Apr 282017
Greenfire supports blockchain business and technology. It is a belief held by Greenfire that business is growing into a blockchain technology based accountability system that will provide the move into a more sound money system. Aaryn Prettyman   Maybe you’ve heard the term “blockchain” but aren’t quite sure what it is. You’d be in good company. However you may want to start learning, as it just may be a technology platform that changes the ARM industry someday. In super-simple terms, blockchain is a decentralized way of keeping track of what is “true” (i.e. who owns what, who has signed what, who has paid what, etc.). This decentralized mechanism is called a “distributed ledger” – imagine a town checkbook, but instead of living in city hall, everyone in the town has a copy of it. Each time an entry is made it must be validated by everyone with a copy, and then everyone’s copy is updated. Each update is a new “block” in the “chain,” and each block needs all the other blocks to form the whole picture. The result is said to be a highly secure, transparent, interdependent chain.  Today, most information is tracked in major centralized databases owned by one company (or government) or another. As we know, these databases are often vulnerable to hackers, they are not at all transparent, and they can be difficult to get corrected when they are wrong. This has created a lack of trust in our systems, and makes it frustrating to do business. Blockchain was first used to manage bitcoin, the new kind of electronic currency that pretty much operates on the fringe. But many are now experimenting with a wide range of other, more mainstream uses. One example is that the State of Arizona has just passed a bill giving legal status to smart contracts and blockchain based signatures. Here’s what the bill says, "A signature that is secured through blockchain technology is considered to be in an electronic form and to be an electronic signature. A record or contract that is secured through blockchain technology is considered to be in an electronic form and to be an electronic record. Smart contracts may exist in commerce. A contract relating to a transaction may not be denied legal effect, validity or enforceability solely because that contract contains a smart contract term. For the purposes of this section: “Blockchain technology” means distributed ledger technology that uses (more…)
Aug 312015
Extracted from BBVA Research on Digital Banking. What is Blockchain? Blockchain is a peer-to-peer public ledger maintained by a distributed network of computers that requires no central authority or third party intermediaries. It consists of three key components: a transaction, a transaction record and a system that verifies and stores the transaction. The blocks are generated through open-source software and record the information about when and in what sequence the transaction took place. This “block” chronologically stores information of all the transactions that have taken place in the chain, thus the name blockchain. In other words, blockchain is a database of immutable time-stamped information of every transaction that is replicated on servers across the globe. This technology is the foundation of bitcoin, a crypto currency. In traditional transactions such as money transfers or foreign currency, there is usually an intermediary or a centralized entity that records the transmission of money or currency that exist apart from it. In blockchain, the token or digital coin itself is what has value, which is determined by the market. This is what makes the system a truly decentralized exchange. When people buy or sell cryptocurrency, a secret key or token is broadcast to the system. “Miners” use nodes, computers or devices linked to a network, to identify and validate the transaction using copies of all or some information of the blockchain. Before the transaction is accepted by the network, miners have to show “proof of work” using a cryptographic hash function –a special algorithm- that aims to provide high levels of protection. Miners receive some form of compensation for their computing power contribution, avoiding the need to have a centralized system. New protocols such as Ripple rely on a consensus process that does not need miners nor proof of work and can agree on the changes to the blockchain within seconds. In any case, the blockchain offers an inherent level of trust for the user, eliminating the need for the middleman and mitigating the risk of human error. In this public ledger, the data is protected against tampering and revision, and individuals cannot replace parts of the blockchain as the cost of doing so is significant – hypothetically one would need to control more than half of the “nodes” to surreptitiously alter the block chain. The Disruption While cryptocurrency itself has received a lot of criticism, the blockchain technology is thought to offer great (more…)
Jul 212015
