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The history of the board game Monopoly can be traced back to the early 20th century. The earliest known version of Monopoly, known as The Landlord’s Game, was designed by an American, Elizabeth Magie, and first patented in 1904 but existed as early as 1902.
Why was the Federal Reserve created in 1913?
It was created by the Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system. The Federal Reserve was created on December 23, 1913, when President Woodrow Wilson signed the Federal Reserve Act into law
FDR’s 1933 Gold Confiscation was a Bailout of the Federal Reserve Bank.President Franklin Delano Roosevelt’s 1933 executive order outlawing the private ownership of gold in the United States was arguably unconstitutional.
Where was monopoly created?
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By 1933, a variation on “The Landlord’s Game” called Monopoly was the basis of the board game sold by Parker Brothers, beginning on February 6, 1935.
How much is monopoly worth?
With solid gold houses and hotels, and diamonds in the dice for pips, this game was worth $2 million. You’d already know it if you had this set. The Franklin Mint produced a deluxe collector’s edition that is usually available for $500 to $600 retail and occasionally sold for $200 to $300 on eBay.
How many different versions of Monopoly have been produced?
Over 250 million sets of Monopoly® have been sold since its invention and the game has been played by over half a billion people making it possibly the most popular board game in the world.
What is the purpose of a monopoly?
Monopoly, real-estate board game for two to eight players, in which the player’s goal is to remain financially solvent while forcing opponents into bankruptcy by buying and developing pieces of property.
How do you distribute the money in Monopoly?
Each player chooses one token to represent them while travelling around the board. Each player is given $1500 divided as follows: 2 $500’s, 2 $100’s, 2 $50’s, 6 $20’s, 5 $10’s, 5 $5’s, and 5 $1’s. All remaining money and other equipment go to the Bank.
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So when are you going to stop playing monopoly with your money? In Today’s world we are paid with Fiat Currency (Monopoly Money) which is an IOU from the federal reserve bank. The game today is to convert that Fiat Currency into Money or Property.
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1971 The Nixon shock was a series of economic measures undertaken by United States President Richard Nixon in 1971, the most significant of which was the unilateral cancellation of the direct international convertibility of the United States dollar to gold.
What is the US dollar backed by today?
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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.
Have you heard of Cryptocurrency?
The definition of crypto is hidden or in secret.
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It’s a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
Bitcoin is widely regarded as the first modern cryptocurrency – the first publicly used means of exchange to combine decentralized control, user anonymity, record-keeping via a block chain, and built-in scarcity. It was first outlined in a 2008 white paper published by Satoshi Nakamoto, a pseudonymous person or group.
What is ‘Bitcoin’?
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Bitcoin is a digital currency created in 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies. Today’s market cap for all bitcoin (abbreviated BTC or, less frequently, XBT) in circulation exceeds $150 billion.
There are no physical bitcoins, only balances kept on a public ledger in the cloud, that – along with all Bitcoin transactions – is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite its not being legal tender, Bitcoin charts high on popularity, and has triggered the launch of other virtual currencies collectively referred to as Altcoins.
BREAKING DOWN ‘Bitcoin’
Bitcoin is a type of cryptocurrency: Balances are kept using public and private “keys,” which are long strings of numbers and letters linked through the mathematical encryption algorithm that was used to create them. The public key (comparable to a bank account number) serves as the address which is published to the world and to which others may send bitcoins. The private key (comparable to an ATM PIN) is meant to be a guarded secret, and only used to authorize Bitcoin transmissions.
Style notes: According to the official Bitcoin Foundation, the word “Bitcoin” is capitalized in the context of referring to the entity or concept, whereas “bitcoin” is written in the lower case when referring to a quantity of the currency (e.g. “I traded 20 bitcoin”) or the units themselves. The plural form can be either “bitcoin” or “bitcoins.”
How Bitcoin Works
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Bitcoin is one of the first digital currencies to use peer-to-peer technology to facilitate instant payments. The independent individuals and companies who own the governing computing power and participate in the Bitcoin network, also known as “miners,” are motivated by rewards (the release of new bitcoin) and transaction fees paid in bitcoin. These miners can be thought of as the decentralized authority enforcing the credibility of the Bitcoin network. New bitcoin is being released to the miners at a fixed, but periodically declining rate, such that the total supply of bitcoins approaches 21 million. One bitcoin is divisible to eight decimal places (100 millionth of one bitcoin), and this smallest unit is referred to as a Satoshi. If necessary, and if the participating miners accept the change, Bitcoin could eventually be made divisible to even more decimal places.
Bitcoin mining is the process through which bitcoins are released to come into circulation. Basically, it involves solving a computationally difficult puzzle to discover a new block, which is added to the blockchain, and receiving a reward in the form of few bitcoins. The block reward was 50 new bitcoins in 2009; it decreases every four years. As more and more bitcoins are created, the difficulty of the mining process – that is, the amount of computing power involved – increases. The mining difficulty began at 1.0 with Bitcoin’s debut back in 2009; at the end of the year, it was only 1.18. As of April 2017, the mining difficulty is over 4.24 billion. Once, an ordinary desktop computer sufficed for the mining process; now, to combat the difficulty level, miners must use faster hardware like Application-Specific Integrated Circuits (ASIC), more advanced processing units like Graphic Processing Units (GPUs), etc.
What’s a Bitcoin Worth?
As of August 2017, one bitcoin is worth $4,223 – a considerable jump from late 2016, when it was around $770.
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NOTE THAT BITCOINS ARE NOT CONSIDERED CURRENCY BUT YOU CAN USE THEM TO BUY GOODS AND SERVICES LIKE FIAT MONEY
IRS Virtual Currency Guidance : Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply
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