The Banking Revolution Is Underway - opinions, please

[John Hilton]

The Banking Revolution Is Underway. I know nothing about finances or crypto so I'd like your opinions on Elon Musk's proposed solution. (I don't care if you like or dislike Musk: I'm interested only in the concept.)

https://badlands.substack.com/p/the-banking-revolution-is-underway

[Nasu]

Seems like problem, reaction, solution to me.

The end game or solution being a global digital banking system, perhaps even a central governing body to oversea and manage it. Think of the environmental benefits, the efficiency and the convenience.

My two cents......x.... N

[Matthew]

I don't assume that Elon is the people's champion, and I don't take him in good faith.

When it comes to expanding twitter to be more than a text site, to being a rival to a bank, then I feel very sorry for all the excited people who trust it, especially if they're adverse to China style social credit score.

In the interview below notice how it's Elon who introduces the subject of WeChat; he Changes the subject to it. Might be easy to gloss over this, or dismiss it because mentally it gets in the way of thinking Elon will save us.

Quoted cross post thread from the Elon Musk releases the Twitter files thread


...
<snip>

The first thing he should do is unban Ye."


...
enjoy the show!

:popcorn:

Elon likes China social media too much which makes me nervous.

https://twitter.com/teslaownersSV/status/1585390577633308672


Elon "They have been working on an 'edit button' for a year. Well it's hard! It's a tricky situation."

Interviewer "Edit is incredibly complex."

Elon "Yes good one, indeed. I mean we don't even have, uh, a, an app that's as good as WeChat in China, and like in China you can live on WeChat, basically. It's like anyone who has been there, you live on WeChat , you do payments, you do everything; it's like... it's great. WeChat is kickass, and um, we don't have anything like WeChat outside of China. So I was like, my idea would be like how about if we just copy WeChat. Copy them!"

Interviewer "1) buy Twitter 2) copy WeChat."

Elon "Yeah, pretty much"

Interviewer "3) Profit"

Elon "*chuckles* yes"


Add in that Elon wants Twitter to be full of unique humans. Not just 'humans', unique humans. It's not a good sign. (cross thread link (https://projectavalon.net/forum4/showthread.php?85721-Elon-Musk-founder-of-Tesla-Engineer-or-Illusionist&p=1495379&viewfull=1#post1495379))


But it's not stopping me enjoying the legal disruption Elon's causing, popcorn in one hand and flipping Elon the bird with the other. :bigsmile:

[edina]

The Banking Revolution Is Underway. I know nothing about finances or crypto so I'd like your opinions on Elon Musk's proposed solution. (I don't care if you like or dislike Musk: I'm interested only in the concept.)

https://badlands.substack.com/p/the-banking-revolution-is-underway

I wonder if you would find what Pythonic Cow talks about in his Opening Post in this thread helpful?

Bitcoin, the war on cash, Clif High, and the NSA's long range plans (https://projectavalon.net/forum4/showthread.php?99133-Bitcoin-the-war-on-cash-Clif-High-and-the-NSA-s-long-range-plans)

I think most people like the idea of a direct Peer 2 Peer solution. However, I'm not sure if that can practically happen via Internet.

Almost all currency is a fiat currency, even asset backed currency, because currency is a symbol for an exchange of energy between people.

The electronic solutions are brittle, or fragile. There are built in chokepoints if all you consider are the server farms needed to pull off full-on digital currency.

My understanding is that it's also a high-energy consuming form of currency, and slow. The Lightening system is supposed to solve that, but it doesn't solve the brittle nature of technology.

Also, if the problem as described in the Joe Lange's paper is lack of trust, ... that's a human problem, I'm not sure technology can solve for a breakdown in ethics in humans.

[Violet3]

So many great comments, I agree with all of them. Certainly don't trust anything that comes out of Elon Musk, 'human' face of the deep state imho.

[edina]

Looks like he may be trying to do it:

Musk Folds Twitter Into "X Corp" , Fueling Speculation Over 'Everything App' (https://www.zerohedge.com/technology/musk-folds-twitter-x-corp-sparking-speculation-over-everything-app)


While there's been no official announcement, Twitter owner Elon Musk has folded the social media giant into a newly formed shell company called "X Corp," fueling speculation that he's going to integrate his $44 billion acquisition into an "everything app" that could - similar to China's WeChat, include everything from payment processing, to booking events, to messaging.

(Remember Laura Loomer...)


According to an April 4 filing (https://storage.courtlistener.com/recap/gov.uscourts.cand.395023/gov.uscourts.cand.395023.123.0.pdf) in a lawsuit filed against the company and former CEO Jack Dorsey by conservative activist Laura Loomer, Twitter "no longer exists" after being merged with X Corp.