Cryptocurrencies are the first self-limiting monetary systems in the history of mankind, and could be our greatest chance to check the growth of political power since the Magna Carta. Cryptocurrencies could be greatest revolution in human history, and the foundation of a truly free and prosperous planet. There’s a lot to say, but hopefully I’ll make the case here. Bitcoin is great technology and the premiere example of the coming crypto-technical world, global commerce by cryptocurrency. . Cryptocurency is genius. The public ledger of value transfer and information copyright, deeds, wills, almost anything you can think of can be implemented in the Cryptocurrency architecture. It is one of the greatest economical innovations in human history. As business interests and financial interests gained more presence in the government the voice of the people became more distant. This country became an oligarchy. It’s a government in which the wealthy class rules. It’s a modern day plutocracy. We all know this to be true and my position is that it is the fiat currency that enables this tendency in most governments and it is the politics of the fiat currency that make an oligarchy. It is cryptocurrency that can stop an oligarchy and stop a lot more besides. How is cryptocurrency a solution? What was the original money historically? Solid gold is the correct answer. Aristotle defined money as having five characteristics. It had to be portable. It had to be long-lasting and not perishable , It cannot lose its value. It had to be divisible to smaller denominations and be reassembled to primary denomination, and it has to have intrinsic value. The most important characteristic of money, intrinsic value, is that it is limited. Gold has those properties. It lasts long. You can slice it up. It retains its value. You can reassemble it and it has intrinsic value because people historically have come to value it. It’s has thousand of years of perceived value. Cryptocurrency has the same characteristics as gold, except of course, it’s digital. Cryptocurrency is divisible. It is portable. It will last as long as it is used. Once established it will not lose its value. A cryptocurrency only has value in its exchange – it has no inherent value – this is precisely the same as with a ‘conventional’ fiat currency. A dollar is only actually worth what someone is willing to give you in exchange for (more…)
May 062015
[ This is very disturbing. I am a student of cryptocurrencies and propose that cryptocurrencies will be the solution to the coming collapse of the dollar] Simon Black gives continuously good advice. If you are having trouble viewing this email, or you’d like to share this article with your friends, click here May 6, 2015 Sovereign Valley Farm, Chile Well, it was bound to happen sooner or later. Our beloved amigos at the US Financial Crimes Enforcement Network (FinCEN), have just issued the first-ever ‘civil enforcement action’ against a virtual currency. The offending criminal mastermind in this case? Ripple Labs. If you’re not familiar, Ripple is a virtual currency platform that was once the darling of Silicon Valley, attracting top VC firms like Google Ventures and Andreessen Horowitz. Ripple’s technology allows users to conduct financial transactions with one another — sending and receiving payments in cryptocurrencies like Bitcoin, as well as fiat currency. Imagine Bitcoin meets Paypal… and you have the basic idea. As part of its technology, the parent company Ripple Labs also created a native virtual currency called ‘XRP’, which is the second largest in the world after Bitcoin when measured by market capitalization. Because of all of these features, Ripple Labs qualifies as a ‘money service business (MSB)’ according to FinCEN… which makes them subject to all sorts of regulations. At the top of the list is the Bank Secrecy Act (BSA), which, contrary to its name, requires banks and MSBs to betray their customers’ financial secrets to the US government. Specifically, the BSA mandates that all banks and MSBs file ‘suspicious activity reports’ if they “know, suspect, or have reason to suspect” that a transaction of $2,000 or more is ‘suspicious’. And in the age of the USA PATRIOT Act, suspicious transactions are BIG BUSINESS for Uncle Sam. Last year a record 2.4 MILLION suspicious activity reports were filed. That’s a 40% increase from 2013’s record year of 1.7 million. As you can imagine, Ripple Labs failed to register with FinCEN as an MSB, nor did it submit suspicious activity reports. In its complaint, FinCEN describes several of the oooooh-so-nefarious violations. According to FinCEN, “In January 2014, a Malaysian-based customer sought to purchase XRP from [Ripple Labs], indicating that he wanted to use a personal bank account for a business purpose.” HOLY JIHAD BATMAN!!!! Someone wanted to use a personal bank account for business purposes?!?! NUKE THE (more…)
Mar 092015
