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…)
Feb 232017
 
The concept of the blockchain At the moment, all global transactions regarding ownership are registered and controlled by so called “trusted” third parties. Money is registered by banks, real estate by the land register, specific contracts by notary public etc. If you want to change ownership, you need to contact the “trusted third party”, follow the right procedures (control and tracking) and the trusted third party will transfer ownership. On the blockchain, the knowledge of ownership is shared with everybody. Everybody has his ‘personal’ register of who owns what. On a regular basis, all ‘personal’ registers are compared to correct errors and ensure agreement about the ‘truth’. When there is a transaction, both the buyer and the seller broadcast the transaction and everybody has to update his ‘personal’ register, after checking if the transaction is broadcast according to the agreed procedures. The last step is for all ‘personal’ registers to be mutually compared again. When there is disagreement about the content, the most common register is accepted as being the ‘truth’. The manipulation, errors or failure of an individual register have no impact, it can fail completely and will simply be ignored by the community and every node on the blockchain network – the corrupted register has to accept the ‘opinion’ of the majority, or will be expelled. Blockchain  is a permanent, ever-expanding, de-centralised, secure global online ledger of transactions. is a software protocol (existing eg’s of protocols include HTML & SMTP) that verifies users & transactions using cryptography, without the need for a trusted 3rd party or broker. is made up of linked ‘blocks’ that hold batches of valid transaction data can register, confirm, authenticate and transfer ownership of any kind of tangible asset, or exchange of value, in a digital format. establishes trust and creates agreements without the need for a central organisation or subjective measures of reputation Bitcoin The most common type of digital transaction utilising the blockchain protocol A self-regulating virtual currency Central bank of the internet The bitcoin blockchain is public, open-source and permissionless You can view bitcoin transactions happening in-real time   Share this:FacebookLinkedInTwitterGoogleTumblrPinterestReddit (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…)
Aug 032015
 
The Quadrillion Dollar Derivative Debt and the “Bail-in”: When you Deposit Funds in a Bank, it Becomes “Their Money” By Bill Holter Global Research, August 03, 2015 Url of this article: http://www.globalresearch.ca/the-quadrillion-dollar-derivative-debt-and-the-bail-in-when-you-deposit-funds-in-a-bank-it-becomes-their-money/5466586 The world is awash with “promises”. Nearly everything we think of as having “value” is because of a promise behind it. A few examples; your bank accounts, retirement funds, bonds and even the dollar bills in your pocket. Your bank account for example, once you deposit the money it is no longer yours. You can argue this if you wish but we now know this is true for sure after recent “bail in” legislations passed throughout the west. When you deposit funds into a bank, it then becomes “their money” held for you …they “owe” it to you. Do not take this lightly, lawmakers around the world have made this the new reality. A little known fact, in 1845 Britain passed banking law that made depositors (unsecured creditors), this is still precedent to this day. When you deposit money you “accept a liability” from your bank and are classified as an unsecured creditor. In other words, “get in line with everyone else”! Same thing with many retirement accounts. Think about Social Security. When you get your annual statement form, it comes with an asterisk. This is to inform you they “might need to reduce benefits”. With any retirement account you are relying on the custodian to make payments to you upon retirement. Think about state and municipal retirement accounts promising the good life, they are nearly ALL underfunded. Meaning there is not enough money in there to make (promised) future payments unless some sort of magically higher returns are realized. These are underfunded by the TRILLIONS of dollars! Bonds are an obvious asset class where a “promise” is relied on. Dollars on the other hand seem the most misunderstood by the public while being the biggest leap of faith in all asset classes. Dollars rely on the “full faith and credit” of the U.S. government (a bankrupt entity) yet the populace sleeps through the night secure knowing they own dollars. ALL non backed, fiat currencies in the past have failed. The dollar is the widest spread and widely owned fiat the world has ever known, its failure will be spectacular upon arrival! I wanted to point out the above “promises” as a basis to speak about trust or (more…)
Jul 222015
 
