Blockchain

The Elites Are Preparing a New Currency to Replace the U.S. Dollar

Published

2 months ago

November 24, 2020

Looking back at history, it’s no surprise that today’s economic system produces a vast array of hardships, injustices, and inequalities. Century after century, dictators, bureaucrats, even convicted murderers, have commandeered the financial system, abolishing sound money principles to siphon off wealth for themselves. But no matter what empire, state, or nation the elites have come to rule over, each time, they lay the foundations for an inevitable collapse, corrupting the value of money, and destroying the currency they have bent to their will.

Right now in the 21st century, as the stock market climbs to all-time highs, as the Wall Street machine peddles the “stonks only go up” narrative, as the departing Trump camp celebrates DOW 30,000, the financial rot continues to build under the surface. We’re getting to the stage where we can’t ignore the impending “great reset” any longer, the great unwind we must face to purge deformities from the system.

In the last half-decade, we’ve witnessed the rise of a modern technocracy, where the elites have battled against the hidden forces of economic gravity to cling to power and wealth. By doing so, they created the greatest wealth transfer in history, but they have also destroyed 97% of the U.S. dollar’s purchasing power, producing a vast array of societal and economic defects, deficits, and delusions that will take generations to unwind. This, of course, has set us on a path toward economic ruin, and the inevitable death of the U.S. Dollar. It’s a question of when not if.

The 1971 Nixon Shock was the beginning of the end for shared American prosperity. Although disparities and inequalities still existed on the gold standard, they were nothing compared to what we have today. The U.S. dollar’s gold backing offered unrivaled stability. Productivity rose alongside wages, inflation remained stable, and, despite the Federal Reserve destroying 2% of the Greenback’s purchasing power each year, citizens enjoyed the simple luxury of earning a positive yield on their savings.

It was after Nixon pulled off the greatest illusion in monetary history, ending the gold standard, and forcing the world to embrace a fully-fledged fiat currency system, that financial order descended into chaos. Slowly, over time, income inequality has skyrocketed, currency and banking crises have emerged at a Napoleonic pace, and public debt has almost exceeded War World II levels.

These monetary dislocations have impacted several areas of our society. Consumer health relies on heavily inflated asset prices, not the health of the real economy. With price stability dissipating, rampant inflation has lifted consumer prices, lowering our standard of living. As we lose 2% of our purchasing power leaving our money in the bank, we must throw our savings into an overvalued stock market fueled by speculation and greed — not a booming economy that we desperately need. Since we have to work 300% harder to buy the same stock, we’re always busy, tired, and broke. We take shortcuts, bolstering the disastrous American diet. Our lust for fast food has created a simultaneous mental health and obesity crisis.

Yet, after all this, society has yet to lose total faith in the system. The 21st-century elites will go down as the greatest perception managers of the modern age. Deep down, however, they — and we — know this system cannot last. No power has suspended gravity forever, and mother nature will make no exceptions for modern-day technocrats. This abomination of a system will eventually meet its demise, but as it benefits the elites, they will try everything in their power to keep it alive. Recognizing the U.S. financial hegemony is under threat, they have started to devise a Plan B to maintain power when the old system reaches breaking point: An Orwellian crypto-based monetary system.

The rise of blockchain technology has revolutionized how we think about money in the 21st-century. It’s the first time in history where money can be transferred peer to peer without passing through a central authority, the first decentralized network to enable the financially savvy, from hardcore Cypherpunks to GenZ libertarians, to break free from the tyrannical forces of the modern financial system.

These communities, however, are in for a shock. The system that took Satoshi Nakamoto a decade to perfect will not only fail to upheave the financially repressive system but will help the elites create a new system even more tyrannical than the last, placing more power and control in their hands.

