CBI News 02/04/2019

[coorslite21]

Very wide scope to this thread......Venezuela is a country with off the rails economic issues....the use of bitcoin has been a saving grace for many there.....officially the Govt has tried launching an oil backed State Crypto currency......the PETRO......so far not so good..

 

Iran is looking to have a gold backed cryptocurrency....I understand why.....and l'll add that these projects take some time and expertise.....

 

There are better options....(actually many) for Gold backed crypto currencies..one you might research..

https://kinesis.money/en/

 

 

 

 

 

 

[Synopsis]

3 hours ago, Adam Montana said:

 

I just got around to reading your post here, and I happen to be midway through a pretty detailed post of my own that addresses some of your ideas and some others... it will be up a little later today.

 

I'll have a hard time topping yours, though! Great post  

 

 

Not bad at all.

 

 

I As Always, Like Many Others, REALLY Look Forward To See What You Have To Say, Adam, All The Very Best!!! 

 

Thank You!!!

 

I am pretty stoked on news like we are seeing while it just seems it can't just go on like it has been much, if any, longer!!!

 

Go Moola Nova (YEAH AND YEE HAW, BABY, READY WHEN YOU ARE BROTHER (OR SISTER) - LET 'ER BUCK!!!)!!!

   

[Adam Montana]

4 hours ago, ladyGrace'sDaddy said:

Please help me out here Mr. Adam, I like to think of myself as someone who has been studying cryptocurrencies for some time now, somewhat knowledgeable on the subject. However, I am just a truck driver, what I don't understand is how Iran's illegal gold-backed cryptocurrency can be good for us.

All this commentary reminds me  of early 2017 when everyone thought cryptocurrencies was going to take back control of our money from the banking system. What people failed to understand at that time was it is not our money, but it belongs to the Federal Reserve. We are only allowed to use it at their pleasure.

 

It seems to me that if Iran, Iraq or any other Nation wishes to use a gold-backed cryptocurrency as an end-run around the financial powers that be today the result will be far less palatable then in 2017. As we well know the Futures Market took care of the people thinking they could take their power. When Nations attempt to do such a thing, Wars start. A brief study of the world history and financial situation just prior to World War II will show what I mean. The British pound being at that time the world's Reserve currency.

 

See below  

 

(I posted that it's "not a bad thing", not that I see it as positive in itself)

 

 

4 hours ago, coorslite21 said:

Very wide scope to this thread......Venezuela is a country with off the rails economic issues....the use of bitcoin has been a saving grace for many there.....officially the Govt has tried launching an oil backed State Crypto currency......the PETRO......so far not so good..

 

Iran is looking to have a gold backed cryptocurrency....I understand why.....and l'll add that these projects take some time and expertise.....

 

There are better options....(actually many) for Gold backed crypto currencies..one you might research..

https://kinesis.money/en/

 

 

 

Good post CL

 

My take on the Iran factor here lines up with yours. I don't see Iran's ambitions for a gold backed crypto as holding much merit.

 

Iraq can tell Iran to sit on their thumbs for any length of time, and the world is not going to come to Iran's aid over a small claim such as they may say they have at the moment.

 

 

[MyLadiesDaddy]

36 minutes ago, Adam Montana said:

 

See below  

 

(I posted that it's "not a bad thing", not that I see it as positive in itself)

 

 

 

 

Good post CL

 

My take on the Iran factor here lines up with yours. I don't see Iran's ambitions for a gold backed crypto as holding much merit.

 

Iraq can tell Iran to sit on their thumbs for any length of time, and the world is not going to come to Iran's aid over a small claim such as they may say they have at the moment.

 

 

My misunderstanding, again, sorry. 

[Adam Montana]

12 minutes ago, ladyGrace'sDaddy said:

My misunderstanding, again, sorry. 

 

You can apologize in person if this news keeps coming the way it is lately!

 

 

[MyLadiesDaddy]

3 minutes ago, Adam Montana said:

 

You can apologize in person if this news keeps coming the way it is lately!

 

 

I'll even buy you an umbrella drink at TFYU bar 

[Donziman]

OMG did Lugi write this article ? Crypto is way to complicated for

the schmucks of iraq to work with. They can't seem to walk and

chew gum at the same time. Remember the election of May 2018?

They still haven't even settled that fiasco....

[Floridian]

36 minutes ago, Donziman said:

OMG did Lugi write this article ? Crypto is way to complicated for

the schmucks of iraq to work with. They can't seem to walk and

chew gum at the same time. Remember the election of May 2018?

They still haven't even settled that fiasco....

 

I agree, 1,000%.

Has to be a joke.  😂

[Butifldrm]

De-Dollarization Accelerates: Iran Unveils Gold-Backed Cryptocurrency

by Tyler Durden

Tue, 02/05/2019 - 17:25

46

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Authored by Adrian Zmudzinski via CoinTelegraph.com,

Four banks in the Islamic Republic of Iran have developed a gold-backed cryptocurrency called PayMon, financial news website Financial Tribune reported on Jan. 30.

image courtesy of CoinTelegraph

According to the article, the crypto asset has been developed in cooperation with the Parsian Bank, the Bank Pasargad, Bank Melli Iran and Bank Mellat. Iran Fara Bourse, an over-the-counter (OTC) cryptocurrency exchange, will reportedly list the new cryptocurrency.

The director of Kuknos, the blockchain company taking care of the technical aspects, said that the new crypto asset is a way to tokenize assets and excess properties of the banks.

A billion PayMon tokens will be initially released, according to the article.

As Cointelegraph recently reported, Iran is allegedly negotiating with Switzerland, South Africa, France, the United Kingdom, Russia, Austria, Germany and Bosnia to carry out financial transactions in cryptocurrency.

Recently, rumors spread that Iran could unveil its state-backed cryptocurrency at the Electronic Banking and Payment Systems conference that took place last week in Tehran, but the announcement has not been made as of press time. In July 2018, it was reported that the country confirmed that it will create its own state-issued cryptocurrency to circumvent United Statessanctions.

At the end of this January, Iranian lawmakers noted that they would seek to introduce legislation to block the use of crypto for payments inside the country and keep citizens from having significant holdings.

In December last year, Cointelegraph reported that Alireza Daliri, deputy for management development and resources at the vice presidency for science and technology, said that blockchaincan help improve the country’s national economy.

image courtesy of CoinTelegraph

In a similar move, Venezuela launched its oil-backed cryptocurrency, Petro, in October of last year. However, it is unclear which exchanges the coin is currently trading on, and critics have pointed outthat the oil-fields that purportedly back Petro show little signs of activity.

Finally, CoinDesk notes that last month saw US lawmakers introduce bills against Iran’s efforts to create a sovereign cryptocurrency.

Portions of the Blocking Iran Illicit Finance Act, introduced by Rep. Mike Gallagher (R-Wisc.), called for an investigation into Iran’s crypto efforts. A corresponding bill was submitted in the Senate by Sen. Ted Cruz (R-Texas). The proposals call for sanctions against those who knowingly provide Iran with funding, services or “technological support, used in connection with the development of Iranian digital currency.”

https://www.zerohedge.com/news/2019-02-05/de-dollarization-accelerates-iran-unveils-gold-backed-cryptocurrency