denarius · PyPI

Risks and advantages of fiat money over gold and cryptocurrencies

Why do people seem to trust fiat currencies so much, despite being nothing but pieces of paper? Because state authorities guarantee that his paper is real money that you can store, exchange, or use to pay for goods and services.
We believe that it's nothing but a force of habit. It's been too long since the last crisis that would really devalue the currency of a major country.
Of course, we remember that inflation in Germany reached millions of percent after the First World War — but this happened long ago. Of course, we know that the currency of Zimbabwe was recently devalued by a factor of millions – but it's a state that’s been ruled by a dictator until recently. And yes, we see that Venezuela – another authoritarian state – is going through hyperinflation right now. But all this happened or is happening in autocratic countries and can't possibly happen in a civilized state – this is the mantra that we repeat to ourselves.
A short historical overview
Fiat paper money has only emerged recently. For thousands of years, people used all kinds of items and goods as a means of payment – cowrie shells, gold, copper, bronze, spices, and so on. If at some point, a certain item became too plentiful, its price would fall, and you could therefore get fewer other goods in exchange for it – and vice versa.
With time, people realized that paying in cowrie shells, metal bars, or something that could go bad or moldy was too complicated and costly.
As with many other issues, it was the ancient Romans who decided to solve the problem once and for all. Every new emperor or dictator made sure to mint coins with their face on them. If there wasn't enough fresh metal available, he would just take coins minted by his predecessor, melt them and make new ones.
It's from that point onward that we can track the key problem of fiat money – its constant devaluation.
For instance, in early 1st century AD, Romans used denarius – a coin made of pure silver. Just 40 years later, during the reign of Nero, a denarius contained only 94% of silver – and by the end of the century, its silver content fell to 85%.
What was the reason? Nero and his successors used this trick to pay less to their creditors. In 2nd century AD, there was less than 50% of silver left in a denarius. In 243, Emperor Philip the Arab reduced the silver content to just 0.05%. After the fall of the Roman Empire in the West, a denarius contained only 0.02% of silver.
This way, over the course of roughly 200 years, the inflation of denarii reached several thousand percent. But if we study more recent examples – say, the real value of the US dollar or pound of sterling in the last 200 years – we'll see a similar picture.
A forecast for the future
Let's go back to the question we asked in the beginning of this article. Why do people trust fiat money?
In the past 70 years, we haven't seen any major wars involving developed countries that could radically devalue their currencies. There haven't been any major natural disasters that could seriously damage the economy, either. Sure, such things keep happening in third-world countries, where currencies lose their value due to military coups, uncontrolled printing of new money, and so on.
If you ask the population in those third-world countries that have been through hyperinflation how they feel about their fiat money, you'll find that their opinion is just the opposite of that shared by people in the West.
That's why gold and jewelry are so popular in the Middle East, and that's why US dollars are in such demand in Latin America. Nobody wants to keep their savings in the local fiat currency – because its long-term stability cannot be guaranteed.
Gold is a great way to store value, especially when fiat currency is devalued rapidly for no reason.
Here's a simple example. Let's take country Z with a stable economy and equally stable fiat currency. Bob keeps his savings in a deposit account and earns a 5% annual interest. Alice uses her fiat savings to buy physical gold and then either buries it in her garden or stores it in a bank vault.
A disaster strikes: a military coup, volcano eruption, flood – you name it. The fiat currency of Z loses most of its value in an instant. And if the government decides to print more money (to pay for disaster relief or as a populist measure), inflation can quickly reach astronomical heights.
Bob's savings will be worth nothing – but Alice won't lose anything. If local fiat money is devalued by a factor of 100 relative to the US dollar, its exchange rate relative to gold will fall by a similar amount.
Any educated person can understand this – but why are so few people actually buying gold to protect their savings? And why do the majority of people take their money to the bank, even though generations after generations have lost their bank deposits?
There is only one issue with storing value in gold: buying it is complicated, costly, and sometimes dangerous. Here we'll cite just a few examples, although we could provide many more:
- In many countries you have to pay a fixed tax or VAT when buying gold, ranging from 10% to 25%. This means you'll lose up to a quarter of your money at once. Not such a great investment, is it?
- The spread between the buying and selling price of gold often reaches 10%;
- Storing gold at home is risky; storing it in a bank vault means paying a fee and can still be dangerous;
- In case of a military coup of natural disaster, if you need to exchange your gold for money, you can easily get killed. Modern-day Caracas is a good example: people are attacked even when they are suspected of carrying around as little as $100.
Cryptocurrency to the rescue
In the context of the issues described above, cryptocurrencies are a god-send for people in third-world countries. Crypto helps preserve the value of money and hide it in case of a crisis.
The demand for Bitcoin among the middle class in Africa and Asia is several times higher than in Europe. Why do people prefer Bitcoin and show much less interest in other altcoins? Because the maximum number of Bitcoins is finite. Whatever happens in the world of fiat currencies, even if governments print dozens and hundreds of times more money, new Bitcoins will only enter the market through mining – and over 80% of the total have already been mined.
Bitcoin doesn't belong to anyone. There is no organization or country that can control it. In the 10 years that have passed since its launch, nobody has managed to hack the system – while even the leading IT corporations regularly fall victim to hacker attacks.
The only real problem is that most holders of fiat money and gold bars find it’s hard to accept Bitcoin's volatility. Indeed, if the BTC price has grown by a factor of 100 or 1000, it could theoretically fall by just as much, completely devaluing one's investment. Who would take such a risk?
If only one could invest in digital gold that can't lose its value relative to fiat currencies and free from the risks and complexities of purchasing, storing and selling it that are inherent to physical gold.
The future is already here
DIGITAL GOLD is a company that has found a solution to the challenge of money storage. In summer 2019, it launched a new stablecoin which serves the purpose of Digital Gold.
Now, investors seeking to protect their savings won't have to deal with the costs and dangers of buying physical gold. It's enough to purchase GOLD stablecoins, built on the popular ERC-20 standard. In less than a minute, any person anywhere on the globe can buy $10, $100, or $1000 worth of new digital gold.
The tokens will be instantly sent to the buyer's wallet, and the only transaction fee will be the cost of gas. The risk factor is also low, granted that the greatest loss would be losing one's wallet credentials. Exchanging the digital gold back into fiat or another cryptocurrency takes just a minute as well, alongside the gas cost (usually a few cents).
Why do we call GOLD stablecoins, digital gold? Because DIGITAL GOLD has pegged it directly to the price of gold at the ratio of 1 token = 1 gram of 99.99% gold.
The new stablecoin features several key differences from previous projects that claimed to have gold-pegged tokens:
GOLD stablecoins are a highly innovative instrument that is sure to attract different groups of investors. Those who have always wanted to buy gold but didn't because of the high costs and risks can now invest in gold within a few clicks.
Yet another factor that can prove crucial in developing markets is full anonymity. By contrast, it's impossible to maintain one's privacy when buying, transporting, and storing physical gold.
These and other advantages are bound to make GOLD a preferred investment asset of the future – and each of us can join this future right now.


Website : https://gold.storage/
Whitepaper: https://gold.storage/wp.pdf
Follow us on social media:
Twitter: https://twitter.com/gold_erc20
Telegram: https://t.me/digitalgoldcoin
Steemit: https://steemit.com/@digitalgoldcoin
Reddit: https://www.reddit.com/golderc20/
Bitcointalk: https://bitcointalk.org/index.php?topic=5161544
submitted by digitalgoldcoin to golderc20 [link] [comments]

In which no currency has ever been used for trade for more than seventy years, and where what's happened in the past can be directly translated to the modern day.

