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In its desperate, unenlightened attempt to undermine & attack the Virtual Currency model (#BTC), the EU/ECB has created a legal timebomb! A/
In 2012, the ECB published a 55pp analysis of the Virtual Currency space, in which in characterized #BTC as unregulated digital "MONEY" B/
@maxkeiser In 2015, the ECB backpedals furiously, attempting to walk-back the definition of Virtual Currencies such as #BTC. A doomed effort... C/
@maxkeiser @jp_koning Here's why: The dirty-little secret of banking in US/EU is that "money" (bank-credit demand "deposits") are NOT legal tender! Uh-oh! ...D/
@maxkeiser @jp_koning ECB/EU attempts to distinguish virtually "mined" #BTC "money" from virtually issued "scriptural" money issued by the Banking Cartel—FAIL! E/
@maxkeiser @jp_koning Here's more from the ECB's "revisiting" (LOL) of the Virtual Currency "Schemes". Don't they realize that checkbook "money" is virtual? ...F/
@maxkeiser @jp_koning Now that the "Virtual Currency Schemes" are capitalized over $150Billion, & transacting Billion$ per day, let's unpack these DECEITS! ...G
@maxkeiser @jp_koning Unwittingly, by extensive flawed descriptions of Virtual Currency Schemes, @ecb has revealed the biggest "scheme" in world history... H/
@maxkeiser @jp_koning @ecb So, if "Virtual Currencies" (#BTC) are commodity money without gold, fiat
money without a state, and credit money without debt where... I/
@maxkeiser @jp_koning @ecb The Banking Cartel, FED & ECB cannot come to grips w Virtual Currency Schemes because coins do not draw their "value" from State Money... J/
@maxkeiser @jp_koning @ecb What about that OTHER kind of "Money" - @ECB Reserves? Aren't these "a currency being used as the unit-of-account" between banks? ...
@maxkeiser @jp_koning @ecb So how did the #ECB get out of the corner they'd painted themselves into? By CHANGING THE DEFINITION of virtual currency, of course! .../K
@maxkeiser @jp_koning @ecb Here's the rub: Both the Euro & #BTC lack a Money-of-Account definition. At least BTC has a quantity restriction, and an energy input... L/
@maxkeiser @jp_koning @ecb What do I mean by "Money-of-Account" (also known as Unit-of-Account)? You may recall that before the Euro existed, there was the ECU... /M
@maxkeiser @jp_koning @ecb Unfortunately, the ECU/Euro was deeply flawed. These virtual Units-of-Account (Moneys-of-Account) were defined by UNDEFINED currencies!...N/
@maxkeiser @jp_koning @ecb A casual reading of my frequent mentions of the "Unit-of-Account" may suggest to you that I'm seeking a #Gold Standard. Doesn't work!... O/
@maxkeiser @jp_koning @ecb @JamesGRickards Would you be surprised to learn that the entire accounting profession, worldwide is unable/unwilling to define the Unit-of-Account?...P/
@maxkeiser @jp_koning @ecb @JamesGRickards What's needed is a Unit-of-Account for Value. UoA should be consistent with the International System of Measurement Units (SI)... Q/
@maxkeiser @jp_koning @ecb @JamesGRickards Imagine not having to adjust economic measurements for inflation! Real Dollars? What are 1999 Dollars? What is a 2010 Dollar? Nonsense!...R/
@maxkeiser @jp_koning @ecb @JamesGRickards My solution is multifaceted: Establish permanent money. Specify the Unit-of-Account scientifically & separate from Money. Legal Tender...R/
@maxkeiser @jp_koning @ecb @JamesGRickards Conclusion: My proposed Unit-of-Account (Money-of-Account). I call it Quanta - in honor of Max Planck. Thank you.…
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