MCViewPoint

Opinion from a Libertarian ViewPoint

Posts Tagged ‘cryptocurrency’

The End of Cryptocurrency Coming?

Posted by M. C. on March 9, 2022

by Martin Armstrong

I warned ion the private blog that cryptocurrencies may end up being suspended. The excuse will be Russia and the news is out now that Biden will sign an Executive Order to regulate cryptos because Russia can use it to circumvent sanctions. Not only is Biden authorizing the regulation of digital currencies, but he is also instructing to move forward with a central bank cryptocurrency. Once that is done, all other cryptocurrencies will be seized and folded into the government’s crypto. There will be no competition. Money historically has also been the Divine Privilege of Kings and Tyrants.

Biden is now proposing to ban all Russian Energy sales to the West. Prices will rise sharply still and Biden is blaming Putin claiming this is the “price of freedom” for Ukraine which is all BS so governments can avoid responsibility for the collapse in the supply chain thanks to COVID and their shutting down fossil fuels for Climate Change.

Now it is time to blame Putin for the continued rise in gasoline which is their agenda to save the planet. Their clock in NYC that they were telling the world we had only 7 years left if we did not ban fossil fuels is being accomplished under the pretense of “freedom” for Ukraine.

Macron desperately needs this war to fulfill his agenda and role in the grand scheme. Macron has been arguing for a European Army and they need this war to justify not NATO, but a new EU Army that is not bound by NATO rules and treaties. The EU Commission has been working on its proposal to establish a joint budget for the Eurozone since 2017, which is the endgame of federalization. The aim was to cement the monetary union in place and thereby prevent any more BREXIT nonsense from their view. Now they are pushing to issue an EU Bond and they are now using this war with Russia as a power grab to federalize Europe.

We now have private companies throwing Russians out in every possible context. The Russians have replaced the Jews of Germany. They are now regarded as swine and nobody should do any business with them whatsoever. This war is part of the Great Reset. They can no longer fund the governments and Keynesian Economics has collapsed. This is all part of the agenda and it is being carried out in sequence.

See the rest here

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EconomicPolicyJournal.com: WARNING: Bitcoin is Extremely Trackable and is Resulting in an Investigation In Relation to the Storming of the Capitol

Posted by M. C. on January 16, 2021

https://www.economicpolicyjournal.com/2021/01/warning-bitcoin-is-extremely-trackable.html

 From Jenna McLaughlin at Yahoo (my bold):

On Dec. 8, someone made a simultaneous transfer of 28.15 bitcoins — worth more than $500,000 at the time — to 22 different virtual wallets, most of them belonging to prominent right-wing organizations and personalities.

Now cryptocurrency researchers believe they have identified who made the transfer, and suspect it was intended to bolster those far-right causes. U.S. law enforcement is investigating whether the donations were linked to the Jan. 6 assault on the U.S. Capitol.

While the motivation is difficult to prove, the transfer came just a month before the violent riot in the Capitol, which took place after President Trump invited supporters to “walk down Pennsylvania Avenue” and “take back our country.”

Right-wing figures and websites, including VDARE, the Daily Stormer and Nick Fuentes, received generous donations from a bitcoin account linked to a French cryptocurrency exchange, according to research done by software company Chainalysis, which maintains a repository of information about public cryptocurrency exchanges and whose tools aid in government, law enforcement and private sector investigations. Chainalysis investigated the donations after Yahoo News shared the data points about the transaction.

According to one source familiar with the matter, the suspicious Dec. 8 transaction, along with a number of other pieces of intelligence, has prompted law enforcement and intelligence agencies in recent days to actively investigate the sources of funding for the individuals who participated in the Capitol insurrection, as well as their networks. 

The connection to the storming of the Capitol is very sketchy from what is reported above but it shows you how links can develop when using Bitcoin.

Note well: This was a private organization that just tracked activity on the Bitcoin blockchain.

I repeat Bitcoin is extremely trackable.

#BrownPaperBags –RW

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Libra as a Competitor to Inflationary Central Banks | Mises Institute

Posted by M. C. on July 17, 2019

Therefore, Libra — if not impeded by governmental legislative power…Good luck with that.

We shall see if the Libra is as good as the article says.

It is described as a ‘private’  and ‘crypto’ currency.

