KarmaCoverage

Listen 13:30-16:30 Answer to the question @ 15:30 is... Cryptography is the enforcement mechanism, when combined with a network of value or an IoV. Whole thing is worth a watch, he knows monetary systems.

https://www.bitrue.com/trade/sgb_usdt @ $0.35 right now

On @Stedas infographic it says 0.1511 SGB per 1 XRP. which sounds about right, but I'm not sure of his source info.

...and the Public was filling up their "Gas tank". (Pun intended)

Well I thought I had it figured out about a year ago, but the solution like putting a square peg in a round hole. Then Flare popped up, and that made things WAY easier, but that is a 2 network solution. Now I'm looking at Hooks and I'm 95% sure it can be done all on XRPL if the Hooks amendment is ever passed. I assume it will be in time. A fully Layer 1 solution is preferable. KarmaCoverage P2P methods were just a few years too early. I think the timing is better now with the DeFi stuff, and the Insurance industry is still a big target of low hanging fruit. I see them like travel agents circa 1995, they don't understand what's coming with the IoV... business model Innovation, the most dangerous kind of innovation for incumbents. Never been to Mexico or Canada, but I do speak some Spanish on about a 5 year old's level. Traveled quite a bit through Central America for surf. I'm not sure I fully explained the topology significance very well. I have a fuzzy picture in my head, I will think about how I can draw it out and share. I think if FinCEN & Treasury understand this point, XRPL's Consensus methods would be the only acceptable blockchain cryptography.

I am serious, and have conceptualized the products. I need other serious folks to work with, funding and developers that understand XRPL. But honestly I could guide a developer through how to build the services. Idk, I'm hesitantly starting to look towards SE Asia. Just need real partners to work with in a funded situation. None of that has to do with this thread, except for the fact that the Asian markets are getting a step ahead, and if I want to be at the tip of the spear of innovation, then I may have to unfortunately move. My only hope is that the US will eventually get it's sh!t straight, and given it's position in the global Monetary system, that could rapidly propel the US back to being a step ahead. It's a matter of timing.

@HAL1000 I've never heard of "free banking" or "antebellum banking", but I think the point about forcing banks to be hyper-local and thus undiversified is a sound argument. Will read links.

Greenbacks were paper currency fiat money issued by the United States during the American Civil War that were printed in green on the back. They were in two forms: Demand Notes, issued in 1861–1862, and United States Notes, issued in 1862–1865. They were legal tender by law but were not backed by gold or silver, only the credibility of the U.S. government. I'm not 100% sure wikipedia is right but it says in the 1860s it was backed by govt credit/fiat. I just know if I could find the lecture where Perry did it explains the monetary expansion very well, and he explaines/describes the same actions happening during almost every other war. Printing more money to send young men off to war seems to be a thing govts do, not just the US.

@WarChest I think the greenback was originally backed by gold, but I'm not 100% sure. I know there was a lot of Monetary expansion (as per usual) that occurred during war time. I can't find it but there is a video where Perry Mehrling details out how the expansion was done, like explaining how QE was done. It's very Interesting, will share if I can find, it was part of his lecture series. https://en.m.wikipedia.org/wiki/Greenback_(1860s_money)

I'm pretty sure that the "Greenback" came out of the 1860s Civil War, and made a standard of value that has lasted till today.

I am 100% "for regulatory compliance". The "wildcat banking" is actually a good term, it harkins the Oil exploration industry investing in real estate. The thing that's different and going to prove difficult for the SEC (and all domestic enforcement agencies) is that these networks are global & the cryptography dosent allow for their traditional enforcement methods. That said, I do think that the enforcement will center on the Exchanges, like they just did with Coinbase. The Exchanges will be for the vast majority of people the "on/off ramps" to the crypto highway. So just like the cops don't pursue a high speed chase on the highway, finding that it's best to use a helicopter to view the public highway tracking the target, then catch the target at the on/off ramp. Enforcement through Exchanges makes sense. That leaves self custody in an odd, yet to be defined position. They can't really stop the "wildcat banking" for folks who personally control their crypto, or folks outside their jurisdiction. I think the SEC is in Check (not checkmate) and they are going to be forced into a "live and let live" position regarding the DeFi explosion. The best they can do is protect their jurisdiction (king) via the on/off ramps.

I've spoken with Quincy, he is a very talented guy with a great personality. He will go far in any endeavor. I also feel a bit of a stalemate, wanting to stay in the US, and wanting to do serious crypto innovation. I have two key concepts that would apply to the derivatives market and the insurance markets. I have a few good people to work with, but I'm also not trying to break any securities laws (that is why I didn't participate in the ETH ICO). It's a real conundrum, can't wait forever, don't want to move away from friends & family.

I've thought about making a video about this but will broach the subject here. Regarding China and the future of Monetary infrastructure geopolitics.... The key point is that currently the US/west's banks dominate the global Monetary infrastructure, and the way that XRPL'S UNL cryptography works, it creates a network topology that retains & extends this US/west's monetary dominance over time. PoW cryptography which allows anyone with the most mining rigs to gain superiority. Nation-state actors can afford to dominate if they make it a priority. Which creates a "the guy with the most money wins by default" type of situation. I'm not sure the SEC and Congress realize what's at stake here. Seems they are listening to the big money center banking lobby, who are hoping to delay the changeing of the current monetary infrastructure's topology, which they currently sit profitably in the middle of. It's like newspapers fighting the internet with lobbyists. It's a losing battle, "if you can't beat em, join em". Which is best for extending their own position in the topology further into the future, so it's even in their own best interest to adopt XRPL to retain their privilaged position by becoming part of the UNL. Somebody needs to make this fact well known to these regulators & politicians. Time is ticking. It's not a joking matter.

It will pass. That will set the goal post far off on the detrimental side of things. Then there will be a multi year fight to set another goal post as far as possible on the beneficial side of things. Then the weirdos in DC will play "let's argue about it", and eventually they will be forced to do what is best to preserve America's best strength... global dominance of the monetary infrastructure. That or we can just let China become the global reserve currency. I'm standing by, waiting to see if I need to go ahead and move somewhere else that has laws. That, or I will have to work remote and never bring my XRP into the US, so there goes the cap gains tax revenue for the US govt. I'm lucky in that I'm in a situation where I can go anywhere and do anything at anytime, but I want to get going and all this wishy washy BS isn't floating my boat. I'd prefer to stay in the US, but Damn it's becoming harder as time ticks, and I've traveled a lot, so I love other countries & cultures. Just not sure what to do.

Nailed it. I remember that book also. I view the IoV as Humanity upgrading and improving the key tool we use to work together (money) and I view working together in large groups as the key advantage we have other other species, so net result is the IoV will make Humanity's key strength even stronger.