Keiser Report: Bitcoin vs Banksters

[jackovesk]

Financial War Reports

Keiser Report: Bitcoin vs Banksters

Apr 2, 2013

In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the elbowed dreams and broken markets that continue to apparently thrive while a hedge fund managers advice for young people is 'get a job' (in a hollowed-out wasteland of an economy) and 'save for retirement' (with the same banks that have stolen trillions from the global investor). In the second half of the show, Max Keiser talks to entrepreneur and inventor, William Mook, about a near future when bitcoin means banks will not even be needed and 3D printing makes factories obsolete but a present day in which financial wise guys have stopped investing in the economy because there is no fuel supply to support the growth.

Source: https://youtube.com/watch?v=KP6pBS6uptE

PS - Yep, you can always count on Max to SPELL IT OUT...

PSS - Great 'Hair' Max...

PSSS - I also hope after watching the clip 'above' that it relaxes some concern should the Banksters/Govt. try and take down the internet &/or control the bandwith or bring in Internet v2.0...

I might also add some people have asked the question...

What if there is an EMP Event..?

Well if there was an EMP Attack/Event, everyone is stuffed...

[Nanoo Nanoo]

Bitcoin

Boutght 6 @ 52 now gone to 140 ... nice : 0 )

http://bitcoincharts.com/

its not bad , not bad at all

N

[Nanoo Nanoo]

if i sold my bitcoins now i would almost triple my investent.

but perhaps its best to wait till 1 Bitcoin will cover my initial outlay then sell 2 Bitcoins. That way i will have covered my outlay and made a profit.

Then i can just sit on the rest and not care if it goes belly up ... hmmm but if it keeps climbing ill be looking at a new Stealth Bike ! for my biking arsenal !

MWAHAHAHAHAHAHAH HAAAA RGH ! BICEEECLLLLLLES !

( see what its like being in my head ... hmm )


N

[northstar]

Posted by Nanoo Nanoo (here)
Bitcoin

Boutght 6 @ 52 now gone to 140 ... nice : 0 )

http://bitcoincharts.com/

its not bad , not bad at all

I just watched the video above and I decided I want to purchase bitcoins. Does anyone have advice as to a reputable dealer and easy way to get into this? By that I mean, what software is necessary? And what steps do you take to make sure your bitcoin purchase is safe and secure (cannot be hacked or stolen)

If any financially minded Avalonian can simplify this for us folks who are not great with numbers and technology, it would be much appreciated!!

[northstar]

Posted by jackovesk (here)
Financial War Reports

Keiser Report: Bitcoin vs Banksters

Apr 2, 2013

In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the elbowed dreams and broken markets that continue to apparently thrive while a hedge fund managers advice for young people is 'get a job' (in a hollowed-out wasteland of an economy) and 'save for retirement' (with the same banks that have stolen trillions from the global investor). In the second half of the show, Max Keiser talks to entrepreneur and inventor, William Mook, about a near future when bitcoin means banks will not even be needed and 3D printing makes factories obsolete but a present day in which financial wise guys have stopped investing in the economy because there is no fuel supply to support the growth.

This guy is really entertaining. I like him!

Max Keiser: "Banks are stealing money out of people's bank accounts"

MaX Keiser calls this "banker fraud and banker terrorism." He doesn't mince words!!

He and Stacy Herbert discuss how the banksters and hedge fund managers are encouraging people to put more money in the banks, the very banks that are stealing money and getting away with it.

Stacy Herbert: "We have to come up with alternative ways to escape these oligarchs and monopolies." 10.00

MaX Keiser "The geopolitical implications of bitcoin are astounding"

William Mook: "Bitcoin puts power back in the hands of individuals and removes you from centralized control"

Max Keiser: "in 2013 is there still enough of the internet alive and free today to get us through this harsh occupation by financial terrorists (bankers), is there enough free bandwidth on the internet to support this bitcoin going forward?"

