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Title: Visa Files Patent Application for Digital Currency
Source:
Cointelegraph
URL Source: https://cointelegraph.com/news/visa ... plication-for-digital-currency
Published: May 14, 2020
Author: Turner Wright
Post Date: 2020-05-22 04:52:05 by Deckard
Keywords: None
Views: 1601
Comments: 16
Visa has filed an application to create digital currency on a blockchain with the United States Patent and Trademark Office.
According to the application published May 14 — but filed back in November 2018 — inventors Simon Hurry and Alexander Pierre with the Visa International Service Association in San Francisco have sought a patent for a digital currency recorded on a blockchain and controlled by a central entity computer.
It cites Ethereum as a possible network. The application details two records, one of which would indicate “the digital currency for an amount associated with the denomination has been created for a public key associated with a digital wallet.” The other record notes the “removal of the physical currency from circulation in a fiat currency system.”
The application describes a centralized process to maintain the value of the stablecoin:
“Every time a dollar worth of digital fiat currency is generated, the central entity ensures that a corresponding physical dollar bill is removed from circulation, in order to regulate the value of the digital fiat currency.”
While the U.S. dollar is specifically mentioned as one of the fiat currencies to be used, Forbes reported that the patent could apply to other central bank digital currencies such as pounds, yen and euros: “The physical currency of a central bank anywhere in the world could be digitized.”
Visa becoming more crypto friendly
In February, Coinbase announced that it had become a principal member of Visa, which would allow the exchange to issue debit cards for spending crypto. Two months later, the Lightning-compatible Fold app joined Visa’s Fintech Fast Track Program to roll out a co-branded Bitcoin (BTC) cashback rewards card.
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#1. To: Liberator, Stoner, A K A Stone, watchman, Fred Mertz (#0)
Government is in the last resort the employment of armed men, of policemen, gendarmes, soldiers, prison guards, and hangmen.
The essential feature of government is the enforcement of its decrees by beating, killing, and imprisoning.
Those who are asking for more government interference are asking ultimately for more compulsion and less freedom.
#2. To: Deckard, sneakypete (#1)
You forgot to ping sneakypete. He swears that once cash is no longer king then we're all doomed. I believe him.
My gf was issued a debit card from her work place and her paycheck is automated and that's how it has been.
At least I received my stimulation check and have some Ben Franklins and U.S. Grants in my flour container.
#3. To: Deckard (#1)
Real money is Gold & Silver. This digital blockchain can be cut off by the .gov & is useless in the event of a power failure anyways.
Ron Paul - Lake Jackson Texas Values
#4. To: Deckard (#0)
inventors Simon Hurry and Alexander Pierre with the Visa International Service Association in San Francisco have sought a patent for a digital currency recorded on a blockchain and controlled by a central entity computer.
What the hell is a "blockchain" and a "central entity computer"?
SPECIFICALLY,as used in the quote,not in general terms.
In the entire history of the world,the only nations that had to build walls to keep their own citizens from leaving were those with leftist governments.
#5. To: Fred Mertz (#2)
You forgot to ping sneakypete. He swears that once cash is no longer king then we're all doomed.
I STILL believe it. The same day the goobermint announces we are going to a cash-free society is the day we need to pick up our rifles and go into politics. If we wait until it happens,they can prevent us from marching on DC by simply deleting our ID numbers in their data banks,and suddenly,"Poof! We don't even exist,and have never existed!"
I believe him.
Thanks. I really have to struggle to believe there is anyone who can't understand a truth as basic as this one.
At least I received my stimulation check and have some Ben Franklins and U.S. Grants in my flour container.
Won't do you any good to have cash if it is no longer accepted as anything other than a fire starter. No digital bank account will = "no such person exists".
If you want to save something valuable in that flour can,fill it with biscuits and bullets. It has been my experience that if you have bullets and a device to launch them and a smile,you can get pretty much anything you want if you ask nicely.
In the entire history of the world,the only nations that had to build walls to keep their own citizens from leaving were those with leftist governments.
#6. To: Hondo68 (#3)
How can that NOT be blindingly obvious to everyone?
In the entire history of the world,the only nations that had to build walls to keep their own citizens from leaving were those with leftist governments.
#7. To: sneakypete, Liberator, Stoner, A K A Stone, watchman, Fred Mertz (#6)
Mastercard Joins ID2020 Alliance to Advance Digital Identity as a Fundamental Human Right
Ron Paul - Lake Jackson Texas Values
#8. To: Hondo68 (#7)
Mastercard Joins ID2020 Alliance to Advance Digital Identity as a Fundamental Human Right
Gee,I wonder if there is any selfish self-interest involved?
In the entire history of the world,the only nations that had to build walls to keep their own citizens from leaving were those with leftist governments.
#9. To: Deckard (#0)
There's already a digital currency that does this. It's called "Tether" and it's valuation is $1 per coin. It's not what I call a crypto currency, however. It's a digital token. The difference is a token can be created at will in any quantity by the central issuer who enjoys a monopoly on production. A crypto currency, by contrast, has no central issuer, and new coints can only come into existence via a difficult mining process and cannot be created at will.
It's an important distinction as any currency, digital or otherwise, that can be created at will is essentially subject to counterfeiting, a term I would consider applicable even when done by the central issuer. Including the Fed Reserve Bank when it does that with dollars.
#10. To: Hondo68 (#3)
Real money is Gold & Silver.