The New Development Bank, which opened today in Shanghai, has been overshadowed recently by the AIIB. The BRICS grouping opened its new bank, the New Development Bank (NDB), at a ceremony in Shanghai on Tuesday. The ceremony was attended by China’s finance minister, Lou Jiwei, NDB president K.V. Kamath, and Shanghai Mayor Yang Xiong. The bank is expected to start operations in late 2015 or early 2016, according to Xinhua. The creation of the NDB was announced at the BRICS summit in Brazil in July 2014. The bank was – and is – envisioned as an answer to the current international financial system, which is dominated by the West. Xinhua’s article on the NDB explained that the BRICS countries “have been marginalized in the global financial landscape,” especially at the World Bank and International Monetary Fund (IMF). The NDB is clearly intended as a solution to that problem. As the bank’s website puts it, the NDB is “operated by the BRICS states (Brazil, Russia, India, China and South Africa) as an alternative to the existing U.S.-dominated World Bank and International Monetary Fund.” Still, despite the NDB being depicted as an alternative to existing institutions, officials have been adamant that the bank is designed to “supplement” rather than supplant the current system. Finance Minister Lou told a seminar that “the NDB will supplement the existing international financial system in a healthy way and explore innovations in governance models,”according to Times of India. Bank president Kamath insisted that “our objective is not to challenge the existing system as it is but to improve and complement the system in our own way.” Jim Yong Kim, president of the World Bank, was similarly upbeat about cooperation in a congratulatory statement on the bank’s opening. “We are committed to working closely with the New Development Bank and other multilateral institutions, offering to share our knowledge and to co-finance infrastructure projects,” Kim said in a statement. “These types of partnerships will be essential to reach our common goals to end extreme poverty by 2030, boost shared prosperity, and to reduce inequalities.” The BRICS bank, like much of the BRICS interactions, is devoted to the idea of equality. “In the New Development Bank each participant country will be assigned one vote, and none of the countries will have veto power,” the NDB website explains. The initial capital of $50 billion in the bank will also be “equally shared” among the five founding nations,Xinhua reported, meaning each country (more…)
Jul 162015
 
This is how. Over the past few days and (to a lesser extent) past few months, we have witnessed a remarkable series of events. First, we had a member (i.e. victim) of the corrupt European Union stand up to the bullies of the Troika, and say “no.” No, to more extortion. No, to more economic rape (via enslavement to debt). No, to the continuing/worsening infringement on its sovereignty. Obviously that nation was Greece, a nation which everyone, including the new government of Greece, agrees is bankrupt. In the world of commerce, there is only one “solution” to bankruptcy: reduce the debt, if not eliminate it, completely. The corrupt EU, European Central Bank, and the International Monetary Fund have absolutely refused to consider any reduction in Greece’s debt-load. In other words, they have absolutely refused to consider helping Greece. Instead, this diabolical political/economic cabal dictated an ultimatum. It demanded that Greece take on more debt, harming that economy even further under the weight of the additional interest payments on that debt, when it is already impossible for Greece to pay the interest on its current debt. And, as a “condition” for burying Greece under more, punitive debt, these economic sadists were also demanding that Greece implement more (suicidal) Austerity policies. As previous commentaries have pointed out, Austerity kills. Every Eurozone nation which has engaged in this seemingly neo-Nazi, economic suicide has seen its economy get sicker, and its deficit problems get worse, not better. Thus every Eurozone nation – except Greece – has been allowed to back-off on this economic suicide, in order to prevent the total collapse of those economies, as well. In simplest terms, for every 1 euro in “Austerity” cuts, the government loses 2 euros in revenues. It is not a path to economic salvation. Rather, it is the surest and most rapid means to complete the destruction of these already insolvent economies. Thus when Greece said “no” to more debt and more Austerity, it was doing nothing more than saying “yes” to common sense. However, the tyrannical Troika would not accept “no” as an answer to their ultimatum. The Eurozone thugs tightened their choke-hold on Greece’s economy, trying to throttle it into submission. Simultaneously, they attacked the Greek people with their propaganda: any and every form of fear-mongering of which these tyrants could conceive. As a response to the increasing lies, political pressure, and economic blackmail, Greece’s (more…)
May 082015
 
The Next Empire – :Part Four A New Central Bank From Doug Casey’s Internationalman.com. http://www.internationalman.com/articles/the-next-empire Editor’s Note: Russia has ratified an agreement on the New Bank for Development set up by BRICS and has ratified the equivalent of1$00B solidifying it role in the China formed Asian Infrastructure Investment Bank (AIIB) at the beginning of this month. Here is an April 15th article about AIIB in the ‘South China Seas’. Click Here In recent decades, China and Russia have been expanding their economic powers dramatically and have periodically complained that their seats at the IMF table are unrealistically low, considering their importance to world trade. In 2014, China officially replaced the US as the world’s largest economy, yet the IMF has consistently sought to minimise China’s place at the table. It would seem that the West believes that it’s holding all the cards and that the Chinese and other powers must accept a poor-sister position, if they are to be allowed to sit at the IMF table at all. The West somehow does not seem to recognise that, if frozen out, the other powers have the ability to create alternatives. As with the SWIFT system, the Asian powers have reacted to US overreach, not by going away licking their wounds, but by creating a second IMF. The Russian State Duma (the lower house of the Russian legislature) have now created the New Development Bank. It will have a $100 billion pool, to be used for the BRICS countries. Its five members will contribute equally to its funding. It will be centered in Shanghai, India will serve as the first five-year rotating president, and the first chairman of the board of directors will come from Brazil. The first chairman of the board of governors is likely to be Russian Finance Minister Anton Siluanov. It’s therefore structured to be truly multinational. In creating all of the above entities, the BRICS will, in effect, have created a complete second economic world. In the latter days of the British Empire, we Brits seemed to be under the illusion that, even as our power base crumbled, we might somehow retain control by threats and bluster. The UK was utterly wrong in this and only succeeded in alienating trading partners, colonies, and allies by doing so. The same is happening again today. China, Russia, and the rest of the world, when faced with American threats and bluster, (more…)
May 072015
 