It’s unclear what the change means for Twitter, which has seen a sweeping overhaul since Musk bought the company for $44 billion last year. The billionaire owner has in the past suggested that buying Twitter would be an “accelerant” for creating X — which he dubbed an “everything app.” Musk tweeted about the move Tuesday with the single character “X”.

The world’s second-richest man has professed his desire to make X similar to China’s WeChat, a super-app owned by Tencent Holdings Ltd. used for everything from payments and booking event tickets to messaging. But he’s been vague about how it will fit in with his sprawling business empire, ranging from the electric car giant Tesla Inc. to Space Exploration Technologies Corp. Musk also owns the domain “X.com” — the name of the online payments company he started and eventually merged with PayPal. -Bloomberg

Last April Musk set up a trio of Delaware holding companies with variations on the name "X Holdings" in conjunction with his takeover bid of Twitter. "X Corp," however, was set up on March 9 in Nevada, while its merger with Twitter was submitted on March 15, according to state filing records.

Musk sits atop X Holdings Company, the parent of X Corp which was set up last month and has an authorized capital of $2 million, according to the report.

[Mike Gorman]

Whatever we might think about financial matters, we must resist this push to impose a central, digital currency and to dispose of cash. Bitcoin is the exact opposite of their digital currency, BTC is decentalized and the data base (or Blockchain) is held on multiple computers out there on our Internetwork, whereas their CBDC is an evil thing, it demands obedience, or else you are unable to spend anything. Whatever we do we just have to resist this central digital currency, it is the death of all human freedom, it is the final curtain on our civilization: cash is good, anonymous, bitcoin is also O.K but of course depends on electricity and the internet remaining available. Gold/Silver/Platinum and cash. Nothing else, I advise turning 2/3 of your savings into a precious metal, anyway, all the best.

[ozmirage]

Money by definition is a medium of exchange to faciliate trade when barter is insufficient.
However, when the workers and businesses that make the goods and services CANNOT make the medium of exchange, they're victims of those who CAN.

(BTW - CONgress has no power to "create" money. Art 1 Sec 8 states that Congress can "coin money" (stamp bullion) or "borrow money". If Congress could create bullion, why would it need to borrow it? All paper currency is debt - IOUs - denominated in dollars, but have a minus value until redeemed.)

[TrumanCash]

Money by definition is a medium of exchange to faciliate trade when barter is insufficient.
However, when the workers and businesses that make the goods and services CANNOT make the medium of exchange, they're victims of those who CAN.

(BTW - CONgress has no power to "create" money. Art 1 Sec 8 states that Congress can "coin money" (stamp bullion) or "borrow money". If Congress could create bullion, why would it need to borrow it? All paper currency is debt - IOUs - denominated in dollars, but have a minus value until redeemed.)

Thank you, Ozmirage, for bringing up this most important point. Most people are not even aware of what money is. Here are more legal and lawful definitions of money:

"Money. In usual and ordinary acceptation, it means coins and paper currency used as circulating medium of exchange, and does not embrace notes, bonds, evidences of debt, or other personal or real estate."

Look at the paper money today: At the very top of each "bill" it states "FEDERAL RESERVE NOTE" Of course, the "FEDERAL RESERVE" is an unconstitutional banking cartel that is now in the process of implementing the Central Bank Digital Currency (CBDC) slavery. Federal Reserve "Notes" are not money, plain and simple.

Cryptocurrency is not physical and its value fluctuates wildly from day to day, requires a working internet and harmful EMF to operate, can be taken down any time by the PTB via kill switch, neutron bomb, EMF, or outlawing use of cryptos, and has gotten people addicted to the modern version of slave chains called "Smart phones".

"No State shall make any Thing but gold and silver Coin a Tender in Payment of Debts;" [Article I, Section 10, united States' Constitution]

In other words, money is physical not digital. Unfortunately, the global cabal has long since decided that gold and silver coin will eventually be "illegal" in what is now called the "Great Reset". [Source: John Coleman's book "Conspirator's Hierarchy : The Committee of 300". This is not just financial slavery, it is total slavery.

"Neither slavery nor involuntary servitude...shall exist in the United States..." [Amendment XIII, united States' Constitution]

"[B]This Constitution, and the Laws of the United States which shall be made in Pursuance thereof; and all Treaties made, or which shall be made, under the Authority of the United States, shall be the supreme Law of the Land"

Please pay particular attention to the prepositional phrase "in Pursuance thereof". That means "Treaties" cannot usurp the US Constitution. Also, executive orders or unconstitutional agreements with the United Nations are not "treaties". "He [President] shall have Power, by and with the Advice and Consent of the Senate, to make Treaties, provided two thirds of the Senators present concur." [Article II, Section 2, united States' Constitution]

The author of the article in the OP appears to be the typical dumbed-down American who does not understand what money is nor does he even have a clue about the global cabal's plans for total slavery by digital means.

