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Leaving a comment or question here is easy. Just log-in using one of the Social Log-in options HERE.  You cannot log-in thru WordPress so you will get an error if you try. Instead, use one of the simple Social Log-ins by clicking the icons for the appropriate source.

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– Cullen

 

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Cullen Roche Posted by (Questions: 10, Responses: 1860)
Posted on 09/14/2015 1:27 PM
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Debt-Free Money versus bank-created money.
Cullen – I feel understanding the concept and ramification of debt-free money is so important, even if you don’t favor it, since it puts our current system in stark perspective.
You state regarding govt printed money – “So yeah, they can print up all the money they want, but that doesn’t mean they can make people use their liabilities.” I believe you are only looking in relation to the current monetary system. Under the NEED Act (https://www.congress.gov/bill/112th-congress/house-bill/2990) people will have to accept government liabilities, as you call them, since all money initially entering the economy will be via government spending or gov’t issued loans. Gov’t borrowing would be superfluous and almost an oxymoron. Would appreciate your insights.

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Posted by (Questions: 0, Responses: 33)
Answered on 07/08/2017 12:28 PM
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Moving this into the formal forum.
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Cullen Roche Posted by (Questions: 10, Responses: 1860)
Answered on 07/08/2017 12:51 PM
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I remember this. It was some kind of Presidential campaign gimmick.

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Posted by (Questions: 37, Responses: 646)
Answered on 08/02/2017 8:14 PM
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“How Will The Bitcoin Mania End? Part 1 and Part 2”

More comment than a question but finance and property identification seems to be a particularly difficult areas for bitcoin and the blockchain to administer. At least the conversion to it will be massively difficult. (Opportunity for someone!)

(1) Say I want a personal loan of 1000 btc. A lender would transfer the bitcoins to my bitcoin account ONLY if the collateral for that personal loan, my car, is properly identified as my property in the blockchain so the lender can legally confiscate it if I fail to repay the loan. This means I’ll need to authentic ownership before it can be identified as my property in the blockchain. I will also need to have it inspected to ensure it’s working at an acceptable level by the lender. A mechanic, also registered in the blockchain as a valid mechanic, and not my brother-in-law, would have to certify the car as acceptable to the lender’s standards. And, as you noted, the state must get a record of that transfer to the lender if the lender confiscates it. These things must happen outside the blockchain to make the transfer possible.

(2) Even more complex is borrowing btc’s for a house and using the blockchain to adminster it. The lender’s risk isn’t diminished because it’s transacted within the blockchain. Risks are mitigated with building standards, licensing, certifications, titles searches, income verification, payment history. Each of those, to have a valid record in the blockchain must go through a legal process to certify it’s validity BEFORE putting it into the blockchain ledger.

(3) I buy a Refrigerator from SEARS. I pay with btc’s and the transaction is in the blockchain. The refrigerator is identified by it’s serial number as mine in the blockchain. I’m moving and plan to buy another fridge for my new home. I give the SEARS fridge to my neighbor. I didn’t register the property exchange in the blockchain. My neighbor chooses to sell it to his buddy for his man cave. My neighbor tries to sell it but the ledger identified it to the buyer as someone elses, mine.

Is he a thief attempting to sell stolen goods to his buddy? Should someone have oversite of property transfers that fail ownership status? Should we be concerned when btc’s are transferred with no or suspicious property transfers? If the blockchain becomes the gold standard for contracts, doesn’t that reduce the legality of paper contracts and handshakes?

(4) My neighbor borrowed my lawnmower. I didn’t post it as my lawnmower in the ledger. My neighbor refuses to return it. In fact, on his own, he posted it into the blockchain ledger has his mower. Who wins in court? Can he post it in the ledger without an independent party certifying it as his BEFORE it’s entered and simultaneous with the posting process?

I know that there are folks much smarter than me in law and finance who might have solutions. But it doesn’t appear it will be as simple a conversion process as its made out to be.

Thanks.

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Posted by (Questions: 0, Responses: 1)
Answered on 12/16/2017 2:23 PM
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You are supposed to ask your questions by starting a new thread devoted to the topic you want to discuss.

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Posted by (Questions: 5, Responses: 107)
Answered on 12/19/2017 2:15 PM