The President Trump and the Financial Privacy

Luiz_Ant0n10

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In my opinion the election of Mr. Donald Trump will highlight the struggle for financial privacy. The financial privacy was a recurring theme in Mr. Trump campaign. He was accused of evading taxes, and he was convinced that evading taxes is a matter of survival. However Mr. Trump is a real estate mogul, even if he didn't pay income taxes, he still paid taxes; he is not a small shopkeeper who works every day to pay income taxes. In this case, DASH, the Digital Cash, is the best cryptocurrency to provide to all people the financial privacy that Mr. Trump enjoys.
 
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Roslyn

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Will Bitcoin Have its Moment in the Trump Era?
November 13, 2016
http://www.coindesk.com/will-bitcoin-have-its-moment-in-the-trump-era/

Michael J Casey works on blockchain-based solutions for the Digital Currency Initiative at the MIT Media Lab. He is also a former Wall Street Journal reporter, and the author of several books including "The Age of Cryptocurrency", which he authored with Paul Vigna.


Here, Casey examines how bitcoin might fare under the an administration soon to be overseen by noted, and controversial, entrepreneur Donald Trump.


History tells us that no international monetary system lasts forever.


And as Barry Eichengreen, the leading thinker in this arena, has repeatedly reminded us, those systems tend to collapse very quickly, whether it was the dominance of Rome’s coins, the British pound’s status as the common unit of international trade, or the various periods in which the world aligned around the gold standard.


The same will be true for the US dollar’s unofficial status as the international reserve currency. Its hegemony will at some point disappear and, when it does, the fall will be swift as the world scrambles for a new commercial anchor.


Below, I will make the case that the trigger for this decline, whether it happens in the next four years or not, could well have been put in place last Tuesday. A Trump presidency could hold the right ingredients for a US dollar collapse.


I will also argue that this time, when the dollar system collapses, it won’t be replaced by another outdated fiat currency like the euro, yen or Chinese yuan. Neither will we go back to a precious metals standard, however much gold bugs hanker for it.


In the interim, we may anchor world trade to a transitional, multilateral combination of these paper and commodity currencies, but soon enough it will prove to be too unwieldy and out of touch with a changing global economy.


The fact is, we now operate in a digital economy in which economic activity is increasingly decentralized, with transactions happening peer-to-peer and, when the Internet of Things is in place, machine-to-machine. That online, decentralized economic architecture will require a digital, decentralized system of monetary exchange that bypasses the inefficient financial intermediaries of a broken banking system.


The solution might not be bitcoin per se, but the distributed, network-run system of value transfer that it represents will, I believe, provide the template for the future model.


It's one possible explanation for why the digital currency got a bump on Tuesday evening through Wednesday.


Change is coming

Why might Trump set this chain of events in play? To be sure, we don’t know what changes the next president will introduce, but he has definitely stoked uncertainty around the direction of US policy. And uncertainty, the enemy of efficient markets, can often have a self-fulfilling effect.


That’s an unsatisfying answer, however. So let’s also break down some of the ideas that Trump has floated and how they might change the international perception of America’s commitment to the dollar-based international system:


Rights determined by ethnic background


Trump suggests we should discriminate against external foreigners (Muslim visitors to the US), domestic non-citizens (undocumented Hispanic immigrants) and domestic citizens (judges deemed unfit to serve for being of Mexican descent.) This is not just a moral issue; it goes to the heart of whether the law is impartially upheld in the US.


That perceived impartiality is critical to foreign investors’ willingness to hold dollar assets. Might a Trump presidency call into question the vital notion that anyone can assert their contractual property rights in the US, regardless of who and where they are? If so, might it tip those investors toward repatriating some of the trillions of dollars they hold in US assets and which underpin the dollar’s reserve status?


Contempt for international treaties


Whether it’s Trump’s aggressively anti-free trade stance (vs Mexico and vs China) or his disregard for NATO and other international security pacts, the president-elect does not hold existing international agreements in high regard. Yet the US’s commitment to them is integral to the dollar’s role as the monetary rails of international trade.


