Brad Miller

Posts Tagged ‘money’

Bitcoin and Banking

In Banking, Bitcoin, Cryptocurrency, Free Market Miracles, True nature of the State on December 15, 2017 at 1:20 am

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What will banking look like in five years? Bitcoin and other cryptocurrencies are challenging the money monopoly that banks and governments have functioned under for millennia.

Banks exist in this country today because of the Federal Government and its money printers at the Federal Reserve. This system is designed to siphon wealth from the masses into the pockets of bankers through fees and especially inflation.

Technology in Banking has changed enormously in the past twenty five years but its core principles of inflation and fee charging have not. The use of debit cards, direct deposit and online banking has habituated banking customers to viewing money as digital more and more.

I’ve been in banking for over ten years as a personal banker. Everyday I am trying to make my job more and more obsolete. I recommend customers do more and more self directed banking by electronic means. Individuals may soon realize that if they can move money electronically why can’t they do so without a bank?

Millions of people are having this realization today with all the attention around the price of Bitcoin.
We tend to think that how things work today is how they’ve always worked and that they will continue working this way into the future. Everything we use on a daily basis goes counter to this human tendency to dismiss new technology and forget how things used to work. Twenty years ago the long distant phone business was a 20 billion dollar a year business. Now 80% of all phone calls are done through Skype and no one even talks about long distant charges any more. The cost of storing and moving money is going through a similar revolution right now.

Bankers think that cryptocurrencies aren’t a threat because of their place on top of the Financial/Political Hierarchy. They believe that people will never be able to break out of the Federal Reserve/Federal Government Financial System. But it’s the Banking System’s regulatory controls,  loan requirements, invasion of privacy through spying on their own customers for the IRS and homeland security, charging fees for moving 1s and 0s, and using an archaic systems to process the movement of those funds which is driving customers to become angry and unsatisfied enough to consider an alternative.

Bitcoin is that alternative. It and other cyrptocurrenices offer movement of money around the world for pennies. It also ends the ability of the government to use banks to spy on you. Every transaction you make with a debit or credit card is recorded. Banks work hand in hand with the government and are basically deputized agents of the IRS, Homeland Security, DEA, and FBI. (The transactions of Bitcoin are transparent with the blockchain but near anonymity can be achieved which is totally impossible with traditional banking).

There are other more privacy focused coins like Monero and Zcash which can totally anonymize transactions if that’s your preference. I believe that as governments move against cryptocurrencies privacy coins will be more and more used.

Cryptocurencies are also apolitical. They don’t require the power of the state to create them or require their permission to send them to whom one chooses. Right now the US government monitors every outgoing and incoming wire into the US. They do this to prevent individuals from sending money to individuals in countries the US government doesn’t like.

Bitcoin will never need a bailout. As time passes on we forget about how insane the bank bailouts were. The entire financial world was collapsing because of the Federal Reserve System which is based upon Fractional Reserve Banking and Printing money out of thin air. This system is built to be unstable. That’s why it requires the FDIC and uses government regulations to lull the public into believing its not going to implode again in the near future, which it will.  Since Bitcoin and other Cryptocurrencies aren’t issued by a government sanctioned central bank or regulated by them they can never be bailed out.

Banking should be treated like every other business in America and be responsible for its actions. Those who choose to use Bitcoin are taking the risk themselves. Those that invest in companies that mine Bitcoin are taking a risk. Those that trade Bitcoin are taking a risk. Life is inherently risky. No one can predict the future. Unless you are a banker. You know that the Financial System will fail again and again you’ll be calling up your Senator or Secretary of Treasury demanding to be bailed out.

Remember that Congress voted no at first to a bank bailout, for about 700 million. But after pressure they caved and authorized it along with countless other measures to ensure the criminally ran Federal Reserve Financial system wouldn’t fail. The American people weren’t for this at all. It will be interesting to see what happens the next time the banks fail and go to Congress.

Another great aspect of Bitcoin is that it can’t be confiscated or effectively banned by governments. The push to ban cash is hot right now in the banking world and governments are keen to do this. They want cash banned because it is anonymous and governments think every one of their citizens is a criminal.  Last year India banned the two biggest denominations, constituting 83% of the value of their currency. This devastated small businesses and people who transacted in cash which are those who don’t have bank accounts.

The reason given for banning cash is to catch tax cheats and money launderers. The true reason is that cash gives people freedom and privacy. Those are two things that all governments want their citizens to have less of. Banning cash forces people into their version of digital money which is far different than Bitcoin. It is a money that can be seized in a second even if you’ve never been convicted of a crime, you can have your accounts closed without your knowledge for sending money to an individual who lives in a country the US government is at war with, and governments can steal your money through negative interest rates. Surveillance and theft are the tools of the state.

 

Fortunately Government monopolies create terrible products, whether it’s the post office, public schools or the current dollar based system. Bitcoin is a cutting edge product that will outcompete the dinosaur that is the Federal Reserve System. It will revolutionize not only how individuals think about money but also how they perceive the role of government interference in their daily choices. Once you can be your own bank and send money around the world without any financial company or government involvement you will start looking at the other surveillance and control systems that rule our lives and begin to wonder if we truly need government involved in the choices we make.

The two most regulated industries are banking and healthcare. If we don’t need government to create or to move money maybe we don’t need them involved in healthcare either. The track record of government involvement with healthcare is worse than banking. Maybe we don’t need or want them to tell us anymore what we can or can’t consume? No huge financial institution created Bitcoin and no government “approved” it. Maybe we are on the verge of people rejecting the idea we need government involved in our healthcare decisions and that entities like the FDA and DEA are as unnecessary as the Federal Reserve?

