Crypto more of a threat to banks than to gold, page-4

You get a loan from a lender.

You could store your bitcoins in a warehouse. Crypto linked to gold is a very obvious way to go to me.

Banks are becoming more obsolete, and at an accelerating rate now. They simply cannot compete and the technology is so pervasive. The fee clipping rates have been unacceptable for decades, the scandals laughabe and although rpofits and CEO pays were outstanding, the value to customers appalling.

But the technology changes at a far greater rate than most peoples habits.

The Banks have destroyed trust at an unbelievable rate, and with continuing dicslosures, lack of accountability, lack of robust internal processes....there is clearly a far more effective and efficient way.

http://www.abc.net.au/news/2017-12-14/money-laundering-things-just-got-a-lot-worse-for-cba/9259034

https://www.theguardian.com/austral...line-banking-scandals-in-australia-since-2009

https://www.globalwitness.org/en/campaigns/corruption-and-money-laundering/banks-and-dirty-money/

https://www.globalwitness.org/en/ca...ring/banks/tip-iceberg-role-banks-fifa-story/

and I still ove the new Libor story

https://www.rollingstone.com/politics/news/taibbi-is-libor-crucial-financial-benchmark-a-lie-w497305

"
Here's how it's supposed to work. Every morning at 11 a.m. London time, twenty of the world's biggest banks tell a committee in London how much they estimate they'd have to pay to borrow cash unsecured from other banks.
The committee takes all 20 submissions, throws out the highest and lowest four numbers, and then averages out the remaining 12 to create LIBOR rates.
Theoretically, a fine system. Measuring how scared banks are to lend to each other should be a good way to gauge market stability. Except for one thing: banks haven't been lending to each other for decades....."

you remember the old gold fix?

What is the gold fix? Started in 1919, the daily meeting to decide on a benchmark price was held at NM Rothschild (why not, excellent venue, tea milk biscuits, gin and tonics) with five bullion dealers and an agent of the Bank of England. Originally held once a day, companies involved in the early years included Rothschild, Mocatta & Goldsmid, Samuel Montagu, Sharps Pixley and Johnson Matthey Bankers. On Thursday, Barclays, HSBC, Société Générale and Scotiabank will participate in the “fix” in its traditional form for the last time (sigh). How did the old process work? Every day at 10.30am and 3pm London time, the banks joined a secure conference call. The chairman would suggest an initial price, close to the market quote. Each bank would then confer by phone with clients (stakeholders, ocnfer with each other?) — other financial institutions and gold producers and consumers — and then declare if it is a buyer, seller or had no interest. If there were only sellers, the price was lowered, and vice versa. This was repeated until the difference between buying and selling requests was less than 50 bars and the price was fixed. The tea would be served...

https://www.ft.com/content/5addab3a-ccb1-11e4-b94f-00144feab7de

vive la revolution...(s), and may gold shine eternally, like it has for the last 4 billion years !!!! Fromed in the Archean, used int he present and the future....I like the shine of it, which never tarnishes....a very rare property