It also seems possible that this isolationist mindset would lead the US to cut off support for the Bretton Woods institutions, the IMF and the World Bank, two cornerstones of the current international financial system that have already been squeezed by funding constraints from a Republican-led Congress.


Foreign governments trust the US to hold their reserves under an implicit understanding that Washington will stand by these key elements of the international framework for cross-border exchanges and commitments.


Ambiguous commitment to US security umbrellas


Trump’s dismissal of NATO, his apparent cuddling up to Russia, and his seemingly more lax approach to nuclear proliferation hint at a dramatic diminishment of the US’s military deployment around the world.


That security structure is fundamental to the dollar’s strength – there is an implicit quid pro quo in the idea that in return for Washington’s expenditure on ships, planes and personnel that protect the world’s trade routes, the world uses dollars to transact along those routes.


Mistrust in the Federal Reserve


Trump’s explicit criticism of Janet Yellen during the campaign, saying she should be “ashamed” of keeping interest rates low, challenges the independence of the most important institution charged with upholding the value of the dollar. What might that do to foreign investor confidence?


Runaway federal deficits


The Committee for a Responsible Federal Government estimated that Trump’s campaign spending proposals would add a staggering $5.3 trillion dollars to America’s debt load over the next 10 years, 25 times that of Hillary Clinton’s proposal.


If even half of that were to be committed, the government would have two options: default on the debt or use inflation to monetize it. Either way, the result would be a massive devaluation in the dollar akin to that which President Nixon achieved when he abandoned its gold peg in 1971.


Speaking of the “Nixon shock,” it’s worth remembering that it was achieved through executive fiat, with the audacious plan privy to only a very small clique of close-knit presidential advisors. It provides a valuable reminder of the power of a strong-minded president to singlehandedly change the international monetary system.


I’m not saying Trump would willingly take such action, but these are the kinds of historical reference points that foreign investors will keep in the back of their minds as they weigh their bets on the dollar.


Enter bitcoin

As for what comes next, it’s worth considering how reluctantly many governments participate in the current dollar-based bargain. It’s no secret that China would love to be less dependent on the dollar for foreign trade, which in turn would mean that it isn’t trapped by a need to hold more than $1 trillion in national savings in US Treasury bonds.


But there are also smaller-country governments that feel completely vulnerable to the dollar system, since it means that any change in US interest rates can have a destabilizing effect on their economies. The situation effectively robs them of monetary autonomy.


What’s interesting is that new, digital money solutions inspired by, if not based on, bitcoin could help these countries wean themselves off the dollar.


The digital ledger technology that Wall Street banks are using to pursue the real-time settlement of securities transfers could equally be used to achieve real-time settlement of trade flows. If Chinese exporters can now get direct rubles-to-yuan payments from Russian importers, without depending on the US-led international banking system to clear transactions through its cumbersome, time-consuming process of aggregated transfers, those two countries’ payments would no longer need to triangulate through dollars.


Meanwhile, in smaller emerging markets, governments are exploring digital money solutions that might also bypass banks and potentially even allow them to create independent monetary policy systems.


And what might smart contracts that give both businesses and governments automating tools to mitigate cross-border currency risks do to demand for reserve currencies? The only reason to hold reserves, which amounts to deferring money that could be put to use back home, is for insurance against those risks.


Decentralizing the future

To me, these changes in the technology of money, along with other aspects of our increasingly digitalizing and decentralizing global economy  –  everything from machine-learning and augmented reality to drone delivery and 3D printing  –  make it unlikely that the post-dollar, international solution for managing value exchange will be another fiat currency-based regime. The new architecture will come from within the decentralizing digital technologies themselves.


I’m under no illusions that the powers-that-be who will help determine this future will necessarily gravitate toward bitcoin. But right now, there aren’t many other ways to hedge for these kinds of changes. Bitcoin is the only bellwether we have — a proxy asset class — for the prospect of a future financial system based on a decentralized, distributed trust network.


So if, you’re worried and/or excited about the disruption that a Trump presidency could do to the global monetary system  –  I’m both, I suppose  –  bitcoin might just be a creative way to bet on whatever emerges next.


This article was previously published on Medium and has been republished with permission.
 