Satoshi Nakamoto in 2008 wrote the “white paper” describing Bitcoin and how to implement it. His motivation to create this incredible invention was the 2007 Financial Meltdown and the ensuing Bank Bailouts. In fact the “Genesis Block” the block that launched Bitcoin has within it a copy of the “Financial Times” dated Jan, 03 2009. The headline reads “Chancellor on Brink of Second Bailout of Banks”. This is the day Bitcoin was born.

The more governments use surveillance, theft and force to control our lives the more innovations will be created to challenge them. Bitcoin is the greatest step in the advancement of human liberty in the last 200 years. I believe that words on parchment are terrible ways to secure individual liberty. As we’ve seen with the total disregard for the Constitution by our Government overlords.

The only way to secure liberty is through the immutable laws of mathematics. No matter how powerful a government maybe, no bombs, or laws or armies can change the laws of math. Force is useless against cryptography, which is the branch of mathematics cryptocurrencies are named after and that Bitcoin uses. Bitcoin is the first invention in the history of the world that secures individual sovereignty which can not be intimidated, destroyed, or stopped by any government in the Universe.

Every individual owns themselves and ownership denotes control. You have the innate right to control what you ingest or what you use as money or who you send that money to, without the need for government or corporate involvement. Right now anyone in the world with a smart phone can send digital, decentralized, secure, cryptocurrenices to anyone in the world in seconds for just pennies anonymously.

This is truly an amazing time to be alive.

Brad Miler

Advocate of Liberty

Two True Government Conspiracies Bryan Callen should know about

In Banking, True nature of the State on December 12, 2017 at 10:28 pm

Bryan Callen, a hilarious stand up comedian and actor was recently on The Joe Rogan Experience Podcast episode #1045. For three hours Joe and Bryan talked about many subjects and actually busted out signing a duet at one point. It was a good listen.

During the conversation government conspiracies came up. Bryan Callen’s opinion is that governments aren’t able to pull off big conspiracies because someone involved would spill the beans and in general governments are incompetent.

I think that is a naive and ill-informed opinion. In fact there are two huge government conspiracies that are going on right now and they affect every American. They are the Federal Reserve Central Banking System and the CIA’s involvement in The War on Drugs. Both of these continuing conspiracies erode personal liberty, promote violence, and destroys lives.

The Federal Reserve System was cooked up and passed due to the conspiring of a few powerful bankers and their political allies. This system was designed to use inflation to siphon off wealth from the American people and deposit it into the pockets of the bankers. For the privilege of printing the currency in the United States the Federal Reserve Bank would loam limitless amounts of this newly printed paper money to the U.S. Federal Government. This is still going on to this day.

I highly recommend Bryan read “The Creature From Jekyll Island” to get the full story of this true life conspiracy.

The second example of a legitimate conspiracy is the CIA’s involvement with the War on Drugs. In fact the CIA has been aligned with and supported drug traffickers around the world since the Korean War.

Instead of “fighting” the War on Drugs they actually facilitate the growing and distribution of them. During the Korean War they armed rebel Chinese Generals in Burma in exchange for intelligence on the North Koreans. These Generals used the weapons to guard their poppy fields.

During the Vietnam War the CIA armed drug producers in Laos and even used their own airline called “Air America” to fly the heroin out. In fact in one instance two agents with the Bureau of Narcotics and Dangerous Drugs (precursor to the DEA) stopped a plane that had Tide detergent boxes filled with heroin. Turns out it was a CIA owned plane and the CIA told the BNDD agents to stand down and it flew away to deliver its cargo of drugs.

The CIA’s involvement in East Asia created the Golden Triangle which was the largest producer of Heroin up until The War in Afghanistan. A year after the US invasion, Afghanistan became the number one producer of poppy plants for illegal drugs in the world.

To this day Afghanistan grows 90% of the world’s illegal poppy plants. Are they really illegal poppy fields if the CIA and the US war machine are helping protect them? U.S. soldiers have guarded poppy fields because the CIA wanted to use the Warlords who control these areas as informants.

The Federal Reserve System and the CIA’s involvement with the War on Drugs are two true life government conspiracies that continue to have terrible negative consequences to this day. Bryan is a smart dude and once he starts digging into these he may change his mind about the possibility of massive government conspiracies.

Personally I believe that all drugs should be legal. This would end the War on Drugs and prevent the CIA from using the black market premium on them. And I believe we shouldn’t have a Central bank controlling the value of our money. Fortunately we are seeing the rise of Bitcoin and other cryptocurrencies which are threatening to unravel the whole Central Banking scheme. Legalizing Drugs and Ending the Fed would eliminate two huge scourges on humanity and truly limit the government’s ability to perpetrate vast conspiracies.

Brad Miller

Advocate of Liberty

Bitcoin explained in 60 sec

In Banking, Bitcoin, Cryptocurrency, Free Market Miracles, Liberty, natural rights on December 4, 2017 at 1:55 pm

What is Bitcoin? Bitcoin is a proven and secure decentralized digital currency and payment system. There are about 800 other crypto-currencies out there but Bitcoin is the grandfather of them all. Bitcoin and other decentralized digital currencies are the next evolution in money because they aren’t issued and controlled by a government and do not require financial institutions to store or to send them. This technology is revolutionizing banking, politics and global peace because individuals are now empowered to send money to anyone around the world with just their phone.