Mook suggests that central control of the internet will be totally obsolete in 10 years, which means that no corporate government will be able to bring it down.

[Lifebringer]

They owned 80% of the economy in the old paradigm. They can't invest in their scam on WS, because they know there are corporate CEO banksters laying in wait to rip them off, by over loaning on the shareholder's money invested/spending other people's investment money for the long haul until caught.

If the independence of energy in the homes bought were available, it would free up thousands per household per year where the economy would take a new shape with more in the consumer, homeowner's pocket to boost the new economy.

Corporations like Halliburton, Lockeed and Exxon Oil and Gas, will crack this planet like a peanut just to fill their pollution economy in the 21st century, health be damned for the future generations. You can just look at Arkansas, and Illinois oil spills to see the future they have planned to keep it going.

They've hidden the patents American tax dollars paid for in research and developement, and that's just the tip of the iceberg as far as the damage these technological secrets are causing us.

Pray for revealing, justice, prosecution, no matter how high up the totem pole of distructions. Pray for US/World to pick up our torch/responsibility and build green, live green and chemical poison free.
The generation in front of us, took the money in the "lets make a deal makers in DC"

American prefers to see what's behind OIL curtain number 3 spill for the future, before making a decision. Open their OIL History books and you'll see all the reasons for wars, bankruptcies because of health problems and a 1/3rd of every dollar they use for living going to "old dirty dino fuels.

[Lifebringer]

Bitcoin equals "net money." Net money= site shutdown. I like having coins for my granchildren to jingle in their pockets when they visit.
I went through the ATM machines limiting my withdrawal on my less than 700.00 card, charging 2.75 cents for every 120.00 withdrawn. Only thing is, my rent is 675.00 and it cost over 9 dollars, to pay my rent. WTHeck is up with that?

People on so low an income should be waved on the fees over 3 withdrawals, and not limited to every hundred. I'm sick of these leeches attached to my hard earned fingers to the bone social security. It was already taxed when it came out, and they tax any accrued interest on money that doesn't even belong to them, but US.
Our trust is slowly but surely headed to the Wall Street CHOMPING BLOCK, if they keep trying to plasticize our money in thin air, as they take the hard cash every month and the only change you get is what's at the register. Case in point, I needed a loaf of bread at the end of the month and had 4.00 left on the card. The charge was 2.00 to withdraw and the bread was 2.89 so while I had the money to purchase the bread, the cost of the withdrawal at the register of 1.50 would have overdrawn it and a charge of 35.00 added to the following months cash installment.

Greed has kept me thinner, but smarter on where my bread? is buttered.
They are after our hard earned finger to the bone labor made money, while telling us, we aren't worth s***.
I don't feel good about the bitcoin, unless they are trying to freeze out the Federal Printing Press Tentacles on these loans. It's why the President bought them, otherwise, the rich who haven't done anything but cheat and reap, will own the new century as well through finance.

Just something to think about.

[indigopete]

Posted by northstar (here)
I just watched the video above and I decided I want to purchase bitcoins. Does anyone have advice as to a reputable dealer and easy way to get into this? By that I mean, what software is necessary? And what steps do you take to make sure your bitcoin purchase is safe and secure (cannot be hacked or stolen)

northstar -

You can buy them on an exchange like https://mtgox.com.

Basic procedure is:

[1] - set up an account
[2] - load your account with some cash (needs to be a bank transfer and can take a couple of days)
[3] - buy Bitcoins

Now comes the difficult bit - downloading them and securing them. The important thing to remember is this: You don't actually EVER get your bitcoins in the sense that they are "sent" to you. There is something called the "blockchain" (like a big worm that floats around the internet). This block chain holds every bitcoin transaction that ever was. What you get is a little program (called a "wallet") that generates addresses to which Bitcoins can be "paid". Each address comes as a pair of strings. One string is called a "Private Key" the other is called a "Pubic Key".