Roslyn

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Aug 22, 2014
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President Trump seeks to create more opportunity.

Well, computers that mine Bitcoin, can't mine DASH.

Hence, DASH made twice as many jobs.



Bitcoin began in the U.S. under the Obama era.

Whitepaper November 1, 2009

Has remained secure, providing proof of concept.

Useful for open-source forking the of blockchain.



Litecoin began in China forked from Bitcoin.

First listed on an exchange platform.

Prospecting to be the silver to Bitcoin's gold.



DASH began in US, forked from Litecoin, which is forked from bitcoin,

Inventing a new algorithm requiring separate hardware than Bitcoin and Litecoin.

Prospecting to be the first anonymous and autonomous.



DASH is the world-class digital-currency.
 

Luiz_Ant0n10

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Dash with InstantSend can solve this problem: “PayPal had these goals of creating a new currency. We failed at that, and we just created a new payment system. I think bitcoin has succeeded on the level of a new currency, but the payment system is somewhat lacking. It’s very hard to use, and that’s the big challenge on the bitcoin side.
 
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Bridgewater

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Dash with InstantSend can solve this problem: “PayPal had these goals of creating a new currency. We failed at that, and we just created a new payment system. I think bitcoin has succeeded on the level of a new currency, but the payment system is somewhat lacking. It’s very hard to use, and that’s the big challenge on the bitcoin side.
Dash Evolution is aimed squarely at that target! "Ease of use" and "decentralized" have historically been mutually exclusive. Evolution will finally change that.
 

Luiz_Ant0n10

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IRS vs Coinbase: Massive Implications for Bitcoin, Digital Currencies

The recent Internal Revenue Service request to Coinbase, seeking records of customers who purchased virtual currency from 2013 to 2015, has led to a flurry of media attention both in the U.S. and worldwide. This action affecting America’s largest Bitcoin exchange — arguably the most comprehensive sweep of virtual currency for the purpose of identifying lawbreakers — has massive implications for the future of financial privacy and taxation.

read more here:
https://bitcoinmagazine.com/article...ons-for-bitcoin-digital-currencies-1479937234
 

TanteStefana

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In my opinion the election of Mr. Donald Trump will highlight the struggle for financial privacy. The financial privacy was a recurring theme in Mr. Trump campaign. He was accused of evading taxes, and he was convinced that evading taxes is a matter of survival. However Mr. Trump is a real estate mogul, even if he didn't pay income taxes, he still paid taxes; he is not a small shopkeeper who works every day to pay income taxes. In this case, DASH, the Digital Cash, is the best cryptocurrency to provide to all people the financial privacy that Mr. Trump enjoys.
I think the real reason he doesn't want to disclose his income is because it's less than what he brags about all the time, LOL
 

Luiz_Ant0n10

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Joseph Stiglitz, Nobel Prize-winning economist, thinks so. Phasing out currency and moving towards a digital economy would, over the long term, have “benefits that outweigh the cost,” the Columbia University professor said on day one of the World Economic Forum's Annual Meeting in Davos.

The US should get rid of cash and move to a digital currency, says this Nobel Laureate economist:
https://www.weforum.org/agenda/2017...al-economy-says-this-nobel-laureate-economist
 

Luiz_Ant0n10

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Donald Trump’s $20 Trillion Problem

The Money Project is an ongoing collaboration between Visual Capitalist and Texas Precious Metals that seeks to use intuitive visualizations to explore the origins, nature, and use of money.
Only a few days after Trump’s inauguration ceremony, the U.S. National Debt will creep across the important psychological barrier of $20 trillion.

It’s a problem that’s been passed down to him, but it certainly puts the incoming administration in a difficult place. The debt is burdensome by pretty much any metric, and the rate of borrowing has exceeded economic growth pretty much since the late 1970s.

How Trump deals with this escalating constraint will be a deciding factor in whether his administration crashes and burns – or ends up re-positioning America for greatness.

http://money.visualcapitalist.com/video-donald-trumps-20-trillion-problem/

 

Luiz_Ant0n10

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Donald Trump Names The Globalists

Donald Trump repeatedly talks about the "globalists" as the true enemy and Clinton as their handmaiden during his speech at a rally in Florida.