Bitcoin "true believers" are an interesting group. They eagerly await the collapse of the US dollar and the other dirty fiat currencies and a time when Bitcoin will be the true world currency (and they'll all get rich - simply a coincidence, of course), while ignoring the complete social collapse and anarchy (the bad kind) that would come from the unlikely event of this happening. But I'm not here to argue against Bitcoiners. I'm here to talk about this article. Specifically, this part:
The U.S. Dollar is poised for a collapse of epic proportions, according to many experts. The "Great Recession" of 2008-2009 was just foreplay. A currency's "Global Reserve Currency" status lasts anywhere from 65-70 years, on average, and the U.S. Dollar has been "in office" for over 70 years now. The sphere of influence of the U.S. Military worldwide, with well over 100 nations occupied by military bases, is the main thing keeping the dollar in business right now. But times are changing.
Specifically specifically, this part:
A currency's "Global Reserve Currency" status lasts anywhere from 65-70 years, on average, and the U.S. Dollar has been "in office" for over 70 years now.
Most of the article is /BadEconomics, but this part is so obviously bad history that I just have to take it on.

The dollar as a reserve currency.

For those who aren't in the know, a reserve currency is basically a currency that a country or large institutions within a country use for trade. For example, even though China and the United States have different currencies, the Chinese hold US dollars to trade with the United States, as the US dollar is the dominant world reserve currency.
The article claims that this has been true for seventy years. This is based on the idea that the establishment of the Bretton Woods system in 1944 established the dollar as the world reserve currency. This is true, in a sense - the Bretton Woods system had all other currencies pegged to the US dollar. However, the US dollar was also pegged to gold at $35/ounce. This effectively meant that every currency was pegged to gold. This held true until Nixon ended the gold standard in 1971, basically ending the Bretton Woods system. So while it's technically true that the US dollar has been the dominant world reserve currency for seventy years, it's misleading - it's more accurate to say it's been that way for forty.

Seventy year limit to reserve status.

The first thing that we'd probably consider as a world reserve currency is the Greek drachma, which was widely used throughout Hellenistic kingdoms from the time of Alexander the Great to their conquest by the Roman empire - about three hundred years. This is far longer than the seventy years claimed by the article.
After that, you get in to the Roman denarius, which lasted another four hundred and fifty years, approximately. Of course, this ignores the reserve currencies of the East, which included the tael currency (closer to a measurement than what we'd consider a currency - I'll get to that), and punch-marked coins of India, lasting much longer than seventy years.
The middle ages saw the Venetian ducat, or the Byzantine solidus. The Spanish real de a ocho - piece of eight - was used from the time of the Spanish empire all the way through to the start of the United States, and even beyond. It's what the United States dollar was based on, as well as many currencies in other countries (especially the peso). The British Empire had (and still has) the pound sterling. All of these currencies lasted for at least one hundred years. I don't know where they got this sixty five - seventy year number from, but it's not accurate (if anyone knows, please tell me).

Does it even matter?

The implication from this quote is that this supposed fact, that world currencies before the US dollar lasted for sixty five to seventy years, applies directly to the world today. As you may notice, we do not live in the same world we used to. Globalization has changed the world economy in huge ways, and you no longer need to be an empire to have the world currency (unless you're one of those people who think that America and the EU are empires, because that's not really true depends on what you consider as an empire - see this comment).
What's more important is that most of these previous world currencies were tied to gold or silver (or made of gold or silver). You can't draw parallels between a currency that is essentially a measurement of a precious metal and a currency whose value depends on what the holder values it at. If these currencies lasted for only seventy years (which, as we've established, they didn't), you can't take that number and apply it to the US dollar.

That's it.

This is my first attempt at a bad history submission, so feel free to tell me what I got wrong, whether I should never post again, commit suicide, etc. I tried to leave my predictions about the future of the dollar as the world reserve currency because I'm not an expert in any sense of the word. Please don't get mad at me for criticizing Bitcoin, if you can hear me from the moon.
submitted by c4a to badhistory [link] [comments]

