The neutral and balanced mainstream media, which now perhaps also includes corporatedesk, likes to be so balanced they usually only give the microphone to one side.
What exactly is a FED banker doing at a crypto conference, who is to ask. Whether parroting his words without challenge is propaganda, we do ask.
That he effectively says cryptos are bad, who is to be surprised. Nor should anyone be surprised by the subtle and most likely unintentional deceit when James Bullard, the head of the Federal Reserve Bank of St. Louis, says:
“In the 1830s, 90 percent of the U.S. money supply was privately issued banknotes. Contemporaries did not like this system. Currencies traded at different rates at different times and places.
There were discount books in each town to keep track of how much each currency should be discounted. There was a call for a “uniform currency,” which was implemented during the Civil War.”
A dollar is a dollar, he says, trying to make us believe that the system of a non-uniform currency in the U.S. has disappeared.
Yet he knows full well, as do we as does everyone else because now they have told us, that dollars of bank money are not even legal tender. When times are good and the champaign is flowing, yes, all bankmoney is equal, and one dollar is one dollar (minus 2%-3% a year).
When the music stops, whether you are able to get your money out, or whether you get a haircut, depends on which bankmoney you have, or which bank you are with.
A dollar is not a dollar. There are three dollars as the head of St. Louis’ Fed knows full well. There is the Central Bank dollar, which only banks can touch in a digital form, there is the actual cash, which is the only legal tender accessible by the public, and then there is the fake dollar, or bankmoney as we call it, which itself takes two forms.
One of these fake dollars is better called semi-fake. It acts as a representation of the actual cash, somewhat similar to scanning a paper and showing it online in a digital form.
The other kind, the proper fake dollars kind, is creating money out of nothing when banks lend loans and then ask effectively double the amount they loaned through an interest rate of 100% over the loans, the mortgage’s, lifetime.
It is true grandmas do not sit there converting all these different bank moneys, but that “convenience” comes at a great cost.
That includes inflation at 20% or even hyperinflation. And before the FED banker tells us this sort of thing happens only in places like Argentina, he is old enough to have seen it in his lifetime during the 70s and 80s in Britain and across the west.
He does however make some good points, we must say. Who wants to sit there deciding if they should pay their dinner with bitcoin or eth. But whether that would apply to some 80% or more of cases we do not know.
Bank issued money in the 1800s, and in effect bank issued money today, were not liked and remain unliked. Public blockchain money, stablecoins, tokens, those are very, very, new and different things.
That’s what the people of Switzerland will see on June the 10th when a binding referendum is to be held on whether the creation of money should be debt free and limited to the Central Bank only.
Now the mainstream media, at least, is free media and the neutral can be biased in opposing directions depending on which paper you are reading.
There is, however, only one Swiss government, and their official page on this referendum parrots many reasons why to vote against given from one side, and none why to vote in favor given from the other side.
Still, the People of Switzerland won’t be reading that, but will be reading the statement on the paper. We could not find a proper translation of what it says, but it sounds like it says do you accept that only the central bank should issue, or should create, money.
Here at Trustnodes we remain undecided on that question because we want central banks to explain what role interest plays in the financial system.
The FED, although through arms-length disclaimers of Fed economist’s views are solely his, has claimed there could be even political cataclysm if we knew of what role interest plays.
They have therefore implicitly or subtly effectively recommended that the Swiss vote yes to this binding referendum, which makes cynicsnodes cynic cynic.
We’re not sure if the Swiss read us, but the bankers probably do, and this question of what role interest plays won’t go away because it is the last piece of the puzzle for the people to understand whether the current financial system is not perfect, but understandable, or whether it’s just bad.
Hulu. You’ve probably heard of them, but have you actually used them? They’re a Youtube alternative and their Head of Ad Tech and Platform Operations, Adam Moser, thought to talk about blockchain.
What he said we don’t find very interesting because it was statements that amount to water is wet, things like this:
“Blockchain is interesting to use because trust, transparency, all of those things matter to marketers.”
But reading between the lines in considering who said it and in considering their emphasis of the advertising aspect, it does look like Hulu is thinking of how they could utilize tokenized advertising.
They’re obviously not the only ones. Having a Firefox co-founder launch Brave Browser and that seemingly somewhat working a little bit, and perhaps or potentially foreseeably working pretty bigly, probably keeps some execs up at night.
The best way to alleviate those angsts is of course to go to the media and say: “It feels like we’re in a crawl, walk, run type of approach with blockchain. If you use that metaphor, right now we’re at the stage where you’re just figuring out how to wiggle your toes.”
By you, here, he probably means Hulu. The future is laddered. Pretentiousnodes, for example, pretends to bring you tomorrow today. It’s more of a statement that the future is for some, while for some, it won’t be here for a millennium.
Off to IBM. They’re apparently trying to tokenize carbon emissions so as to allow polluters to feel a bit better about themselves by planting a tree somewhere to off-set their sins.
All of this on the Stellar blockchain. The Ripple clone apparently has tokens, although malleable language is malleable.
Still, newer ones might not have much gratitude for IBM and might even see them as competitors, which they sort of are, but few have done more to legitimize this technology than the century old giant.
Sometimes we do wish they just get an eth based private blockchain, but then sometimes we think Darwin is awesome.
Crypticnodes. Not that we don’t deserve the relaxation of talking whatever we like now and then. Defamation laws still don’t apply in this premium section (yeah right).
But what, ehm, what is OpenBazaar (OB) doing in announcing you can now trade cryptos in a peer to peer manner on their platform?
The idea can be called stupid or smart, but we’ll call it interesting. Interesting because why does anyone want to go to OB to exchange their eth for litecoin.
Obviously that question applies more widely as to why they’d go anywhere to do that, but why would they go to OB specifically to exchange their eth for any of 44 different cryptocurrencies?
If it was fiat, then eyes wide open, but crypto to crypto? Well, why not. Plenty of spaghettis and plenty of walls, something will eventually stick.
No propernode can possibly resist documenting the above image which contains far too much symbolism for us to bother expressing.
But beyond the visual, the actual looks and sounds way too simple. You’re clicking Geth or Parity or whatever other thing, then MetaMask or Uport or whatever addition, and then you install?
Kids one day might ridicule finenode and considering the many things we say it is probably bound to happen, but our skepticism level is always amber red.
Ok, what we have left? Nothing. Are we done? Yes. Good. Ma, no talk of price? Wut, you told em ages ago expect sideways here. Fine. What of Coinbase Investors? You read it? No. Well then at least read the title it’s Coinbase Suite of Institutional Products.
Suite, like the one Wall Street wears? Lol, get off, this is Silicon Valleh. Ya, ya, silicon, blockchains run on… moon maths obvsly.
Come again guys. These news of news articles take way too much effort, hence premium and hence why they’re produced somewhat sporadically. That may change, but for now and for this fine spring-summer day, enjoy the conference season.