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A Decade Of Dollar-Denominated Debasement Debauchery

Since Bitcoin’s genesis block, central banks around the world have been debasing their fiat.

The post A Decade Of Dollar-Denominated Debasement Debauchery appeared first on Bitcoin Magazine.

Republished by Plato

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01/Nov/2008: A pseudonym of unknown nationality sent an email carrying word of Bitcoin, a peer-to-peer, electronic cash system with no trusted third party.

The New York Times 02/Dec/2008: “U.S. Recession began last December, economists say” 

The Times 03/Jan/2009: “Chancellor on Brink of Second Bailout for Banks”

 The New York Times 03/Feb/2009: “Bailout Plan: $2.5 Trillion and a Strong U.S. Hand”

The 12 years since those headlines, that January 3, 2009 Genesis bitcoin block and the global financial crisis that spurred the Bitcoin network’s creation, have been defined by historical central bank monetary expansion. The supply of the United States dollar under the Obama and Trump administrations’ three different Federal Reserve chairs — Bernanke, Yellen and Powell — has increased wildly. 

To see why this supply increase is significant, it is important to understand that the dollar is held as the predominant reserve currency for many of the central banking regimes across the world. Because of this major reserve status, the USD is often the fundamental unit of account for much of the world’s financial systems and international settlement markets, for example in many oil markets with the petrodollar

However, it appears that other central banking regimes are also increasing the supply of their own local currencies, even against the USD. The measurement device and reserve tool that these folks use is being debased, yet despite this, they are also simultaneously debasing their local currencies at record paces in this past decade. 

This multinational bankster money supply gluttony is appearing to have multi-order effects on the rest of the world. Despite all of this lustful debasement and greedy central banker currency supply malfeasance, the Bitcoin network continues to validate and verify peer-to-peer digital scarcity.  

Beyond the United States and the United Kingdom (“Chancellor on the Brink”), which have run rampant with their money supplies over the previous decade, let us explore the major currencies in the G20, an international forum and group of central bank governors from 19 different countries and the EU. 

The G20 was originally a group of major central banksters formed in 1999, and since their expansionary policies came to a head 12 years ago in what has now been deemed as the “2008 GFC — Global Financial Crisis” these folks have been responsible for the largest monetary expansion in human history. When measured in the predominant global reserve currency, the United States dollar, every G20 member nation has expanded its money supply since 2010, some much more aggressively than others. 

The combined nations of the G20 have issued roughly $45 trillion equivalent value money stock during the 2010s decade, expanding the collective G20 M2 money in circulation by 92 percent at the start of the decade over only 10 years. Money for nothing, politics for free.

The United States central bank, the Federal Reserve, expanded the money supply by a total of $10.3 trillion during the decade, increasing the M2 money stock in circulation at the start of the 2010 by 117 percent, in only 10 short years. According to the 1517 Nicolaus Copernicus quantity theory of money, the general price level of goods and services is directly proportional to the amount of money in circulation. Currently the chief United States central bankster is Jerome Powell.   

The Bank of England expanded the Crown’s royal money supply by a total of $638 billion in equivalent money stock during the 2010 decade, issuing only 21 percent of the M2 money in circulation at the start of the decade over only 10 years. Interestingly, “Chancellor on the Brink” England appears to be rapidly approaching pound/satoshi parity. The current chief United Kingdom central bankster responsible for this is Andrew Bailey.  

The European Union, the European Central Bank and associated member nations have issued roughly $5.8 trillion in equivalent money stock during the 2010s decade, expanding their collective money supply by 57 percent over the last 10 years. The current chief European Union central bankster is Christine Lagarde.

The Swiss and their national bank have increased their CHF money supply roughly $183 billion in equivalent money stock during the 2010s decade. The Swiss, stereotypically savvy, expanded their money supply by only 19 percent or so over the last 10 years. The current chief Swiss central bankster is Thomas Jordan.

The Royal Bank of Canada has increased its $CAD money supply by roughly $623 billion in equivalent money stock during the decade. The Canadians expanded their money supply by almost 64 percent over the last 10 years. The current chief Canadian central bankster is Tiff Macklem.

The Reserve Bank of Australia has increased the $AAD money supply by roughly $684 billion in USD equivalent money stock during the decade. The Australians down under expanded their money supply by almost 67 percent over the last 10 years. The current chief Auzzie central bankster is Philip Lowe.

The Bank of Japan has increased its money supply by roughly $2.78 trillion in equivalent money stock during the decade. The Japanese expanded their money supply by 25 percent over the last 10 years. The current chief Japanese central bankster is Haruhiko Kuroda.