After snubbing the inherent benefits of crypto for years, elites worldwide have responded to crypto’s historic rise. In October 2018, the Maltese government declared that digital currencies were the future and that they would become the first nation to adopt this new paradigm. More recently, in November 2020, ECB Chief, Christine Lagarde, said in a tweet, “We’ve started exploring the possibility of launching a digital euro,” inaugurating the European elites’ attempt to gain power through digital means. Plus, the Chinese government issued 10 million yuan of digital currency to 50,000 random citizens who willingly signed up.

As the U.S Dollar hegemony starts to fail, these competing powers will show their cards, battling it out to secure their currency’s status as the dominant global player. While the elites “restore order” — code-speak for the tyrannical cycle starting over — cryptos created outside the realm of government will be censored. They will also gaslight the people, saying we need to learn from our mistakes, that we need to part from monetary madness and return to stability.

What will the new reserve currency look like? Will gold or crypto become the reserve asset, stabilizing the system, creating a new monetary order? This debate between the crypto nuts and gold bugs is unwarranted since both assets will play a part. Like gold, crypto is unviable as currency and money. To the dismay of hardcore fans within each group, these two communities will unite, creating a truce. Crypto will be used as currency; gold will be used as money — and the feud between the crypto nuts and the gold bugs will come to an end. Together, they will fix each other’s flaws.

Perfect money does not exist, of course, but gold is the closest thing to it. The shiny metal might be a pet rock or a barbarous relic to some, but it has remained the most stable asset over the last 5000 years, granting stability every time monetary collapse ensues; the best candidate to replace whatever the elites claim is backing the fiat monetary system. In the early 1800s, during the first of George Friedman’s U.S. socioeconomic cycles, the greed of the Second Bank of the United States’ stockholders created an economic depression. To enrich themselves, they issued paper currency with no backing, prompting rampant speculation, ultimately leading to a crash.

The 1837 Panic ensued as President Andrew Jackson, a sound money advocate, had responded to the speculation by backing the U.S dollar with gold and silver to purge economic deformities from the previous cycle. The economy remained somewhat stable until America fought a civil war thirty years later. Abraham Lincoln’s government committed the same economic suicide as the shareholders of the now-defunct Second Bank of the United States. Issuing vast sums of paper currency to finance the Civil War— plus speculation on railways — drove America into yet another depression, which led to the Coinage Act of 1873 where President Ulysses S. Grant enacted the de facto gold standard to suppress malinvestment and inflation.

This period in U.S. history is what American’s should expect when the next crisis unfolds, only this time with a modern twist. The next major collapse will coincide with both the mass adoption of crypto and the resurgence of commodity money. Crypto suits an increasingly technological world in which we desire speed, security, and privacy. Using precious metals as a currency — trading in grams, and transporting freight loads between parties like in the California Gold Rush of 1848 — is a crazy proposal for a modern medium of exchange. Transacting with a crypto wallet beats transacting with a gold debit card, hands down.

Crypto, however, isn’t perfect money either. At best, it’s a currency without commodity backing. Though we live in a society where the elites have replaced gold with debt, this doesn’t mean we must continue their mission to destroy money’s intrinsic value. As history shows, we need a gold-backed currency to reverse the sickness that fiat currencies have inflicted on society, and to have any chance of preventing elites from siphoning off wealth for themselves via monetary manipulation.

Only when the great reset occurs — where the fiat system relinquishes, and money regains its value, meaning, and purpose — will we know whether this new monetary paradigm will be governed by the people for the people, or by the same type of elites who always finds a way to exploit the system. It’s obvious which outcome will create a better, fairer, juster world, but it’s also clear, based on history, that the power will end up in the hands of a more autocratic, digitally empowered elite. Is this the moment when the people finally rise up and take charge? We’re about to find out.

Source: https://medium.com/concoda/the-elites-are-preparing-a-new-currency-to-replace-the-u-s-dollar-4b7cf74685ad?source=rss——-8—————–cryptocurrency

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Blockchain

Six-Figure Bitcoin Price Predictions Back on The Table

Published

18 mins ago

January 15, 2021

Republished by Plato

This has resulted in the renewal of six-figure price predictions for this market cycle, with some suggesting a top of $300,000 this time around.

