interest rates

Fed Chair Jerome Powell Discusses Leveraging an Ethereum-Based Libor Replacement

05/06/2020 by Idelto Editor

The Federal Reserve’s Chair, Jerome Powell has hinted at using an Ethereum-based interest reference rate in a transition from the London Interbank Offered Rate (Libor). Powell also detailed in a letter to Senator Tom Cotton (R-AR), that the Ethereum version of Libor, a software called “Ameribor” may not be for everyone.

The United States Federal Reserve has expanded a great deal since the start of the coronavirus outbreak and a few months prior as well. This week a letter to Senator Tom Cotton from Fed Chair Jerome Powell indicates the Fed is contemplating using Ethereum for interest reference rates.

For instance, the Fed and many other international central banks leverage Libor, a benchmark interest rate where a great number of global financial incumbents use to lend funds to each other and clients.

However, the public is well aware of the “Libor scandal,” a theory that claims that banks and Libor were manipulating rates in order to fleece the populace. Banks are supposed to submit realistic interest rates to Libor, but the organization and member institutions are accused of manipulating the benchmark rates since 1991.

“The way the inter-bank, or Libor, interest rate is set is no longer fit for purpose,” explained a written review by the Financial Services Authority. The megabank Barclays was one of the big name banks accused of messing with the Libor rates.

Powell suggested Ameribor which is a similar tool designed by the American Financial Exchange (AFX) and the system leverages Ethereum to make sure the rates are reliable. Essentially there is the use of nonfungible ERC721 tokens that represent payments services and settlement.

Fed Chair Jerome Powell Discusses Leveraging an Ethereum-Based Libor Replacement — A flowchart showing how the Ethereum-based Ameribor works.

In the letter to Senator Tom Cotton, Powell explains a few of the benefits tied to using AFX’s Ameribor system for the benchmark rates. Although, Powell said that he doesn’t think Ameribor would be a “natural fit” for everyone in the market.

“While it is a fully appropriate rate for the banks that fund themselves through the American Financial Exchange or for other similar institutions for whom Ameribor may reflect their cost of funding, it may not be a natural fit for many market participants,” Powell wrote.

The Fed Chair did note that “Ameribor is a reference rate created by the American Financial Exchange based on a cohesive and well-defined market that meets the International Organization of Securities Commission’s (IOSCO) principles for financial benchmarks.”

The letter doesn’t say whether or not the Fed will officially leverage Ameribor over Libor. However, the crypto community seems to enjoy the idea that the Fed is contemplating using the Ethereum-based product. The AFX-blockchain product has been operating since it was first announced on November 22, 2019.

“American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions, the official Ameribor announcement detailed at the time. “AFX now mints two ERC721 non-fungible tokens for each Ameribor transaction on the AFX platform (for each counterparty to the transaction),” AFX added.

What do you think about the Fed contemplating using Ethereum-based Ameribor? Let us know in the comments below.

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US Central Bank Blamed for 2020 Financial Crash: ‘The Fed Is Lawless Economic Government Unto Itself’

06/05/2020 by Idelto Editor

The last two months dealing with the coronavirus outbreak have been strange, to say the least, and as data rolls in more people are becoming aware that there was quite a bit of overreaction from politicians, the media, and medical professionals. A small number of people are starting to focus on the economic situation and the possible destructive aftermath the finance world will see. On May 5, 2020, the Austrian economics-based think tank, Mises Institute, published a 157-page report covering the anatomy of the crash.

Mises Institute President: ‘The Crash Was Overdue’

For well over two months now, the world has been distraughtly dealing with Covid-19 and the government-induced shutdowns worldwide. The economy has faltered and in the U.S. people are growing leery of the bureaucratic decisions and stimulus injections stemming from the country’s central banks. News.Bitcoin.com has been covering the Federal Reserve’s schemes since last summer and the trillions of dollars the bank handed out before the first U.S. Covid-19 death. Now the Mises Institute (Mises.org) has published a report filled with a collection of enlightening editorials that may show people the ramifications of the Fed’s endless fiat game. The introduction to the report called the “Anatomy of the Crash: The Financial Crisis of 2020,” was written by Mises Institute president Jeff Deist. His introduction and the articles tethered to the report explain how the economic crash was not caused by the virus.

“The Great Crash of 2020 was not caused by a virus,” Deist details. “It was precipitated by the virus, and made worse by the crazed decisions of governments around the world to shut down business and travel. But it was caused by economic fragility.” The Mises Institute president further added:

The supposed greatest economy in U.S. history actually was a walking sick man, made comfortable with painkillers, and looking far better than he felt—yet ultimately fragile and infirm. The coronavirus pandemic simply exposed the underlying sickness of the US economy. If anything, the crash was overdue.

Most of the Blame Can be Laid at the Feet of Central Bankers

Deist further added that the media and general public in the U.S. are fixated on the virus and they cannot see the manipulation the Fed has been causing. “Too much debt, too much malinvestment, and too little honest pricing of assets and interest rates made America uniquely vulnerable to economic contagion — Most of this vulnerability can be laid at the feet of central bankers at the Federal Reserve.”

