• The indivisible minimum KRATSCOIN unit is 0.00001 instead of 0.00000001 to denominate realistic currency rates in FOREX. Denomination cannot be determined or dictated by the value of a currency. If KRATSCOIN is valued at USD10,000.00 then the smallest unit of KRATSCOIN at 0.00001 = USD0.10 and nothing smaller than USD0.10 in KRATSCOIN.
Example: If USD1.00 = THB30.00 and the smallest denomination of USD is USD0.10, then a USD0.10 which is THB3.00, is unable to buy a piece of candy at THB1.00. Thus the USD must be converted into a smaller currency of THB in order to buy the THB1.00 candy.
• KRATSCOIN is in-line with standard International Foreign Currency Exchange Practice at indivisible minimum unit 0.00001.
• Each KRATSCOIN is equipped with a 13 digit “SERIAL CODES AND NUMBERS” and there will be a total of 2,100,000,000,000 SERIAL CODES in total.
Example1: 1st KRATSCOIN = AKDJFYRS.00000 Example2: 1st Fraction from 1st KRATSCOIN = AKDJFYRS.00001 Example3: 2nd Fraction from 2nd KRATSCOIN = AKDJFYRS.00002 Example4: Last KRATSCOIN = DLXVZKWR.00000 Example5: 1st Fraction from Last KRATSCOIN = DLXVZKWR.00001 Example6: 2nd Fraction from Last KRATSCOIN = DLXVZKWR.00002
• In Year 2015, Silk Road in DeepWeb utilization of Bitcoin in their transactions amounts to USD1.2billion spanning over 950,000 users. One may argue that Bitcoin is most utilized by the black market, which then maintains its value and worth among other factors. However, the USD1.2bil a year over 950,000 users are far fetch from the Legitimate Users in comparison. Bitcoin transactions runs into USD40.0bil in recent Legitimate Crypto Exchanges. In summary, legitimate transaction of crypto currencies is many times larger use in illegal transactions.
DIFFERENCE BETWEEN FIAT AND CRYPTO:
• Fiat Currency is backed by Governments/Countries itself. What determines the value of a currency is the economic health, demand, growth, political stability to name a few, of the respective country. Before 1930, most fiat currencies were backed by gold and silver.
• Since 1971, U.S. citizens have been able to utilize Federal Reserve Notes as the only form of money that for the first time had no currency with any gold or silver backing. This is where you get the saying that U.S. dollars are backed by the “full faith and credit” of the U.S. Government - quoted in google.com.
• What backs crypto value is purely supply and demand. The demand creation of a crypto is its sole objective. To create demand, the crypto has to have a purpose. And most purpose commonly promoted is utility. The number of ways you can utilize the said crypto. The more utilization factors the more demand there is for it.
• There are other ways to substantiate value of a crypto and that is to back the crypto with a 1 to 1 ratio in assets or in USD. Then the question is, how 3,000 crypto currencies in circulation be monetary eco sustainable? Can anyone imagine walking into McDonald and view a chart of 3,000 different pricing? Which also means the crypto is a payment gateway pegging against USD instead of bearing any true characteristic of a currency.
• A country’s currency is in its own legit form of legal tender, the only currency acceptable under financial sovereigns of a country. People in the world must be made to understand that. Retailers in Thailand cannot put up products price tags in EUROS/USD, it is illegal. It has to be in Thai Baht.
• It is hardly imaginable for everyone in the world to retail with a Crypto-Currencies at a rate of 7 transactions per second. When mining nodes are reduced due to non-performing mining ratio, mining blocks in the Blockchain will significantly be limited too, rendering delays in transactions while usage increases.
• In time to come, as trends of crypto picks up, Thailand can issue BAHT COIN or UK the STERLING COIN, exactly what China wishes to do. Digital RMB, but would such crypto currencies be fully decentralized? We all have our answers. Absurd to even think of producing Thai Baht, Pound Sterling or Chinese Yuan at the cost of electricity. It is currencies in digital forms.
KRATSCOIN is not meant for that purpose. In some opinion, apart from utilization, a crypto can be for safekeeping, an entity for keeping money while allowing easy liquidation, at a click of a mobile button, not to mention sending or transferring without the trouble of going to banks, which was the original purpose of Bitcoin to begin with. Therefore, KRATSCOIN would be better termed as Crypto Commodity, sharing similarities as Metal Commodities.