World History Timeline of Events Leading up to Bitcoin - In the Making

A (live/editable) timeline of historical events directly or indirectly related to the creation of Bitcoin and Cryptocurrencies
*still workin' on this so check back later and more will be added, if you have any suggested dates/events feel free to lemme know...
This timeline includes dates pertaining to:
Ancient Bartering – first recorded in Egypt (resources, services...) – doesn’t scale
Tally sticks were used, making notches in bones or wood, as a form of money of account
9000-6000 BC Livestock considered the first form of currency
c3200 BC Clay tablets used in Uruk (Iraq) for accounting (believed to be the earliest form of writing)
3000 BC Grain is used as a currency, measured out in Shekels
3000 BC Banking developed in Mesopotamia
3000 BC? Punches used to stamp symbols on coins were a precursor to the printing press and modern coins
? BC Since ancient Persia and all the way up until the invention and expansion of the telegraph Homing Pigeons were used to carry messages
2000 BC Merchants in Assyria, India and Sumeria lent grain to farmers and traders as a precursor to banks
1700 BC In Babylon at the time of Hammurabi, in the 18th century BC, there are records of loans made by the priests of the temple.
1200 BC Shell money first used in China
1000-600 BC Crude metal coins first appear in China
640 BC Precious metal coins – Gold & Silver first used in ancient Lydia and coastal Greek cities featuring face to face heads of a bull and a lion – first official minted currency made from electrum, a mixture of gold and silver
600-500 BC Atbash Cipher
A substitution Cipher used by ancient Hebrew scholars mapping the alphabet in reverse, for example, in English an A would be a Z, B a Y etc.
400 BC Skytale used by Sparta
474 BC Hundreds of gold coins from this era were discovered in Rome in 2018
350 BC Greek hydraulic semaphore system, an optical communication system developed by Aeneas Tacticus.
c200 BC Polybius Square
??? Wealthy stored coins in temples, where priests also lent them out
??? Rome was the first to create banking institutions apart from temples
118 BC First banknote in the form of 1 foot sq pieces of white deerskin
100-1 AD Caesar Cipher
193 Aureus, a gold coin of ancient Rome, minted by Septimius Severus
324 Solidus, pure gold coin, minted under Constantine’s rule, lasted until the late 8th century
600s Paper currency first developed in Tang Dynasty China during the 7th century, although true paper money did not appear until the 11th century, during the Song Dynasty, 960–1279
c757–796 Silver pennies based on the Roman denarius became the staple coin of Mercia in Great Britain around the time of King Offa
806 First paper banknotes used in China but isn’t widely accepted in China until 960
1024 The first series of standard government notes were issued in 1024 with denominations like 1 guàn (貫, or 700 wén), 1 mín (緡, or 1000 wén), up to 10 guàn. In 1039 only banknotes of 5 guàn and 10 guàn were issued, and in 1068 a denomination of 1 guàn was introduced which became forty percent of all circulating Jiaozi banknotes.
1040 The first movable type printer was invented in China and made of porcelain
? Some of the earliest forms of long distance communication were drums used by Native Africans and smoke signals used by Native Americans and Chinese
1088 Movable type in Song Dynasty China
1120 By the 1120s the central government officially stepped in and produced their own state-issued paper money (using woodblock printing)
1150 The Knights Templar issued bank notes to pilgrims. Pilgrims deposited their valuables with a local Templar preceptory before embarking, received a document indicating the value of their deposit, then used that document upon arrival in the Holy Land to retrieve their funds in an amount of treasure of equal value.
1200s-1300s During the 13th century bankers from north Italy, collectively known as Lombards, gradually replace the Jews in their traditional role as money-lenders to the rich and powerful. – Florence, Venice and Genoa - The Bardi and Peruzzi Families dominated banking in 14th century Florence, establishing branches in many other parts of Europe
1200 By the time Marco Polo visited China they’d move from coins to paper money, who introduced the concept to Europe. An inscription warned, "All counterfeiters will be decapitated." Before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle. Several coins could be strung together on a rope. Merchants in China, if they became rich enough, found that their strings of coins were too heavy to carry around easily. To solve this problem, coins were often left with a trustworthy person, and the merchant was given a slip of paper recording how much money they had with that person. Marco Polo's account of paper money during the Yuan Dynasty is the subject of a chapter of his book, The Travels of Marco Polo, titled "How the Great Kaan Causeth the Bark of Trees, Made Into Something Like Paper, to Pass for Money All Over his Country."
1252 Florin minted in Florence, becomes the hard currency of its day helping Florence thrive economically
1340 Double-entry bookkeeping - The clerk keeping the accounts for the Genoese firm of Massari painstakingly fills in the ledger for the year 1340.
1397 Medici Bank established
1450 Johannes Gutenberg builds the printing press – printed words no longer just for the rich
1455 Paper money disappears from China
1466 Polyalphabetic Cipher
1466 Rotating cipher disks – Vatican – greatest crypto invention in 1000 yrs – the first system to challenge frequency analysis
1466 First known mechanical cipher machine
1472 The oldest bank still in existence founded, Banca Monte dei Paschi di Siena, headquartered in Siena, Italy
1494 Double-entry bookkeeping system codified by Luca Pacioli
1535 Wampum, a form of currency used by Native Americans, a string of beads made from clamshells, is first document.
1553 Vigenere Cipher
1557 Phillip II of Spain managed to burden his kingdom with so much debt (as the result of several pointless wars) that he caused the world's first national bankruptcy — as well as the world's second, third and fourth, in rapid succession.
1577 Newspaper in Korea
1586 The Babington Plot
1590 Cabinet Noir was established in France. Its mission was to open, read and reseal letters, and great expertise was developed in the restoration of broken seals. In the knowledge that mail was being opened, correspondents began to develop systems to encrypt and decrypt their letters. The breaking of these codes gave birth to modern systematic scientific code breaking.
1600s Promissory banknotes began in London
1600s By the early 17th century banking begins also to exist in its modern sense - as a commercial service for customers rather than kings. – Late 17th century we see cheques slowly gains acceptance
The total of the money left on deposit by a bank's customers is a large sum, only a fraction of which is usually required for withdrawals. A proportion of the rest can be lent out at interest, bringing profit to the bank. When the customers later come to realize this hidden value of their unused funds, the bank's profit becomes the difference between the rates of interest paid to depositors and demanded from debtors.
The transformation from moneylenders into private banks is a gradual one during the 17th and 18th centuries. In England it is achieved by various families of goldsmiths who early in the period accept money on deposit purely for safe-keeping. Then they begin to lend some of it out. Finally, by the 18th century, they make banking their business in place of their original craft as goldsmiths.
1605 Newspaper in Straussburg
c1627 Great Cipher
1637 Wampum is declared as legal tender in the U.S. (where we got the slang word “clams” for money)
1656 Johan Palmstruch establishes the Stockholm Banco
1661 Paper Currency reappears in Europe, soon became common - The goldsmith-bankers of London began to give out the receipts as payable to the bearer of the document rather than the original depositor
1661 Palmstruch issues credit notes which can be exchanged, on presentation to his bank, for a stated number of silver coins
1666 Stockholms Banco, the predecessor to the Central Bank of Sweden issues the first paper money in Europe. Soon went bankrupt for printing too much money.
1667 He issues more notes than his bank can afford to redeem with silver and winds up in disgrace, facing a death penalty (commuted to imprisonment) for fraud.
1668 Bank of Sweden – today the 2nd oldest surviving bank
1694 First Central Bank established in the UK was the first bank to initiate the permanent issue of banknotes
Served as model for most modern central banks.
The modern banknote rests on the assumption that money is determined by a social and legal consensus. A gold coin's value is simply a reflection of the supply and demand mechanism of a society exchanging goods in a free market, as opposed to stemming from any intrinsic property of the metal. By the late 17th century, this new conceptual outlook helped to stimulate the issue of banknotes.
1700s Throughout the commercially energetic 18th century there are frequent further experiments with bank notes - deriving from a recognized need to expand the currency supply beyond the availability of precious metals.
1710 Physiocracy
1712 First commercial steam engine
1717 Master of the Royal Mint Sir Isaac Newton established a new mint ratio between silver and gold that had the effect of driving silver out of circulation (bimetalism) and putting Britain on a gold standard.
1735 Classical Economics – markets regulate themselves when free of intervention
1744 Mayer Amschel Rothschild, Founder of the Rothschild Banking Empire, is Born in Frankfurt, Germany
Mayer Amschel Rothschild extended his banking empire across Europe by carefully placing his five sons in key positions. They set up banks in Frankfurt, Vienna, London, Naples, and Paris. By the mid 1800’s they dominated the banking industry, lending to governments around the world and people such as the Vanderbilts, Carnegies, and Cecil Rhodes.
1745 There was a gradual move toward the issuance of fixed denomination notes in England standardized printed notes ranging from £20 to £1,000 were being printed.
1748 First recorded use of the word buck for a dollar, stemming from the Colonial period in America when buck skins were commonly traded
1757 Colonial Scrip Issued in US
1760s Mayer Amschel Rothschild establishes his banking business
1769 First steam powered car
1775-1938 US Diplomatic Codes & Ciphers by Ralph E Weber used – problems were security and distribution
1776 American Independence
1776 Adam Smith’s Invisible Hand theory helped bankers and money-lenders limit government interference in the banking sector
1781 The Bank of North America was a private bank first adopted created the US Nation's first de facto central bank. When shares in the bank were sold to the public, the Bank of North America became the country's first initial public offering. It lasted less than ten years.
1783 First steamboat
1791 Congress Creates the First US Bank – A Private Company, Partly Owned by Foreigners – to Handle the Financial Needs of the New Central Government. First Bank of the United States, a National bank, chartered for a term of twenty years, it was not renewed in 1811.
Previously, the 13 states had their own banks, currencies and financial institutions, which had an average lifespan of about 5 years.
1792 First optical telegraph invented where towers with telescopes were dispersed across France 12-25 km apart, relaying signals according to positions of arms extended from the top of the towers.
1795 Thomas Jefferson invents the Jefferson Disk Cipher or Wheel Cipher
1797 to 1821 Restriction Period by England of trading banknotes for silver during Napoleonic Wars
1797 Currency Crisis
Although the Bank was originally a private institution, by the end of the 18th century it was increasingly being regarded as a public authority with civic responsibility toward the upkeep of a healthy financial system.
1799 First paper machine
1800 Banque de France – France’s central bank opens to try to improve financing of the war
1800 Invention of the battery
1801 Rotchschild Dynasty begins in Frankfurt, Holy Roman Empire – established international banking family through his 5 sons who established themselves in London, Paris, Frankfurt, Vienna, and Naples
1804 Steam locomotive
1807 Internal combustion engine and automobile
1807 Robert Fulton expands water transportation and trade with the workable steamboat.
1809 Telegraphy
1811 First powered printing press, also first to use a cylinder
