Proof-of-Nuclear-Bombs & the Nixon Shock
While I was traveling from eastern Turkey to Georgia in 2015, I met some truck drivers coming from Iran to Uzbekistan at a local gas station since my car broke down. Thousands of miles away from my apartment in New York, they were all dealing in US Dollars from buying groceries, gambling to dealing with debts. I inquired, they responded: it was because the dollar was as liquid as the gas in their trucks, the source of their livelihood. How did this happen?
In the late 1960s, the US controlled more than ¾ of the global gold reserve, but was facing a deteriorating US balance of payments by competitive economies through a loss of power and confidence in the US economy. Even other “pegcoins” today are facing the Triffin dilemma that the US once faced.
Bitcoin seems to be getting a lot of heat for being an “economic experiment,” but the USD was no less of an experiment when Nixon’s administration ventured into uncharted territories of fiat currency issuance. While the story behind the elimination of Bretton Woods and an international gold standard is well known in the history books and public forum, there were lesser known unilateral events that had an equally political and economic impact: namely the US’s unprecedented control of the world’s oil circulation.
Separate events may have indirectly contributed to an oil-focused imperialism through various initiatives, such as the development of SWIFT, that slowly made all transactions and oil trades to be settled in USD: an “oil-USD payment restriction.”
Counterpoints: I do not want to further perpetuate the debate about the petro-dollar theory in the present economy, there seems to be some consensus that this concept was a defendable theory at a previous point of time. Nevertheless, all of the oil continuing to be settled in USD seems not to be a coincidence, nor did the future involvements in the Gulf War, Afghanistan and Iraq. In reality the Proof-of-Nuclear-Bombs is a double entendre: it is not to show that the US is strong in order to reinforce the USD value, but rather it is the fabricated “proof” that can be used to prove that Middle East countries have stockpiles so the US government can take over the oil circulation. If I get asked to have a superpower, it wouldn’t be “nuclear power” or the “ability to control perceived reality,” but I’d like to have the “United States.”
There are a few qualities about oil that I want to highlight:
– Essential for industry/economy
– Scarce resource
– It is expendably used and not recyclable
– Essential for the human well-being in the modern age
The more basic questions arise, why is oil so vital from a modern anthropological perspective? Oil is the basis of mobility, industry and production in a consumer-driven environment, and to not have control over its circulation is to have no hold over one’s own economy and therefore currency— it is a human need, and every day that the US did not control this commodity was another day that they saw their mortality in the hands of the producers. This goes beyond economic well-being, military supremacy or strength. This constrained, mutually critical resource was a centerpiece of the world when the USD reinforced its status as the reserve currency, and this is also true in a world before a dependence on oil but for other mortality-revealing commodities. If the US already had its dollar face used to settle this resource, why proxy through gold? More importantly, this was a good that was used, and individuals needed a perpetual flow for their own well being — the USD was settling not just a commodity, but the flow of the river that fed the village every season. While this may have catalyzed the world to begin depending on USD fiat, I do not necessarily claim that it is the continued truth that we see today. The United States in the 1970s now controlled what I introduce as the mortal sink, or oil in the case of USD.
MicroStrategy Keeps Buying The Dip – Spends Another $10 Million On Bitcoin
Everyone is acquiring bitcoin. From everyday people buying fractions of a bitcoin in the hopes of making a value later on to companies like Tesla padding their wallets with billions worth of the famous asset, bitcoin is all the rage these days.
Given that bitcoin currently hovers around $45,000 after seeing a new all-time price high of over $65,000 a few weeks ago, for some, now may be a desirable time to jump on the train.
One company that definitely got the memo was MicroStrategy as it was confirmed on May 18, 2021, that the company has bought another $10 million worth of bitcoin.
Bitcoin Whale MicroStrategy Keeps Buying
This latest purchase was confirmed by Michael Saylor, the founder, and CEO of MicroStrategy on Twitter. According to his tweet, MicroStrategy purchased an additional 229 bitcoins with each costing an average of $43,663. With this acquisition, the firm’s total bitcoin stash now comes to about 92,079 with an acquisition value of $2.251 billion. Acquired at an average price of $24,450 per bitcoin, this represents one of the biggest caches of bitcoin held by a single entity.
From the language used in the tweets, it is implied that the company intends to HODL long-term as do many private crypto holders who believe that bitcoin will be worth hundreds of thousands at some point in time. Regardless, it is clear that the corporate world is getting its fill of bitcoin and investing a significant amount of money in it.