Also, the author of that article even quoted Elon Musk stating he wants to be "authenticating ALL humans". That means no anonymity so one cannot use pen names. Remember that one of the founders, Benjamin Franklin, used pen names.

Presently, it is my experience and understanding that one cannot obtain a "smart phone" without giving one's social security number, which is now being used to turn constitutional and natural rights into easy revocable "privileges" under "US Code, Title 42, Section 666": https://www.healthfreedom.info/mark_of_the_beast.htm

Furthermore, most social media platforms require a smart phone number to become a member to access the platform. Gab.com is an example of a social media platform that does not require identification using the "number of the beast". The so called "government" wants to identify you to implement their social credit score system, thus implementing censorship via the digital financial system.

DIGITAL = SLAVERY

CASH = FREEDOM

50710

And May The Truth Set Us Free,
Truman L Cash

[ThePythonicCow]

I would support amending Article IV of the U.S. Constitution (where "amending" probably means adding another Article to the Constitution, so stating the changes to the original Article IV)

from:


ARTICLE [IV.]

The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.

to:


ARTICLE [IV.]

The right of the people to be secure in their persons, houses, papers, and effects, and to exchange monetary coinage with others, against unreasonable searches, seizures, restrictions, or surveillance, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons, things, or monetary exchanges to be seized, restricted, or surveilled.

[edina]

I would support amending Article IV of the U.S. Constitution (where "amending" probably means adding another Article to the Constitution, so stating the changes to the original Article IV)

from:


ARTICLE [IV.]

The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.

to:


ARTICLE [IV.]

The right of the people to be secure in their persons, houses, papers, and effects, and to exchange monetary coinage with others, against unreasonable searches, seizures, restrictions, or surveillance, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons, things, or monetary exchanges to be seized, restricted, or surveilled.

This idea has merit. Do you know, is there some action building on this idea anywhere?

[ThePythonicCow]

Do you know, is there some action building on this idea anywhere?

The only action I am aware of, ever, is these last couple of posts here ;).

[prc]

I worked for the Financial Sector in my country, after some Banks Bankrupcy here in the past our Banks are heavy regulated now but recently our Central Bank allowed some Fintechs to skip some regulations for a while until they could grow and compete with the 5 Big Banks in Brazil. So we have some some 5 or more Fintechs to compete with the bIG BANKS to try to decrease the interest rates that are stratospheric here.

But there are problems with the onboard system from the Fintechs, you can open your account in seconds but they lack a good compliance department, good internal audits and good security as a result you have several fraudulent accounts being openned every day, specially with the data leaks that abounds on the deep web. They compromise security to provide service as quickly as possible. Our Justice system recently asked the police to hold a meeting with these fintechs to try to stop the frauds because it was becoming unacceptable the situation.

Also you have a huge number of hacked accounts on this Fintech companies because as I sad they lack the security standards from a real Bank. ANd some of them when the money was vanishing from customer´s account was only paying back the customer if their post were going viral on social media. Imagine someone withdrawing your money and the Fintech denying it was a fraud and avoinding investigation and just giving back the money because your post was going viral on facebook, linkedin or other social media. That was the situation of many of their customer´s.

I would not trust payment system inside Facebook, whatsapp, INstagram, twitter tiktok and the like, all of them were hacked and leaked millions of customer data. Would you put your money, credit card details, debit card details on a Technology company that leak your data everywhere???

I would recommend, for security reasons, to chose a Bank that started as a Bank and promoted the digitalization of its services instead of a Technology Company that is trying to mimic a real Bank

SO this are the experiences of Fintech Industry in Brazil. SOme of the Fintechs we have are: NUBANK, BANCO INTER, ORIGINAL, C6 BANK

SOme Big Banks here: Banco do Brasil, Caixa Economica Federal, Santander, Itau e Bradesco.

[ozmirage]

FYI : "Dollar bills" are debt (IOUs), not dollars. The Federal Reserve does not lend "money" (debt is never money). It extends CREDIT (at usury). [When a grocer extends credit so you can buy milk & bread, he wants repayment in "money."] When you use worthless securities ("notes") to "buy," you're exercising a privilege, thus the imposition of an excise tax ("sales tax") on transactions.

