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Thread: Cryptocurrency

  1. #11
    Quote Originally Posted by David Merrill View Post
    • member state banks
    • non-member state banks
    There is a third, although this works within the system. That is privatized banking.

    Taxes and interest are involved, but with appropriate usage of one's privatized banking system, you should be able to bring down the costs of taxes and interest.

    It seems with the wealthy, they shift from money from income to money from debt.

  2. #12
    Quote Originally Posted by shikamaru View Post
    There is a third, although this works within the system. That is privatized banking.

    Taxes and interest are involved, but with appropriate usage of one's privatized banking system, you should be able to bring down the costs of taxes and interest.

    It seems with the wealthy, they shift from money from income to money from debt.
    I think that line is drawn at qualifying for FDIC.

    If you are wealthy enough to bond yourself, for your lending practices you are a knowingly privatized bank. If you do not know that the depreciation of your stock certificates (inflation) is intended to be compensated by your collection of usury then you are a member state bank without knowing you are a bank, at all.

    Almost everybody endorsing private credit from the Fed misses that point altogether.

  3. #13
    Quote Originally Posted by David Merrill View Post
    I think that line is drawn at qualifying for FDIC.

    If you are wealthy enough to bond yourself, for your lending practices you are a knowingly privatized bank. If you do not know that the depreciation of your stock certificates (inflation) is intended to be compensated by your collection of usury then you are a member state bank without knowing you are a bank, at all.

    Almost everybody endorsing private credit from the Fed misses that point altogether.
    Interesting use of the term, bond.

    From the wikipedia page on margin (finance):

    The collateral for a margin account can be the cash deposited in the account or securities provided, and represents the funds available to the account holder for further share trading. On United States futures exchanges, margins were formerly called performance bonds.
    A performance bond can also be known as a surety bond. Now, we are in the land of the law of sureties.

    Also concerning performance bonds:

    The term is also used to denote a collateral deposit of good faith money, intended to secure a futures contract, commonly known as margin.
    Good faith money is also known as earnest penny, Arles penny, or God's silver (in Latin Argentum Dei) ... an offering or token used to bind a bargain.

    Now that I think more about it, one's estate of their worldly possessions or one's property (collateral) acts as a "performance bond" to one's debts bound therein.

    FDIC, sureties, performance bonds, collateral .... all have to do with risk management and transference.
    Last edited by shikamaru; 03-07-21 at 02:04 PM.

  4. #14
    Banned
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    Quote Originally Posted by shikamaru View Post
    Concerning leave the question blank, that is a good point/question.
    My question is what are the consequences of leaving the question blank?
    I guess you skipped class the day we talked of this; over here.

    I demonstrated that there is no consequence. I left it blank last year yet still received my lawful money tax refund. No problem.

    Also, I have never been taxed on my cryptocurrency transactions. While there are AML/KYC rules at the fiat/crypto exchanges (the entrance & exit ramps), once you have the crypto you can transact directly without the banking system. And of course AML/KYC rules are not a problem for the redeemed (who redeem lawful money). No reporting, no Federal Reserve, no taxable income.

    Attachment 5023

  5. #15
    Quote Originally Posted by lorne View Post
    I guess you skipped class the day we talked of this; over here.

    I demonstrated that there is no consequence. I left it blank last year yet still received my lawful money tax refund. No problem.

    Also, I have never been taxed on my cryptocurrency transactions. While there are AML/KYC rules at the fiat/crypto exchanges (the entrance & exit ramps), once you have the crypto you can transact directly without the banking system. And of course AML/KYC rules are not a problem for the redeemed (who redeem lawful money). No reporting, no Federal Reserve, no taxable income.

    Attachment 5023
    Thank you for the photo:

    Name:  BitCoin Redeemed.JPG
Views: 69
Size:  289.7 KB

    It looks more fun than day trading!

    Your experienced perspective agrees with my thoughts about the privacy. It also seems in alignment with withdrawal of retirement savings (401K). You agree to take on any liabilities and release the financial institution.

    Redemption is great!

    The true objective is redemption of mind.

  6. #16
    Bitcoin can be purchased at PayPal where there is an option for your wallet to be kept there, or a wallet on your own drive. Can PayPal be trusted to keep a wallet?

  7. #17

  8. #18
    Quote Originally Posted by Stephen View Post
    Bitcoin can be purchased at PayPal where there is an option for your wallet to be kept there, or a wallet on your own drive. Can PayPal be trusted to keep a wallet?
    You can acquire and use a hardware wallet.

  9. #19
    Quote Originally Posted by David Merrill View Post
    Sometimes I wonder what if the power goes down?
    Would have to go down globally. Remember crypto is based on blockchain, a distributed worldwide ledger.

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