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Showing posts with label digital currency. Show all posts
Showing posts with label digital currency. Show all posts

Sunday, April 2, 2017

Japan in process of setting framework to make use of Bitcoin and other crypto-currencies legal

In late March Japan's Accounting Standards Board began investigating and formulating the regulatory framework on how to integrate Bitcoin and other crypto-currencies into their monetary system.

Building upon legislation that legalized the use of crypto-currencies as far back as 2016, Japan is the largest economy to date to fully accept de-centralized digital currency, albeit with a demand for stringent regulatory oversight to ensure proper taxation, money laundering avoidance, and to protect against the potential of another Mt. Gox incident within Bitcoin exchanges.

Image result for bitcoin yen
New legislation authorizing digital currency as a legal payment method has come into force in Japan. 
The text of the law was released by Japan’s Financial Services Agency on March, 24.
Earlier this week, the Accounting Standards Board of Japan said that it would begin work on the creation of a framework to help understand how digital currency would be dealt with in the accounting sector. The process is expected to take six months, according to Nikkei.  
Big business is especially concerned; since the country has failed to provide guidelines regarding the accounting process when dealing with cryptocurrencies. 
“There is a risk that companies that hold virtual currency could turn out to have distorted valuations or that huge losses surface suddenly,” Chikako Suzuki, partner at PricewaterhouseCoopers Aarata, told Nikkei Asian Review.
Around $1.7 billion of cryptocurrency, including bitcoin, Ripple, Litecoin and others, was in circulation across Japan two years ago. The 2020 projection is set to be at $9 billion, according to a Fuji Chimera Research Institute study. 
The set of measures, that now has come into force, was drafted as far back as 2015 and passed in 2016 after a year of negotiations. Uncertainty over the legal status of virtual currency was stirred after a multi-million dollar embezzlement scandal and the collapse of the Tokyo-based Mt.Gox Bitcoin exchange. - Russia Today

Friday, March 17, 2017

Russia and Japan show that the future of bilateral trade may involve ditching sovereign currencies in favor of digital ones

With banks working feverishly to creating blockchain based currencies for use in interbank settlements, a new idea on March 17 may spell an even greater future for sovereign use of digital money.

This is because both Russia and Japan may soon be planning to experiment with the creation of a digital currency in their joint bi-lateral economic agreements over the contested Kuril Islands.

Russia, or rather the former Soviet Union, had co-opted the islands from Japan at the tail end of World War II.  And ever since that time Japan's desire for their repatriation had been a major stumbling block in relations between the two countries.

But late last year Russia offered to allow Japan the opportunity to play a significant role in the economic expansion of the Kuril Islands, similar in ways to how Turkey and Greece politically deal with the ownership of Cyprus.  And at the center of this agreement is the foundation to make the islands into a jointly run economic enterprise.

Yet one of the biggest road blocks in this agreement was in determining which currency would dominate the economy... ie... the ruble or the yen.  And it is here that Japan is now suggesting the creation of an entirely new digital currency that would be unique to the islands and the trade agreement, and through which it could be easily transferable into whichever currency customers and retailers desired.

Japanese Prime Minister's Shinzo Abe  and Russian President Vladimir Putin

Image Courtesy of Sputnik/ Alexei Druzhinin
Tokyo has prepared a range of offers to Moscow for joint economic projects on Russia's Kuril Islands, according to Japan's national broadcaster NHK. 
The package of proposals, including tourism and fisheries, as well as a common electronic currency, will be presented during the Russia-Japan consultations on March 18 in Tokyo. 
According to NHK, the new regional currency could be used instead of the Russian ruble and the Japanese yen and is expected to contribute to the development of the southern Kurils and the northern Japanese island of Hokkaido. 
Russian Foreign Ministry spokeswoman Maria Zakharova said on Thursday that Moscow is ready to review Tokyo’s proposals, adding that all the projects must comply with Russian law. 
"Of course, we believe such projects can only be implemented if they are not inconsistent with Russian law. We are ready to assess Japan’s proposals," she said. 
Agreement on joint Russian-Japanese economic activities in the South Kuril Islands was reached in December during President Vladimir Putin’s visit to Tokyo. In February, Japan established a special Council to consider cooperative projects in fisheries, seafood, tourism, environmental protection, and health in the economic zone. - Russia Today

Monday, March 6, 2017

Bitcoin vs. gold? How about a new crypto-currency that will be backed by gold

As the USD price of Bitcoin reached and then surpassed the USD value of gold last week, there has been a great deal of discussion over which is a better form of wealth protection to own.  In fact, both Bitcoin advocates and gold bugs alike agree at the foundation that both are better alternatives to holding one's money in fiat currencies like the dollar or euro, and in financial institutions that are only solvent because central banks have been printing money to prop them up.