1816 The Privately Owned Second Bank of the US was Chartered – It Served as the Main Depository for Government Revenue, Making it a Highly Profitable Bank – charter not renewed in 1836
1816 The first working telegraph was built using static electricity
1816 Gold becomes the official standard of value in England
1820 Industrial Revolution
c1820 Neoclassical Economics
1821 British gov introduces the gold standard - With governments issuing the bank notes, the inherent danger is no longer bankruptcy but inflation.
1822 Charles Babbage, considered the "father of the computer", begins building the first programmable mechanical computer.
1832 Andrew Jackson Campaigns Against the 2nd Bank of the US and Vetoes Bank Charter Renewal
Andrew Jackson was skeptical of the central banking system and believed it gave too few men too much power and caused inflation. He was also a proponent of gold and silver and an outspoken opponent of the 2nd National Bank. The Charter expired in 1836.
1833 President Jackson Issues Executive Order to Stop Depositing Government Funds Into Bank of US
By September 1833, government funds were being deposited into state chartered banks.
1833-1837 Manufactured “boom” created by central bankers – money supply Increases 84%, Spurred by the 2nd Bank of the US
The total money supply rose from $150 million to $267 million
1835 Jackson Escapes Assassination. Assassin misfired twice.
1837-1862 The “Free Banking Era” there was no formal central bank in the US, and banks issued their own notes again
1838 First Telegram sent using Morse Code across 3 km, in 1844 he sent a message across 71 km from Washington DC to Baltimore.
1843 Ada Lovelace published the first algorithm for computing
1844 Modern central bank of England established - meaning only the central bank of England could issue banknotes – prior to that commercial banks could issue their own and were the primary form of currency throughout England
the Bank of England was restricted to issue new banknotes only if they were 100% backed by gold or up to £14 million in government debt.
1848 Communist Manifesto
1850 The first undersea telegraphic communications cable connected France in England after latex produced from the sap of the Palaquium gutta tree in 1845 was proposed as insulation for the underwater cables.
1852 Many countries in Europe build telegram networks, however post remained the primary means of communication to distant countries.
1855 In England fully printed notes that did not require the name of the payee and the cashier's signature first appeared
1855 The printing telegraph made it possible for a machine with 26 alphabetic keys to print the messages automatically and was soon adopted worldwide.
1856 Belgian engineer Charles Bourseul proposed telephony
1856 The Atlantic Telegraph company was formed in London to stretch a commercial telegraph cable across the Atlantic Ocean, completed in 1866.
1860 The Pony Express was founded, able to deliver mail of wealthy individuals or government officials from coast to coast in 10 days.
1861 The East coast was connected to the West when Western Union completed the transcontinental telegraph line, putting an end to unprofitable The Pony Express.
1862-1863 First US banknotes - Lincoln Over Rules Debt-Based Money and Issues Greenbacks to Fund Civil War
Bankers would only lend the government money under certain conditions and at high interest rates, so Lincoln issued his own currency – “greenbacks” – through the US Treasury, and made them legal tender. His soldiers went on to win the war, followed by great economic expansion.
1863 to 1932 “National Banking Era” Commercial banks in the United States had legally issued banknotes before there was a national currency; however, these became subject to government authorization from 1863 to 1932
1864 Friedrich Wilhelm Raiffeisen founded the first rural credit union in Heddesdorf (now part of Neuwied) in Germany. By the time of Raiffeisen's death in 1888, credit unions had spread to Italy, France, the Netherlands, England, Austria, and other nations
1870 Long-distance telegraph lines connected Britain and India.
c1871 Marginalism - The doctrines of marginalism and the Marginal Revolution are often interpreted as a response to the rise of the worker's movement, Marxian economics and the earlier (Ricardian) socialist theories of the exploitation of labour.
1871 Carl Menger’s Principles of Economics – Austrian School
1872 Marx’s Das Capital
1872 Australia becomes the first nation to be connected to the rest of the world via submarine telegraph cables.
1876 Alexander Graham Bell patented the telephone, first called the electric speech machine – revolutionized communication
1877 Thomas Edison – Phonograph
1878 Western Union, the leading telegraph provider of the U.S., begins to lose out to the telephone technology of the National Bell Telephone Company.
1881 President James Garfield, Staunch Proponent of “Honest Money” Backed by Gold and Silver, was Assassinated
Garfield opposed fiat currency (money that was not backed by any physical object). He had the second shortest Presidency in history.
1882 First description of the one-time pad
1886 First gas powered car
1888 Ballpoint pen
1892 Cinematograph
1895 System of wireless communication using radio waves
1896 First successful intercontinental telegram
1898 Polyethylene
1899 Nickel-cadmium battery
1907 Banking Panic of 1907
The New York Stock Exchange dropped dramatically as everyone tried to get their money out of the banks at the same time across the nation. This banking panic spurred debate for banking reform. JP Morgan and others gathered to create an image of concern and stability in the face of the panic, which eventually led to the formation of the Federal Reserve. The founders of the Federal Reserve pretended like the bankers were opposed to the idea of its formation in order to mislead the public into believing that the Federal Reserve would help to regulate bankers when in fact it really gave even more power to private bankers, but in a less transparent way.
1908 St Mary’s Bank – first credit union in US
1908 JP Morgan Associate and Rockefeller Relative Nelson Aldrich Heads New National Monetary Commission
Senate Republican leader, Nelson Aldrich, heads the new National Monetary Commission that was created to study the cause of the banking panic. Aldrich had close ties with J.P. Morgan and his daughter married John D. Rockefeller.
1910 Bankers Meet Secretly on Jekyll Island to Draft Federal Reserve Banking Legislation
Over the course of a week, some of the nation’s most powerful bankers met secretly off the coast of Georgia, drafting a proposal for a private Central Banking system.
1913 Federal Reserve Act Passed
Two days before Christmas, while many members of Congress were away on vacation, the Federal Reserve Act was passed, creating the Central banking system we have today, originally with gold backed Federal Reserve Notes. It was based on the Aldrich plan drafted on Jekyll Island and gave private bankers supreme authority over the economy. They are now able to create money out of nothing (and loan it out at interest), make decisions without government approval, and control the amount of money in circulation.
1913 Income tax established -16th Amendment Ratified
Taxes ensured that citizens would cover the payment of debt due to the Central Bank, the Federal Reserve, which was also created in 1913.The 16th Amendment stated: “The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.”
1914 November, Federal Reserve Banks Open
JP Morgan and Co. Profits from Financing both sides of War and Purchasing Weapons
J.P. Morgan and Co. made a deal with the Bank of England to give them a monopoly on underwriting war bonds for the UK and France. They also invested in the suppliers of war equipment to Britain and France.
1914 WWI
1917 Teletype cipher
1917 The one-time pad
1917 Zimmerman Telegram intercepted and decoded by Room 40, the cryptanalysis department of the British Military during WWI.
1918 GB returns to gold standard post-war but it didn’t work out
1919 First rotor machine, an electro-mechanical stream ciphering and decrypting machine.
1919 Founding of The Cipher Bureau, Poland’s intelligence and cryptography agency.
1919-1929 The Black Chamber, a forerunner of the NSA, was the first U.S. cryptanalytic organization. Worked with the telegraph company Western Union to illegally acquire foreign communications of foreign embassies and representatives. It was shut down in 1929 as funding was removed after it was deemed unethical to intercept private domestic radio signals.
1920s Department stores, hotel chains and service staions begin offering customers charge cards
1921-1929 The “Roaring 20’s” – The Federal Reserve Floods the Economy with Cash and Credit
From 1921 to 1929 the Federal Reserve increased the money supply by $28 billion, almost a 62% increase over an eight-year period.[3] This artificially created another “boom”.
1927 Quartz clock
1928 First experimental Television broadcast in the US.
1929 Federal Reserve Contracts the Money Supply
In 1929, the Federal Reserve began to pull money out of circulation as loans were paid back. They created a “bust” which was inevitable after issuing so much credit in the years before. The Federal Reserve’s actions triggered the banking crisis, which led to the Great Depression.
1929 October 24, “Black Thursday”, Stock Market Crash
The most devastating stock market crash in history. Billions of dollars in value were consolidated into the private banker’s hands at the expense of everyone else.
1930s The Great Depression marked the end of the gold standard
1931 German Enigma machines attained and reconstructed.
1932 Turbo jet engine patented
1933 SEC founded - passed the Glass–Steagall Act, which separated investment banking and commercial banking. This was to avoid more risky investment banking activities from ever again causing commercial bank failures.
1933 FM Radio
1933 Germany begins Telex, a network of teleprinters sending and receiving text based messages. Post WWII Telex networks began to spread around the world.
1936 Austrian engineer Paul Eisler invented Printed circuit board
1936 Beginning of the Keynesian Revolution
1937 Typex, British encryption machines which were upgraded versions of Enigma machines.
1906 Teletypewriters
1927 Founding of highly secret and unofficial Signal Intelligence Service, SIS, the U.S. Army’s codebreaking division.
1937 Made illegal for Americans to own gold
1938 Z1 built by Konrad Zuse is the first freely programmable computer in the world.
1939 WWII – decline of the gold standard which greatly restricted policy making
1939-45 Codetalkers - The Navajo code is the only spoken military code never to have been deciphered - "Were it not for the Navajos, the Marines would never have taken Iwo Jima."—Howard Connor
1940 Modems
1942 Deciphering Japanese coded messages leads to a turning point victory for the U.S. in WWII.
1943 At Bletchley Park, Alan Turing and team build a specialized cipher-breaking machine called Heath Robinson.
1943 Colossus computer built in London to crack the German Lorenz cipher.
1944 Bretton Woods – convenient after the US had most of the gold
1945 Manhattan Project – Atom Bomb
1945 Transatlantic telephone cable
1945 Claude E. Shannon published "A mathematical theory of cryptography", commonly accepted as the starting point for development of modern cryptography.
C1946 Crypto Wars begin and last to this day
1946 Charg-it card created by John C Biggins
1948 Atomic clock
1948 Claude Shannon writes a paper that establishes the mathematical basis of information theory
1949 Info theorist Claude Shannon asks “What does an ideal cipher look like?” – one time pad – what if the keys are not truly random
1950 First credit card released by the Diners Club, able to be used in 20 restaurants in NYC
1951 NSA, National Security Agency founded and creates the KL-7, an off-line rotor encryption machine
1952 First thermonuclear weapon
1953 First videotape recorder
1953 Term “Hash” first used meaning to “chop” or “make a mess” out of something
1954 Atomic Energy Act (no mention of crypto)
1957 The NSA begins producing ROMOLUS encryption machines, soon to be used by NATO
1957 First PC – IBM
1957 First Satellite – Sputnik 1
1958 Western Union begins building a nationwide Telex network in the U.S.
1960s Machine readable codes were added to the bottom of cheques in MICR format, which speeded up the clearing and sorting process
1960s Financial organizations were beginning to require strong commercial encryption on the rapidly growing field of wired money transfer.
1961 Electronic clock
1963 June 4, Kennedy Issued an Executive Order (11110) that Authorized the US Treasury to Issue Silver Certificates, Threatening the Federal Reserve’s Monopoly on Money