At the time of writing, Bitcoin was trading at $37,900 after reaching an intraday high of $40,000 according to Tradingview.com. The asset had started to fall back during the Asian trading session on Friday and had failed to break its previous high of $42,000 but the sentiment is still very bullish.

Total crypto market capitalization has topped a trillion dollars again as some of the altcoins, such as Polkadot, make monumental 24-hour gains.

When Will Bitcoin Top $100K?

Popular traders and analysts are back in the game of predicting prices and they’re largely in agreement that this market cycle will result in six figure Bitcoin prices.

Josh Rager said that he thinks Bitcoin will see a six-figure price by early 2022;

I knew six-figure Bitcoin was eventually coming but thought it would be next cycle high

After the recent price action, hitting $40k this quickly, I have to say that I think Bitcoin sees a six-figure price by early 2022

And that $BTC will continue to catch fire across the globe

— Josh Rager 📈 (@Josh_Rager) January 15, 2021

He added that at this peak, the name of ‘Bitcoin’ will be mentioned on every TV, phone, and tablet around the world.

“This could certainly be the cycle that leads to Bitcoin becoming a household name along with serious adoption from those who once mocked peer-to-peer digital money,”

Fellow trader ‘TraderKoz’, who has 28k followers on twitter added that at a guess he would say that this cycle takes us to $250k to $350k.

“From there, we have 3 years of accumulation in the $60-90k range before Bitcoin takes over the entire financial system. That bull run will take us to over $1,000,000,”

Michael Saylor, who’s institutional investment firm MicroStrategy has been buying up large swathes of Bitcoin, continues to post bullish tweets about the asset to his 330k followers;

#Bitcoin is a feat of monetary engineering, and more closely described by the math, science, & technique of aerospace engineering than the models of financial or software engineering.

— Michael Saylor (@michael_saylor) January 14, 2021

The Institutional Effect

Aggregated derivative exchange data provider Bybit reported that Bitcoin institutional inflows are showing no signs of slowing down, adding that there may be a new round of buying by Grayscale.

Grayscale itself reported an assets under management (AUM) figure of $27.7 billion in its most recent update. The company has also just released its fourth-quarter report revealing that there was record investor demand in the period, with approximately $3.3 billion in inflows.

4Q REPORT: Last year’s investment into the Grayscale family of products surpassed $5.7 billion, more than four times the $1.2 billion cumulative inflow into our products from 2013-2019. Read more. https://t.co/T4sMVQhcDe pic.twitter.com/yuh5qj0GyT

— Grayscale (@Grayscale) January 15, 2021

The story made such an impact that even Reuters picked it up.

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Source: https://cryptopotato.com/six-figure-bitcoin-price-predictions-back-on-the-table/

Blockchain

$500K Bitcoin Donation Funneled to Groups Involved in US Capitol Riot: Analysis

Published

20 mins ago

January 15, 2021

Republished by Plato

Blockchain intelligence firm Chainalysis has tracked simultaneous Bitcoin (BTC) donations to wallets associated with right-wing extremist groups in the U.S., which might have helped fund the recent riot at the U.S. Capitol. The news marks yet another pivot towards pseudonymous money transfer means by alt-right groups in the U.S.

Alt-Right Agitators Received $500K in Bitcoin Prior to US Capitol Riot

Publishing its findings on Thursday (Jan. 14, 2021), Chainalysis revealed that several notable alt-right personalities who were present at the Jan. 6 riot in the U.S. Capitol received substantial Bitcoin donations.

According to Chainalysis, a single donor funneled 18.15 BTC to addresses belonging to entities with right-leaning affiliations on Dec. 8, 2020. At the time, this figure was worth over $500,000.