True.
This digital blockchain can be cut off by the .gov
A centrally controlled digital currency can be cut off by those in central control. Bitcoin and other major alt cryptos are not centrally controlled and therefore cannot be cut off at the gov's whim. There could be a nuclear war wiping out the USA, Russia and China, and bitcoin would survive it.
& is useless in the event of a power failure anyways.
So are all banks, debit cards credit cards and the vast majority of dollars as they only exist in digital form and not cash or coin form.
#11. To: sneakypete (#5)
we are going to a cash-free society is the day we need to pick up our rifles and go into politics.
I like your spirit Pete.
#12. To: Pinguinite (#10) (Edited)
All forms of digital money can be cut off by evil.gov. FRN's etc. can be taxed into worthlessness through inflation, by evil.gov & the FED. This has gone Warp Speed under the Trump administration, unprecedented money printing, aka taxation. Trillions upon trillions of rapidly devaluating dollars are being printed by lil' Stevie Mnuchin.
Gold & Silver retain their value/purchasing-power, over the long haul.
Ron Paul - Lake Jackson Texas Values
#13. To: Hondo68 (#12)
All forms of digital money can be cut off by evil.gov.
I can categorically assure you that statement is not true. Govs can only shutdown modes of payment that are centralized, which includes paper fiat they issue. Free market crypto is decentralized, which means no single place, or even multiple places where blockchain nodes exits can be destroyed such that the crypto is destroyed.
It's amusing that when FB annouced their Libra currency that DC had a fit and called for hearings and such before FB would proceed with it. They called Zuckerberg to DC to explain to Congress how it would work and were concerned about drugs, terrorism and all that.
But when bitcoin rolled out, they didn't do that. They didn't call anyone up. And the reason was that there was no one to call. That's the beauty of decentralization.
Free market crypto like bitcoin are all decentralized and cannot be mass produced out of thin air like dollars can, and cannot be shutdown by any gov at all.
FRN's etc. can be taxed into worthlessness through inflation, by evil.gov & the FED. This has gone Warp Speed under the Trump administration, unprecedented money printing, aka taxation. Trillions upon trillions of rapidly devaluating dollars are being printed by lil' Stevie Mnuchin.
True. Which is why having crypto right now is a good place to be, IMO. They can mass produce dollars, but not free market crypto.
BTW, the C-virus response of printing is in no way Trump's fault. Though the D's that hate him it seems would be happy to see Trump damaged by this even if it means detroying the country.
Gold & Silver retain their value/purchasing-power, over the long haul.
They are good to have as well right now, of course. But cannot work as a currency except in the form of backing a promissory note like what the dollar used to be. And we all know how long that lasted.
#14. To: Pinguinite (#13) (Edited)
As Chief Executive, President Trump could tell the Sec of Treasury to STOP the fake money printing immediately & only make Gold & Silver US coins, but we both know that ain't gonna happen.
Gold & Silver coinage is very practical for day to day commerce. A large value in these PM coins can be carried in your pocket. This worked well in the early days of this nation.
Your point about decenteralized digital currency is true, it's not under .gov control at the moment, but it could be with some Mitch & Nancy shenanigans signed onto by the prez, or not. For instance a bitcoin "sales" tax. This is done in many states for PM's, and is now being collected by retailers nationwide thanks to legislation signed by prez Donnell.
However these digital currencies have no more intrinsic value than FRN's, they're backed by nothing.
Ron Paul - Lake Jackson Texas Values
#15. To: Hondo68 (#14)
As Chief Executive, President Trump could tell the Sec of Treasury to STOP the fake money printing immediately & only make Gold & Silver US coins, but we both know that ain't gonna happen.
Correct. It won't happen.
Gold & Silver coinage is very practical for day to day commerce. A large value in these PM coins can be carried in your pocket. This worked well in the early days of this nation.
You cannot buy things remotely with gold/silver itself, such as over the internet, which is a big part of the economy these days. But even in the old days, people often deposited their gold/silver coins in a bank and instead often traded the paper claim tickets for goods & services, instead of trading the gold silver itself. Thus, paper currency was born. Remote transactions were almost never supported by gold/silver coinage itself, but by letters of credit.
Your point about decenteralized digital currency is true, it's not under .gov control at the moment, but it could be with some Mitch & Nancy shenanigans signed onto by the prez, or not. For instance a bitcoin "sales" tax. This is done in many states for PM's, and is now being collected by retailers nationwide thanks to legislation signed by prez Donnell.
There is the small but important point of enforcement. Taxing precious metal sales is one thing because states have regulatory control over brick & mortor shops that sell them. But crypto transactions can be completed between private parties without need of any physical buying locations. So a tax like that would be unenforceable.
However these digital currencies have no more intrinsic value than FRN's, they're backed by nothing.
That's correct, they do not. But there are many attributes that a good currency/money should have, and free market crypto scores pretty highly on them. Free market crypto is limited in supply (cannot be printed at will by a privileged party), extremely divisible & does not spoil/rot, to name a few.
#16. To: Hondo68 (#14)
As Chief Executive, President Trump could tell the Sec of Treasury to STOP the fake money printing immediately & only make Gold & Silver US coins,
ONLY in the imaginary world you live in.
In the REAL world,he is a President,not a dictator.
In the entire history of the world,the only nations that had to build walls to keep their own citizens from leaving were those with leftist governments.
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