This government issued currency would bypass the governments need to borrow from bankers at interest.
1963 Electronic calculator
1963 Nov. 22, Kennedy Assassinated
1963 Johnson Reverses Kennedy’s Banking Rule and Restores Power to the Federal Reserve
1964 8-Track
1964 LAN, Local Area Networks adapters
1965 Moore’s Law by CEO of Intel Gordon Moore observes that the number of components per integrated circuit doubles every year, and projected this rate of growth would continue for at least another decade. In 1975 he revised it to every two years.
1967 First ATM installed at Barclay’s Bank in London
1968 Cassette Player introduced
1969 First connections of ARPANET, predecessor of the internet, are made. started – SF, SB, UCLA, Utah (now Darpa) – made to stay ahead of the Soviets – there were other networks being built around the world but it was very hard to connect them – CERN in Europe
1970s Stagflation – unemployment + inflation, which Keynesian theory could not explain
1970s Business/commercial applications for Crypto emerge – prior to this time it was militarily used – ATMs 1st got people thinking about commercial applications of cryptography – data being sent over telephone lines
1970s The public developments of the 1970s broke the near monopoly on high quality cryptography held by government organizations.
Use of checks increased in 70s – bringing about ACH
One way functions...
A few companies began selling access to private networks – but weren’t allowed to connect to the internet – business and universities using Arpanet had no commercial traffic – internet was used for research, not for commerce or advertising
1970 Railroads threatened by the growing popularity of air travel. Penn Central Railroad declares bankruptcy resulting in a $3.2 billion bailout
1970 Conjugate coding used in an attempt to design “money physically impossible to counterfeit”
1971 The US officially removes the gold standard
1971 Email invented
1971 Email
1971 First microcomputer on a chip
1971 Lockheed Bailout - $1.4 billion – Lockheed was a major government defense contractor
1972 First programmable word processor
1972 First video game console
1973 SWIFT established
1973 Ethernet invented, standardized in ‘83
1973 Mobile phone
1973 First commercial GUI – Xerox Alto
1973 First touchscreen
1973 Emails made up more than ¾ of ARPANET’s packets – people had to keep a map of the network by their desk – so DNS was created
1974 A protocol for packet network intercommunication – TCP/IP – Cerf and Kahn
1974 Franklin National Bank Bailout - $1.5 billion (valued at that time) - At the time, it was the largest bank failure in US history
1975 New York City Bailout - $9.4 billion – NYC was overextended
1975 W DES - meant that commercial uses of high quality encryption would become common, and serious problems of export control began to arise.
1975 DES, Data Encryption Standard developed at IBM, seeking to develop secure electronic communications for banks and large financial organizations. DES was the first publicly accessible cipher to be 'blessed' by a national agency such as the NSA. Its release stimulated an explosion of public and academic interest in cryptography.
1975 Digital camera
1975 Altair 8800 sparks the microprocessor revolution
1976 Bretton Woods ratified (lasted 30 years) – by 80’s all nations were using floating currencies
1976 New Directions in Cryptography published by Diffie & Hellman – this terrified Fort Meade – previously this technique was classified, now it’s public
1976 Apple I Computer – Steve Wozniak
1976 Asymmetric key cryptosystem published by Whitfield Diffie and Martin Hellman.
1976 Hellman and Diffie publish New Directions in Cryptography, introducing a radically new method of distributing cryptographic keys, contributing much to solving key distribution one of the fundamental problems of cryptography. It brought about the almost immediate public development of asymmetric key algorithms. - where people can have 2 sets of keys, public and private
1977 Diffie & Hellman receive letter from NSA employee JA Meyer that they’re violating Federal Laws comparable to arms export – this raises the question, “Can the gov prevent academics from publishing on crypto?
1977 DES considered insecure
1977 First handheld electronic game
1977 RSA public key encryption invented
1978 McEliece Cryptosystem invented, first asymmetric encryption algorithm to use randomization in the encryption process
1980s Large data centers began being built to store files and give users a better faster experience – companies rented space from them - Data centers would not only store data but scour it to show people what they might want to see and in some cases, sell data
1980s Reaganomics and Thatcherism
1980 A decade of intense bank failures begins; the FDIC reports that 1,600 were either closed or received financial assistance from 1980 to 1994
1980 Chrysler Bailout – lost over $1 billion due to major hubris on the part of its executives - $1.5 billion one of the largest payouts ever made to a single corporation.
1980 Protocols for public key cryptosystems – Ralph Merkle
1980 Flash memory invented – public in ‘84
1981 “Untraceable Electronic Mail, Return Addresses and Digital Pseudonumns” – Chaum
1981 EFTPOS, Electronic funds transfer at point of sale is created
1981 IBM Personal Computer
1982 “The Ethics of Liberty” Murray Rothbard
1982 Commodore 64
1982 CD
1983 Satellite TV
1983 First built in hard drive
1983 C++
1983 Stereolithography
1983 Blind signatures for untraceable payments
Mid 1980s Use of ATMs becomes more widespread
1984 Continental Illinois National Bank and Trust bailed out due to overly aggressive lending styles and - the bank’s downfall could be directly traced to risk taking and a lack of due diligence on the part of bank officers - $9.5 billion in 2008 money
1984 Macintosh Computer - the first mass-market personal computer that featured a graphical user interface, built-in screen and mouse
1984 CD Rom
1985 Zero-Knowledge Proofs first proposed
1985 300,000 simultaneous telephone conversations over single optical fiber
1985 Elliptic Curve Cryptography
1987 ARPANET had connected over 20k guarded computers by this time
1988 First private networks email servers connected to NSFNET
1988 The Crypto Anarchists Manifesto – Timothy C May
1988 ISDN, Integrated Services Digital Network
1989 Savings & Loan Bailout - After the widespread failure of savings and loan institutions, President George H. W. Bush signed and Congress enacted the Financial Institutions Reform Recovery and Enforcement Act - This was a taxpayer bailout of about $200 billion
1989 First commercial emails sent
1989 Digicash - Chaum
1989 Tim Berners-Lee and Robert Cailliau built the prototype system which became the World Wide Web, WWW
1989 First ISPs – companies with no network of their own which connected people to a local network and to the internet - To connect to a network your computer placed a phone call through a modem which translated analog signals to digital signals – dial-up was used to connect computers as phone lines already had an extensive network across the U.S. – but phone lines weren’t designed for high pitched sounds that could change fast to transmit large amounts of data
1990s Cryptowars really heat up...
1990s Some countries started to change their laws to allow "truncation"
1990s Encryption export controls became a matter of public concern with the introduction of the personal computer. Phil Zimmermann's PGP cryptosystem and its distribution on the Internet in 1991 was the first major 'individual level' challenge to controls on export of cryptography. The growth of electronic commerce in the 1990s created additional pressure for reduced restrictions.[3] Shortly afterward, Netscape's SSL technology was widely adopted as a method for protecting credit card transactions using public key cryptography.
1990 NSFNET replaced Arpanet as backbone of the internet with more than 500k users
Early 90s Dial up provided through AOL and Compuserve
People were leery to use credit cards on the internet
1991 How to time-stamp a digital doc - Stornetta
1991 Phil Zimmermann releases the public key encryption program Pretty Good Privacy (PGP) along with its source code, which quickly appears on the Internet. He distributed a freeware version of PGP when he felt threatened by legislation then under consideration by the US Government that would require backdoors to be included in all cryptographic products developed within the US. Expanded the market to include anyone wanting to use cryptography on a personal computer (before only military, governments, large corporations)
1991 WWW (Tim Berners Lee) – made public in ‘93 – flatten the “tree” structure of the internet using hypertext – reason for HTTP//:WWW – LATER HTTPS for more security
1992 Erwise – first Internet Browser w a graphical Interface
1992 Congress passed a law allowing for commercial traffic on NSFNET
1992 Cpherpunks, Eric Hughes, Tim C May and John Gilmore – online privacy and safety from gov – cypherpunks write code so it can be spread and not shut down (in my earlier chapter)
1993 Mosaic – popularized surfing the web ‘til Netscape Navigator in ’94 – whose code was later used in Firefox
1993 A Cypherpunks Manifesto – Eric Hughes
1994 World’s first online cyberbank, First Virtual, opened for business
1994 Bluetooth
1994 First DVD player
1994 Stanford Federal Credit Union becomes the first financial institution to offer online internet banking services to all of its members in October 1994
1994 Internet only used by a few
1994 Cybercash
1994 Secure Sockets Layer (SSL) encryption protocol released by Netscape. Making financial transactions possible.
1994 One of the first online purchases was made, a Pizza Hut pepperoni pizza with mushrooms and extra cheese
1994 Cyphernomicon published – social implication where gov can’t do anything about it
1994-1999 Social Networking – GeoCities (combining creators and users) – had 19M users by ’99 – 3rd most popular after AOL and Yahoo – GeoCities purchased by Yahoo for $3.6B but took a hit after dotcom bubble popped and never recovered – GC shut down in ‘99
1995-2000 Dotcom bubble – Google, Amazon, Facebook: get over 600M visitors/year
1995 DVD
1995 MP3 term coined for MP3 files, the earlier development of which stretches back into the ‘70s, where MP files themselves where developed throughout the ‘90s
1995 NSFNET shut down and handed everything over to the ISPs
1995 NSA publishes the SHA1 hash algorithm as part of its Digital Signature Standard.
1996, 2000 President Bill Clinton signing the Executive order 13026 transferring the commercial encryption from the Munition List to the Commerce Control List. This order permitted the United States Department of Commerce to implement rules that greatly simplified the export of proprietary and open source software containing cryptography, which they did in 2000 - The successful cracking of DES likely helped gather both political and technical support for more advanced encryption in the hands of ordinary citizens - NSA considers AES strong enough to protect information classified at the Top Secret level
1996 e-gold
1997 WAP, Wireless Access Point
1997 NSA researchers published how to mint e cash
1997 Adam Back – HashCash – used PoW – coins could only be used once
1997 Nick Szabo – smart contracts “Formalizing and Securing Relationships on Public Networks”
1998 OSS, Open-source software Initiative Founded
1998 Wei Dai – B-money – decentralized database to record txs
1998 Bitgold
1998 First backdoor created by hackers from Cult of the Dead Cow
1998 Musk and Thiel founded PayPal
1998 Nick Szabo says crypto can protect land titles even if thugs take it by force – said it could be done with a timestamped database
1999 Much of the Glass-Steagal Act repealed - this saw US retail banks embark on big rounds of mergers and acquisitions and also engage in investment banking activities.
1999 Milton Friedman says, “I think that the Internet is going to be one of the major forces for reducing the role of government. The one thing that's missing, but that will soon be developed, is a reliable e-cash - a method whereby on the Internet you can transfer funds from A to B without A knowing B or B knowing A.”
1999 European banks began offering mobile banking with the first smartphones
1999 The Financial Services Modernization Act Allows Banks to Grow Even Larger
Many economists and politicians have recognized that this legislation played a key part in the subprime mortgage crisis of 2007.
1999-2001 Napster, P2P file sharing – was one of the fastest growing businesses in history – bankrupt for paying musicians for copyright infringement

