Saturday, May 28, 2022

Bitcoin Surges Past $7,000 to Extend Record Rally

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by Eric Lam, Bloomberg:

Bitcoin surged past $7,000 for the first time, breaching another milestone less than one month after it tore through the $5,000 mark.

The digital currency got new impetus this week after CME Group Inc., the world’s largest exchange owner, said it plans to introduce bitcoin futures by the end of the year, citing pent-up demand from clients. Skeptics including Themis Trading say the rally is evidence that the software-created asset is a bubble that should not be given regulatory cover.

Spot pricing for bitcoin climbed as much as 12 percent to a record $7,392 before pulling back slightly to $7,025 at 8:53 a.m. in New York. The cryptocurrency is up almost sevenfold this year and is now worth more than $100 billion.

“It is simply remarkable how resilient bitcoin has been in the face of significant negativity,” said Lukman Otunuga, a research analyst at ForexTime, in a Nov. 1 note to clients. “The price action suggests that bulls have a very firm grip.”

In a blog post this week, Themis warned CME is “caving in” to pressure from clients and placing a seal of approval around a “very risky, unregulated instrument that has a history of fraud and manipulation.” The products planned by CME “remind us of the collateralized debt obligations which were peddled during the financial crisis,” the post said.

Asked whether he’s concerned about a potential bubble, CME Chief Executive Officer Terry Duffy said on Bloomberg TV on Nov. 1 that the firm’s job is to “manage risk, not decide what the price of a product is.”

Read More @ Bloomberg.com

Bitcoin’s Inconvenient Truths: The Silence Is Deafening

by Dave Kranzler, Investment Research Dynamics:

Gold is instantly and optically recognizable as money. You don’t have to explain it. Bitcoin and Special Drawing Rights (SDR), like a bad joke, have to be explained. Many “cryptologitsts” from the start gave up trying to explain Bitcoin and just sell it as virtual gold, which is de facto fake gold.  – Dan Popescu, investment consultant

Numerous inconvenient truths are conveniently ignored by Bitcoin/crypto-currency promoters.  Not the least of which is that the fact that the original concept for cryptographic currency was envisioned by the NSA.   I guess it’s convenient to assume the NSA developed this concept and then put it out there for the private sector to develop.  Sure, that makes sense.

A rapid rise in price does not validate an investment concept.  Dozens of dot.com stocks went from simple websites to multi-billion dollar market caps and back to zero in the late 1990’s. Until proven otherwise by the long test of time, Bitcoin could be another product of a fiat money printing bubble that is 100x the size of the money bubble that fueled the dot.com bubble. Gold and silver have withstood the test of 5,000 years. Bitcoin has less than 3,000 days of time-testing.

Be leery of the serial promoters who have dropped their previous advocacy of gold and silver like a hot potato to become religiously zealous salesmen of Bitcoin.  These were often among the most raucously vocal in their protest of the use of Comex gold and silver futures to manipulate the market price.  Yet, their silence on the introduction of Bitcoin futures hurts my ears.

The bulwark promotion of Bitcoin is that it is a de-centralized form of money that exists outside of Government control. But is it really?  I dare say the roll-out of CME Bitcoin futures, as “regulated” by the CFTC, certainly smells like the implementation of official intervention.  Those who previously protested gold/silver futures must not deny this fact. Perhaps more troublesome is the embedded forms of counter-party risk endemic to the system which creates Bitcoin.

Anything that exists in cyberspace is vulnerable to hacking.  This is a fact that has yet to be invalidated.  Circling back to the NSA white paper referenced above, can anyone out there truly claim the expertise required to deny that the NSA, or any other major sovereign intelligence agency, does not have the ability to corrupt the block-chain?  To be sure, cryptocurrencies are subject to network or infrastructure risk during a crisis.  Unequivocally, crypos are subject to government regulation.

Speaking of which, if I were a Bitcoin advocate, it would bother me that western governments go out of their way to hide their interest in gold as a monetary asset, yet they openly embrace cryptocurrencies.   Perhaps when the BIS declares Bitcoin or Ethereum to be a Basel 3 Tier 1 Central Bank asset like gold, I’ll have a change of heart.

Read More @ InvestmentResearchDynamics.com

15 million people were just blacklisted from travel by China’s social credit program and it’s coming to America soon

by Meadow Clark, Intellihub:

China’s social credit system is in full swing and has already blacklisted more than 15 million Chinese residents from travel. Is it coming soon to the U.S.?

Recently, The Organic Prepper reported some shocking news of China’s newest rollout: social credit system.

It’s a system of surveillance and governance using a social scoring system based on the state’s perceived trustworthiness of the individual. Not only are social media and financial accounts tied into a person’s “score” – much like a credit score number – but also friends and associates are compelled to distance themselves from an offending person, otherwise, their score can be dropped too.

100s Charged Worldwide In Takedown Of Largest Child Pornography Website

by Dino Porrazzo, DC Dirty Laundry:

South Korean national and hundreds of others charged worldwide in the takedown of the largest darknet child pornography website funded by bitcoin

Dozens of minor victims who were being actively abused by site users rescued

WASHINGTON – Jong Woo Son, 23, a South Korean national, was indicted by a federal grand jury in the District of Columbia for his operation of Welcome To Video, the largest child sexual exploitation market by volume of content. The nine-count indictment was unsealed today along with a parallel civil forfeiture action.

Keiser Report: New Trade War Ongoing (E1256)

from RT:

In the second half of the show, Max interviews Galia Benartzi of Bancor.network about the recent $12-million hack on their network and the ensuing argument about decentralization. They also discuss the role of money in global trade imbalances and how it was the ‘Bancor,’ first proposed at Bretton Woods, that could have avoided the situation in which we find ourselves today.

The Globalist Plan To Blame Bitcoin For Biblical Level Collapse In 2018

by Jeff Berwick, The Dollar Vigilante:

They won’t teach you in your government schools, but every major economic and financial collapse is planned. It doesn’t happen by accident.

I covered this in my book, Shemitah Trends (available for free to TDV subscribers or here on Amazon), and we began to uncover their occult timeline for financial collapses with the Shemitah and Jubilee this decade.

By any measure, we are now at the most extreme time in history in money, finance, banking, equities, bonds, real estate and other sectors.

We’ve never seen money printing across the board like we’ve seen in the last decade.

Interest rates are at record lows and even at ludicrous negative rates in some countries. They have never been lower in 5,000 years.

By almost any measure, the US stock market is at or past extremes. Like the price/sales ratio which has never been higher.

Read More @ TheDollarVigilante.com