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The Central Bank of Russia has increased the Russian ruble money supply by roughly $308 billion in equivalent money stock during the decade. The Russians expanded their money supply by 71 percent over the last 10 years. The current chief Russian central bankster is Elvira Nabiullina.

The People’s Bank of China has increased its yuan money supply by roughly $22 trillion in equivalent money stock during the decade. The Chinese expanded their money supply by 199 percent over the last 10 years, more than tripling the circulating supply at the beginning of the decade. The current chief Chinese central bankster is Yi Gang.

What about gold during all of this nonsensical monetary madness across the G20 and the globe? Well, roughly 197,576 metric tons of gold is estimated to be above ground. The increase in valuation of all the estimated above ground gold during the decade as measured in USD increased by about $2.7 trillion, and roughly 32 percent. Even the Bank for International Settlements’ (BIS) favorite shiny metal can’t hold a candle to the almighty satoshi of the bitcoin network. The current head bankster at the BIS is Agustin Carstens

The 2010s may well be defined as a decade of continuing central banksters monetary undermining and the abuse of trust they unduly earned during the previous global financial crisis.

Reuters 30/Nov/2020 : “Dollar plummets on U.S. stimulus hopes; bitcoin hits all-time peak”

Financial Times03/Jan/2020: “Bitcoin tops $34,000 as record-breaking rally resumes”

Source: 2010 2020 
Gold and bitcoin increases in market capitalization as measured in USD over the decade stacked up against the digital, cotton and linen fiat paper currency issuances of the major G20 governments.

How scarce is your money?

This is a guest post by Tyler Bain. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Source: https://bitcoinmagazine.com/articles/a-decade-of-dollar-denominated-debasement-debauchery?utm_source=rss&utm_medium=rss&utm_campaign=a-decade-of-dollar-denominated-debasement-debauchery

Blockchain

Co-Founder of Floyd Mayweather-Backed Centra Tech Sentenced to 8 Years in Prison

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The co-founder of a fraudulent ICO project that duped more than $25 million from investors, Sohrab Sharma, has received a sentence of eight years in prison for his role.

The project itself, dubbed Centra Tech, was previously backed by several celebrities, including the boxing legend Floyd Mayweather and the producer DJ Khaled.

Centra Tech Co-Founder Behind Bars for 8 Years

Founded in 2017, Centra Tech marketed itself as a debit card provider that supposedly allowed purchases with cryptocurrencies at any businesses accepting Visa and MasterCard.

The trio behind the project, namely Robert Farkas, Raymond Trapani, and Sohrab “Sam” Sharma, claimed that a Harvard-educated CEO with over 20 of experience will run the project and that the card had licenses to operate in 38 US states.

However, an investigation from the Department of Justice concluded that the three co-founders had fabricated the information. Consequently, the authorities charged the three men with deceiving investors into allocating over $25 million in the fraudulent ICO project.

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Farkas and Trapani pled guilty to conspiring to commit securities fraud, wire fraud, and mail fraud initially, while Sharma joined them last year, as reported. Now, several months later, he has received his sentencing – eight years in prison, according to the DOJ’s statement.

US Attorney Ilan Graff said that Sharma has “led a scheme to deceive investors by falsely claiming that the start-up he co-founded had developed fully functioning, cutting-edge cryptocurrency-related financial products.”

He added that “in reality, Sharma’s most notable inventions were the fake executives, fake business partnerships, and fake licenses that he and his co-conspirators touted to trick victims into handing over tens of millions of dollars.”

Mayweather and DJ Khaled Involved

Taking advantage of a common occurrence at the time, Cantra Tech received the endorsement of at least two celebrities – DJ Khaled and Floyd Mayweather. However, both failed to disclose that they had accepted funding for their actions.

Both received charges from the US Securities and Exchange Commission as a result of the investigation. Shortly after, they agreed to pay penalties without admitting to wrongdoing.

The boxer paid $300,000 in disgorgement, a $300,000 penalty, and $14,755 in prejudgment interest. He also agreed not to promote any securities, digital or otherwise, for a period of three years.

The musician paid $50,000 in disgorgement, a $100,000 penalty, and $2,725 in prejudgment interest while agreeing to avert any ICO promotions for two years.