This Zuck’s baby. He doesn’t do private or crypto.

https://mises.org/power-market/libra-competitor-inflationary-central-banks

Pietro Bullian Fabrizio Ferrari

…At first, we need to clear the ground from the most common mistaken facts about Libra running over the news. As detailed in this white paper, Libra will be a fully backed cryptocurrency, it will be issued solely upon demand, and its value will be given by a basket of reserves whose composition will be diversified, privileging safe assets and stable international currencies (as thoroughly described in the technical part of the white paper dedicated to the functioning of the reserve mechanism).

Thus, despite the rumors, we know as a fact that Libra will not:

  • run its own monetary policy, since it will not be in control of its money supply;
  • create commercial-banks money, since it will not leverage on its costumers’ deposits to create new units of Libra operating under a fractional-reserve scheme like regular commercial banks do;
  • be pegged to any existing currency, since it will not take a specific commitment to fluctuate in a stringent range vis-a-vis any currency or basket of currencies.

Lastly, the fear that a sudden bank-run may cause the collapse of the Libra is either irrational or it confirms early critics have not yet understood the basic functioning of the project. In fact, the fully backed-ness of Libra would make it much safer than commercial-banks deposits we daily accept as means of payment, because Libra would be always redeemable—at least—into legal-tender currency; this redeemability would not be just theoretical (as it occurs with commercial-banks money and fractional-reserve banking) but also practical, because a unit of Libra could be created if, and only if, a unit of monetary base (i.e., legal-tender currency) or a claim on it (i.e., a unit of commercial-banks deposits) were conferred in exchange for that very unit of Libra.

In other words, while commercial-banks money (that is, deposits) can be created out of thin air—simply granting a loan—Libra would be instead created if, and only if, backed by a formerly existing unit of money—either of the central bank or of commercial ones (recall: money of commercial banks are deposits, which entitle the owner to claim a unit of monetary base, i.e., legal-tender currency).

For all these reasons — sticking to what we really know about Libra so far — Libra will have a value which will be stable in time with respect to the main reserve-currencies of the world. The relatively stable value of Libra, together with its worldwide accessibility, is what we believe may have positive and interesting repercussions. Libra may become a safe, accessible, cheaply storable reserve of value for those people living in countries that experience unbearable high levels of inflation to this day.

Moreover, the analogies between Libra and the first steps of the Hayekian proposal of “Denationalization of Money” (1976) are strikingly patent, insofar as Libra:

  •  is a privately issued medium of exchange;
  •  is subject to a 1:1 reserve system, in which money-creation out of thin air is not allowed;
  •  remains fully redeemable in terms of existing legal-tender currencies.

Therefore, Libra — if not impeded by governmental legislative power — would provide consumers with a medium of exchange whose inflation would be the weighted average of the safest legal-tender currencies of the globe, thus naturally displaying a potential standard deviation of its value — that is, deflation or (more likely) inflation — closer to them than to that of more volatile currencies. After a while, highly inflated legal-tender currencies (especially in those countries with relevant governmental interference and political influence over central bank’s activity) would be gradually less demanded in exchange for goods and services and, were governments not to forbid payments denominated in terms of Libra-units (that is, were they to allow Libra to exist as a full-fledged means of payment), then Libra could (analogously to what is postulated by the Grisham’s Law, but —somehow — in reverse) drive governmental money out of the payment-mechanism and prompt agents to hold to Libra for payment-purposes…

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Facebook unveils ‘its most invasive and dangerous form of surveillance yet’ with launch of Libra cryptocurrency

Posted by M. C. on June 18, 2019

“If you’re concerned with Facebook knowing too much or having too much access to your private data or social graph, the GlobalCoin will give Facebook even more direct access to your financial information,”

This project is the antithesis of bitcoin and is another step towards total control of data and users.”

Bitcoin was “crypto” because the transactions were to be private. Facebook…crypto to you but no one else.

I am continually amazed to see what people use plastic to pay for. Alcohol for one. Credit card companies, the state (in PA), liqour control board (in PA) and who knows who else. One has to be very naive not to realize this is data banked.

https://www.thesun.co.uk/tech/9319668/facebook-launch-libra-cryptocurrency/

FACEBOOK is launching cryptocurrency next year that will allow people to move money from their smartphone into a digital “wallet”.

The currency is known as Libra, which the social network says it has “no special role” in governing and will manage equally with a group of big companies.

Experts have branded the move a dangerous power grab that marks Facebook’s “most invasive” form of surveillance yet.

