Re: [ANN][SLR] SolarCoin | PoW to PoS v. 2.0 | Solar Proof of Generation (§1 = 1MWh)
Any news on the POS implementation?
Sunnyboy just finished POS Proof of Shirt... You should sell Sun Block for Proof of SunBurn
Looks pretty cool Sunnyboy, you need one version with the big logo on the back and a small one on the front though. And V neck or Lower Neck comfort.
Why not accept SolarCoin for the shirts? Ah you have to pay money for them! Why go through the hassle of converting to bitcoin then back to fiat.
Well... Here's about money.
"Money creation in the modern economy"
By Michael McLeay, Amar Radia and Ryland Thomas of the Banks Monetary Analysis Directorate.
Bank Of England
http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q102.pdf
Cheers!
That's nice article. BOE does good research especially Haldane. I used to work with some of his peers. My own concept of money is a bit broader and includes any representation of value, so equities and commercial credit etc. are included, they are just money with unique properties, but all represent value. more in my book. www.thenatureofvalue.com A great site on money which is working putting out M4 aggregate figures is http://www.centerforfinancialstability.org/index.php I was on a panel with the CEO a few weeks back. they have some cool historical data along with compelling new aggregates.
That article is very general. It doesn't delve into the ways that these assets are manipulated with the power of the money they created. A bank that bets against its own CDO created from Accredited AAA rated loans that were fraudulently rated, create money for themselves. Banks that sold out the 401K's of Police and Fire Departments among many others involved with AIG etc. to be backed in Derivatives markets telling people these funds were insured, were considered legitimate banks involved in this creation of money. Usage of Credit Default Swaps to secure against loss as a scheme to also offset the bogus AAA rated loans until the central bank pulls back from the domino effect, causing a Quadrillion dollar call on the derivative market would make it seem like a Billion dollars is chump change. 11 Trillion off the books at the Federal Reserve during the crisis tips the hand of where the real power dwells. Then consider that Congress was blocked to Audit the Fed. Res. when they and the comptroller general should have complete transparency within the Fed Reserve. This is where your so called percentage of money creation took place yet 11 Trillion was underhandedly handed to the banks as a TARP. And we all know that a tarp is used to cover something up. Why would the creation of this type of money even matter anymore. Yet these are the basis of your knowledge and books as inference to what you know about how an economy or monetary supply should evolve from. Where does the money go into this Black Hole of Derivatives created by securitized loans on bad assets? Only further deluged by the separation of the title to a pool of investors who can not change terms of the loans for those properties who just needed to restructure their loans with their BANKS!
How this money is leveraged fraudulently is more important than how it is made by the banks.
This only shows the blaring problem reflected by the fact that SolarCoin (or any other Alt Coin) must accept FIAT for their T-Shirt as if we expect the conundrum should give us all the shirt off its back if all we do is put a logo on it.
Your first principle is flawed. Banks don't create money, they create debt and the Federal Reserve siphons a percentage of that debt payable to their shareholders which happen to be unknown.
The minting of money is controlled by the Federal Reserve, not by congress but based on their budget so to speak, the US Treasury completes the creation of money physically. How is the money dispersed, Banks right? Kind of like they created it given the power to disperse it. Banks were insolvent yet the Federal Reserve may have given them 11 Trillion off the books, so they are directly tied to the creation of money period. The Federal Reserve is just one of the 11 World banks, strange how there was 11 Trillion off the books. This 11 Trillion could have gone to stabilize positions though, which equate to the stability of the dollar. Let me know what you think happened. Whatever it was used for, is unconstitutional.
So what is SolarCoin going to give solar credits just to allow them to turn those solar credits into BitCoin, and say thank you for taking a sun bath with us! Crypto sometimes sounds no better than the bankers now. Don't make SolarCoin worth something, that is too easy to understand how it could be valuable.