An individual cannot use gold to make a purchase, neither can one eat gold. It can only be kept or invest in for appreciative value over time. Gold is being exampled for its scarcity which reasons for its higher value over its cousin, silver or bronze. Who or what determines the value of gold? Just like any other crypto, demand by humanity. As in all other commodities, it must also be placed in checks by governments. To put in checks, serial numbers are introduced to protect a country’s commodities outflows or illegal exports.
Humanity made Bitcoin a reality. Acceptance by the majority members of the public made Bitcoin to what is it today with the trust they entrusted it with, or is the majority public hopping on the band wagon to make a few quick extra bucks? Whatever the reasons are, the characteristics of Crypto Currencies are only matched by the behavior of Commodities.
SERIALIZED COINS - WHAT IT MEANS FOR THE PUBLIC: Every currency has its own remarkable name, design and colors. Dollars, Euros, Pound, Tugrik, Peso, Rupee, Rupiah, Dina, Ringgit, Baht and the list carries on. One thing every currency have in common - Serial Numbers.
In any crime, investigators will firstly establish motives and mode of operation, both of which are very likely related to money. So following the money trial is a natural thing to do for investigators/authorities and it has become a common practice. Crimes require funding ie robbers need money to buy guns to carry out its robbing activities. Cutting off financing will reduce criminal activities. That’s the approach governments of the WORLD have adopted for crime fighting.
Perhaps people do not realize this while most do not feel the pinch. Humanity tends to take life for granted until apocalypse happens. Take a minute to visualize the tallest tower in your homeland collapse into a pile of dust with thousands of casualties effecting everything else that comes to mind. Imagine a family member, just 1 is enough, is among those casualties.
• Imagine if monetary system is not in place and drug dealers, among many, roam the earth freely distributing what can be death threatening substance to your kids. What if you are mugged of your inheritance [items left to you by your father] that is beyond retrieval? As for crypto enthusiast, what if your wallet gets hacked as even the mighty Pentagon gets hacked. All the above can go away if the crypto system leaves a trail for hound dogs to sniff out. Money Trail or Serial Codes Trail to be exact.
• Citizens rely on governments and their countries to do what is best for them to lead their daily lives, flourish, advance, improve and strive but at the same time, citizens want to take away the single most important thing deemed crucial in the hierarchy of humanity from governments with additional boastful remarks such as “I transferred $400 million from one corner of the earth to another corner in a single transaction and no governments can do anything about it”.
• In-short, to boast unregulated financial movement is to arrogantly promote crime without realizing it while challenging the world’s monetary authority. Oldest advice in the book teaches us never to pick a fight we can’t win.
• Serial Coded Coins does not take away the financial movement freedom nor does it take away your privacy. It merely provides Authorities the necessary means needed for crime prevention and fighting. It only re-inforce security and safety. SERIALIZED COINS - WHAT IT MEANS FOR GOVERNMENTS: • Governments are relentlessly trying to find new ways to keep track of crypto transactions. Crypto Currency Exchanges, just like all other Financial Institutions and Banks, are required to practice the most stringent Know Your Customer (widely known as KYC) process. The KYC is designed to provide governing agencies and authorities with information pertaining to crypto ownerships.
• But no governments can have information on Peer-to-Peer (also known as P2P) transactions unless the government in question launch a full scale Federal Investigation on certain suspected individuals seeking Wallet Developers to unveil the ownership of certain wallet addresses. Do not forget, National and Global Security trumps Privacy Act. Refusal to co-operate under the pretext of Global or National Security will only result in an out-right ban, which is exactly what happened to Blackberry.
• Questions to Governments – What if Wallet Developers or Crypto Exchanges shuts down which can happen for various reasons be it foul-play, sinister or forcefully under threat? What if servers are damaged and ruined? An EMP strike or a simple magnet can make it happen. Information/identities of suspected customers of such addresses shall be lost forever and along with it the Money Trial.
• The most probable way of evading Authorities with crypto assets are developing an e-wallet for own illicit purpose. Since the cost of developing an e-wallet is relatively low in considerable cost to hiding, what can governments do to flush out these ants from the vast networks of tunnels?