This was originally posted on Internationalman.com http://www.internationalman.com/articles/capital-punishment by Jeff Thomas Those who trade liberty for security deserve neither and will lose both.John Adams In the end, more than freedom, they wanted security. They wanted a comfortable life, and they lost it all—security, comfort, and freedom. When the Athenians finally wanted not to give to society but for society to give to them, when the freedom they wished foremost was freedom from responsibility, then Athens ceased to be free and was never free again. Edward Gibbon, English historian and member of Parliament, commenting on Ancient Athens in The History of the Decline and Fall of the Roman Empire, published in six volumes between 1776 and 1788. Libertarians (myself included) now grind their teeth on a daily basis, as they watch the parade of irresponsible economic measures concocted by First World political and banking leaders. Each measure seems more outrageous than the last, both in its inability to correct the situation and its outright thievery from the purse of the populace. The EU recently announced that they will introduce a level of quantitative easing (QE) that promises to be the economic equivalent of an overdose to a heroin addict. In addition, the EU, the US, Canada, and other First World countries have created bail-in legislation that will allow their bankers to literally steal the funds of their depositors. Further, political leaders on both sides of the Atlantic have announced that pensioners’ funds are “in danger,” and their solution is to make it mandatory for the funds to contain a percentage of investment in government bonds—an investment that promises to go off the proverbial cliff in the coming years. So, what’s the plan? Are the leaders of the world’s most “advanced” nations planning collective economic and political suicide? Or are they simply so stupid/arrogant/out of touch with reality—pick your explanation—that they just don’t understand thateconomic collapse is now baked in the cake and it is now only a question of time? Or do they have an alternate plan? I must confess that I’m cynical enough to regard many of the leaders in question as being stupid, arrogant, and out of touch with reality. However, I do also believe that some of them are clever enough and devious enough to have a plan in place as to how they might continue to not only hold their power, but expand upon it. (That desire is, of course, a virtually universal truth, as regards (more…)
May 062014
Christine LaGarde discusses the reset and how it will take place. This video is required for anyone holding Iraqi dinar and are interested in the global reset. I have watched this video several times and there is something else to pay attention to every time. I believe the global reset will happen by 2017.     [hdvideo id=25 ratingscontrol=on views=on title=on]       Share this:FacebookLinkedInTwitterGoogleTumblrPinterestReddit (more…)
Dec 132013
Chinese yuan dominates global bitcoin trade Tuesday, 03 December, 2013, 1:10pm Business›Banking & Finance CURRENCIES Patrick Boehler patrick.boehler@scmp.com With the digital currency’s value rising sharply, 58 per cent of day’s global volume done in yuan as non-professionals wade into new market The yuan accounts for most of the trade in bitcoins as trading of the unregulated digital currency soars in the world’s second-largest economy. By noon yesterday, about 58 per cent of the global trade during the preceding 24 hours occurred on exchanges trading the mainland currency, according to open-source research project BitcoinAverage [1]. A Bitcoin logo is seen at the window of a restaurant that accepts Bitcoin, a form of digital currency, as payment in San Francisco. Photo: Reuters[2] According to the aggregator of market data, China’s trading volume in the period reached 827 million yuan (HK$1 billion). Trades in US dollars account for roughly 37 per cent of global volume. Trades in euros account for slightly less than 2 per cent. No other currency accounts for more than one per cent of trade, according to BitcoinAverage. Fortunes have already been made in China via the virtual currency. The value of a bitcoin in China soared 861.02 per cent from 844.75 yuan on September 3, the earliest data available on BitcoinAverage, to its peak value last Friday of 7273.47 yuan. The virtual currency was trading at between 6,300 and 6,400 yuan on Tuesday morning on major Chinese exchanges. Unlike with previous virtual currencies, China’s deputy central bank governor Yi Gang said last month that bitcoins could be freely traded, although the government would not accept them as currency.  A provincial subsidiary of state-run China Telecom even said it would accept payment in the virtual currency. Jiangsu Telecom said last week it would accept the virtual currency for pre-orders of a new Samsung phone[3]. “China is driving the volume predominantly for two reasons: speculation and mining,” said Zennon Kapron, managing director fo the Shanghai-based financial advisory firm Kapronasia. “Returns on Bitcoin this year have surpassed real estate which previously was the best performing mainstream asset class in China, which has naturally attracted more attention and further driven the price up.” Kapron said it was natural for China, the world’s biggest manufacturer of bitcoin mining equipment, to play a large role in the trade. Li Lin, head of the Beijing-based Huobi trading platform, told the Beijing Morning Post last week that the majority of new bitcoin (more…)
