The Innovative payment network of the 21st Century

The common characteristic of both Fraudulent and Fiat money is that they violate the principle of free association. They enable the producers of paper money to expand their production through the violation of other people’s property rights. The producer of fiat money sells a product that cannot withstand the competition of free-market moneys such as gold and silver coins, and which the market participants only use because the use of all other moneys is severely restricted or even outlawed.



The most eloquent illustration of this fact is that paper money in all countries has been protected through legal-tender laws. Paper money is inherently fiat money and it cannot thrive but when it is imposed by the state it encourages development of a national currency backed by bank holdings of the state.

Bitcoin was invented to foster this new, digital style of commerce. There is no central bank or authority. Instead, Bitcoin is a self-monitoring network, spread out between the computers of everyone who uses it. All transactions are encrypted, verified and logged by other members in an intensive process called mining. For now, miners are rewarded for their work with new Bitcoins. This is how the currency is being issued into existence.

The process will continue until 21 million Bitcoins have been mined, after which no new Bitcoins will be created. Like the fixed quantity of matchsticks soldiers used as money in the prison camps, the fixed supply of Bitcoin will guarantee its scarcity and, presumably, its value.

So far, there are painfully few merchants willing to accept Bitcoin instead of, well, real money. The few regular companies who do accept it are in it more for the gimmick and publicity than genuine utility. In fact, the only people strongly motivated to use Bitcoin have been those trading illegal goods online (who want to maintain anonymity) and, increasingly, investors. Using web-based exchanges, speculators trade dollars for Bitcoins at one rate, and hope that the value of Bitcoins goes up. Sometimes it does – wildly so. The Bitcoin economy is still quite volatile, and the online exchanges are still small and vulnerable to hacking and manipulation.

The Winklevoss brothers claim they already own over $10 million in Bitcoin, and want to make the currency more available to the world (thus increasing the value of their own investment, but let’s not go there). Their idea is to launch a publicly traded Bitcoin ETF which, like the exchange traded funds available for gold and silver, will offer retail investors exposure to this exotic new currency without the complexity or volatility of today’s Bitcoin marketplace. And they’re leading just one of many outfits offering investors exposure to Bitcoin, for a fee.

The irony here, however, is that if Bitcoin succeeds as an investment vehicle it will have failed in its original role as a currency biased toward transaction instead of speculation (velocity over growth). Because if the currency is hoarded by investors instead of traded between people, it won’t have lived up to the dream of offering an alternative to expensive bankers’ money. And if no one is using it for anything real, its value will go down, taking the portfolios of its investors down along with it.

Banking in Africa is fraudulent whenever bankers sell uncovered or only partially covered money substitutes that they present as fully covered titles for money. These bankers sell more money substitutes than they could have sold if they had taken care to keep a full percent reserve for each substitute they issued. Credit expansion financed through printing money is in practice the very opposite of a way to combat the economic establishment. It is the preferred means of survival for an establishment that cannot, or can no longer; sustain the competition of its competitors. However, it’s trivial for law enforcement to follow cash into the bitcoin maze and, presumably track the goods as they leave.

This is both good and bad: bad because the bitcoin proponents see the eyes of government as tools of great evil and good because it ensures that business could (but may not) begin accepting bitcoin because it was always designed as a proof-of-concept rather than a real monetary exchange and that people can take cash from it is as happy accident. The goal, then, is to make Bitcoin as easy as transferring funds from bank to bank and account to account as well as educating the consumer about its benefits.

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The things wasted by lust are uncountable. It destroys a good reputation won over many years or decades in a single day! It destroys trust and loyalty sometimes permanently! Lust wastes money. It quickly reduces the beauty of a person to ugliness! It wastes precious time in no small way; sometimes at the end of mistakes it wastes many years of a person’s life. Lust promises pleasure but wastes away a persons youth. Lust has prevents young people from graduating, graduating, completing their studies, or gives them bad grades! Lust is responsible for many dropouts and irresponsible people.

In the combat against the “queen of vices”, weapons and human strength are simultaneously useless. Prayer and flight alone are the weapons. Let us not be deceived, the saints teach us that even if God gave us the chastity of angels, if we fly from temptation, we shall not fail to fall. We must pray tirelessly and relentlessly no matter where we find ourselves, even if we have become as vicious as prostitutes because Jesus came for sinners. And so the Wise Man said: And I knew that I could not be chaste unless God gave it, therefore, I went to the Lord and besought Him (cf Wisd 8:3).

            As is the case with the other vices, without a firm resolution (decision) not to return to sin, we will be wasting time, grace and energy. Unless we arm our prayer with a firm resolution we may be like a strong man fetching water from a deep well with a broken bucket. What a waste. The only result is that our efforts will only lead us down “frustration street!” Prayer is like the rifle and the resolution the bullet which we must fire tirelessly.

            2 Without humility no one can conquer. Unless we admit that all our strength belongs to God we will surely fall. We must not presume, telling ourselves that we will enter a place or situation of temptation and come out safely. Presumption is a sin against the Holy Spirit. We must humbly admit that if God does not sustain us we will surely fall. Armed with humility, we shall avoid the devil’s “death dance”.

            3 Do you not know that in attacking our confidence in the mercy of God, the devil is trying to convince us that hope is a lie? To believe that hope is a lie is to offend the Holy Spirit.

            4 Never forget that the pleasure offered by the devil is never free. According to Fr Nicolas Okeke, OP., to take the pleasure is the same as to pay with your immortal soul—the only coin with which you pay for such pleasure is your soul!

THE PRIDE OF ADAM OPENED THE GRAVE FOR MANKIND!

THE PRIDE OF ADAM OPENED THE GRAVE FOR MANKIND!

 The devil told Adam and Eve that they would become like God if they disobeyed. They drank the devil’s poison; they swelled up with pride; they stretched their hands’; they took the fruit. They did not become like God. Their pride opened the gate of suffering, sorrow, pain, death, loss and every evil under the sun. Consider the terrible effects of their pride: They exchanged the friendship of God for the friendship of the devil. They lost the comfort of the Garden of Eden (the earthly paradise) and embraced the harshness and difficulties of a life of hard labour. Giving up the gift of life, they embraced death (the wages of sin is death– Rom 6:23). Carrying the pregnancy of pride (in its full term), Cain gave birth to that jealousy which gave him the diabolical rage (anger) which strengthened his arm to kill his brother.

            DEFINED, pride is a wrong (inordinate, disordered, false) love of, excellence, perfection, glory, popularity, etc. Scripture gives it first place by identifying it as the source of all destruction (Tobit 4:14). Louis of Granada call it “the most powerful of our enemies.” It is the most terrible example of self-love. Like the witch king of Angmar, the Lord of the Nazgul, the captain of the nine in JRR Tolkien’s celebrated The Lord of the Rings, pride is the rebel captain and lord of the seven deadly sins, according to cassian and other spiritual writers. It grows out of a false knowledge of God and self.

            The dictionary of Pride             If you look in the dictionary of pride, you will find only three words: me, myself, I. The spirit of pride will always ask others: “Do you know who I am?”

            Pride is the dividing spirit per excellence. The Greek name for the devil is Diabolos. This means the one who divides. Pride always produces the pattern of the diabolos. What does this mean? Right after the first act of pride in the Garden of Eden, Adam was already divided against Eve when he Blamed Eve for his sin (cf Gen 3:12). He attacked the same woman he had called “bone of my bone; flesh of my flesh” (cf Gen 2:23). Pride divided Adam and God, Adam and Eve, Adam and creation (Genesis 3:17 indicates that from then material hardship and suffering, sickness would come to him from creation), and indeed it divided Adam against himself.

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