Belly, I would desperately like to know where and how the scumbags steal money from the treasury, through major govt programs.
I have figured out several ways and methods, but they all require the use of companies, dummy or otherwise.
They are usually in the form of studies and grants and through management and research companies.
One of the latest thefts is the govt has approved the payment to a couple of people to research into fixing the reef, to the tune of $440 Million.
Jesus I'll BUILD you a fu(#en reef for half that much.
I clearly charge someone with somehow skimming most of that money off into their personal companies to the benefit of either one or several Ministers.
There's supposed to be an enquiry into it.
Rubbish!
Those heading the enquiry are in on it too.
As Iv'e always said, anyone with political ambitions has seen the money and will SAY and DO ANYTHING to get elected.
So unless we can find honest people on the inside or whistle blowers who must remain anonymous and not 'blow their cover', we will never stop this grand theft of our money to the scumbag criminals, calling themselves politicians.

Ponzi scheme- I can understand your scepticism.

http://bitcoin.org/bitcoin.pdf

I'll try to keep this simple. Bitcoin is based on the Block-Chain which is the same transaction ledger/ journal that every bank has going back to the founding of the bank. In order to give or take Bitcoin from someone the transaction needs to be verified using secure PKI identification- so the journal entry would contain (I guess) <id code of giver><id code of receiver><amount>. Think millions of lines of journal entries in the journal.

All the servers have the same journal database so its easy to detect when one server tries to steal bitcoins.

Running the system requires infrastructure which costs money and effort so some means of financial motivation needs to be added to the system.

Currently the processing reward is 12 bitcoins per block- which I believe contains multiple transactions. There is a limit of 21M bitcoins maximum so the reward decreases over time.

In the medium term there is provision to charge the transactor for the transaction- given the competitive nature of the system it limits the profit of individual transactions- to make profit servers need to rely on the mass of transactions they can process

Effectively when transacting in Bitcoin it's a foreign exchange of currency. But Block-Chain technology as I understand can also be used for bank like structures for example for Australian currency. The good thing about Bitcoin/ Block-Chain is competition is built into the system and it doesn't need the infrastructure that banks have- therefore in theory you get the benefit of your money.

This technology is still evolving but it's got a lot of potential.

There are also the Wallet Servers- but that's another conversation.

However I'm not necessarily convinced that investing in Bitcoin itself is necessarily wise.

At any rate the banks are very worried about this technology.

Hope this helps.

CM, anything that makes the banks worry is good for the people as far as I am concerned.
What is also of concern is that anything that involves making money with little or no effort, falls directly within the purview of the banks.
As such, I believe they were onto it as soon as it became public.
As if they are not stealing enough money already, we've just handed them another means of stealing, with no recourse or risks.
I admit I did not understand a word you wrote in your attempt to elaborate on this subject.
I do however feel that you are well informed on this matter.
It is enough that one of us, out there, knows what the hell is going on, so at least we have a chance at learning the truth about things, and not random opinions, which is mostly what I can conjure up with my limited intellect and my overactive imagination.
I truly wish we had a whistle blower or the like on the inside, we would finally start to bring these pricks down.
I believe, bring enough of them down, especially if they end up in jail, the aspiring pollies will turn away from the job knowing they won't have it all their way anymore.

To Altrav-

It's probably my fault that my explanation wasn't as good as I'd hoped. I'm sure that you would have seen a bank book before- in simple terms- it's as complicated as a pile of bank books.

Buffett says, “Never invest in a business you cannot understand.” .

I'm probably with you on the mistrust of the finance/ banking sector.

I remember the controversies with banking and finance over the years- the ratings agencies and the WFC, London Inter Bank Rate, Enron, Pyramid Building Society in Australia.

Apparently the guy that invented Bitcoin could be an Aussie- Craig Wright- From Charles Sturt University.

http://en.wikipedia.org/wiki/Craig_Steven_Wright

Well bitcoin in my view will suffer even completely burst when the rest of the world faces the coming down turn or is it full on recession?
Who makes money out of others loss?
We know that but some will call us insane if we say it here.
From little things big things grow, both good, bad and dreadful,do the maths, twice our annual income in debt.
House prices falling, trapping those already paying for one or more how can they sell without loss?
Then as surely we all know, interest rates rise, and they pay more?
Now confront the [in my view] shear stupidity of those paying interest only loans, who must soon confront higher interest and start paying the full rates
Much pain ahead for some