venerdì 24 novembre 2017

Three good reasons to own a EquaCoin wallet

Three good reasons to own a EquaCoin wallet (and get rid of / from bank money)


On 9 November 2017, the ECB issued a document (page 8, here: https://www.bankingsupervision.europa.eu/ecb/legal/pdf/en_con_2017_47_f_sign.pdf) which provides that in the event of a crisis, banks may stay closed for 5 working days. If the announcement is made on Friday it is clear that the banks would remain closed for at least 9 days: the following Saturday and Sunday, then the 5 days Monday to Friday, then again Saturday and Sunday and if there are no other scheduled holidays - as Christmas and New Year - the banks would finally reappear on Monday the second week after the announcement, ten days later. During this time, no user transactions will be possible through the normal banking circuit and we wonder whether this measure could ever be a measure of stabilization - rather than destabilization - of the economic and financial system. In addition, the document removes bank deposit guarantees and threatens the rationing of withdrawals in banknotes.
When cash withdrawals were ransacked in Greece, the ATMs of the House of Representatives of Greece were dealt with by the Members themselves, who benefited from a special preferential regime reserved for them. They withdrew as much cash as possible two days before blocking the public by enjoying insider trading.

Security first of all

All this with the EquaCoin electronic purse can not be done. In fact, unlike the bank account, the electronic purse is segregated from the accounting of the company EquaCoin launching the initiative. Current accounts, on the other hand, are linked to the bank's accounts where they are lit because they are not considered as coins but rather bank liabilities! The customer thinks they have real money on the account - and in fact international accounting standards consider deposits as cash - but banks, for tax and opportunistic reasons, prefer to consider customer money as a simple future commitment of the bank to deliver what appears in the customer account statement ... EquaCoin is already available in the electronic purse and the purse is a bearer's property just as if they were official currency coins in a normal physical purse. However, unlike the physical purse, the EquaCoin purse is nominative, can not be lost or stolen without the proprietor being able to claim the property. Public economic order is safe.

The second point: direct democracy

The ownership of a EquaCoin purse guarantees a right to vote on the monetary policies of the EquaCoin system to all the purse owners (one head one vote). The vote is direct without the intermediation of representatives.

The third point: equality

Voting by an owner of a purse with an EquaCoin has the same value as that of an owner of a purse that holds more than one EquaCoin. Anyone who downloads the EquaCoin purse is entitled to receive the first EquaCoin for free.

These three topics together already represent an unknown value to other monetary systems in force today. Not to mention that transactions between purse users happen in real time, 24 hours a day, seven days a week, and at a very low cost: less than a cent of a EUR per transaction.  

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