But this is where the similarities end as at their core, one is no different than all sovereign based fiat currencies created and backed by nothing while the other is a physical tangible asset that has a 5000 year track record of being used as both money, and a globally recognized store of wealth.

So the questions that have to be addressed regarding the rise of Bitcoin at the present are; is Bitcoin actual money, is it a viable medium of exchange, does it function as a store of wealth, and lastly, does its volatility make it more of a speculative investment rather than a currency able to be used in all types of commerce?

Yet rather than try to argue and debate each of these points regarding the future use and acceptance of Bitcoin, what if the future of crypto-currencies was to actually back them with something tangible?  And that is exactly what is now emerging between a U.S. and Australian company as the two have created a new crypto-currency called OZcoinGold that provides all the decentralized and secure features that are intrinsic with most other forms of digital money on the Blockchain, but it is also being backed by physical gold at a ratio of 1 oz to every 100 OZcoins.


A US company, in partnership with an Australian publicly listed mining company, will launch the world's first crypto-currency backed by gold. www.ozgld.comThe launch will be at the South By Southwest (SXSW) on March 10th, 2017 in Austin, Texas. 
The creation of OZcoinGold, a crypto-currency developed on the 3rd Gen. blockchain, was conceived by CTO Joh Breytenbach when he realized that capital intensive public listed commodity and resource companies experience excessive expenses when raising capital for expansion as well as high regulatory restrictions and high loan costs. 
Further Ira stated "An advantage to the owner of OZcoinGold is that gold is purchased at the regular Gold price Benchmark, thus ignoring the Bid - Ask variation, which can be significant." 
The value proposition is that the gold mining company has a proven reserve of 600,000 ounces of gold under the international geocode which is sufficient as a security over any financial instrument. Further "assayed reserves" are estimated at more than 10 million ounces of gold. The mine has given OZcoinGold security over 100,000 ounces of this gold reserve. 
The OZcoinGold is issued in the ratio of 100 OZcoinGold per one ounce of 24 karat gold. So each ounce of Gold backs one hundred OZcoinGold coins. - Yahoo Finance

Tuesday, January 12, 2016

Bitcoin’s success is the result of nation’s incompetent policies and the trashing their own currencies

Five years ago very few would have thought of Bitcoin as anything more than a novelty… a curiosity for the digital age, and a symbol for the anarcho-capitalist fringe.  But the foresight behind Bitcoin was more in the creator(s) understanding of banking than it has been in forging a rebellious construct to the long-standing system of private central banking.
So for many of course, it is a very big surprise that in 2015, the best currency in the world was not the dollar, nor the Euro, nor the rising Yuan, but the crypto-currency itself.

Read more on this article here...

Monday, October 5, 2015

Got Karatbars? The battle is on for gold or bitcoin after the coming currency reset

A global currency reset is inevitable, and will occur no matter what governments and central banks do in the interim to try to kick the can of their fiat currency system down the road a little bit longer.  But the important thing to determine is what will come out of this reset, and which form of backing, either physical or digital, will win out as the foundation for the next monetary system.

Former head commodities trader Blythe Master left J.P. Morgan Chase under the dark of night to begin a new company that seeks to integrate the entire paper market system under blockchain technology.  Blockchain of course is the system that brought the world Bitcoin, but Masters believes it can also provide the banking elite the means by which to control the entire financial system using a digital footprint.

But the world is both not ready for, nor enamored with, a completely digital form of money, and as such there is a second driving force that seeks to return monetary systems and currencies to what had worked for thousands of years.  This system of course is based on physical gold, and the battle is on between those that have gold and want a gold backed system (East, BRICS), and those who do not and want a digital one (US, Eurozone) to win this all-out battle for monetary supremacy.

The problem of course is that the majority of producing nations as well as consumers believe more in gold than than they do in digital money backed by nothing.  If you take the BRICS nations alone for example, they represent a lion's share of actual producing nations, and over 40% of the global population.  So while a small portion of Pacific Rim nations along with the U.S. and Europe hope to keep the ponzi fiat scheme going by transitioning into a blockchain and digital technology, if they have nothing to sell, and are unable to buy from nations that don't want zeros and ones for payment, then all that will come of this is a way for Wall Street and Western governments to perform limited transactions among themselves while the majority of their populations experience shortages in just about everything, including food, energy, and of course, Chinese made goods.