When you get your wallet http://bitcoin.org/en/choose-your-wallet you can create these addresses (as many as you like). Create one address (You won't see the private one, only the public one). Go back to the exchange, log into your account and go to the "Funding" bit. There you'll be able to tell it to send your bitcoins to that address. They won't actually be sent to your wallet, they will be sent to the big "worm" called the blockchain. However, because you have the "Private Key: that was used to generate the public key you gave the exchange, you'll be able to access those Bitcoins (so thats how the concept of "ownership" is implemented. You don't actually 'have' them but you control them until you pass control to someone else which is called 'paying' someone).

What a palaver eh ? Its the wild west out there. Do not do anything unless you completely understand what your doing.

To secure your wallet, you need to do 2 things:

[1] - NEVER keep it on your main computer that you have connected to the internet for any length of time (e.g. keep it in an offline drive and move it on when you need it)

[2] - Make a printed copy of the Private key (this is known as a paper wallet). Each wallet has some way of doing this. In bitcoin qt its a command called dumpprivkey (Google it)

Here's an absolutely fantastic explanation of securing wallets...https://bitcointalk.org/index.php?topic=17240.0

Now you can see why its such a "geeky" activity - there just isn't much elegant, easy infrastructure out there at the moment.

I'm sure it will eventually develop, but by the time its comfortable enough form Mum's and Dad's and Auntie's & Uncles, the price will be into the thousands. In the meantime its the Wild West (with the appropriate helping of bank heists, wallet thefts, lost fortunes and general malaise).

If you do things properly though it can be rock solid and its very interesting and fun learning it.

My advice: Buy 0.1 Bitcoin for $10 and practice with something that you can afford to loose if your not sure. AND MAKE A PRINTOUT OF YOU PRIVATE KEY AND DON'T LOOSE IT. (Also, don't loose track of which public key it associates with).

h.t.h.

Pete

P.S. If you've got questions feel free to come back and ask. I find the whole thing technically quite fascinating. I think its mindblowing that human beings can have invented such a weird and incredible thing such as this. Its just so completely different from anything that people are used to, while at the same time perfectly implementing archetypes of trade and money that are centuries old. Its quite staggering to think about really.

[Mulder]

This is a great show - At 6.00 Cartesian Paradox. My income is your spending & vice-versa. At 6.47 Replace Horse-meat burgers with granny burgers - Soylent Green!

[Mulder]

Posted by indigopete (here)

...My advice: Buy 0.1 Bitcoin for $10 and practice with something that you can afford to loose if your not sure. AND MAKE A PRINTOUT OF YOU PRIVATE KEY AND DON'T LOOSE IT. (Also, don't loose track of which public key it associates with)...

How much can you break each bit-coin into? Can each one be divided infinitely (which would be a Ponzi Scheme - instead of printing more, we're dividing each one)? What if you lose your wallet - is your bitcoin money lost forever?

[indigopete]

Posted by Mulder (here)
How much can you break each bit-coin into?

The smallest unit a bitcoin can be broken into is a "Satoshi". There are 100,000,000 (one hundred million) Satoshis in a Bitcoin.

As the currency appreciates in value (as its doing now) payments for products will be made in smaller units. (So, in a few years, say, you might buy a bike for 250 Satoshis. If Bitcoin ever gets "mainstream" nobody will be trading in Bitcoins, they'll be using Micro BCT, Milli BCT and Satoshis.

As an example of simple arithmetic, it was remarked by an Australian business analyist the other day that if only 2.5 % of "demand deposits" (thats current accounts around the world, not savings or deposit accounts) went into Bitcoin, its value would reach $700,000. (About 3 quarters of a million dollars per Bitcoin).

Thats not like a Ponzi scheme though - thats just simple division. If you have a lot of people sharing a finite amount of something, it gets spread thinner but its value goes up.