In its report, Chainalysis also revealed that popular far-right political commentator Nick Fuentes received 13.5 BTC. There are a few photographic pieces of evidence placing Fuentes at the riot with a megaphone in hand though Fuentes has denied entering the building itself.

Apart from him, alt-right podcaster Ethan Ralph and VDARE — an anti-immigration organization — also received BTC sums from the donor. While Chainalysis did not reveal the identity of the person responsible for funneling the Bitcoin, the crypto forensics outfit did mention that there strong evidence that the donor is a French computer programmer.

An examination into the donor’s wallet shows that the person is likely an early Bitcoin adopter. Further investigation into the donor shows a history of donations to extremist causes with an alleged suicide note referencing known alt-right talking points.

Based on these findings, U.S. law enforcement officials are reportedly investigating possible links between the donations and the assault on the Capitol. Prosecutors also say that they are approaching the investigations from a counterterrorism and counterintelligence standpoint.

Financial Censorship Triggering Crypto Adoption

Alt-right groups receiving donations in Bitcoin is only the latest example of political and social groups with dissident ideologies embracing cryptocurrencies. Indeed, Bitcoin’s early history is somewhat intertwined with WikiLeaks especially after the establishment was cut off from mainstream funding sources.

Even countries facing economic sanctions are also adopting cryptocurrencies. Venezuela is a popular example, with the Maduro administration even creating its own oil-backed Petro “coin.”

Nations like Iran are actively supporting Bitcoin mining with tax breaks for BTC miners. As previously reported by CryptoPotato, the output from three power plants has been offered to miners in the country.

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Source: https://cryptopotato.com/500k-bitcoin-donation-funneled-to-groups-involved-in-us-capitol-riot-analysis/

Blockchain

Bitcoin Faced First Major Correction In Current Bull Run: The Crypto Weekly Market Update

Published

20 mins ago

January 15, 2021

Republished by Plato

This week was very intensive in the cryptocurrency market. It’s perhaps safe to say that it was among the most tumultuous ones we’ve had in the last few months.

Everything started calmly, and during the weekend, the price hit an all-time high value of $42,000. The excitement was short-lived, as immediately after that, bitcoin went in the opposite direction and started to decline. It wasn’t until Monday, however, when things took a turn for the worst.

Bitcoin’s price lost around $12,000 in what seems to be the first major correction in the ongoing bull run. The decline of around 27% came in a few brutal four-hour red candles and led to the liquidations of $2.87 billion worth of both long and short positions, indicating once again how over-leveraged the market is.

From there, the price took uphill and even reached $40,000 again on Thursday. Bears, however, weren’t done as what followed was another handful of red candles that brought the price to its current trading level of about $35,000.

With this said, the entire cryptocurrency market took a hit as the capitalization has dropped below $1 trillion. Meanwhile, Bitcoin’s dominance is also suffering, as it’s down to 67.7% during this week from its high of around 70.3%. This shows that despite the blood on the streets, altcoins have managed to take the upper hand and claim a larger portion of the market.

Meanwhile, two other projects made headlines over the past few days, mainly thanks to their incredible price performance. Despite this brutal correction, Polkadot’s DOT token is up 40% over the last seven days, while LINK is up 22%. The latter even charted a new all-time high today.

In any case, the week was particularly exciting, and even though this time it was the bears who had the upper hand, it’s very interesting to see how the next few days will shape up. Is this the beginning of a larger correction, or is it just a step back in preparation for an even bigger rally? We have yet to see.

Market Data

Market Cap: $964B | 24H Vol: 144B | BTC Dominance: 67.7%

BTC: $35,442 (-14.6%) | ETH: $1,141 (-7.5%) | XRP: $0.276 (-12.9%)

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Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Polkadot, and Cardano – click here for the full price analysis.

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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.

Source: https://cryptopotato.com/bitcoin-faced-first-major-correction-in-current-bull-run-the-crypto-weekly-market-update/