That is a terrific explanation of how the whole crypto idea, created to undermine fiat currencies, has just become another weapon in the game of financialisation which is destroying democratic capitalism. We should all be worried. I can’t wait for your new book, Ann.
An excellent balance sheet item piece in understanding the historical march of finance, money, and its manipulations to address the agenda of the elites.
The assessment, even by people who had been the bitcoin faithful that everything about a decentralized financial system has fallen apart.
For some reason, the super clever genius guy Satoshi didn’t figure out that profit motivated competitive contest would lead to capital dominating the contest. Those with the resources to build the most powerful crypto hash computation facilities dominate in a consequence, totally unsurprising to anyone.
One thing to remember here though is that entities in China on the largest share of bitcoin because Chinese entities whether the government or commercial progressively mind the coin on. The exponential scale of decreasing availability meant that the early miners collected the lion share of all coins that can ever be minted (90% +). The companies now in operation are collecting the most ephemeral remaining tailings.
So the majority of transaction handlers exist in China, the United States and Russia. Control of bitcoin and certainly all the stable coin instruments exist in the hands of a few dominant players.
Facilities brought into operation of the Texas in particular require just a modest amount of crypto pixie dust to be sprinkled on politicians and they will happily allow these operations to set up shop in towns, where for the privilege of having this data center operate in their community, the town residents have the privilege of paying higher energy and water bills, while their own tap water is poisoned, their health destroyed by noise pollution, and their home homes made worthless because there’s no way they can sell their property to escape this fate.
Welcome to the future!
The crypto foxes have repurposed the federal government to be the chief financier, protector and customer of the largest crypto financial fraud operation in the world will ever know.
Everything about the federal government operation now is being repurposed to financial fraud and human trafficking for all intents and purposes.
One of the more feasible alternatives to our fiat money creation system was proposed by an economist named James R. Buchanan. He suggested the "brick standard." Construction bricks have almost all of the positive characteristics of precious metals and none of the negative. They last nearly forever, are easy to produce and do not need expensive vaults to protect from theft. They also have a strong international market (although perhaps not as strong as existed when Buchanan came up with his proposal).
Charlie Munger noted that the worst things aren’t even illegal. Congratulations Ann! You are brave❤️
That is a terrific explanation of how the whole crypto idea, created to undermine fiat currencies, has just become another weapon in the game of financialisation which is destroying democratic capitalism. We should all be worried. I can’t wait for your new book, Ann.
Are there any real democracies? I believe we have oligarchies masquerading as democracies worldwide.
An excellent balance sheet item piece in understanding the historical march of finance, money, and its manipulations to address the agenda of the elites.
The assessment, even by people who had been the bitcoin faithful that everything about a decentralized financial system has fallen apart.
For some reason, the super clever genius guy Satoshi didn’t figure out that profit motivated competitive contest would lead to capital dominating the contest. Those with the resources to build the most powerful crypto hash computation facilities dominate in a consequence, totally unsurprising to anyone.
One thing to remember here though is that entities in China on the largest share of bitcoin because Chinese entities whether the government or commercial progressively mind the coin on. The exponential scale of decreasing availability meant that the early miners collected the lion share of all coins that can ever be minted (90% +). The companies now in operation are collecting the most ephemeral remaining tailings.
So the majority of transaction handlers exist in China, the United States and Russia. Control of bitcoin and certainly all the stable coin instruments exist in the hands of a few dominant players.
Facilities brought into operation of the Texas in particular require just a modest amount of crypto pixie dust to be sprinkled on politicians and they will happily allow these operations to set up shop in towns, where for the privilege of having this data center operate in their community, the town residents have the privilege of paying higher energy and water bills, while their own tap water is poisoned, their health destroyed by noise pollution, and their home homes made worthless because there’s no way they can sell their property to escape this fate.
Welcome to the future!
The crypto foxes have repurposed the federal government to be the chief financier, protector and customer of the largest crypto financial fraud operation in the world will ever know.
Everything about the federal government operation now is being repurposed to financial fraud and human trafficking for all intents and purposes.
https://www.compactmag.com/article/money-by-vile-means/
And why not?
(1) When it all implodes; other souls (generally the most economically vulnerable) will pay for all of the damage.
(2) We can just keep on scapegoating immigrants for all of the woes caused by our habitual economic malpractices.
I would have included in this excellent analysis the term “wildcat banking.”
If Wall Street wants it, you know 'we the people' are screwed.
China, the PBOC, quietly entered the stablecoin lists through its Hong Kong arm with a thoroughly conventional US dollar issue.
An RMB-backed is coming. Eventually, a central bank currency tied to a basket of currencies and commodities. The bancor is back, baby!
One of the more feasible alternatives to our fiat money creation system was proposed by an economist named James R. Buchanan. He suggested the "brick standard." Construction bricks have almost all of the positive characteristics of precious metals and none of the negative. They last nearly forever, are easy to produce and do not need expensive vaults to protect from theft. They also have a strong international market (although perhaps not as strong as existed when Buchanan came up with his proposal).
I like your outside-the-box thinking