The con game of debt-based, fractional reserve banking gets called out for being a parasite that saps the wealth of entire nations and consolidates it into the hands of the Rothschilds and the Warbergs and the other globalist bank clans.


Trump: I will not surrender U.S. to false song of globalism.
Fox News Insider
 

Luiz_Ant0n10

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Steven Mnuchin, former Goldman Sachs exec, confirmed as treasury secretary

Senate approved Trump’s pick despite strong objections by Democrats that the former banker ran a ‘foreclosure machine’ when he headed OneWest Bank
https://www.theguardian.com/us-news/2017/feb/13/steven-mnuchin-treasury-secretary-senate-vote

A bitterly divided Senate on Monday confirmed Steven Mnuchin as treasury secretary despite strong objections by Democrats that the former banker ran a "foreclosure machine" when he headed OneWest Bank. Mnuchin was sworn in Monday night in the Oval Office, where President Donald Trump said Americans should know that "our nation's financial system is truly in great hands" Trump hailed Mnuchin as "a financial legend with an incredible track record of success." He said Mnuchin had spent his entire career making money in the private sector and now will go to work on behalf of the American taxpayer. Republicans said Mnuchin's long tenure in finance makes him qualified to run the department, which will play a major role in developing economic policy under President Donald Trump.

 

Luiz_Ant0n10

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a good reading suggestion

The End of Money and the Struggle for Financial Privacy Hardcover – January 20, 1999
by Richard W. Rahn (Author)


Imagine a world in which: you make all of your purchases without ever handling currency - bills or coins - or even writing checks; most money is issued privately and digitally, rather than by governments; inflation is largely a relic of the past; you choose which transactions you wish to be on record and which you wish to be anonymous.

https://www.amazon.com/End-Money-St...=sr_1_1?s=books&ie=UTF8&qid=1487355840&sr=1-1

Richard W. Rahn (born January 9, 1942 in Rochester, New York) is an American economist who frequently writes for The Washington Times. He was the Vice President and Chief Economist of the United States Chamber of Commerce during the Reagan Administration and remains a staunch advocate of supply-side economics, small government, and classical liberalism.

Peter Thiel and Richard Rahn | Virtual Money, Privacy, and the Internet:
 

Luiz_Ant0n10

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Donald Trump's first speech to Congress

..."I believe strongly in free trade but it also has to be FAIR TRADE"...

..."Free nations are the best vehicle for expressing the will of the people –- and America respects the right of all nations to chart their own path. My job is not to represent the world. My job is to represent the United States of America. But we know that America is better off, when there is less conflict -- not more"...

Read full transcript of Donald Trump's first presidential address to Congress:
https://www.theguardian.com/us-news...pt-donald-trump-presidential-address-congress

DONALD TRUMP'S CONGRESS SPEECH (FULL VIDEO) 2/28/2017
 
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Luiz_Ant0n10

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DON THE WARPATH US Navy strike group is moving towards North Korea amid mounting tensions over despot Kim Jong-un’s nuke tests
Navy force will move towards the western Pacific Ocean near the Korean peninsula
https://www.thesun.co.uk/news/32912...tensions-over-despot-kim-jong-uns-nuke-tests/

US Navy strike group moves towards North Korea as war fears grow
A US Navy strike group is set to move to the Korean peninsula amid fears Kim Jong-un could be preparing to launch a nuclear missile, according to a military official.
http://www.express.co.uk/news/world...hree-carl-vinson-nuclear-missile-strike-group

North Korea: Friendship with Syria ‘Will Be Strengthened and Developed’
“Kim Jong Un, chairman of the Workers’ Party of Korea, Thursday sent a message of greeting to Bashar Al-Assad, president of the Syrian Arab Republic who doubles as regional secretary of the Baath Arab Socialist Party,” the North Korean state newspaper Rodong Sinmun reported on Friday.
http://www.breitbart.com/national-security/2017/04/07/north-korea-syria-strength-friendship/