The Next Empire – :Part Three The End of Dollar Hegemony and A New Swift System From Doug Casey’s Internationalman.com.  http://www.internationalman.com/articles/the-next-empire Editor’s Note: In this article Russia is given credit as the initiator of a New Swift system, however, in reality it was Russia and the rest of the BRICS nations that put together the New Development Bank. That is the backbone of the New Swift system. Now this back bone includes the AIIB banking system. The BRICS New Development Bank (NDB) – a key alternative to the IMF enabling developing nations to get rid of the US dollar as a reserve currency – will be operative by the end of this year. The NDB will finance infrastructure and sustainable development projects not only in the BRICS nations but other developing nations. Since the Bretton Woods Conference in 1944, the US dollar has reigned supreme as the world’s default currency. In 1944, the US held more gold than any other country, but in 1971, the US went off the gold standard, and since then, the dollar has been a fiat currency. The US has become increasingly cavalier in its abuse of the dollar—often at the expense of other countries. Russia and China dealt with the latest round of strong-arm tactics by the US to adhere to the petrodollar by creating the largest energy agreement in history. This and all trade between the two countries will be settled in the ruble and the yuan. Russia has since been active in creating agreements with other fuel customers, also bypassing the petrodollar. In creating these agreements, the Asian powers have unofficially announced the demise of the petrodollar. For decades, the US has applied its muscle to other countries, using the petrodollar. So, the Sino-Russian agreement stands, not only to end the petrodollar monopoly, but to create a decline in US power over the world, generally. A New SWIFT System Presently, the vast majority of economic transfers in the world pass through the SWIFT system, located in Brussels but controlled by the US. In recent years, the US has barred, or threatened to bar, other countries from the SWIFT system, effectively making it impossible for banks to transfer money and, by extension, causing the collapse of their banking systems. Russia has responded by creating its own SWIFT system. It’s entirely likely that, if Russian trading partners, such as Iran, are barred from the use (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 232015
 
Global institutions, including the International Monetary Fund (IMF) and the World Bank, have endorsed a China-led international bank, despite opposition from the U.S. “We are comfortable with the idea of a bank that puts together finance for infrastructure, because our view is that there is a huge need for infrastructure in emerging markets countries,” David Lipton, the first deputy managing director of the IMF, told CNBC early on Monday.The $50-billion Asian Infrastructure Investment Bank (AIIB) is being established to meet the need for greater infrastructure investment in lower- and middle-income Asian countries. It comes amid complaints by China and other major emerging economies that they lack influence in institutions such as the IMF, the Asian Development Bank and the World Bank.Support for the AIIB has gathered speed in Europe this month, with the U.K. the first country to sign up, followed by Germany, France and Italy and then Luxembourg and Switzerland.However, Washington has expressed misgivings, officially because of concerns about standards of governance and environmental and societal safeguards. Unofficially, the country’s is thought to be worried about sacrificing its clout in Asia to China, as well as piqued by criticism of slow reforms in the IMF and World Bank.China ‘leader of the world’“China is now the leader of the world,” Sri Mulyani Indrawati, managing director of the World Bank, told CNBC on Sunday in Beijing.“They (Chinese leaders) try to show that they have sound principles in not only presenting a development solution, but also in establishing this new institution and that is why many of the countries now are becoming members of this institution.”Jim McCaughan, CEO of Principal Global Investors, said that China’s move was part of a bid to establish theyuan as a global currency—and that the U.S. might be more positive towards the AIIB then its official statements suggested.“I think Washington will collaborate; I do not think it will officially join, but I think they will collaborate, at least behind the scenes,” McCaughan told CNBC early on Monday, adding that the bank was part of a “bigger picture.”“Ultimately, Chinese economic policymakers, I believe, are pushing towards the idea of the renminbi as a reserve currency… this is one small step in that direction, having a multilateral institution that they can lead,” McCaughan said.http://www.cnbc.com/id/102526769 Share this:FacebookLinkedInTwitterGoogleTumblrPinterestReddit (more…)