The transaction history of each Bitcoin is trackable since its existence, unlike with paper money.
I do not see how the use of Bitcoin permits more fraud than the use of paper money.
Bitcoins have advantages and disadvantages, as have paper money, money transactions, exchange of cigarettes, rum, gold etc.
I see it as an additional commodity suitable to exchange goods and services.
We have the choice.
Interesting question is what administrations restricting the use of virtual currencies are exactly afraid of.
It is not the fear that Bitcoins enable more fraud in my opinion, but the fear of loss of power by printing money.
Again, printing money is like stealing and virtual currencies, like gold, do not allow theft by increasing the volume of money in circulation.
Also widespread use of a currency like Bitcoins in combination with crowdfunding put the right to exist of the banking system in question.
This are the real reason administration hate virtual currencies, in my opinion.
Currently, printed currency is kept in check by the price of gold and other commodities.
Most nations abandoned the gold standard as the basis of their monetary systems at some point in the 20th century, U.S. included.
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation… Deficit spending is simply a scheme for the confiscation of wealth.
Ok.....but;
http://www.coindesk.com/espn-st-petersburg-bowl-bitcoin-branding-2015/
That three year deal ended rather abruptly.....I wonder why?
And there are places that supposedly accept Bitcoins.....Home Depot/Sears/Best Buy.
Note that the owner of Coindesk is not an impartial voice.....and has a vested interest in Bitpay.
Respectfully,
Playacaribe2
Bitcon the new currency of the future? Indeed, light years away.
And you are correct.
Switzerland was the last country to abandon gold.....although Pichardo might disagree with his Pesos Oro theory for the DR.
What I meant to say is that a countries currency can be valued in gold terms. If inflation starts to run against a particular currency....people/governments start buying gold as a hedge, and the price of gold vis a vis that currency goes up. The inverse is also true. A deflationary currency environment is generally bad for gold....as well as other commodities. Granted there are other external factors that affect the price of gold, but that is a good general rule.
Respectfully,
Playacaribe2
remember the whole Silk Road fiasco? An online drug dealing emporium. Remember how they used Bitcoins to pay one another.
Guess who is also uses Bitcoins? ISIS because it is easier to receive anonymous funding.
right on the money on your Bitcoin analysis
Again, show me the NEW monetary Law of the DR that did away with the Pesos Oro...
I posted the entire Monetary Law of the DR as is and from the first time it was enacted under Trujillo and the formation of the CB.
Again, show me the NEW monetary Law of the DR that did away with the Pesos Oro...
I posted the entire Monetary Law of the DR as is and from the first time it was enacted under Trujillo and the formation of the CB.
Please DO shut me up with ease and post that yet to be seen by me NEW monetary Law of the DR with no such articles in it.
??????????????????????????????????????????????????
As you Trujillo said: There's gold in them hills of the DR, down to the inner most sanctum of the land.
We can back our Pesos ORO due to this. If they want to converted from paper to gold, let them dig each ounce out (after paying the taxes and dues to the DR state for exploiting the hills too).
But again, prove me wrong!
Please DO post that new Monetary Law of the DR here!
Any one smart enuff to use Google can easily find out that there is no country on the planet at the present time that is on the gold standard.
Yes, you did post it. But, more importantly, nothing in that law stated that the DR was on a gold standard, or that any paper money was redeemable in gold. We have been down this road before. If the DR currency was actually backed by gold, the exchange rate would likely be 1 (DOP):46.7 (USD) not the current 46.7 (DOP):1(USD).
And even if the law did state what you speak, the DR does NOT, and never did, have enough gold to back up its currency.
Respectfully,
Playacaribe2
I never said we had Gold to back it up, I said our Monetary Law is still backed by Gold as written and later modified by act of congress to denote the convertible of Gold assets under the CB, to such end into other assets of equal purchasing power for the metal in the world markets.
That's why the CB can still issue "Inorganicos" when allowed by the executive and congress.
For them to issue new notes and deem them of legal standards, they would either have to get Gold for the Vault or the convertible equals as per the current Monetary Law.
They tried to remove pesos Oro from the bills, only to find out that for that to happen, they needed to promulgate an entirely new Monetary Law 100%. The current is based on a system built atop the gold standard and modified to make it fit our needs.
It was easier to leave the pesos oro than to try and create a new one around. It will change later for sure.
I never said we had Gold to back it up, I said our Monetary Law is still backed by Gold as written and later modified by act of congress to denote the convertible of Gold assets under the CB, to such end into other assets of equal purchasing power for the metal in the world markets.
They tried to remove pesos Oro from the bills, only to find out that for that to happen, they needed to promulgate an entirely new Monetary Law 100%. The current is based on a system built atop the gold standard and modified to make it fit our needs.
It was easier to leave the pesos oro than to try and create a new one around. It will change later for sure.
Yes, Monetary Law backed by gold lol. You have not convinced most of the readers here, nor has the government convinced anyone internationally of the viability of the Monetary Law. Like so many other laws in the DR (corruption/crime), they exist, but are rarely enforced.
They did remove "pesos oro" from your banknotes, several years ago. Perhaps the Banco Central realized no one ever believed the Monetary Law.
Like I said "pesos oro" has been missing from your banknotes for years.
I leave you with one last thought. If anyone really truly believed that the Monetary Law and your banknotes really truly had any connection to real gold.....then your financial crisis of 2003-2004 could never have happened.
Like many things Dominican, the perception of what is supposed to be and the reality of what actually is.....are miles apart. Your Monetary Law is a perfect example.
And now Bitcoin?......LOL.
Respectfully,
Playacaribe2
don?t laugh at bitcoin too soon. as long as there is a window for some people to be ripped off, watch it flourish before the big hit, then vanish into oblivion.