A switch to a digital monetary system will cost you nothing, as it will simply transition your paper dollars into electronic code.  But if the new system that wins out is one that is backed by gold not code, then you will lose everything as your dollars will be worthless, and your standard of living will become third world.

So with shortages in precious metals occurring all across the world as the East sucks up every ounce they can find in the gold markets, what is available for you to be able to purchase affordable gold, and protect yourself from the outcome of the next reset?

The answer lies in a company called Karatbars




Buying gold through Karatbars is one of the easiest things on the net.  In fact, the business model of Karatbars is to sell gold in affordable quantities, such as 1, 2.5, and 5 gram increments, and allow customers to get into the metal without having to shell out $1200+ for a single ounce coin.

And as added perks to signing up with Karatbars, as a customer or affiliate, you can have the power to move your money into a free e-wallet that functions just like an offshore bank account, and is outside the authority of the banking system.  From there, you can take your fiat currency in any denomination... dollars, euros, yen, etc... and purchase physical gold which can either be delivered directly to you, or stored for free at one of Karatbar's vaults.

Additionally, any gold that you buy can easily be sold back to Karatbars, or any metals dealer, and if with Karatbars it is then exchanged for currency that is uploaded to you through a pre-loaded debit Mastercard which is connected directly to your e-wallet.  And as we know, MasterCard is recognized in nearly every country around the world, and usable in any currency that accepts it.

But perhaps the best feature with Karatbars is their affiliate program, where you can earn money off commissions from getting others to sign up and become a customer or affiliate.  Not only do you receive commissions from their purchasing of physical gold, but you also earn commissions from anyone who buys a commission package, with that money going directly into your debit MasterCard when you have enough units to cycle.

Imagine the ability to earn the money in which to buy your gold savings simply by purchasing a commission affiliate package one time, and then getting others to sign up and do the same thing.

How many businesses or entrepreneurs can build an infinite business with spending less than $400 of their own money?  And there is never a mandatory requirement to buy beyond what you desire, on your own schedule.  And there is nothing to lose, because you're using money (paper dollars) to buy gold (physical money) and in the end you don't lose a thing.



The global financial system, along with dozens of respected economists, are telling us that now is the time for the end of our current form of money, and the beginning of the transition into a new monetary system that is expected to be backed by gold.  And with banks, governments, and even Harvard professors mandating that central banks have no choice but to eliminate cash from usage by the people to stave off collapse, will you wait until it is too late to make a decision on how you will protect your wealth, and be able to function within the coming new monetary system?

To learn more about Karatbars, you can contact the individual who sent you this article, and click on their referral link to open a free account and begin buying, or building your own gold savings or business with the company of the future.

Wednesday, February 12, 2014

New Icelandic crypto-currency will be for the people to help grow stagnant economy

The nation of Iceland became a poster child of rebellion against a global banking system that led to the Great Recession of 2008, and is helping the world rush headlong towards a new currency crisis.  But for all their actions in choosing to default on foreign debt and jailing the bankers who helped create the crisis, Iceland’s economy has remained stagnant due to continued capital controls by the Icelandic government, and the world rejecting the Krona in international trade.



Read more on this article here...

Thursday, November 21, 2013

Largest university in Cyprus to allow tuition purchases in Bitcoin

The quickest way to change the minds of investors when it comes to the viability of Bitcoin is to have the digital currency suddenly be accepted in the mainstream.  That day has arrived in of all places Cyprus, where the the largest university in the Eurozone nation has officially announced that they will begin accepting Bitcoin as payment for the purchasing of tuition for their students.


Read more on this article here...

Wednesday, August 14, 2013

New York Subpoenas BITCOIN operators After Judge declares Digital Currency real money

On Aug. 13, the state of New York’s Regulatory office issued subpoenas to every major Bitcoin operator just days after a Federal judge declared that the digital currency was in fact, real money.  In a statement today from NYSDFS’s superintendent Benjamin Lawsky, the regulator confirmed that the government no longer recognizes Bitcoin as a parallel to a barter currency, and that it must now follow national and international regulatory laws as any other globally recognized currency does.


Read more on this article here...