Bit Coin Banking

So Bit Coin digital money is being outlawed but the banks are trying to introduce no cash digital money and banking....Sounds like Bit Coin to me.
  The banks want total control of our money, they want our money before we get it....They near enough have that already which gives them a ton of money to invest before we see any of our wages.
How much longer are Aussies going to allow themselves to be conned by the banks.
   A bank is just a business nothing more nothing less. They exist only because we agree to let them use our money for investment purposes on the condition that they pay us interest on that loan....although it does get a bit tricky when we want to have continual access to use that money. Interest is usually bugger all so you might as well keep your cash in a safe at home...or under the bed.


Of course if total digital money and banking is introduced by the banks then that will open the doors to let anybody create a digital money bank of their own.

Cash and gold will always be the best bets.

" Interest is usually bugger all so you might as well keep your cash in a safe at home...or under the bed. "

Adrain I find that all I can acuminate are dollar coins, and find them too lumpy in the mattress.    

Yeah and it is a real pain when they all fall out of your pocket and go down behind the car seat as you get into the car.

I have always struggled with the concept of Bitcoin until I did a Google search and came up with this gin clear explanation:

“a type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank”.

Another equally illuminating definition was:

“The Bottom Line. Bitcoin is a payment that uses virtual currency instead of fiat or physical currency. It uses a blockchain to secure transaction information out of the reach of centralized third parties who traditionally facilitate and regulate transactions”.

Be it Bitcoin, digital money or cashless transactions, none of it is of any use when the power goes out and computers go down.  And that’s without worrying about the bad guys (cyber criminals).

Johnny cash will always be king (just ask the tradies)!

A bank will then no longer have to be a flash building with loads of gold and cash in a vault; it will just need to be a dingy single room with a Hoodie hunched over a computer with his finger poised over the send button  ready to destroy the worlds finances.

G'Day Adrian

adrian ss wrote:The banks want total control of our money

100%

I have worked @ 2xOz banks & for .gov in ACT )

15 years ago another labor government wanted to wrestle Credit Reference away from the 'banks', they were going to finance a Local Gov. customer credit protection scheme. The thinking was rate payers build a credit history with the local council & ppl. often live in the same places for decades.

My personal fav. with this system was that the council would be registered as an interested party on CRA & would be advised if the rate payer applied for credit, so if a cyber crim. tried to get a credit card in your name you would be contacted by the council & asked "Did you apply for this"

Also the system would mean your 100 points of ID would be held by your local council & Optus would have to pay the council to get a confirmation of your 100 points not force your to hand over all your personnel details & 'sell' them to criminals when time got tuff

Guess who objected to councils protecting rate payers ?