Oct 232013
Published: Tuesday, 22 Oct 2013 | 11:23 AM ET By: Michael Pento | President of Pento Portfolio Strategies De-crowning the dollar, and the ‘collapse’ ahead CRISIS, PRIVATE DEBT, RISING, CORPORATE LOANS, CONSUMER CREDIT, FEDERAL RESERVE, PETER SCHIFF, INFLATION, QE, TEA PARTY, KARL DENNINGER, NETNET, US: NEWS, BUSINESS NEWS CNBC.com | Tuesday, 22 Oct 2013 | 11:23 AM ET The gradual erosion of the U.S. dollar’s status as the world’s reserve currency has been greatly hastened of late. This is due not only to the perpetual gridlock in D.C., but also our government’s inability to articulate a strategy to deal with the $126 trillion of unfunded liabilities. Our addictions to debt and cheap money have finally caused our major international creditors to call for an end to dollar hegemony and to push for a “de-Americanized” world. China, the largest U.S. creditor with $1.28 trillion in Treasury bonds, recently put out a commentary through the state-run Xinhua news agency stating that, “Such alarming days when the destinies of others are in the hands of a hypocritical nation have to be terminated.” In addition, Japan (our second largest creditor holding $1.14 trillion of U.S. debt) put out a statement through its Finance Minister last week saying, “The U.S. must avoid a situation where it cannot pay, and its triple-A ranking plunges all of a sudden.” (Read more: Fed in ‘monetary roach motel,’ won’t taper: Schiff) It is both embarrassing and hypocritical to be lectured by Japan about an intractable debt situation. However, the sad truth is we have become completely reliant on these two nations for the stability of our bond market and currency. We arrived at this condition because our central bank has compelled the nation to rely on asset bubbles for growth and prevented the deleveraging of the economy by forcing down interest rates far below a market-based level. For example, instead of allowing debt levels to shrink, the Fed’s virtually free money has now caused consumer credit to surge past the $3 trillion mark by the second quarter 2013; that is up 22 percent in the past three years. And of course, the Federal government massively stepped up its borrowing beginning in 2008, piling on over $6.8 trillion in additional publicly traded debt since the start of the Great Recession. (Read more: It’s back with a vengeance: Private debt)   Share this:FacebookLinkedInTwitterGoogleTumblrPinterestReddit (more…)
May 052011
By Kathleen Brooks 05 May 2011 If you take a look at the major dollar crosses then the decline in the greenback has been a multi-year event. If the dollar remains on this downward path then the natural question to ask is how long can it maintain its position as the world’s reserve currency? This is a potent question at the moment as the world tries to recover from the 2008/2009 financial crisis and, most importantly, starts to re-balance so the binge spending in the West and hoarding of savings in the East finds a more comfortable equilibrium. To answer this question it is worth considering what a reserve currency should be like. Firstly, it must be relatively stable and secondly, it must be immune from political intervention. Looking at the second point first, since late last summer when Federal Reserve chairman Ben Bernanke first touted the idea of a second round of quantitative easing the US has been accused of manipulating its currency lower. Of course a weak dollar is good for the US export industry, but it also has repercussions across the rest of the world in terms of commodity price inflation. Although prices have moderated slightly across the Middle East, inflation is still at a high level and countries such as Saudi Arabia, Kuwait and the United Arab Emirates will not want to see prices continue to rise because of a weak dollar. On this basis it would make macroeconomic sense if the dollar was no longer a reserve currency. While the US economy is going through its rebalancing process away from consumption and towards exports then the dollar needs to be weak. This will keep upward pressure on commodity prices for the foreseeable future. So what should replace the dollar as a reserve currency? Obviously there is the world’s reserve currency. But the single currency has many drawbacks. It is the currency of a monetary bloc not a political entity and the sovereign debt crisis has highlighted the limitations of its structure. The other contender is the Chinese renminbi; after all, China is set to become a bigger economy than the US in a few years’ time. But this looks unlikely. It will take years before the Chinese currency will be fully flexible and it is dubious whether the Chinese authorities would want the renminbi to become the world’s reserve currency. Beijing is at pains to (more…)