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The “economist” who is behind USA regulatory attack on crypto is the same guy who crashed the economy in 2008! Gary Gorton whose paper compares crypto to wildcat banking, was in AIG and devised faulty models that failed to account for mortgage defaults, leading to a $185 Bn Taxpayer bailout of AIG.
What is Blockchain Finance ? Blockchain & International Commercial Shipping
Just watched the "Insider Job" and it is absolutely infuriating!
Anyone familiar with a crypto called AIG? Is it a scam or is it legit?
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No excuse, they just closed off withdrawls due to bank runs. The first was if I remember right, when bear steins went belly up. The others were when Lehman went under, then AIG freaked markets out. ATM's were put of cash, branches had special hours, and online withdrawls were halted. This was Wachovia first then wash mutual, then finally my savings at an online only bank ING Direct, which is now capital one 360.
warren has always been terrible. She is one of those people who does not realize they are racists. "Ohh honey, you just don't understand WHY I need to do this for you, you would not be able to comprehend it, but its not your fault, see, I have super smart research to show why you are the way you are." Runs on campaigns of punishing the people who caused '09 but then just works for them. People got arrested and put in jail for crypto stuff they did less than 12 months ago. It has been more than 12 years and how many people from AIG and similar companies went to jail?
I got the point. The point is moot. It names no sense. And the tangent that btc created access to the underworld, is also wrong and crazy lol. If you look at a USD money supply chart, you’ll notice ENDLESS printing (adding to the supply, decreasing the value) since 2008. BTC (finite supply) was created in response to the fascist corruption of bailing out companies like AIG, adding to the supply and making Americans pay for it. You’re suggesting they created something that could foil their plan of getting taxpayers to pay for their schemes. You are an idiot.
Who committed a crime? AIG sold OTC swaps sans-regulation. They held all of the contracts themselves. OTC swaps are now regulated. Loan fraud? I'm pretty sure some people went down for bad mortgages but not too many. It was a bit confused because both the originator and person taking the loan were lying in most cases. If both sides lied, who do you arrest? Arresting everyone is not necessarily productive.
It's actually typically more efficient and secure. We've already seen how it cut out a lot of steps, time, auditing, extra work, in its application in the supply chain industry. Cutting time, resources, and cost. The decentralization not only removes the issue of trust and corruption, but also provides a more effective way to authenticate. That's why one of the fastest growing place it's being used, other than the financial field, is the medical field, in dealing with information from medical trials, medical research, to patients records, helping share information more quickly and more accurately. And one specific application that stems out of the is Self-Sovereignty Identity. Blockchains like Ethereum have been able to solve the issue of having identity information online being vulnerable and being at the mercy of a centralized identity. SSI gives you control back over your online identity and information, control who you want to share that information with, etc... To answer your question with a specific example, major insurance companies like AIG have started to use Ethereum smart contract, to remove a lot of human error, remove corruption and the need to put trust in a person, cut out middlemen, use a more secure network, not have a single point of failure network, and provide more transparency. Here's more details on how smart contracts work for an insurance: https://www.scnsoft.com/insurance/smart-contracts