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Source: https://cryptopotato.com/co-founder-of-floyd-mayweather-backed-centra-tech-sentenced-to-8-years-in-prison/

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John McAfee Following the DOJ Indictment: The Allegations Are Overblown

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A day after being indicted for several criminal offenses, including money laundering schemes and fraud, John McAfee has called the allegations brought by US authorities “overblown.” The former software antivirus creator also defended his ICO promotions and receiving payments with the particular coins.

DOJ Goes After McAfee

The former antivirus tycoon made a name in the cryptocurrency space a few years back with the “Coin of the Day” campaign, in which he promoted certain low-cap alternative coins and somewhat outrageous promises that if BTC didn’t reach $1 million by the end of 2020, he would eat his male genitalia.

While he failed to complete the latter as BTC came a long way from his price prediction, he received a lot of criticism about the promotions. The situation escalated on Friday as the US Department of Justice brought official charges against McAfee and his executive advisor – Jimmy Watson Jr.

The authorities charged both with conspiracy to commit commodities and securities fraud, conspiracy to commit securities and touting fraud, wire fraud conspiracy and substantive wire fraud, and money laundering conspiracy offenses from two schemes related to the fraudulent promotions.

US Attorney Audrey Strauss said that McAfee and Watson “exploited a widely used social media platform and enthusiasm among investors in the emerging cryptocurrency market to make millions through lies and deception.”

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“The defendants allegedly used McAfee’s Twitter account to publish messages to hundreds of thousands of his Twitter followers touting various cryptocurrencies through false and misleading statements to conceal their true, self-interested motives.”

Ultimately, Strauss explained that McAfee, Watson, and the rest of the team “raked in” more than $13 million from investors.

McAfee Responds: Allegations Are Overblown

The “Coin of the Day” campaign, which later turned into “Coin of the Week,” allowed McAfee to post about various crypto tokens that he supposedly believed were undervalued. Having more than one million followers on Twitter, though, every time he posted about a particular coin, people rushed in to purchase it, which skyrocketed the price.

However, this allowed people who were early on to dispose of their assets in a rather profitable way. It led to sharp price corrections and losses for the investors who followed McAfee’s Twitter publications – this is better known as “pump and dump.”

Nevertheless, McAfee, who is currently in a Spanish prison, offered his side of the story earlier today. He believes that the coins didn’t plummet in value because of an alleged scheme. Instead, he blamed it on the year-long bear market that the crypto market faced in 2018.

Furthermore, McAfee claimed that he and his team kept most coins they received as payments for the promotions and called the allegations “overblown.”

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Source: https://cryptopotato.com/john-mcafee-following-the-doj-indictment-the-allegations-are-overblown/

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Ethereum EIP-1559 Targeting Gas Fee Challenges to be Implemented in July

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The contentious Ethereum Improvement Proposal (EIP) 1559, will be included in its codebase in July this year. This became clear during the All Core Developers call today.

EIP 1559: What Does it Mean for Fees?

Ethereum’s Improvement Proposal 1559 is aimed at improving the overall Ethereum’s user experience when it comes to transaction fees.

Typically, a user would have to send a gas fee to a miner for their transaction to be included in a block. What EIP-1559 proposes, however, is to send that gas fee to the network itself. Called basefee, this is a sort of a “burn” and there would only be an optional tip that’s paid to the miners. The burnt fee would be set algorithmically, supposedly improving the UX.

The proposal was originally submitted by Eric Conner and its summary provides an overall outlook at what it attempts to achieve:

A transaction pricing mechanism that includes fixed-per-block network fee that is burned and dynamically expands/contracts block sizes to deal with transient congestion.

During today’s All Core Developers call, it was decided that it will be included in the so-called London hard fork coming this July.

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Some Miners Disagree

Despite the potential improvements on the entire network that could come with EIP-1559, some of the largest Ethereum mining pools have openly displayed division on where they stand.

F2Pool, the third-largest ETH mining pool with over 10% hashrate share, shared a post, in which it supported the initiative, claiming that it would ultimately have a positive impact.

The publication says that “the general community along with core developers are siding with evolving Ethereum to include EIP-1559. It is important to side with the users and core contributors.”

F2Pool’s statement also argued that the potential EIP-1559 implementation could be factored in ETH’s price, which is more than 100% from the start of the year.

In contrast, though, the largest mining pool with nearly 25% share of the hashrate, Sparkpool, didn’t feel the same way about the integration as it could reduce the profits. They took it to Twitter to emphatically assert that the mining pool “opposes EIP-1559.”

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Source: https://cryptopotato.com/ethereum-eip-1559-targeting-gas-fee-challenges-to-be-implemented-in-july/

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