North Korea could use “electromagnetic pulse” (EMP) attack o ‘plunge US into DARK APOCALYPSE’
KIM Jong-un could send the US back to the Stone Age by unleashing a devastating Cold War-style attack on its power grid, a former CIA boss has warned. By Jamie Micklethwaite / Published 14th March 2017 North Korea and the US have been at loggerheads recently, with the tubby tyrant threatening to launch a devastating nuclear assault on US heartland.
https://nuclear-news.net/2017/03/15...-emp-attack-o-plunge-us-into-dark-apocalypse/

 

Luiz_Ant0n10

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President Assad: Deep State Control America, Not Trump
http://yournewswire.com/assad-deep-state-control-america/

Syrian President Bashar al-Assad claims that Trump has been duped by the Deep State, who he says have complete control of America.
In his first interview following the Tomahawk missile attack last week, Assad claims that the neocons have taken control of the Trump administration, and that its “business as usual” for the American Deep State when it comes to dictating foreign policy.
 

Luiz_Ant0n10

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REPEAL OF OBAMA-ERA 'NET NEUTRALITY' MEANS 'FREE, OPEN INTERNET'

FCC commissioner: 'We're going to get more privacy protections as a result of this vote

On Dec. 14, the Federal Communications Commission is expected to roll back Obama-era Internet regulations, a move that one commissioner tells WND and Radio America will reinvigorate broadband innovation and reduce the government’s influence over the Internet while keeping important consumer protections in place.

Read more at:
http://www.wnd.com/2017/11/repeal-of-obama-era-net-neutrality-means-free-open-internet/
:rolleyes:
 

Luiz_Ant0n10

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Tax-reform payoff! 5 companies already reward employees. Trump, GOP leaders celebrate biggest overhaul since Reagan

Passed in both chambers with no Democrat votes, the bill cuts the corporate tax rate from 35 percent to 21 percent. It also doubles the standard deduction to $24,000 for married couples and doubles the child-tax credit to $2,000, with up to $1,400 available in refunds for families who owe little or no taxes. The bill maintains seven personal income tax brackets and lowers the tax rates for most brackets, reducing the top rate to 37 percent from 39.6 percent.

Read more at:
http://www.wnd.com/2017/12/trump-gop-celebrate-tax-reform-merry-christmas-america/
:rolleyes:
 

Luiz_Ant0n10

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Ben Swann takes a look at the GOP Memo on the FBI and explains why the real story here is one with FISA transparency, in this Reality Check w/Ben Swann Powered by #dash

 

Luiz_Ant0n10

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Reality Check: Trump Did Not Make It Easier for Severely Mentally Ill People To Buy Guns

The latest mass shooting at a school in Florida is once again reigniting the debate over gun control and mental health. But now the media headlines are blaming President Trump because, they say, he signed a bill that actually made it easier for people with severe mental health problems to get guns. Is that true? Let's give it a Reality Check you won't get anywhere else.

 

Luiz_Ant0n10

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About Trump’s Petro ‘Ban’: Cryptocurrencies Ignore Invisible Lines

As CCN earlier reported, US president Donald Trump has banned US citizens from trading in the Venezuelan-government backed Petro cryptocurrency. This isn’t like a chat ban, though. It’s a law. They have to send some guys after you if you decide to ignore the law, and of course, in this editorial, I don’t mean to suggest that you should. It’s clearly a bad idea to tempt the federal government.

https://www.ccn.com/trumps-petro-ban-cryptocurrencies-ignore-invisible-lines/
:rolleyes:
 

camosoul

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Trump is a cunt. I hope he gets assassinated.

Wait, I hope he watches his children die, then gets assassinated.
 

Luiz_Ant0n10

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Testifying on Facebook users' data before a joint meeting of the Senate Commerce and Judiciary committees, the $64 BILLION Facebook CEO Mark Zuckerberg is cornered by Senator Ben Sasse on the ability of people to exercise their 1st Amendment Rights vs "hate speech."

:rolleyes:
In an exchange with Republican Sen. Ben Sasse of Nebraska, Facebook CEO Mark Zuckerberg dodged a question on defining hate speech, saying only that the platform would discourage speech inciting violence. “It’s a really hard question, and I think that’s one of the reasons why we struggle with it,” Zuckerberg said.

:rolleyes: