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Case for Universal Basic Income – And Its Higher Purpose – Strengthened by Justice Protests

What is the value of a human life? What level of protection should a person – any person – reasonably expect? In this epochal period these critical questions are being fiercely debated around the world. Is it time to renegotiate the social contract? GoodDollar’s mission is to achieve greater equality, shaping a world where every […]

The post Case for Universal Basic Income – And Its Higher Purpose – Strengthened by Justice Protests appeared first on The Daily Hodl.




What is the value of a human life? What level of protection should a person – any person – reasonably expect? In this epochal period these critical questions are being fiercely debated around the world. Is it time to renegotiate the social contract?

GoodDollar’s mission is to achieve greater equality, shaping a world where every person is given an opportunity to pursue their life’s purpose, regardless of their circumstances at birth. Our proposition is founded upon the central principle of universal basic income (UBI): namely that everyone – no matter the creed, colour, or employment status – deserves a better level of protection. This support is made possible by regular no-strings-attached financial assistance.

On May 25, George Floyd’s last words, “I can’t breathe”, were captured on a smartphone camera and beamed around the world as the 46-year old was murdered by a Minneapolis police officer. The “I can’t breathe” plea, adopted by protesters and activists, has become a parable for something larger: an inability to live with security and safety, a blocking from realizing one’s life purpose.

In most recent memory, it recalls the horrific downing sensation experienced by victims of the coronavirus – a disproportionate number of whom are black or from ethnic minorities.

This feeling of unrest has spread across liberal democracies, but this moment has created a moment of darkness, with underlying and profound racial and economic inequalities being exposed. The triple whammy – of longstanding, systematic racism, the unbalanced impact of COVID-19, and the deep unemployment triggered by the virus – currently felt by BAME people (those from black, Asian or minority ethnic groups) has precipitated a watershed moment for many.

People have taken to the streets, in the US and elsewhere around the world, in protest against Floyd’s murder in search of justice, and even looting when they feel they have little to lose. On a practical level, America’s unemployment level of 13.3% has enabled more people than normal to protest and campaign.

Lack of protection

The COVID-19 pandemic and resulting economic crisis has built a tinderbox atmosphere, and Floyd’s death has sparked the flames of unrest sweeping America, and beyond. Consider that the virus has killed black Americans at almost three times the rate of white Americans. Further, the worst economic crisis since the Great ­Depression has increased African-American unemployment to 16.7% (compared to 14.2% for white people).

In America, the so-called “land of the free”, unrivaled wealth coexists with social and economic inequality and mass incarceration, which falls disproportionately on black Americans. This is the systemic racism that recent protests have highlighted.

“According to the Census Bureau, African-Americans earn barely three-fifths as much as non-Hispanic whites,” reports The Economist. “In 2018 average black household income was $41,400, compared with $70,600 for whites. That gap is wide.”

The article continues,

“The American gap is narrower than it was in 1970, when African-Americans earned only half as much as whites. But all the improvement happened between 1970 and 2000, and since then things have worsened again. The black income gap has been eased somewhat by post-COVID federal spending increases. But it may soon yawn wider because African-Americans have many of the low- or unskilled jobs that could be most vulnerable to a coronavirus recession.”

In America, the shadow of the coronavirus pandemic has disproportionately fallen on black and minority populations: blacks are the most likely to hold “essential jobs”, keeping them in the workforce and exposed to the virus.

Additionally, those same people have been disproportionately affected by job losses. Indeed, May’s figure of 16.7% black unemployment has remained virtually the same compared to April (16.8%), despite the overall drop from 14.7% to 13.3%, as pointed out by The Guardian. The pandemic – and the unjust death of Floyd – should not have been required to bring this issue to global political attention. Those marching for justice and meaningful change are desperate.

Only in America?

Equally, in the United Kingdom the Covid-19 pandemic has laid bare systemic discrimination. Black Britons are over four times more likely to die from the virus than white people, while Britons of Pakistani and Bangladeshi heritage are more than three times as likely and Indians more than twice as likely to die from the virus, according to the Office for National Statistics (ONS).

Alarmingly, 72% of all health and social care staff who have died with or from COVID-19 in the UK are BAME, constituting another version of institutionalized racism.

“These deaths are the collateral ­damage of British racism – the indirect consequence of decades of ­exclusion that have corralled black and Asian people into the kind of jobs, housing and health situations that would make us particularly susceptible,” writes Gary Younge, ­professor of sociology at the University of Manchester, in The New Statesman.

“COVID-19 has demonstrated how racism can kill in far less dramatic ways and in far greater numbers without offering a morality play that might be shared on social media. When the police and politicians order the protesters to go back to their communities, there seems little recognition that that is where they were dying in such disproportionate numbers.”

Consider that in 2016 the unemployment rate for black male graduates aged 16-24 in London was 18%, in comparison to 10% for their white counterparts, ONS figures show. Further, black male graduates earn £7,000 less per year than their white counterparts in the UK, the Guardian calculated in 2018. Moreover, only 11% of FTSE 100 directors are BAME, new research shows.

Rewriting the social contract

This situation has not been caused solely because of police brutality, which is sickening. There is turmoil in the cities of America and around the world because basic principles around the security and value of a human life have been eroded. We have signed a social contract that no longer protects us all. These are the larger, more entrenched challenges that face our system.

People are miserable, mental health is worsened, and emotional stress is heightened by a lack of financial support, ultimately. Adopting UBI will be a step in the right direction to alleviate these core issues. The time for change is now.

“We need to reimagine public safety in ways that shrink and eventually abolish police and prisons while prioritizing education, housing, economic security, mental health and alternatives to conflict and violence,” a New York Times opinion piece published on May 30th read.

Suggesting a reallocation of some of the $100 billion spent on police in America, the article concluded,

“People often question the practicality of any emergency response that excludes the police. We live in a violent society, but the police rarely guarantee safety. Now more than ever is the time to divest not only from police resources, but also the idea that the police keep us safe.”

The central goal of UBI is to offer a predictability and security that is missing from the social contract for so many people in 2020. At GoodDollar we believe that every life has value regardless of what you do, and that basic income helps to provide a sense of purpose. With a baseline level of income, which is delivered regularly and reliably, people won’t feel completely desperate and destitute if they lose their jobs or have to stay at home.

Our project comes from the position that we owe one another a level of safety and dignity – and at the center is money, and financial security. While the protests continue, the deeper question remains: in this society, what do we owe each other?

GoodDollar: Changing The Balance – For Good

Do you have the skills to help the GoodDollar project? We need builders, scientists and experts in identity, privacy, and financial governance, as well as philanthropists and ambassadors. Contact us at [email protected], or via our social media channels (Twitter, Telegram, or Facebook). Check out our community website, join the OpenUBI movement, visit our GitHub page, and explore our Medium page and YouTube channel.

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

Featured Image: Need for greater support in 2020/Kelly Lacy from Pexels

The post Case for Universal Basic Income – And Its Higher Purpose – Strengthened by Justice Protests appeared first on The Daily Hodl.


The Digital Age Is Here: Crypto And Fintech Companies Soar, While Bank Stocks Tank



2020 has been so far a challenging year. Issues such as the Australian wildfires and the global COVID-19 pandemic have harmed the planet and its inhabitants. The financial world has also suffered, especially during the first several months.

The effects are evident within different sectors of the financial industry. While some have felt adverse consequences during these uncertain times, others have thrived and reached for the stars.

BNN Bloomberg’s senior anchor, Jon Erlichman, recently published some stocks’ price performances for banks and fintech companies and the two largest cryptocurrencies – Ethereum and Bitcoin.

CryptoPotato exemplified it with the graph below. It concludes that innovative fintech companies such as Square and PayPal have massively outperformed the old dogs – the banking sector. Bitcoin has also experienced a notable YTD price surge, while Ethereum has trumped them all with a substantial triple-digit surge.

YTD Price Performance Of Crypto, Fintech Companies, And Bank Stocks. Source: CryptoPotato
YTD Price Performance Of Crypto, Fintech Companies, And Bank Stocks. Source: CryptoPotato

YTD: Bank Stocks Haven’t Enjoyed 2020

The stocks of some of the world’s largest banks were on a roll since the previous financial crisis over a decade ago. Bank of America shares had increased approximately ten-fold since 2009 to their highs in February 2020 of about $35.

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In the same period, Citigroup stocks went from $15 to $80, JP Morgan Chase & Co (JPM) from $20 to $140, and Wells Fargo (WFC) surged from $11 to above $50.

However, the COVID-19-prompted crisis took the world by storm this year. March alone saw price slumps not seen in decades. Most of the aforementioned bank stocks lost about 50% of its value in merely days.

Although their shares have picked up from the March bottoms, the graph above demonstrates that their year-to-date performance is still in the red. JPM is down by 30%, Bank of America by 33%, Citigroup by 46%, and Wells Fargo has it the worst – 58% YTD dump.

Other financial service corporations, such as Western Union (-17%) and American Express (-19%), have also lost significant chunks of value since the start of the year.

It’s worth noting that one of the most old-school investors and biggest supporters of the banking sector, Warren Buffet, sold the majority of his bank stocks this year.

Financial Companies In The Green

Although the crisis reached all companies on the graph above, some have not only recovered but actually increased in the following months. MasterCard stocks plummeted from $345 to $203, while Visa’s nosedive started from $213 and ended at $135. Nevertheless, both companies’ shares are slightly in the green on a year-to-date basis.

Two other financial service companies, but primarily focusing on online endeavors, have marked substantially more impressive YTD results.

PayPal’s stocks (PYPL) started 2020 at $110 and have increased by 94% since then, despite the mid-March slump to $85. Jack Dorsey’s Square’s yearly gains have even seen triple-digit percentages. The 55% dump in March was only a brief obstacle in SQ’s way towards a 178% surge since January 2020.

Interestingly, both firms have embarked on cryptocurrency-related activities in recent months. Square purchased $50 million worth of Bitcoin, while PayPal announced that it will enable its US-based customers to buy, sell, and store several digital assets.

What About Bitcoin And Ethereum?

The cryptocurrency market was not exempt from the mid-March madness. Some alternative coins lost up to 80% of value in hours. The two most well-known representatives, namely Bitcoin and Ethereum, dipped to $3,700 and below $100, respectively.

Percentage-wise, those developments equaled about 50% of losses. However, the rest of the year has been significantly more positive for both. Bitcoin, regarded by some as a safe haven tool with similarities to gold, has overcome its massive slump.

Whether it’s the growing interest from institutional investors, the third halving, or giant companies buying BTC for its store of value characteristics, Bitcoin has surged by more than 80% YTD. Just a few days ago, the primary cryptocurrency charted a new yearly high of over $13,000.

Ethereum, on the other hand, has been widely utilized this year in the ongoing decentralized finance trend. Its blockchain operates as the underlying technology behind most DeFi projects.

This increased utilization led to some unfavorable consequences such as slow transactions and high fees and highlighted a few of the network’s weak points. Price-wise, though, none of that matter as ETH has been on a roll during most of the year, especially since the summer.

As a result, the second-largest cryptocurrency has become the best-performing asset from the ones mentioned above, with an increase of over 200%.

What Could All Of This Mean?

The world is undoubtedly going through changes, primarily prompted by the COVID-19 reality. Social distancing and people working from home have driven society into becoming even more digitally-focused.

The financial world won’t be left behind. People seek more online ventures, and digitally transferred funds will eventually become the new normal.

As such, the decline of traditional financial institutions like banks, and the rise of innovative technologies, including cryptocurrencies, could be just the start of the mass transition to the online world.


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These Are Ripple’s Relocation Options if it Moves Out of the United States



Ripple has expressed dissatisfaction over the regulatory uncertainty surrounding cryptocurrencies in the United States. Apart from this, the San Francisco-based firm has also decided to act. By moving out of its home turf. But where will Ripple move next? Here are the relocation options.

Ripple’s Asia Options: Japan, Singapore & the United Arab Emirates

When Ripple’s co-founder and Executive Chairman Chris Larsen threatened to move out of the United States over the federal government’s anachronistic attitude towards cryptocurrency regulation, the message was clear.

During a virtual interview with Fortune at the LA Blockchain Summit, Larsen dropped the ‘relocation bomb.’ The Ripple co-founder also added that the US is far behind in the cryptocurrency regulation game compared to its counterparts. To the point that it actually risks losing its financial innovation edge to China (in particular).

Continuing his commentary, Larsen said that the U.K. and Singapore are the most probable destinations for the company to relocate if it moves base out of the country.

However, yesterday, in an interview with Bloomberg, Ripple CEO Brad Garlinghouse added Japan and the United Arab Emirates too to the list of Asia options. Elucidating the reason for extending the list, he said:

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The common denominator between all of them is that their governments have created a clarity about how they would regulate different digital assets, different cryptocurrencies.

He reiterated Chirs Larsen’s stance about the United States’ uncertain regulatory roadmap. He also referred specifically to the conundrum of categorizing cryptocurrencies into a commodity, a currency, a property, or security.

Moving out of the US is more of a compulsion than a desire, Mr. Garlinghouse explained. Ripple would have continued to operate from their home turf if the cryptocurrency regulation scenario was not colloidal.

Ripple is definitely a proud US company and we’d like to stay in the US if that was possible, but we also need regulatory clarity in order for us to invest and grow the business.

Love For London And The United Kingdom

Apart from Asia, Ripple is also strongly considering the UK as an option. This became clear when in an interview with CNBC, the CEO applauded the clarity regarding XRP’s regulatory status in the country.

“What you see in the U.K. is a clear taxonomy, and the U.K.’s FCA took a leadership role in characterizing how we should think about these different assets and their use cases,” Garlinghouse said.

The outcome of that was clarity that XRP is not a security and is used as a currency. With that clarity, it would be advantageous for Ripple to operate in the U.K.”

This is clearly where the US is failing, Mr. Garlinghouse remarked. Although the U.S. Securities and Exchange Commission is clear on Bitcoin and Ethereum not being securities, when it comes to XRP, the authority has mostly stayed mum, which in turn has left the cryptocurrency’s status ‘shrouded in uncertainty.’

The clarification regarding XRP’s ‘security status’ is crucial for Ripple. Even though the company claims total disassociation from the XRP ledger and the token, it still owns 55 billion of the total 100 billion XRP supply.

Apart from the United Kingdom and the aforementioned countries in the Asian continent, Ripple has also shown interest in Switzerland for setting up its headquarters.

Ripple (XRP) price climbed up higher but not necessarily in response to Ripple’s decision to leave the US. The rally can be mostly attributed to bitcoin rushing for the stars with its explosive break past the $13,000 mark.

Will the cryptocurrency-based fintech firm be able to operate with total and unequivocal regulatory clarity in the above countries? It still remains to be seen.


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ETH Cools Off After 13% Weekly Gains, What’s Next? (Ethereum Price Analysis)



ETH/USD – Bulls Retest Bearish .618 Fib Resistance

Key Support Levels: $410, $400, $387.
Key Resistance Levels: $416, $421, $439.

Ethereum saw a strong 13% price surge this past week as it reached as high as $421 (1.414 Fib Extension). More specifically, the buyers could not close a daily candle above the resistance at the bearish .618 Fib Retracement at $416.

After heading back into $400 yesterday, the bulls have rebounded and are now retesting the aforementioned level.

ETH/USD Daily Chart. Source: TradingView

ETH-USD Short Term Price Prediction

Looking ahead, once the buyers break $416, the first level of resistance lies at $421.50 (1.414 Fib Extension). This is followed by resistance at $434, $439 (August 2018 Highs), and $445 (bearish .786 Fib). $450, added resistance lies at $462 and $475.

On the other side, the first level of support lies at $410. Beneath this, support is found at $400, $387 (.382 Fib), and $377 (.5 Fib).

The RSI is approaching overbought conditions but still has room to push higher before becoming truly overbought.

ETH/BTC – Bulls Testing 100-days EMA Resistance

Key Support Levels: 0.0311 BTC, 0.0305 BTC, 0.03 BTC.
Key Resistance Levels: 0.0327 BTC, 0.0337 BTC, 0.0341 BTC.

Against Bitcoin, Ethereum struggled this week as it dropped as low as 0.0305 BTC. It has since bounced higher to climb back above 0.031 BTC to trade at the current 0.0318 BTC level. It is now testing resistance at a 100-days EMA and must overcome this to head back toward the October highs at 0.0337 BTC.

ETH/BTC Daily Chart. Source: TradingView

ETH-BTC Short Term Price Prediction

Looking ahead, if the bulls can break the 100-days EMA, the first level of resistance lies at 0.0327 BTC (bearish .236 Fib Retracement). This is followed by resistance at 0.0337 BTC (March 2019 Support – now resistance), 0.0341 BTC (bearish .382 Fib), and 0.035 BTC.

On the other side, the first level of support lies at 0.0311 BTC (.618 Fib). Beneath this, support lies at 0.0305 BTC, 0.03 BTC, and 0.0295 BTC (200-days EMA).

The Stochastic RSI recently rebounded, which put an end to the downward pressure. For a bullish recovery above the 100-days EMA, the RSI must pass the mid-line to indicate bullish momentum within the market.


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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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