Blockchain Digital Currencies Don't Require Federal Deposit Insurance?

georgephillip

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Dec 27, 2009
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There is a global push for digital sovereign currencies which seems to be stronger in China than in the US; however, there are US blockchain startups arguing new national banks should be chartered without federal deposit insurance.
Present-Franklin-Delano-Roosevelt-Signing-the-Glass-Steagall-Act-on-June-16-1933.jpg

Does this sound like a good plan?

Trump Regulator Set to Consider Approving the Banking Model that Ushered in the Great Depression – Uninsured Deposits

"Seven banking and credit union associations have sent a letter to the Office of the Comptroller of the Currency (OCC), the regulator of national banks in the U.S., spelling out the dangers of the OCC approving a pending bank charter that would allow a national bank to accept and hold deposits that lack federal deposit insurance.

"The lack of federal deposit insurance triggered the bank runs and banks collapses that played a key role in ushering in the Great Depression.

"The bank making the proposal for uninsured banking is Figure Bank, N.A., part of the blockchain startup, Figure Technologies"
Digital-Currency-Vs-Cryptocurrency.jpg

Difference Between Digital Currency Vs Cryptocurrency
 
There is a global push for digital sovereign currencies which seems to be stronger in China than in the US; however, there are US blockchain startups arguing new national banks should be chartered without federal deposit insurance.
Present-Franklin-Delano-Roosevelt-Signing-the-Glass-Steagall-Act-on-June-16-1933.jpg

Does this sound like a good plan?

Trump Regulator Set to Consider Approving the Banking Model that Ushered in the Great Depression – Uninsured Deposits

"Seven banking and credit union associations have sent a letter to the Office of the Comptroller of the Currency (OCC), the regulator of national banks in the U.S., spelling out the dangers of the OCC approving a pending bank charter that would allow a national bank to accept and hold deposits that lack federal deposit insurance.

"The lack of federal deposit insurance triggered the bank runs and banks collapses that played a key role in ushering in the Great Depression.

"The bank making the proposal for uninsured banking is Figure Bank, N.A., part of the blockchain startup, Figure Technologies"
Digital-Currency-Vs-Cryptocurrency.jpg

Difference Between Digital Currency Vs Cryptocurrency
In the usa Coinbase which operates quite like a traditional bank is already under the feds thumb ...has been for awhile

Fdic insured to
I keep an account
But most of what I kept after the first boom sits on an older tablet on a shelf ...bit coins and etheriums...im my own bank...not fdic insured


I had to empty out what I had sitting in one of the Chinese exchanges a few weeks ago ...lots of lil coins I had left over
I dont know what happened but all I got was an email saying if youre in the USA and have any fiat or digital in your account ya had 15 days to close it or forget your balance ....its chi com ....maybe they got tossed out of us markets
 
There is a global push for digital sovereign currencies which seems to be stronger in China than in the US; however, there are US blockchain startups arguing new national banks should be chartered without federal deposit insurance.
Present-Franklin-Delano-Roosevelt-Signing-the-Glass-Steagall-Act-on-June-16-1933.jpg

Does this sound like a good plan?

Trump Regulator Set to Consider Approving the Banking Model that Ushered in the Great Depression – Uninsured Deposits

"Seven banking and credit union associations have sent a letter to the Office of the Comptroller of the Currency (OCC), the regulator of national banks in the U.S., spelling out the dangers of the OCC approving a pending bank charter that would allow a national bank to accept and hold deposits that lack federal deposit insurance.

"The lack of federal deposit insurance triggered the bank runs and banks collapses that played a key role in ushering in the Great Depression.

"The bank making the proposal for uninsured banking is Figure Bank, N.A., part of the blockchain startup, Figure Technologies"
Digital-Currency-Vs-Cryptocurrency.jpg

Difference Between Digital Currency Vs Cryptocurrency
Only if they help fund and develop fusion (an energy with a future).
 
We'll hold your money for you. Don't worry. :rolleyes-41:

One scandal and and the same group is going to be demanding regulations and compensation.
Trump Regulator Set to Consider Approving the Banking Model that Ushered in the Great Depression – Uninsured Deposits

“…the precedent-shattering approach of granting a national bank charter to an institution that accepts only uninsured deposits would violate the Federal law, the consistently expressed intent of Congress, and public policy considerations essential to the functioning of the nation’s financial system….”
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Do you trust Wall Street more than government?
 
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Only if they help fund and develop fusion (an energy with a future).
Privately funded fusion energy?

Why is Fusion Energy so Challenging to Achieve?
View attachment 429474
hhttps://physicstoday.scitation.org/do/10.1063/PT.6.2.20201013a/full/

"Five companies are betting they can achieve controlled thermonuclear fusion a decade or more before the $25 billion international ITER project."
I read a few years ago that miniaturization may be key to speeding up development.
 
I read a few years ago that miniaturization may be key to speeding up development.
Maybe fusion energy is still centuries away?
View attachment 429633
Kardashev scale - Wikipedia

"Kardashev scale is a method of measuring a civilization's level of technological advancement based on the amount of energy they are able to use. The measure was proposed by Soviet astronomer Nikolai Kardashev in 1964.[1] The scale has three designated categories:"
I doubt it. We have quantum supremacy now.
 
China is now the richest country in the world.. does cryptocurrency market has to do something with it..?
I don’t believe those stats. They’re a top heavy society that’s likely to collapse in the near future. Future economic activity should include hedging against that scenario, IMO.
 
China is now the richest country in the world.. does cryptocurrency market has to do something with it..?
What is your opinion of our policy toward China from the perspective of our subscription to capitalism, (well regulated).

Consider this market based metric for potential capital profit purpsoses;

More people watch basketball over there than there is our entire US population.

These persons have no problem understanding what Capitalism is Always Good for--

From 1978 to 2018, CEO compensation grew by 1,007.5% (940.3% under the options-realized measure), far outstripping S&P stock market growth (706.7%) and the wage growth of very high earners (339.2%). In contrast, wages for the typical worker grew by just 11.9%.
 
Maybe alternative money in itself and not a bad idea, I don't know, but they are illegal in any state, since only the state has the right to issue money. This is written in any constitution.
And in any state there is a clear ban on surrogate money, and only the national currency is allowed for circulation in any country.
Therefore, the stimulation of this money by any regime, including the bloody communists of China, looks very suspicious. Perhaps this is a sabotage against the US dollar.
 

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