You can watch every single bitcoin transaction here as it happens. http://coinlab.com/ You'll see lots of people buying tiny amounts of Bitcoin - 0.02 BCT and the like. Its not such a dumb thing to do as an "insurance policy" in case it gets big. At least you'll have a "horse in the race"

Even if you haven't got any, the world will still benefit if BCT goes mainstream - simply from living in an economy that hasn't got such a completely screwed up financial system thats rotten to the core and allows tyrannical globalist psychopaths to lever non-existant wealth on a fixed capital base, lend it to whoever they like and ask for it back in real goods and services, trashing entire countries in the process

[Anchor]

Warning, the advice following is for geeks with insufferable paranoia:

Consider securing your private keys (and any other private data, and scanned backups of important documents) on something like this : http://www.kingston.com/en/usb/encry...curity/#dt5000

Get a few and at least triplicate the data, store them in geographically separated locations; keep them up to date. Do not forget the password to the device. Do not record it in any electronic way, or physical way that is obvious.

USB keys are small enough to be sent by post. Examples like the model indicated are strongly encrypted and would require very expensive technology to crack. Assume backdoors are made in these devices for the elite groups like the NSA.

If you are worried about this last point, or duress attacks, format the device with Truecrypt with a hidden plausibly deniable volume and store the wallets in that hidden container.

That should cover you.

Unless you die, and you will one day ! All this security may make it hard to bequeath your treasured bitcoin

So much to worry about!!!

LOL

--

1 Timothy 6:10 For the loue of money is the root of all euill, which while some coueted after, they haue erred from the faith, and pierced themselues through with many sorrowes.
- King James Version (1611)


--

Anchor..

[Anchor]

Some bitcoin news from today about a DDOS on Mt Gox (a Bitcoin exchange)

http://www.itnews.com.au/News/338624...ily_newsletter

Despite having little use in the real world, Bitcoin has experienced a massive appreciation in value in a short period of time this year, with the total monetary base now thought to be around A$1.3 billion.

[Positive Vibe Merchant]

Whoever is behind the push for bitcoin is a genius! The whole vibe towards it has exploded. Just look at the amount of threads on int is the past month alone on this forum!

This is no different than any other scheme, and when the exchanges get shut down amd your money gets shifted away, don't start asking how or why. know your a sucker that got punked!

personally,. and world without money, a resource based economy is the only viable way we can move forward and away from this system. but hey.. we all have the right to think what we want.

[ThePythonicCow]

Posted by Positive Vibe Merchant (here)
Whoever is behind the push for bitcoin is a genius! The whole vibe towards it has exploded. Just look at the amount of threads on int is the past month alone on this forum!

This is no different than any other scheme, and when the exchanges get shut down amd your money gets shifted away, don't start asking how or why. know your a sucker that got punked!

All the bitcoin exchanges in the world could shut down 3 minutes from now, and it would not jeopardize the tiny amount of bitcoin currency I hold one bit.

The bitcoin exchanges facilitate exchanging bitcoins, but they don't hold them on behalf of others. Each bitcoin holder holds their own bitcoins, in their own "wallet", to which the password that only they know is the essential key.

[Mad Hatter]

Mad Hatter dons his curious cap...

Posted by Positive Vibe Merchant (here)
world without money, a resource based economy is the only viable way

Curious as to how you see the exchange of value occurring in such a scenario. Would you/anyone care to amplify using the following scene...

A geo-technical engineer crushes rocks all day (analyses of road making components) so has nothing but access to computer reports and crushed rock....

End of the day travels home stopping at baker to purchase some bread along the way.
Baker has no need of crushed rock or computer printouts.

Q How is an equitable exchange of value managed under these circumstances without using money but just the resource backing that you argue is the way to go?

[Anchor]

Posted by Paul (here)
The bitcoin exchanges facilitate exchanging bitcoins, but they don't hold them on behalf of others. Each bitcoin holder holds their own bitcoins, in their own "wallet", to which the password that only they know is the essential key.

Is that correct? I haven't fully fleshed out my understanding of bit-coin yet, but I understand the wallet to be the key to proving which bitcoins you own - which are recorded in the "internet" bitcoint p2p network.