It is safe to expect that other firms besides MicroStrategy will continue to pad their wallets with even more bitcoin and other cryptos, especially given that the market is not mooning at the moment.
At the same time, some analysts predict that the bitcoin price will reach $100,000 by the end of this year and some even predict $300,000 or 400,000 in a few years, and should this happen, it will be interesting to see at which price point firms like MicroStrategy will sell, if at all.
Marvel Icon Behind Batman, Green Lantern To Launch Exclusive Comic NFT Collection
The art world and the world of blockchain are currently seeing a huge intersection thanks to the rise of non-fungible tokens or NFTs as they are commonly called. Top artists from around the world have been selling their work as NFTs with millions of dollars being raised and NFT platforms seeing more attention from the artist themselves.
One of the latest of these is from Neal Adams, a legendary comic book artist behind iconic characters like the modern Batman and the Green lantern. It was announced on May 18, 2021, that the comic book artist will be partnering with Vorto Gaming to release an exclusive comic book and NFT collection.
Batman Immortalized as an NFT?
Some details about the new partnership have been announced such as Adams creating bespoke comic books around Hash Rush, which is the first title published by Vorto Gaming and will be released on its network. Part of this comic will involve new and existing Hash Rush characters and a new storyline from Adams.
Given that Adams has shaped storylines for a number of comics for DC Comics and Marvel, there is a lot of anticipation. He will receive help for this new project from Swedish-based ComicFirst Entertainment and their artist Mikael Bergkvist, who is also his mentee.
Adams himself has touched on the importance of gaming and why he is excited about this upcoming project.
“Gaming is without doubt the most innovative entertainment industry of the past decade and is shaping so many different aspects of our culture. We’re moving into a period in history where we are spending as much time exploring digital, imaginary worlds as we are living in this one. Comic books were always a transportation tool – taking us to another place, to experience another story, even just for a moment. Hash Rush is no different and I’m looking forward to sharing this story with the world.’ he said.
At this point, it seems that there is no limit to the type of content that can be created as an NFT. Artists from all sectors are beginning to explore their options with regards to both making money and providing valuable experiences for their fans. Hopefully, Adams’ participation in this project will lead to more prominent comic book artists embracing NFTs as well.
PARSIQ And Autonio Partnership Brings Smart Triggers To NIOX Trading Suite
PARSIQ has partnered with the Autonio Foundation to integrate its monitoring technology into Antonio’s NIOX trading suite.
As per the announcement, through this partnership, PARSIQ is planning to deploy its Smart Triggers technology into Autonio’s NIOX suites. The partnership will help Autonio monitor blockchain data for important events by integrating a few lines of code. Generally, this new integration will help save on the time and infrastructure required to create custom listeners.
Ali Raheman, Autonio Foundation CEO and Founder.
“PARSIQ enables us to secure our governance and our DAO along with granting our users access to info about asset movements, which is a higher up priority for us, while we begin incorporating notifications and triggers into our trading solutions and tracking. Use for AI is longer term. PARSIQ has provided us with a toolset to make improvements in 3 major areas, trading, governance, and analytics data for AI.”
Tom Tirman, CEO of PARSIQ.
“Automated trading tools are a natural use case for PARSIQ’s Smart Triggers, and we are glad to be seeing teams like Autonio speed up their development efforts by choosing our solution. There is no reason why crypto app developers should constantly be reinventing the wheel. By letting us take care of the intricacies, they save on time, money, and headaches.”
Autonio Foundation is a decentralized autonomous organization built around developing accessible, easy-to-use training tools and services. By democratizing access to intelligent trading tools, the platform allows crypto traders to conduct deeper trading analysis, pool funds for their original strategy, and deploy complex algorithms.
Autonio’s trading suites are based on Artificial intelligence technology. The suites require a stream of reliable blockchain data, which can create trading alert systems or complex trading strategies 0based on specific triggers.
By integrating PARSIQ’s Smart Triggers, Autonio will easily monitor blockchain data for relevant events. The partnership will also allow Autonio to access the PARSIQ toolset. The toolset allows traders to conduct strategies based on on-chain triggers such as transactions coming to large wallets. Additionally, Autonio will also use PARSIQ monitoring technology to gauge NIOX AI-based effectiveness, strategies, and efficacy.
Antonio will also be able to use PARSIQ tools for analytic purposes. The tool will allow the company to monitor withdraws and deposits transactions to the NIOX DAO, allowing them to understand their users. The analysis will be key in developing key metrics that will enable tracking growth.
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