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The State Of Electronic Money

Posted By: Swami
Date: Friday, 22-Dec-2017 12:21:29
www.rumormillnews.com

Prominent Names Within the Crypto Space Cash Out Their Positions | Zero Hedge

http://www.zerohedge.com/news/2017-12-21/prominent-names-within-crypto-space-cash-out-their-positions

Written by Nathan McDonald, Sprott Money News

Prominent Names Within the Crypto Space Cash Out Their Positions - Nathan McDonald (21/12/2017)

Last week, I penned an article about the history of Bitcoin and how the community around it has dramatically changed. This isn't just Bitcoin, however; it is all Cryptos. In the beginning, as I discussed last week, the Bitcoin community was all about helping each other grow and prosper. It had its own micro-economies, and because of this, it boomed.

Fast-forward to today, and the landscape is nothing like it once was. "Getting rich quick" topics are all the rage on Bitcointalk, and small businesses can no longer even use Bitcoin as a form of payment, due to skyrocketing fees.

As I mentioned, this has led to a large number of original veterans of the Crypto space leaving altogether, as the vision they once saw is long dead. Little did I know a mere week ago just how over-the-mark I was in this assessment.

The trend appears to be continuing and is now moving to high profile names within the Crypto space. Two in particular have now cashed out of their cryptocurrency positions almost entirely.

The first is Charlie Lee, the founder of Litecoin, often referred to as “Bitcoin’s silver.” As it is closely linked to the success of Bitcoin, Litecoin has skyrocketed in value over the course of the year.

In fact, this time last year, it was trading at a mere $3.67 USD per Litecoin. Today it sits at roughly $320 USD per Litecoin, a phenomenal gain of well over 9000% in less than one year!

You cannot blame Charlie Lee for cashing out, but what is shocking is the fact that Lee has been one of the biggest promoters and pushers of Litecoin in the past. Still, there are those stating the price can never go down. A warning sign noticed by any contrarian investor.

Charlie Lee, of course, had an explanation that had nothing to do with the parabolic rise of Litecoin, stating that he suddenly now believes his ownership to be a "conflict of interest." You can read his full reddit post here.

The second prominent figure to cash out of the cryptocurrency markets is the founder of the original Bitcoin.com website.

Emil Oldenburg, of Sweden, has been a massive supporter of Bitcoin, and it comes as a shock to many to learn that he now dismisses it as a valid form of money. He even went so far as to state that Bitcoin is currently "the most risky investment a person can make.

During his interview with Breakit, Oldenburg goes on to explain why he sold out of his Bitcoin position. His reasoning will come as a surprise to many, but not myself, as it is exactly what I have been talking about in this article and preceding ones:

“It’s a group of fanatic bitcoin talibans who themselves do not use bitcoin everyday to want it like this. They see bitcoin like digital gold and a technical experiment, not something you should actually use. It will never be a currency used in everyday life or for people who run companies.”

The markets have simply not priced this in yet. The ones who had the foresight to be a part of Bitcoin from inception are sending up red flags and even publicly stating they are cashing out of their positions.

Yet, the price of Cryptos continues to trend higher. Perhaps these announcements will be looked upon as the beginning of the top for Cryptos; perhaps not. Only time will tell, but what is certain is the fact that high profile names are taking notice of what I have been stating for close to half a year now: the community around Cryptos has dramatically shifted and changed. What sparked its meteoric rise is no longer in place, and sadly, is likely never coming back.

~~~

66% of the Economy is Already Electronic & 99% of Money is Electronic – InvestmentWatch

http://investmentwatchblog.com/66-of-the-economy-is-already-electronic-99-of-money-is-electronic/

by Martin Armstrong

QUESTION: I loved your mention of how our money is not “printed”. You are THE ONLY financial expert to mention this. And you can’t understand our economy without understanding Electronic Money. I researched this 3 or four years ago and came up with, .003 physical currency vs the rest as Electronic Money. I later stumbled across an article on the same subject by an economics professor who put the ratio at .0003 physical. SO, who/where/how much/ and by who’s authority is E money created? E money is how the economy is propped up, and the amount is in TRILLIONS UPON TRILLIONS.

ANSWER: That is about correct. However, it is actually much worse. About 40% of the value of the paper currency of the United States circulates outside the USA. In fact, about 40% of the debt is also held outside the USA.

Moreover, the bulk of the money is not just electronic already, but people failed to understand the change in the debt structure. Why do governments even borrow money when they have NO INTENTION of ever paying anything back? Once upon a time, before 1971 under Bretton Woods, it was illegal to borrow against government bonds. That was when the theory emerged that it was LESS INFLATIONARY to borrow than to print. The bonds were not part of the money supply. However, post-1971, you could borrow freely against government bonds. It no longer made any difference to print v borrow.

Today, on average, 50%+ of the national debts of most countries is accumulative interest payments. When Federal paper money began, it was really circulating bearer bonds in the United States. In fact, the reverse of the notes displayed the interest you would earn holding that currency.

When the government switched to DEMAND notes, dropping all interest payments, this is when the dollar was fondly referred to as a “Greenback” meaning there was nothing but green ink on the reverse side and no table of interest payments.

This is when the dollar became paper money and no longer was actually a circulating form of a bearer bond. The government paid interest to encourage people to accept the paper currency and it was introduced during the Civil War to pay for the costs.

All this hype about BitCoin and electronic money is a bit strange since most money is electronic. The only distinction that BitCoin actually has is its claim as an alternative form of money separate from legal tender, which means the government will accept that currency in payment of fines or taxes.

The bulk of all purchasing transactions are by plastic cards which are comprised of 66% of all in-person sales, with nearly half of them, or 31% are made with debit cards. Welcome to the electronic currency economy. It’s here already.




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AN EXPLANATION OF THE FACTIONS