• With Serialized Coded Crypto Assets, it doesn’t matter if servers of Exchanges or Wallets are destroyed. The Serial Codes of each token/coin enables governments of every participating country to track both origin and destination by identifying records of each token/coin in wallet address. It can disappear into a cold wallet but emerging some place later yet Authorities can still detail which particular token/coin has at one moment of time been into which wallet, on what day and date.
• If the battle of financial crimes can be resolved with a simple Serialize Coded Crypto Asset, the eradication of corruptions, money laundering, unlawful proceeds and terrorism financing will be made possible. Criminals can no longer exploit the genius creation of Sathoshi – Blockchain and Crypto-Currencies.
• Global Security, Anti-Terrorism Financing and Money Laundering could just be excuses granting government agencies the need to have access to financial information in the Monetary System. Nonetheless, it is in the interest of every nation that capital outflow is controlled. Capital Outflow is most frequent when the economy of a country is deteriorating. In the face of an economy meltdown, monetary flow is most needed and yet citizens tend to transfer monies further away illegally from their own country in an act of selfishness. This would not be tolerated by any country. Serial Coded Coin shall prove this attempt futile.
• In most part of Asian Countries, many crypto-currency mining operations are carried out illegally. The legality sits on thin fine line where Authorities can pin only stealing of electricity as a major concern to the respective country. Since most Power Companies belongs to the Country in one way or another, it is financially damaging to Power Producers and Utility Suppliers. Serial Codes can determine if the KRATSCOIN is mined legally or illegally making it difficult for miners or mining farms to mine crypto while avoiding making electricity payments. Will this deterrent disrupt the chain of KRATSCOIN supply? That’s not how Blockchain Tech works. TAXATIONS - WHAT IT MEANS FOR PUBLIC AND GOVERNMENTS: • Taxation cannot be imposed on “Illegal & Unlawful Proceeds” instead confiscation is enforced in many countries. Origins or proceeds of Serialized Coded Crypto Assets can be easily identified by the Serial Codes in-conjunction with the Blockchain. This exercise can evidently proof the legitimacy of the aforesaid token/coin. By “Illegal & Unlawful Proceeds” also refers to crypto coins obtained via illegal mining operations.
• Taxation on Crypto Assets are calculated on profits deriving from the sale/disposal of the crypto Assets. If we are small crypto believers, the amount of taxation rendered by Inland Revenue will be insignificant. Why risk Freedom of Life over Freedom of Small Monies. If we are big crypto believers, taxation on Serialized Coded Coins can be considered added security to your assets protection.
• By adopting Serialized Crypto Assets, declaration is made easily possible via proof of token/coin origin via the Blockchain. If the Authorities can know where our crypto assets come from, the Authorities will know where it will disappear to. It is taxation cum insurance in one tiny sum. This added security with freedom feature will encourage self-declarations of crypto assets to Authorities and Agencies. PRIVACY & ANONIMITY: • Many may be skeptical of their wealth being tracked and monitored. But in this era of technological advance society, everything we touches has our signature. Banks, iPhones, Samsung Mobiles, Google, Facebook, Whatsapp, WeChat, LINE, Viber, Facebook, Properties, Utilities. Almost everything. It is to this fact that there is a need for Privacy Protection Act.
• As explained before, Crypto Currency Exchange KYC procedures is designed to expose the identity of Crypto Assets ownership. The Blockchain is supposed to serve as a transparent information platform. The question of privacy over Serialized Coded Coins does not exist, it does not make Serialized Coded Coins ownership any less private.
• Ownership of wallet addresses shall always remain anonymous while the only way Authorities can get to it is through Wallet Developers by virtue of Global/National Security Threats or by a Court Order as per the Privacy Protection Act. SAFETY & SECURITY (CODED CRYPTO VS FIAT + COMMODITIES): • No human mind can memorize the millions of serial numbers printed on fiat currencies. The records of Serialized Coded Coins will forever be in the Blockchain embedded within each transaction from wallet to wallet.
• Serialized Commodities such as gold can be melted down. Diamonds recrafted. Fiat double printed. But not Serialized Coded Crypto Assets.
