Max Keiser: “BitCoin was created to combat the Banksters”

“The past few years have seen a growth in crypto-assets.

While the crypto-asset market remains small relative to that of the global financial system, and banks currently have very limited direct exposures, the Committee is of the view that the continued growth of crypto-asset trading platforms and new financial products related to crypto-assets has the potential to raise financial stability concerns and increase risks faced by banks.”

… as if 2008 happened because of crypto currencies X-D

… i bet they blame the next crash completely on BitCoins and then present their version of it as a solution (which will have no limits on money creation).

… well there is/was

at least one government backing CryptoCurrencies: Venezuela.

2018: Whitepaper_Petro_en.pdf

while receiving overall negative press…


Crypto is Taking Over Venezuela, Due to the Country’s Destroyed Fiat System

2017: Venezuela Set to Launch Its Own Oil-Backed

“As noted by NewsBTC earlier this week, Maduro has announced the plan to tie the national currency’s exchange rate to the state-launched, oil-backed crypto the Petro — of which an increased minimum wage will be anchored to as well. 

According to Maduro, who spoke in a televised address Friday, August 17, the Petro will be valued at $60, or 3,600 sovereign bolivars — this after the planned redenomination that will take five zeroes off the national currency. The minimum wage will be set at half that, 1,800 sovereign bolivars, as per reports from Breaker.

“They’ve dollarized our prices. I am petrolizing salaries and petrolizing prices,” Maduro said. “We are going to convert the petro into the reference that pegs the entire economy’s movements.”

Venezuela and Crypto

“As noted, Venezuela’s economy is in shambles, with hyperinflation heading for 1,000,000% by end of 2018 according to the International Monetary Fund (IMF).

Over the past year the U.S. has imposed increasingly restrictive sanctions on Venezuela’s finances and debt issuance, perhaps in attempts to drive Maduro out of power. The U.S., under President Trump, has also banned citizens from transacting in the Petro in attempts to further squeeze Venezuela”

“While crypto-assets are at times referred to as “crypto-currencies”, the Committee is of the view that such assets do not reliably provide the standard functions of money and are unsafe to rely on as a medium of exchange or store of value.” (src:

You forgot the most important function of money and money creation by private banks: control, who gets fresh money can do things – while the rest has to sit still and watch.

Currently less than 10% of the newly created money reaches the real economy, the rest goes to financial gambling.

… okay back to the BIS-text:

Crypto-assets are not legal tender, and are not backed by any government or public authority.1

“Through this newsletter, the Basel Committee is setting out its prudential expectations related to banks’ exposures to crypto-assets and related services, for those jurisdictions that do not prohibit such exposures and services.”

“Crypto-assets have exhibited a high degree of volatility and are considered an immature asset class given the lack of standardisation and constant evolution.

They present a number of risks for banks, including liquidity risk; credit risk; market risk; operational risk (including fraud and cyber risks); money laundering and terrorist financing risk; and legal and reputation risks.

Accordingly, the Committee expects that if a bank is authorised and decides to acquire crypto-asset exposures or provide related services, the following should be adopted at a minimum:

  • Due diligence: Before acquiring exposures to crypto-assets or providing related services, a bank should conduct comprehensive analyses of the risks noted above. The bank should ensure that it has the relevant and requisite technical expertise to adequately assess the risks stemming from crypto-assets.
  • Governance and risk management: The bank should have a clear and robust risk management framework that is appropriate for the risks of its crypto-asset exposures and related services. Given the anonymity and limited regulatory oversight of many crypto-assets, a bank’s risk management framework for crypto-assets should be fully integrated into the overall risk management processes, including those related to anti-money laundering and combating the financing of terrorism and the evasion of sanctions, and heightened fraud monitoring. Given the risk associated with such exposures and services, banks are expected to implement risk management processes that are consistent with the high degree of risk of crypto-assets. Its relevant senior management functions are expected to be involved in overseeing the risk assessment framework. Board and senior management should be provided with timely and relevant information related to the bank’s crypto-asset risk profile. An assessment of the risks described above related to direct and indirect crypto-asset exposures and other services should be incorporated into the bank’s internal capital and liquidity adequacy assessment processes.
  • Disclosure: A bank should publicly disclose any material crypto-asset exposures or related services as part of its regular financial disclosures and specify the accounting treatment for such exposures, consistent with domestic laws and regulations.
  • Supervisory dialogue: The bank should inform its supervisory authority of actual and planned crypto-asset exposure or activity in a timely manner and provide assurance that it has fully assessed the permissibility of the activity and the risks associated with the intended exposures and services, and how it has mitigated these risks.

The Committee continues to monitor developments in crypto-assets, including banks’ direct and indirect exposures to such assets. The Committee will in due course clarify the prudential treatment of such exposures to appropriately reflect the high degree of risk of crypto-assets. It is coordinating its work with other global standard setting bodies and the Financial Stability Board.
1 Crypto-assets differ from central bank digital currencies. See the report by the Committee on Payments and Market Infrastructures and the Markets Committee, available here.

Note to editors:

The Basel Committee is the primary global standard setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability. The Committee reports to the Group of Central Bank Governors and Heads of Supervision and seeks its endorsement for major decisions. The Committee does not possess any formal supranational authority and its decisions do not have legal force. Rather, the BCBS relies on its members’ commitments to achieve its mandate. More information about the Basel Committee is available here


let me know what you think of this article, by the bankers of bankers.

how is crypto doing compared to USD/EUR?

… first of all it’s confusing. with new cryptocurrency systems and names poping up daily?

Snowden likes zcash: fork of zcash: komodo

What Is Komodo?

Edward Snowden: Zcash Is ‘Most Interesting Bitcoin Alternative’

Buy Zcash (ZEC)

As the need for anonymity increases online, people are looking for solutions other than Bitcoin (which is far from anonymous). Zcash (ZEC) is one such solution, globally known as privacy coins. In the following post I’ll explain what Zcash is in a nutshell and how you can buy it online. Post Summary Here’s how to buy Zcash in 4 simple steps: Step 1 – Get a Zcash Wallet (Ledger, Coinomi) Step 2 – Get your Zcash address Step 3 – Find a Zcash Exchange (, Kraken) Step 4 – Buy and withdraw your coins If you want a more detailed review about Zcash and the different buying options online keep on reading. Here’s what I’ll cover: What is Zcash? How to buy Zcash? Getting a Zcash wallet Finding a Zcash exchange Withdrawing your coins Conclusion 1. What is Zcash (ZEC)? ZCash is a project which is headed by Zooko Wilcox, that’s here to tackle one of bitcoin’s most urging issues – traceability. As you may or may not know, Bitcoin isn’t completely anonymous. To address this issue, Zcash has one major feature added on top of bitcoin, which is completely private transactions. This means that both the recipient and the amount sent are being kept a secret, unknown to anyone but the sender and the recipient. Now you’re probably thinking: If the amounts are being kept a secret, how do I know there aren’t new coins being generated and inflating the amount of existing coins? The answer is called Zero-Knowledge proofs, or zk-SNARK. zk-SNARK is a way of proving that you have knowledge of something without giving out any information about the thing itself. While it’s far too technical to get into in the scope of this post I’ll just say It’s used in ZCash to prove the transaction is valid and does not create new coins, without giving out information about the amounts and the recipients. For a deeper explanation about Zcash and privacy coins in general, watch this video:

Read more: How to Buy Zcash (ZEC) in 3 Steps – Beginner’s Guide (2019 Updated) | 99Bitcoins


Leave a Reply

Your email address will not be published. Required fields are marked *