Crypto Currency

Discussion in 'West Mall' started by AC, Mar 25, 2020.

  1. Dionysus

    Dionysus Idoit Admin

    Also...

    Visa Applies For Digital Dollar Blockchain Patent (Forbes)

    The U.S. Patent and Trademark Office (USPTO) published today that Visa has filed a patent application to create digital currency on a centralized computer using blockchain technology. This patent applies to digital dollars as well as other central bank digital currencies such as pounds, yen, and euros and so the physical currency of a central bank anywhere in the world could be digitized.

    Described as ‘Digital Fiat Currency’ the patent was initially filed by Visa on November 8, 2019, with the USPTO commenting today, “It takes quite a while...” to publish the filing of a patent. Visa’s patent is described as a central entity computer that receives requests that include the serial number and denomination of a physical currency. The creation of the digital currency and the removal of the physical currency from circulation in a fiat currency system is recorded on a blockchain.

    “Visa has a vast global team of inventors and innovators working on cutting edge payment technologies. Each year we seek patents for hundreds of new ideas,” says a Visa spokesperson. “While not all patents will result in new products or features, Visa respects intellectual property and we are actively working to protect our ecosystem, our innovations and the Visa brand.”
    Most Popular In: Crypto & Blockchain

    J. Christopher Giancarlo, Senior Counsel at Willkie Farr and Gallagher and former Chairman of the U.S. Commodity Futures Trading Commission, commented on Visa’s patent filed with the USPTO: ‘This confirms when the U.S. does big things like the space program and the Internet, there are partnerships between the private and public sector. This patent filing is evidence the private sector is very much at work on the future of money.” Giancarlo has been very active at the virtual ‘Consensus Distributed’ conference this week hosted by Coindesk.

    Congress considered the idea of a digital dollar when debating the CARES Act, the third COVID-19 relief package. Although the digital dollar was not included in the final legislation, separate bills have been introduced in both the House and the Senate that looks to legally create a digital dollar at the Federal Reserve and also a digital dollar wallet at the U.S. Treasury. The digital dollar was suggested to provide economic stimulus benefits and possibly universal basic income to Americans.

    The full abstract of the patent filed by Visa is described as, “Techniques are disclosed which include receiving, by a central entity computer, a request for digital currency. The request includes a serial number and a denomination of a physical currency. The central entity computer generates the digital currency for the denomination and linked to the serial number.” Visa’s patent goes on to state, “The generating includes recording the digital currency on a blockchain. The central entity computer transmits a notification of the generation of the digital currency. The central entity computer causes removal of the physical currency from circulation in a fiat currency system.”

    The patent lists the applicant as the “Visa International Service Association,” in San Francisco, CA and notes the inventors as Simon J. Hurry and Alexander Pierre. The patent further describes the workings of a digital wallet and a blockchain. The digital wallet includes a public and private key pair, while the blockchain is described as including a “...plurality of blocks, [with] at least one block, of the plurality of blocks, storing data for a plurality of transactions...including a first record indicating that the digital currency for an amount associated with the denomination has been created [as well as] ... a public key associated with a digital wallet”.

    Visa’s Crypto and Blockchain Ventures

    Visa has made previous major announcements, keeping a close eye on the cryptocurrency and blockchain ecosystem. Last year, Visa was originally announced as a member of the new Libra Association established by Facebook until it withdrew in October, along with a number of other companies. Also, in June of last year, Visa announced it was entering the $125 trillion cross-border, business-to-business (B2B) transactions market using distributed ledger technology to make payments faster, cheaper, and more transparent. The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, a Belgian organization started in 1973 with 11,000 financial institutions, currently serves 11,000 financial institutions conducting B2B transactions, however, SWIFT has been criticized for its legacy systems and inefficiencies.

    Additionally, in February of this year, Visa announced it had granted permission to Coinbase, a cryptocurrency exchange, permitting them to issue a debit card where individuals could spend their crypto through the card.
     
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  2. iatrogenic

    iatrogenic 2,500+ Posts

    Looks like a faster, cheaper wire service, which is good.
     
  3. AC

    AC 2,500+ Posts

  4. AC

    AC 2,500+ Posts

    Bitcoin Is a Paradigm Shift Beyond Wall Street

    Very interesting article here about Bitcoin. It has hit the 10,300 to 10,500 barrier 5 times and been rejected each time including Wednesday morning. It's headed back that way again. Both my kids are invested and I am. I really believe in it as a great long term hedge against what is going on with Currency Devaluation and the Stock Market bubble. I live life out on a limb and many disagree with me. I love risk! But, I get educated about it and understand it. I take a long term view and don't get down about a drop in the market that usually becomes temporary. Pretty soon, it's not going to be so affordable to buy it. A Satoshi is 1/100th of a Bitcoin. In 5 years we'll be talking about Satoshi's like we talk today about a Bitcoin. Maybe 10 years who knows?
     
  5. AC

    AC 2,500+ Posts

  6. Driver 8

    Driver 8 Amor Fati

    Whoa now!
    It is 1/100,000,000th
    There are one hundred million Satoshis per BTC
     
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  7. AC

    AC 2,500+ Posts

    Oops. I should have looked that exact figure up. I heard it wrong, sorry.
     
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  8. Driver 8

    Driver 8 Amor Fati

    PayPal will now allow users to buy bitcoin
    This is the company that froze the Wikileaks account and put bitcoin on the map in 2010 claiming that their service "cannot be used for any activities that encourage, promote, facilitate or instruct others to engage in illegal activity"

    PayPal, Venmo to Roll Out Crypto Buying and Selling: Sources - CoinDesk
     
  9. AC

    AC 2,500+ Posts

    Also, in other bullish news! Liberty X just closed a contract with 711, Rite Aide, and CVS to put Bitcoin ATM’s (BTM) in EVERY store in the US! That’s 20,000 BTM’s which will be installed from now to August as I understand it. Mass adoption!

    My new company Neutral ATM is installing 2 BTM’s in SugarLand in July/August as well. Shameless plug.
     
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  10. AC

    AC 2,500+ Posts



    Venezuela is in hyperinflation now. Not saying we get there quickly but if Trump loses this November, the timeframe WILL speed up dramatically.
     
    • Agree Agree x 2
  11. AC

    AC 2,500+ Posts

  12. AC

    AC 2,500+ Posts

    After today's buzz about the Twitter hacks remember this. In 1/2009 when the first block was mined 1BTC = 0.003 USD.
    [​IMG]

    Now you see what a USD is compared to BTC in 2020. That's impressive in just 11 years, 6 months.
    Also, Twitter was hacked not Bitcoin. Bitcoin has never been hacked. That network is secure.
     
  13. Dionysus

    Dionysus Idoit Admin

    From the Office of the Comptroller of the Currency

    Federally Chartered Banks and Thrifts May Provide Custody Services For Crypto Assets

    https://occ.gov/news-issuances/news-releases/2020/nr-occ-2020-98.html

    WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published a letter [PDF] clarifying national banks’ and federal savings associations’ authority to provide cryptocurrency custody services for customers.

    National and state banks and thrifts have long provided safekeeping and custody services, including both physical objects and electronic assets. The OCC has specifically recognized the importance of digital assets and the authority for banks to provide safekeeping for such assets since 1998. In the letter published today, the OCC concludes that providing cryptocurrency custody services, including holding unique cryptographic keys associated with cryptocurrency, is a modern form of traditional bank activities related to custody services. Crypto custody services may extend beyond passively holding “keys.”

    “From safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today,” said Acting Comptroller of the Currency Brian P. Brooks. “This opinion clarifies that banks can continue satisfying their customers’ needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency.”

    The OCC also recognizes that, as the financial markets are increasingly digitized, the need will increase for banks and other service providers to leverage new technology and innovative ways to serve their customers’ needs. By doing so, banks can continue to fulfill the financial intermediation function they have historically played in providing payment, lending, and deposit services.

    Today’s opinion applies to national banks and federal savings associations of all sizes and is consistent with a number of states which have already authorized state banks or trust companies to provide similar functions.
     
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  14. AC

    AC 2,500+ Posts

    Brian Brooks came to the position of Comptroller of the Currency (OCC) from Coin Desk a Cryptocurrency Company. Trump sees the writing on the wall!

    [​IMG]
     
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  15. Driver 8

    Driver 8 Amor Fati

    Banks need to implement financial diversity training
     
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  16. AC

    AC 2,500+ Posts

    Schools too!
     
    • Agree Agree x 1
  17. AC

    AC 2,500+ Posts

    upload_2020-7-22_19-52-30.png
    Elevator Going Up!!!!
     
  18. AC

    AC 2,500+ Posts

  19. AC

    AC 2,500+ Posts

     
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  20. AC

    AC 2,500+ Posts

    upload_2020-7-27_12-4-44.jpeg
    Anyone watching Bitcoin right now???
     
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  21. Musburger1

    Musburger1 2,500+ Posts

    As of now, it is up around 10% for the day and gold is at an all-time high. I don’t think we will see much inflation in terms of prices in the short term because:
    A) Other central banks are printing just as heavily as the federal reserve.
    B) Defaults on mortgages and loans are increasingly and credit lines are decreasing.

    But gold and Bitcoin have limited supply, unlike dollars, so they should continue to appreciate vs the dollar as central banks print faster and faster.
     
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    Last edited: Jul 27, 2020
  22. Dionysus

    Dionysus Idoit Admin

    [​IMG]
     
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  23. AC

    AC 2,500+ Posts

    I'm a little newer at this than you are Dion. And I just started a Bitcoin ATM company, so I'm pumped!!! I really need some more businesses to host my ATM's. So this energizes me!
     
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  24. Chop

    Chop 10,000+ Posts

    Q for those who have been in the bitcoin market a while: what's the best way to buy/sell short bitcoin or bitcoin instruments (or something that tracks bitcoin) through a "normal" broker? Preferably not futures or options, but equity instruments. Thanks in advance.
     
  25. Dionysus

    Dionysus Idoit Admin

    @Chop — I’m not sure if this answers your question but GBTC (Grayscale Bitcoin Trust) is one that you can buy in an IRA or through a brokerage account. I don’t know about shorting though, maybe someone else can chime in on that. GBTC tracks the BTC market.

    Grayscale Bitcoin Trust™ | GBTC
     
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  26. Dionysus

    Dionysus Idoit Admin

    Greg’s 1700 BTC today would be worth $18,700,000

     
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  27. nashhorn

    nashhorn 5,000+ Posts

    Dion I thought bitcoin was not allowed in an IRA?
     
  28. AC

    AC 2,500+ Posts

    I use Kraken for my Exchange. They are considered the best exchange. I use Bitcoin IRA to buy it and put in my IRA. They custody physical Gold as well. I have Gold and Bitcoin.

    Kraken.com
    Bitcoinira.com
     
  29. AC

    AC 2,500+ Posts

    Then someone needs to arrest my sorry ***.

    bitcoinira.com
     
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  30. Dionysus

    Dionysus Idoit Admin

    It’s not technically owning bitcoin directly but rather an investment instrument or fund that tracks the price.

    For IRAs I think these can be good options because if bitcoin appreciates in price you can still capture those gains as you would with equities in an index fund.
     

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