• Should an accessory system be added into the KRATSCOIN Blockchain, allowing reports on criminal activity be made within the Blockchain, notifying all ledgers of certain stolen Serial Coded Coins, enabling WARNINGS and forbidding next transaction of that particular Serial Coded Coin, wouldn’t this function enhance protection. A theft deterrent function which can never be achieved with physical gold, diamonds or fiat. KRATSCOIN SUMMARY: • Most crypto currencies have not reach a level of security alert for governments. This could be the only reason why a possible ban has not been discussed. China and India has begun efforts to control or ban crypto currencies in their quest to combat capital outflow, writer’s personal opinion. The EU has stopped Libra from implementation. “A company cannot be allowed Authoring Power for issuance of currencies” quoted the governments. KRATSCOIN is fully decentralized with no ownership nor control by any country, company or individual. Once again, the beauty of Bitcoin decentralization concept prevails.
• “There is no such thing as a world currency. However, since World War II, the dominant or reserve currency of the world has been the U.S. dollar” quoted in google.com.
• Most countries have “Foreign Reserves” as backing to a country’s fiat currency. It is a mean of “back up” attempt should all factors above mentioned leading to the value of their currencies collapse. Then what will happen if the Country of the Foreign Reserves collapse?
• Serial Coded KRATSCOIN belongs to no one, no country, no company and therefore theoretically shall not be effected by politics, war or global economy meltdown yet everyone, every country and every government is able to benefit from KRATSCOIN.
"Quoted by" [[link]6
''' DIFFERENCE BETWEEN KRATSCOIN AND BITCOIN Go1dfish undelete link unreddit undelete link
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Unknown links are censored to prevent spreading illicit content.
Part 1: http://www.reddit.com/Bitcoin/comments/1xmo61/jpmorgan_bitcoin_analyst_report_part_1_full_text/
Part 3: http://www.reddit.com/Bitcoin/comments/1xmoax/jpmorgan_bitcoin_analyst_report_part_3_full_text/
MAKING MONEY THE OLD FASHIONED WAY
A discussion of bitcoin should begin with an Economics 101 refresher on money – what it is, how it is created and why we hold it. The classic definition of money is anything that serves as medium of exchange, unit of account and store of value. A medium of exchange can be anything deliverable for a good or service, whether a mundane object, a precious metal or piece of paper. In allcases, users value the medium because employing it is more efficient than bartering. A unit of account is a way of measuring value from a common reference point, thus also facilitating commerce because goods can be compared more easily. (Recall the euro’s usefulness in this regard since now prices in Europe are comparable across 18 countries.) A store of value is just a way of holding wealth until it is exchanged for goods and services or lent or given to someone else.
For centuries precious metals, or paper currencies convertible into metal at a fixed rate, served these three functions. But followers of financial history know the limitation of a system based on a fixed or slow-growing money supply: it imposes uncomfortable financial discipline on governments, households and corporates.
Hence the progressive debasement of pure gold coins with alloys; the global abandonment of the gold standard during the financial strains during World War I; and the US government’s suspension of the dollar’s gold convertibility given fiscal and balance of payments pressure from the Vietnam War.
Today most countries employ fiat currencies, or paper and coins with no intrinsic worth whose perceived value stems from government declaration (or fiat) collective belief. The government creates demand for a currency by declaring it legal tender, meaning it must be accepted as payment for all debts and it will be used in any transactions between the government and other agents.
Consumers and corporates accept this fiat currency because it is a requirement for settling all debts public (paying taxes) and private. The government attempts to guard the value of money by maintaining a monopoly on its production to avoid counterfeiting, and by establishing a central bank with a mandate to manage its supply responsibly over time.
While this system may sound like blithe existence in The Matrix, this relationship amongst government, central bank, households, corporates and fiat currencies is much more efficient than an alternative like barter. It also makes macroeconomic shocks much easier to manage than an alternative like the gold standard (recall the deflation of the Great Depression and more recently peripheral Europe).
