Will Blockchain Technology Replace Cash?

Wisdom from May of 2016 for today:

 

If Europe is heading toward a cashless society, the loss of freedom will follow.

The European Central Bank (ecb) decided on May 4 to withdraw the €500 banknote from circulation by the end of 2018. The stated reason is that the bill is often used for illicit cash transactions. Although most supporters of this policy say they don’t want to totally abolish cash, some economic analysts believe a cashless monetary system will be the next step, leading to the loss of many freedoms.

The German government also plans to limit all cash transactions to less than €5,000, saying that terrorism is often sponsored by high-cash transactions. The March terrorist attacks in Brussels, Belgium, gave these advocates a significant push forward. Even after banning the €500 note, millions of euros could still be carried in a small handbag. Nobert Haring, a German economist and business journalist, explained in an interview with N-tv that terrorists would not be bothered by the planned limit on cash transactions. He said a total ban of cash would be required to have an effect on terrorists.

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Los Angeles Hospital Pays Ransom in Bitcoins to Network Hackers

An update from yesterday’s article:

 

LOS ANGELES—A large Los Angeles hospital chose to pay hackers who were holding its computer network hostage, a move its CEO said was in its best interest and the most efficient way to end the problem.

Hollywood Presbyterian Medical Center showed uncommon transparency in saying Wednesday that it paid the 40 bitcoins — or about $17,000 — demanded when it fell victim to what’s commonly called “ransomware.”

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War On Cash Escalates: China Readies Digital Currency, IMF Says “Extremely Beneficial”

Remember when Bitcoin and its digital currency cohorts were slammed by authorities and written off by the elite as worthless? Well now, as the war on cash escalates, officials from The IMF to China are seeing the opportunity to control the world’s money through virtual (cash-less) currencies. Just as we warned most recently here, state wealth control is the goal and, as Bloomberg reports, The PBOC is targeting an early rollout of China’s own digital currency to “boost control of money” and none other than The IMF’s Christine Lagarde added that “virtual currencies are extremely beneficial.”

By way of background, as we explained previously, What exactly does a “war on cash” mean?

It means governments are limiting the use of cash and a variety of official-mouthpiece economists are calling for the outright abolition of cash. Authorities are both restricting the amount of cash that can be withdrawn from banks, and limiting what can be purchased with cash.

These limits are broadly called “capital controls.”

Why Now?

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Three obvious signs the entire system is changing

I remember watching Ronald Regan on TV when he told Mikhail Gorbachev, and the entire world to ‘tear down this wall’ from West Berlin.And within a few years it happened. The Soviet Union collapsed, leaving the United States as the victor in the Cold War.

US geopolitical, economic, financial, and military power was completely unchallenged. And it would remain that way for years.

Now it’s a completely different story. The entire system is changing.

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MasterCard is at war in Canada, and it’s not against who you’d expect

As ex advisor to Ronald Reagan, Martin Armstrong, says: The current goal for major institutions and governments is to eliminate cash. This is how you keep bankruns from happening, plus you’re able to track down every single transaction. It’s an all-out assault on your freedom.

 

TORONTO — In Canada, the biggest rival MasterCard Inc. is working to obliterate, according to its local president Brian Lang, isn’t Visa Inc., American Express Co., Interac Association or Bitcoin dealers. It’s cold, hard cash.

“The benefit of Interac and Visa for me is that we’re competing towards the same goal of a digitally enabled country,” Lang said in a recent telephone interview. “I actually appreciate that (Interac) is advertising right now not to pay with cash and that there’s a much better way, that you can tap or pop in your card.” Continue reading

Bitcoin firm CEO found dead after ‘suicide’

The background on Bitcoin isn’t all that clear, but with JP Morgan Chase & Co. it is. This bank has been known to be not-so ‘Obama friendly’ and subsequently became a large target of the Obama administration via extortion. It doesn’t take much to connect the dots. The public doesn’t care, either, as they see these executives as ‘one per-centers’ and ‘big evil bankers’, yet they can never put a face to these supposed villans and put all bankers in the same basket. America is infiltrated and overrun in every facet of society from the military to the banking industry and the judicial system to the school system.

See the following related articles for a background on JP Morgan Chase & Co.:

 

It appears bitcoin’s recent turmoil has claimed its first life.

Autumn Radtke, a 28-year-old American CEO of bitcoin exchange firm First Meta, was found dead in her Singapore apartment on Feb. 28.

Radtke formerly worked with Apple and other Silicon Valley tech firms on developing digital payment systems.

Radtke’s death brings the number of questionable financial sector deaths this year to eight. Continue reading