If you loose your wallet or someone gains access to your key, it is not recoverable - ever.

Its not like a real one that can be returned empty and reused. Once compromised its gone and useless for ever.

I think I will keep mine in a small VM set up for the express purpose and then store the entire VM image on a USB key. The VM wont get used for any other reason.

From what I see most people are recommending you have more than one wallet and take increasingly rigorous steps for securing the ones with "savings" versus the ones that contain a float for day to day transactions.

[ThePythonicCow]

Posted by Anchor (here)

Posted by Paul (here)
The bitcoin exchanges facilitate exchanging bitcoins, but they don't hold them on behalf of others. Each bitcoin holder holds their own bitcoins, in their own "wallet", to which the password that only they know is the essential key.

Is that correct? I haven't fully fleshed out my understanding of bit-coin yet, but I understand the wallet to be the key to proving which bitcoins you own - which are recorded in the "internet" bitcoint p2p network.

If you loose your wallet or someone gains access to your key, it is not recoverable - ever.

What you say is correct.

Your bitcoins are in your wallet.

Your password is the key to your wallet.

If the wallet or the password is lost, the bitcoins are gone, totally.

If both the wallet and its password are stolen, then the thief now owns those bitcoins.

P.S. -- The password applies if your wallet is encrypted, which is optional It's the wallet (mine is a 100 Kbyte file) that apparently you need. But I'm still learning about this; and might still be confusing things.

Unlike stock held by a broker ("in street name") or deposits in a bank, no external institution can quietly steal your bitcoins. They would have to steal your computer wallet (perhaps by hacking into your computer).

Multiple wallets are a good idea for anyone holding much money as bitcoins.

Now that the total value of my bitcoin wealth has recently gone above one (1) US dollar ... I still have only one wallet, with minimal security.

[ThePythonicCow]

Clif High has released a new wujo (audio report) within the last day, focused on bitcoin: http://www.halfpasthuman.com/wujo/cl...3btcprimer.mp3

I am just starting to listen now.

[Anchor]

In deciding about the security of Bitcoins "future" value - we need to consider a few things;

1) How much faith do we have that the internet will keep working for ever?

Surely without the internet to support the concept, game over.

2) How much are we prepare to trust the integrity of the design?

Some People, including technical and security aware technical people (like me) have looked at the cryptographic principles involved and see them as adequate (overkill for the present) for the purposes they are being put to. The wallet security disciplines are complex for laypeople to get right. There will be tears before bedtime.

3) Do we think there is a realistic possibility that it will become easier and easier to convert debt based value tokens to credit based Bitcoin tokens (for much further in the future).

4) Will Bitcoins become ubiquitous? Will I be able to walk into a supermarket and pay for food say, with a Bitcoins exchanged using some seamless/contactless payment method? I cant see that happening at this stage. Most vendors are will encourage you to use a store card for this so they can continue to monitor, trace and sell your spending habit data.

5) How will the PTB crack down on Bitcoin ? Do we think they will?

I do think they will try to. It is anonymous store of value and its easier to move than gold. None of the existing banking acts have any provision to confiscate your bitcoins!!!

So yes I think they will try to find a way to come down hard on it, and soon. Similarly they are slowly attempting to get people weaned off cash and onto contact-less (traceable) payment systems. They will start by engineering attacks on the infrastructure, by spreading fear doubt and uncertainty, and by engineering media coverage of every person who lost money with Bitcoin regardless of the warnings they ignored. Psy-ops and infiltration of exchanges will occurr to damage them.

Soon there will be a cry orchestrated by the tame unawakened masses of "something must be done" "someone think of the children" "Bitcoin pays for contract killers" "Bitcoin ruins lives" "Bitcoin promotes a black economy!" "Bitcoin helps people avoid paying tax!" etc etc

And yet, at the back of my mind, I still think that this is something special - it could still meet all these challenges and work.