchangeability, because it’s hard for people like me who are a bit tangible. But you could have an average of stocks, I’m wondering if that’s the next permutation."
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