BITCOIN AS BETTER MONEY
Bitcoin proposes an alternative, however. If – despite their mandates – the world's biggest central banks risk inflation and currency debasement via the rapid expansion of their balance sheets, and if even European governments still impose capital controls (Cyprus), couldn’t a non-state entity more responsibly supply a fiat-like currency to the world? And if this currency were created and exchanged digitally amongst peers of consumers and corporates, it would have the additional advantage of avoiding the fees imposed by financial intermediaries as well as the loss of privacy inherent in third-party payments systems. Hence the purported appeal of a virtual currency: a medium of exchange, a unit of account and a store of value without the alleged recklessness, capriciousness, siphoning and snooping inherent in traditional systems. Even leaving aside this caricature of bitcoin's underlying philosophy, there is something compelling about the idea.
Simple in theory, but more complex in practice. Consider the infrastructure of a traditional monetary and payments system to highlight what bitcoin attempts to replace. A traditional financial system is a national network comprising a central bank owned by a government, which creates money by physically printing currency and minting coins, or by electronically creating bank reservess. That money is used by households, consumers and the government to facilitate trade and investment via a payments system of banks and other financial intermediaries (think PayPal, Visa, Western Union and in some countries, the post office). Financial intermediaries provide numerous services of varying complexity, but their role in the payments system is simple: verify that Customer A has sufficient funds to pay Customer B, then securely transfer ownership of that money between accounts. For assuming that verification and transfer risk, intermediaries levy a fee.
Bitcoin performs these functions of money creation, payment verification and fund transfer quite differently. Its network is international and comprises miners who create the currency and users who obtain the currency to buy goods and services. There is no central monetary authority or regulator. There is also no financial intermediary for exchanging bitcoins for real products. The closest to an intermediary is an exchanger who will swap bitcoins for traditional fiat currencies like dollars, euros, yen or renminbi, like a forex dealer or futures exchange.7
Miners create bitcoins electronically by solving a mathematical algorithm released in 2009 by an unidentified programmer (or perhaps group of programmers) known by the pseudonym Satoshi Nakamoto. Anyone can be a miner; they simply need to download the software required to interact with others on the network, and acquire hardware powerful enough to run the multitudinous calculations to solve the algorithm. Since the technology required to solve an increasingly complex algorithm grows over time, miners will probably be programming specialists rather than the average consumer or businessperson.
Any individual or business can be a bitcoin user, however, by establishing an electronic account know as a wallet. This wallet is associated with a user's electronic address but not to any other identifying information such as their name, phone number or physical address. Thus bitcoin is a pseudonymous system rather than an anonymous one in that every user is known by something other than the legal names associated with traditional banking.
To provide security as well as transact with other users, bitcoin employs cryptography which assigns two keys (alphanumeric codes) to each account – a private one known only to them and a public one known to all other users in the network. When two users wish to transact, they send a message to the network using their public keys signed by their private keys. This transaction forms part of a block chain or bundle of transactions entirely in the public domain along with all other historical bitcoin transactions performed in the network.
Miners compete to verify that this trade is authentic via algorithms to confirm that indeed a user possesses the bitcoin and did not previously spend it. Programmers (miners) who solve the equations to authenticate a block of transactions receive 25 bitcoins increasing the money supply. Whenever the algorithm is solved, it becomes computationally more difficult so that the next attempt requires more time an effort (i.e. computing power). This feedback mechanism limits the growth rate of bitcoin supply, so is somewhat analogous to the production constraint on gold. The more that is mined, the greater the requirement to dig deeper pits, the greater effort required to extract the marginal ounce and the higher the price of the marginal ounce (or coin). The stock of bitcoins is arbitrarily set at 21 million units to be mined by 2140, 12 million of which have already been mined. At early-February market prices of about $700 per unit, the current bitcoin money supply has a value of about $8.5bn, equivalent to the market capitalisation of the Mauritius Stock Exchange.
As complicated as this process is, it begins to address several acknowledged deficiencies of fiat currencies. It provides steady, predictable growth in the money supply. It eliminates the risk of capital controls because the network lacks a central authority. It provides verification of fund balances to avoid fraud. And it eliminates or at least significantly reduces transaction costs for payments because verifiers are rewarded through bitcoin creation. As fanciful – and indeed Matrix-like – as this bitcoin creation system sounds, perhaps it requires no more suspended disbelief than the traditional fiat system in which a government declares paper to have value and a central bank or national mint thus issues the specie. One doesn’t need to be the caricatured miscreant, Austrian economist or anarchist to appreciate the appeal of such a system.
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