submitted by crypto_jedi_ninja to Bitcoin [link] [comments]

Why Bitcoin will prevail over fiat: Gresham's Law

https://fs.blog/2009/12/mental-model-greshams-law/
"Bad money (paper fiat) always chases out good money(bitcoin) from circulation"
Meaning over the long term, bitcoin hodlers will prevail while those who hold fiat will ultimately perish in value as people spend their paper money while hodling bitcoin.
This phenomenon can be noticed in Roman times where they used close to pure silver coins known as Denarius for currency initially but debase their currency to pay for war and public works. Their debased coins were spent, while pure silvegold coins were kept.
http://money.visualcapitalist.com/currency-and-the-collapse-of-the-roman-empire/
submitted by icyboy89 to Bitcoin [link] [comments]

Philosophy & Introduction — Inziderx

Philosophy & Introduction — Inziderx
https://preview.redd.it/w4ajxmo155d11.jpg?width=800&format=pjpg&auto=webp&s=720f1a620c7f7919f5f8c93eca783e6a5186a044
4 min read -
Philosophy & Introduction — Inziderx
HI, in my previous article, I explained the “Reasons, Concepts and Vision” of InziderX Exchange.
In this article, I want to dive into the white paper and explain the philosophical reasons that surround the birth of the idea.
This world, our reality, the human experience we live in, has always been tied to a historical epoch, where some characteristics weigh more than others.
The 21st century battle of what remains of capitalism and communism, after two world wars. And now we are confronted with what previously would be perceived as an Orwellian reality by the people who lived in the 1950s.
It is the game of Hegel: thesis / anti — thesis / synthesis.
The human condition has involved since, but it seems that we always want more of life, a better condition for all.
The blockchain is a tool, which has no opinion on these considerations by simply avoiding the subject, jumping over it; acting as if these realities were those of yesterday.
In fact, it may be the opposite, the blockchain takes the best in each of these concepts: capitalism — the incentive, the community — compassion, and makes its own synthesis! By passing what may have been intend for it.
Satoshi Nakamoto is still anonymous, the BTC the new world currency, part of that might seem fony. There is obviously more under the subject.
An watchful eye can see Kings and Queens moving on the board.
From the InziderX white paper:

Abstract
Satoshi Nakamoto; the name itself looks like a pseudonym. As long as his identity is unknown, it will be impossible to know what his true intentions were when he made the Bitcoin code available to the public in 2009 — based on two technologies already in existence at the time: hascash and PGP but with the addition of an ingenious solution to the problem of double spending. The message included in the genesis block could be a clue: “The Times 3 January 2009 Chancellor on the second bailout point for banks”. Has he achieved his goal?
Introduction
The empire is on fire, the new game in town is the “digital assets”.
After the announcement of the future XBT, it was official. Despite the blame on this new intangible asset, the biggest players in the “old” market are silently positioning themselves on the new one.
On February 26, 2018, Bloomberg published an article claiming that Circle Financial Ltd, funded by the world’s largest investment bank, Goldman Sach, purchased the Poloniex stock exchange for $ 400 million.
The bank JPMorgan, whose famous director Jamie Dimon has repeatedly discredited those who invest in Bitcoin and called this technology a fraud, recently invented its own system of decentralized transactions named Quorum — a modified copy of the Ethereum code.
Blythe Master, a global investment personality, became CEO of Digital Asset Holding LLC in 2015, a financial technology company opened in 2014 to develop blockchain technologies for the entire investment industry, financial services such as: as market infrastructure providers. and the banks.
Ripple and his wealthy director, already present themselves as Bitcoin for banks.
For a watchful eye, the examples are not lacking and all he needs is to read between the lines to know what will follow.
After the collapse of the 2008 real estate market and the rescue of banks by the FED, the Dow Jones index has been inflated by more than 300% from its low of 6626 in 2008 to 26 667 in 2018. The Heng Seng of 200% from 10,600 to 33,642, the DAX 125% from 3458 to 7781 and Nekkei 245% from 6988 to 24171. These parabolic increases were financed by public funds but especially by the dilution of the value of world currencies, called quantitative easing.
The dollar USD, like the Denarius at the time of the Romans, dies while being diluting. In fact, all world currencies have only 5% of their purchasing power of 100 years ago, if not less. But when the price of foreign exchange does not drop dramatically because all countries are playing the same game, it is difficult to track its true purchasing power.
The currency war is very real and the side effects are disastrous. In India, the government only informed its population four hours in advance of the elimination of 500 and 1000 rupees, which represents 80% of its emission. Leaving its population, 95% of whom use paper money, in a dead end.
After inflating and diluting what might be, the money invested in the currency market and the stock market funds are looking for a new playing field; the old earth is burned, empty.
Indeed, the correction of 70% of the BTC price in January 2018 is an excellent level of long-term purchase and there is more reason to wait for a better moment to transfer the value. Was it planned?
At the beginning of 2017, the capitalization of digital assets was approximately 27 billion US dollars and 180 billion US dollars mid-year. In 2018, it is now about 800 billion US dollars and more than 325,000 transactions are processed in a day on the Bitcoin blockchain.
The daily volume on the New York Stock Exchange is about 75 million dollars in transactions, Forex exchange market volume is about 4.5 billion US dollars.
If we consider that part of the volume of traditional markets will be gradually transferred to this new market, its development is just beginning.

In the next article, I’ll cover in more detail the exchange features — we had enough philosophy for now!
InziderX CEO
https://medium.com/inziderx-exchange/philosophy-introduction-inziderx-8495f3a30b39
#InziderX #Exchange #ico https://inziderx.io
submitted by InziderX to u/InziderX [link] [comments]

Are people this naive?

First of let me start by saying I do not support fiat paper money nor do I support endless money printing. I own silver and gold, something that has been seen as money for thousands of years.
I want to understand how people can truly buy Bitcoins and feel safe about it? A Bitcoin isn't backed by anything except the stupid people that buy it, sure it isn't able to be printed to infinity but its virtual money!
History has shown us how stupid people have been in speculation bubbles. For example the NASDAQ bubble when people bought internet stocks before they had even started to make a profit, or we can go back to the 17th century and what was known as "Tulip Mania" were one single Tulip sold for 10 years the pay of a skilled craftsman! Then one day the bubble burst when people figured out the stupidity they were a part of...Sure people that sold at the top became rich, just like every of stock market crash.
I hope you people understand that this is virtual money, sort of like playing World of Warcraft and getting gold. What will happen when the fiat system collapses and other country's wont accept dollars for food, oil, commodities, technology. Do you think they would accept virtual money? or silver and gold and other commodities... What will even happen when the cost of electricity will be so high that all of you probably wont even be able to access the internet. Russia and China are buying huge amounts of silver and gold. Do you think their going except Bitcoins? Do you think a farmer that's been working hard to produce his crops is going to give it to you for Bitcoins? A virtual money?
You people need to seriously grow up, I'm 16 years old and I know how stupid this is. If you want to protect against inflation and endless money printing at least buy something that is sensible. Like silver, gold, platinum, food, oil. Sure Bitcoins might go up in the short term, but when people figure out what they are actually holding and how worthless it is, then it'll all come down. Just remember it's only backed by what people perceive its value to be!!!
At the time I'm writing this silver is at $31.00/oz while one Bitcoin is $25.49. Does this sound logical? In the Roman empire soldiers got paid one silver Denarius per day, which is 1/10th a silver oz. Which in dollars would mean they got paid $3.10 a day, of course this isn't the correct evaluation and silver is the most undervalued thing on the planet. I could go on and on talking about silver but I wont considering this is a Bitcoin topic.
I Finish by saying this, I have no control over what you guys do, think, or buy, but I am trying to warn you guys to realize what your doing. It affects me in no way if you don't listen to me, I have my silver and gold. Just take a minute to think about what your doing...
submitted by Alexlv to Bitcoin [link] [comments]

The Czech Republic: "royal" currency under the pressure of the crypto world

AraneoBit goes on with the stories about the monetary systems. The articles are devoted to the countries where the company is going to open offices. Today we are moving to the very heart of old Europe.
Czechia, or the Czech Republic, is small in size, but is of great cultural heritage. The state is located in Central Europe. The country borders on Poland, Slovakia, Austria, and Germany. To the whole world, the Czech Republic is famous for its original historical monuments, magnificent castles and ancient houses, dramatic history and delicious beer and, of course, “pečené vepřové koleno” — roast pork knuckle.
As for the currency, Czech people are both conservative and patriotic at the same time. Despite the fact that the country has been a member of the European Union since 2004, it does not hurry to adopt the euro. The state prefers the good old Czech crown (KČ) to it. This currency has been in use since 1993.
Let's take a short historical journey and observe the formation and development of the monetary system on the territory of the Czech Republic from time immemorial.
Why the crown? And what was "before"?
The name "crown" or “koruna” in Czech, is translated literally "a crown". On this land, money was considered a symbol of immutable royal power. However, the crowns were not used at the Czech court since the dawn of time. The first known currency was the silver (Bohemian) denarius. It was in the circulation from the middle of the 9th to the 13th century. Over time, Czech coiners added copper to the silver alloy. Due to that the coin "thinned out" and lost more than ½ of its original weight. Gradually, it began to lose its value. Obviously, the Great of the World couldn’t fail to pay attention to this fact.
"Silver Age" à la Czech
The Czech land has always been rich in silver mines. There have been times when the country even exported vast amounts of silver to other countries. In Kutná Hora, a town of miners, there were even
"Silver Rushes" on a medieval scale.
In the 13th century, on the initiative of Přemysl Otakar II, the Iron and Golden King, all the coins in the Czech Kingdom were minted only from silver. The image of a Czech lion with a forked tail appeared on the coins for the first time. Under the reign of the wise Charles IV in the 14th century, small-sized coins called "hellers" came into use. Large coins of silver appeared in 1518 and were called "Joachimstaler" by the name of a massive mine.
From Modern to Contemporary times
In the XIX century, the Czech lands were a part of the Austro-Hungarian Empire. In those days a single currency was in use which had already received the familiar name "koruna". One crown included 100 hellers. The first Czechoslovak Republic took over this monetary unit, and, as it has been mentioned above, used this currency before the dissipation of a state in 1993.
What's happening with the currency in the Czech Republic today
The Czech Republic and Slovakia each followed their own money path. The neighboring republic eventually accepted the euro, but the Czech Republic is still stuck to the crown. Is it good or bad for the country? There is no universal opinion, but the Czechs are quite happy with what they have. However, there are everyday nuances, and we will tell you about them later.
Today in the Czech Republic people use coins of 1, 2, 5, 10, 20 and 50 crowns denomination. Banknotes have a nominal value of 100, 200, 500, 1000, 2000 and 5000 crowns — a thousandth banknote is being the most running. Hellers were withdrawn from circulation in 2008. It is interesting to learn that coins of different denominations have different shapes and sizes. Round coins are coins of 1, 5, 10 and 50 crowns denomination. Coins of 2 and 20 crowns have 11 and 13-gonal form, respectively. On each currency unit, there is an inscription "ČeskáRepublika".
Business on rate differences and other tricks
Well, now we’re going to tell you about the nuances of using the crown. Despite the notorious monetary patriotism and the desire to keep traditions (what the Czechs are famous for), the convenience of using a single currency in the One Europe is somewhat doubtful. First of all, this is quite essential for tourists — there are lots of them in the Czech Republic. At least 7 million fans of Gothic architecture and delicious food come to Prague every year. And each tourist has to walk around exchangers and buy crowns!
Some enterprising Czechs make money on gullible tourists: in the places of the tourist interest some exchange rates can just be a real "rip-off". In a bank, 1 euro costs 25 CZK. If a cup of hot mulled wine (Gluhwein) and stunning Prague sausages in the Old Town Square beckon you, this pleasure will cost you 120 crowns (4.76 euros) But if you run out of crowns, the same snack would cost you 6-7 euros! Hidden charges and other tricks only add fuel to the fire.
Currency rates in the exchange offices is basically a story in its own right. A naive tourist can see one rate but receive much less money than he expected. In this regard, the workers of the exchange office have an excellent excuse: they “didn’t have time to change the old rate to a new one”. And even if you can see a NO COMMISSION sign, please don’t rush to change your money there. Before making a deal, always ask to calculate how many crowns you will receive if you decide to exchange money here. Then you can calculate whether you are ready for this deal or not.
Are you sure that one can manage without crowns in the Czech Republic? The vast majority of bars and pubs don’t accept cards, and you have to go and change your money. Unfortunately, many exchange points got used to profit from tourists — and this situation may leave a gall in your mind.
Let's say "No!" to currency retrogradism!
At the same time, the Czech Republic has become one of the first countries where cryptocurrencies came into general use. Some cafes already accept bitcoins as payment. Regulators are not in a hurry to introduce restrictive business practice. Some businessmen call Prague the cryptocurrency capital of Europe — many conferences, meetings, seminars, meetups are regularly arranged here. A considerable number of crypto-enthusiasts opens offices of their companies in the Czech Republic. This is particularly true for businesses that are in the batter's box now in their countries of origin.
It's no wonder that AraneoBit is enthusiastically weaving its p2p-web into this beautiful small European country. There are many opportunities to cast a net and get a great benefit for everybody here. This news will be exceptionally warm welcomed by the guests of the Czech Republic. We are sure that over time crown speculation will fall off the edge of the earth: that will give way to cross-border digital financial flows. We believe that it would happen as the Czech Republic has all the preconditions for this.
https://t.me/AraneoBit_En
submitted by darrylvh to u/darrylvh [link] [comments]