So far, Facebook has enlisted 28 firms, including Spotify and Uber, who each had to invest a minimum of £8million to be a founding member of the Libra Association, an independent not-for-profit membership organisation.

It wants to attract 100 businesses in time for launch, which it is aiming for the first half of 2020.

Libra is supported by a reserve of the world’s best assets and the world’s most trusted central banks, who gave the cryptocurrency “general cautious support”, according to David Marcus, who started exploring blockchain at Facebook a year ago.

“Libra holds the potential to provide billions of people around the world with access to a more inclusive, more open financial ecosystem,” he explained.

The social network is hoping that its collaborative approach can ease volatility concerns of existing blockchains and cryptocurrencies.

Facebook will operate its own digital wallet for people to spend Libra, known as the Calibra Wallet, which will be available in WhatsApp, Facebook Messenger and as a standalone app.

Users will be able to send money to each other initially, at low to no cost, the social network said.

Eventually, it intends to open the Calibra Wallet up to additional services, so that people can pay bills, buy goods by scanning a code or accessing public transport…

Not everyone was singing the project’s praises.

Phil Chen, Decentralized Chief Officer at HTC, said the move was part of a “dangerous” power grab by Facebook.

“If you’re concerned with Facebook knowing too much or having too much access to your private data or social graph, the GlobalCoin will give Facebook even more direct access to your financial information,” he told The Sun. “It’s not just access to the information of your transactions, it’s direct access to your wealth and capital.
If the top-line question about Facebook and antitrust is about whether to break it up and spin off the likes of WhatsApp and Instagram – well this global coin is the most invasive and dangerous form of surveillance they have devised thus far. This will easily become the most dangerous antitrust case in history.
If this is launched and adopted worldwide, we’re bound to see Facebook as the top 10 biggest companies for the next 100 years that have complete ownership of the customer and their data from their social graph to every transaction recorded through Facebook, WhatsApp and Instagram.
This project is the antithesis of bitcoin and is another step towards total control of data and users.”

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Businesses are Regulating Themselves Before the Government Gets the Chance | The Daily Bell

Posted by M. C. on August 26, 2018

So in that sense, if capitalism is just another word for corporatism or protectionism, then let’s hope it truly is dying off in favor of the free market.

That is what I see when Walmart beats the EPA to regulating its chemicals. And when cryptocurrency exchanges beat the SEC to regulating ICOs.

That’s free market regulation. And it is effective.

https://www.thedailybell.com/all-articles/news-analysis/businesses-are-regulating-themselves-before-the-government-gets-the-chance/

By Joe Jarvis

Is Walmart the evil harbinger of late-stage capitalism? Or is it the hallmark of a civilized society?

Walmart has been criticized for paying workers poorly. Then again, who else is willing to pay that 90-year-old above minimum wage to wave at customers as they walk in the store?

Because Walmart buys in bulk and uses cheap labor, it can keep prices ridiculously low. That provides a major service to poorer people. It increases their standard of living. Their money goes further. They can afford more of what they need…

Yet now they have voluntarily removed certain products because of the dangerous chemicals inside.

Walmart has banned two paint strippers from its stores because they contain chemicals believed to cause cancer…

The EPA has opted not to ban the chemicals, though at one point there were plans to do so. But this example suggests that even absent government regulation, certain companies are pro-active in protecting customers.

You might think Walmart only banned the chemicals to look good in the eyes of the public. And you might be right.

Who cares? Applying beneficial policies to satisfy the public is an effective form of regulation. Read the rest of this entry »

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Google to Ban Cryptocurrency Ads, Deepening “Crypto Blackout” | The Daily Bell

Posted by M. C. on March 17, 2018

One of the now seemingly forgotten rationales behind crypto-currencies was anonymous fiscal transactions. Keeping prying government eyes out of private dealings.

Squashing that is what this all about.  Google, Facebook and Uncle like to keep tabs.

http://www.thedailybell.com/news-analysis/google-to-ban-cryptocurrency-ads-deepening-crypto-blackout/

By Joël Valenzuela

(Dash Force News) Google has announced that it will be cracking down on cryptocurrency-related advertising, furthering the “crypto blackout” online.

According to new policies relating to financial services to be rolled out in June, among newly banned content will be anything related to cryptocurrency:

“Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)”

While the spirit of the ban appears to be targeted at ICOs and speculation, it will also affect other cryptocurrency information as well, from simple usage guides to wallets, news sites, general information, and more. Read the rest of this entry »

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