The "real reason" why America is entrapped:
Clause 4, 14th amendment, USCON. “The validity of the public debt of the United States, authorized by law ... shall not be questioned.”
To legally challenge the impossible to repay 31+ trillion "dollar" debt requires repealing / amending the 14th amendment, and that's unlikely to happen.

Furthermore, the limitation to gold and silver coin (Art 1, Sec 8, Sec 10, USCON) is actually a boon to bankers. It establishes a scarce, precious metal coinage, that insures high demand for loans and credit (at usury). And at the time of the ratification, there were no domestic sources of bullion. Hence all American coin had to be bought or borrowed from European banks (and their American agents).

At this time, the USGubmint is operated by the Usurer / Collectivist alliance. Of course, they're rivals, and will probably foment a civil war to determine which faction will prevail.

Ironically, there is no bar to the sovereign people from creating and using private money tokens. A popular example is the humble coupon (1/20 cent cash value), denominated in goods and or services. As you may know, there is no excise tax (sales tax) levied on transactions using coupons. "Cash poor" communities could restart their prosperity engines, by cooperating and exchanging private promissory notes (i.e. coupons) to facilitate trade when barter is insufficient. "Credit worthiness" has a different meaning under that system.

[TrumanCash]

An example of a community-based currency was the Ithaca Hour, which also came in various denominations like the Quarter Hour, Half Hour, etc, and was based on a value of ten dollars for one hour of work: https://www.investopedia.com/terms/i/ithaca-hours.asp

50712

[Jim_Duyer]

I don't assume that Elon is the people's champion, and I don't take him in good faith.

When it comes to expanding twitter to be more than a text site, to being a rival to a bank, then I feel very sorry for all the excited people who trust it, especially if they're adverse to China style social credit score.

In the interview below notice how it's Elon who introduces the subject of WeChat; he Changes the subject to it. Might be easy to gloss over this, or dismiss it because mentally it gets in the way of thinking Elon will save us.

Quoted cross post thread from the Elon Musk releases the Twitter files thread


...
<snip>

The first thing he should do is unban Ye."


...
enjoy the show!

:popcorn:

Elon likes China social media too much which makes me nervous.

https://twitter.com/teslaownersSV/status/1585390577633308672


Elon "They have been working on an 'edit button' for a year. Well it's hard! It's a tricky situation."

Interviewer "Edit is incredibly complex."

Elon "Yes good one, indeed. I mean we don't even have, uh, a, an app that's as good as WeChat in China, and like in China you can live on WeChat, basically. It's like anyone who has been there, you live on WeChat , you do payments, you do everything; it's like... it's great. WeChat is kickass, and um, we don't have anything like WeChat outside of China. So I was like, my idea would be like how about if we just copy WeChat. Copy them!"

Interviewer "1) buy Twitter 2) copy WeChat."

Elon "Yeah, pretty much"

Interviewer "3) Profit"

Elon "*chuckles* yes"


Add in that Elon wants Twitter to be full of unique humans. Not just 'humans', unique humans. It's not a good sign. (cross thread link (https://projectavalon.net/forum4/showthread.php?85721-Elon-Musk-founder-of-Tesla-Engineer-or-Illusionist&p=1495379&viewfull=1#post1495379))


But it's not stopping me enjoying the legal disruption Elon's causing, popcorn in one hand and flipping Elon the bird with the other. :bigsmile:

AMEN to that brother.

[ozmirage]

Doesn't everyone love "freedom" until they get the bill?
Oh, right.
The current (Apr 2023) national debt is in excess of 31 trillion dollars (not dollar bills).
This computes to an obligation to pay 1,550 billion ounces of gold, stamped into coin ($20 gold double eagles).
Major problem : known world supply of gold bullion is estimated at 6 billion ounces.
http://en.wikipedia.org/wiki/Gold
What happened to the other 1,544 billion ounces?
>> Can't ask that - it violates the 14th amendment <<
So how DOES this insane system work?
Everyone signed up with FICA / SocSec is a human resource, a "contributor" equally liable on that debt, thus making Federal Reserve Notes ("dollar bills") into legal tender.

Apparently, Americans as collateral are more valued than other nationalities, pledged as collateral on their public debts.

Perhaps it is due to the "voluntary" nature - at least that's what the law implies.
In other nations, where their people are subjects at birth, they cannot consent to be chattels pledged as a security. Perhaps that diminishes their "cash value".

On the bright side, no one who has a claim upon the American human resources would wish to diminish their "cash value" by terminating them.

[s7e6e]

On the bright side, no one who has a claim upon the American human resources would wish to diminish their "cash value" by terminating them.

Look out for black SUVs when you leave the house from now on. You're digging in the right spot.