Is this legit?

https://pastebin.com/6YnMPuPU
-- RAW DATA--
Dear Vendor,
Markets are getting seized by LE. We are unsure about the people we deal with.
The reason why we are contacting you is because we have created a new decentralized marketplace based on the blockchain network of a specific coin named Denarius (DNR). It is impossible to shut this market down. Blockchain market will be the next generation of Darknet Markets.
Only trusted vendors are allowed to join. It will be launched until we have enough vendors. After it's going live, there won't be any way to join as a vendor. Also, there is no vendor bond at all. Only fees for the buyers.
If you want to become a part of the market, please follow this guide.
Once we go live, the market link will be posted on deepdotweb. Your username will be the username you've left in the note. The password will be your public key address. Change this when you login to the market for the first time. Setup a PGP key, and start making ads.
Buyers can create accounts on the market, 7 days after launch. In this way, every vendor has enough time to setup his ads before buyers are allowed to join.
Notes! - Don't use old passwords - Don't use old PGP keys - Stay away from old wallets.
About the new marketplace and the cryptocoin. - Decentralized. - Built on the Blockchain of Denarius Coins. - Only Denarius coins are allowed to be used on the market. - Bitcoin transactions can be traced, while DNR uses stealth wallets, no more laundries. Just swipe the amount to your stealth address, and cashout. - Messaging goes through your DNR public key. There are no conversations saved on the server. - Messages are automatically encrypted. It is not possible to perform MITM attacks. - We won't be holding your money, only during the multisig transaction. When the funds are released, they will be directly transfered to your public wallet or stealth address. - Logins can not be retrieved. You are the only one with access to your account. Admins can only delete your account. But they can't retrieve passwords or what so ever. And if we can't, LE can't do it either. - DNR transactions are confirmed within 30 seconds. - More about Denarius -> denarius.io (clearnet)
Market will go live within a month for vendors. This is your only chance to join. There will be no other way to join in the future.
Welcome to the next generation of Darknet Markets.
--Denarius Market
submitted by ADarkNetAnon1 to darknet [link] [comments]

Denarius $DNR Gained 100% During the Last 24 Hours American Monetary History and Bitcoin's Future New Denarius Mining / Fortuna Stake Hosting Room. Custom Built SILVER STREAM #71 81 AD SILVER ROMAN DENARIUS + BITCOIN ... Numismatics in the Field: Trajan’s Colin

Changes in the value of 500 Denarius in Bitcoin. For the week (7 days) Date Day 500 DNR to BTC Changes Changes % For the month (30 days summary) Month 500 DNR to BTC Changes Changes % For the year (365 days summary) Year 500 DNR to BTC Changes Changes % 2019 (summary) 0.008063 BTC: 0.000000007: 0.000090 %: 2020 (summary) 0.008063 BTC : 0.000000007: 0.000090 %: Other Amounts. 1000 DNR to BTC ... The script denarius_graph_Bitcoin.py displays a PyQt GUI with a graph of the last Bitcoin values. denarius_graph_Bitcoin.py --help denarius_graph_Bitcoin.py denarius_graph_Bitcoin.py --currency = EUR --days = 100. LocalBitcoins. A graph can be generated of Bitcoin GBP value versus LocalBitcoins GBP lowest value: import denarius denarius.save_graph_Bitcoin_LocalBitcoins A graph can be generated ... We use cookies to ensure that we give you the best experience on our website. By clicking "OK," and using the BitcoinValue.com website, you agree and understand the statements mad Currency Converter by Date - Historical Exchange Rate Graph of change in 10 Denarius to Bitcoin. Changes in the value of 10 Denarius in Bitcoin. For the week (7 days) Date Day 10 DNR to BTC Changes Changes % For the month (30 days summary) Month 10 DNR to BTC Changes Changes % For the year (365 days summary) Year 10 DNR to BTC Changes Changes % 2019 (summary) 0.000181 BTC: 0.000001: 0.000090 % ... Denarius price today is $0.128189 USD with a 24-hour trading volume of $186.84 USD. Denarius is up 17.19% in the last 24 hours. The current CoinMarketCap ranking is #1310, with a market cap of $949,805 USD. It has a circulating supply of 7,409,404 D coins and a max. supply of 10,000,000 D coins. You can find the top exchanges to trade Denarius listed on our crypto exchanges page. Building upon ...

[index] [13219] [10153] [34689] [10100] [37210] [40045] [23172] [2462] [14560] [9452]

Denarius $DNR Gained 100% During the Last 24 Hours

According to the creators of the Federal Reserve, its chief purpose was to preserve the value of the dollar. Yet since the Federal Reserve was created a century ago, the U.S. dollar has lost more ... Taking a Denarius of Trajan to his column. BTC Profit bitcoin profit review https://afflat3e1.com/lnk.asp?o=19730&c=918273&a=293503&k=540415869CE5905CB7DE7A3A50F0D8E6&l=20667 Bitcoin Profit is an auto... This video is unavailable. Watch Queue Queue. Watch Queue Queue Crypto currency Denarius gained 100% over the past day. This coin recently traded at 6.5E-05 Bitcoins or about 6,500 Pandacoins. Denarius is a PoW/PoS hybrid cryptocurrency based off the original ...

#