Despite the fact that the general populace is not aware of the problem, Deist thinks that Americans should not let the authorities at the central bank get away with what they have done. “We should not let them get away with it, because (at least when it comes to legacy media) the Fed’s gross malfeasance is perhaps the biggest untold story of our lifetimes,” Deist wrote.

News.Bitcoin.com has explained in various articles how the world’s monetary system is broken and the various methods free-market advocates can use to shelter themselves from the storm. Individuals can use tactics like barter and trade, leveraging precious metals for a hedge, and utilizing censorship-resistant digital currencies. Following Diest’s introduction in the “Anatomy of the Crash” report, the research contains various articles written in the past by some of the Austrian school of economics’ greatest visionaries.

The 157 pages cover topics like why the financial sector now rules the global economy, central banks nationalizing the economy, the menace of sub-zero interest rates, how the ghosts of failed banks have returned, what central banks may do next and not-so-modern monetary theory (MMT), how central banks are propping up stock prices, and what Ludwig von Mises would think about the financial system today.

Faith in the Federal Reserve’s Monetary System Will be Sorely Tested

Back in 2008, the financial crises woke a lot of people and many understand just what the bailouts were doing and how the Federal Reserve is manipulating the U.S. economy today. The report published by the Mises Institute (Mises.org) opens up the central bank’s can of worms and shows it for what it is really worth. Sound money advocates, bitcoin proponents, Austrian economists, and libertarians have been warning their friends and family of the Fed’s fraud for years now. The Mises Institute president ends the report’s introduction by stressing that the faith in the U.S. dollar and the Fed’s schemes will be tested in due time.

“The Fed is, in effect, a lawless economic government unto itself,” Deist conceded. “It serves as a bizarro-world ad hoc credit facility to the US financial sector, completely open-ended, with no credit checks, no credit limits, no collateral requirements, no interest payments, and in some cases no repayments at all. It is the lender of first resort, a kind of reverse pawnshop which pays top dollar for rapidly declining assets. The Fed is now the Infinite Bank. It is run by televangelists, not bankers, and operates on faith. That faith will be sorely tested.”

What do you think about the Mises Institute’s report on the 2020 crash? Let us know what you think about this topic in the comments below.

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World’s Largest Banks Losing Stock Value During Weeks Marked by Pandemic

25/03/2020 by Idelto Editor

The spreading coronavirus infection is taking a toll on the global economy and traditional financial institutions are already hurting. The world’s largest banks have seen their stocks losing value over the past weeks and months while facing cash withdrawal pressure and preparing to deal with a shrinking asset base.

Also read: US Cash Crisis: Withdrawal Limits Spark Bank Run Fear

China’s ‘Big Four’ See Their Stocks Tumble

No one has a clear idea where this is going or what comes next for the planet’s financial system. What’s obvious, however, is that some of its elements are already under stress. Reports of banks imposing withdrawal limits in parts of the U.S. indicate a cash crisis is brewing. New interest rate cuts, more money printing and the flight of capital towards assets they don’t manage, such as cryptocurrencies, are going to limit the value banks have under their control.

China, where the covid-19 outbreak started, is home to the world’s largest banking sector in terms of assets. In mid-2019, the official figure stood at over $40 trillion, despite liquidity problems with some small regional banks and a credit crunch on the interbank market that required intervention from the People’s Bank of China. The big four state-owned commercial banks, Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China, are topping the 100 largest banks list, according to the latest edition of the S&P Global Market Intelligence report.

These financial behemoths have been watching the prices of their stocks drop over the last few months. From this year’s high of 6.01 yuan (approx. $0.85) in early January, ICBC shares are now trading at a little over 5.10 yuan ($0.72), and CCB stocks dropped from 7.49 yuan ($1.06) on Nov. 7 to a low of 6.17 yuan ($0.87) this past Monday, before bouncing back to 6.37 yuan ($0.90) on March 25.

The shares of the other two major Chinese banks also lost value, especially during the last month as authorities were struggling to contain the spread of the deadly coronavirus and deal with the economic fallout of the epidemic. Japan’s Mitsubishi UFJ Financial Group, another Asian banking giant, saw a steep decline in the value of its shares, from 566 yen ($5.08) on Feb. 21 to 384 yen ($3.45) on March 19. Its shares are currently trading for around 450 yen ($4.04).

Western Banks Affected by the Spreading Virus

The last several weeks brought similar results for the leading banking institutions in the United States, which now has over 50,000 confirmed covid-19 cases. JP Morgan’s stock fell to $79.03 from $137.49 per share on Feb. 20. Bank of America shares dropped from a monthly high of close to $33 to around $18 on the first day of the week before rising back to around $20 on Tuesday, when stock markets reacted to the Federal Reserve’s latest announcement. The Fed pledged to an open-ended quantitative easing in response to the economic challenges posed by the epidemic.

Other banks that have been hurt by the crisis which led to a slowdown in economic activity around the world include the European HSBC and BNP Paribas. The shares of the London-based investment bank and financial services holding company, which were selling for over $35 about a month ago, started this week at a little over $28. Paris-headquartered BNP Paribas saw its stocks plunge by almost 50% to €25.43 ($27.40), from €48.70 ($52.69) on Feb. 25. Deutsche Bank’s shares registered similar losses, dropping from close to €9 ($9.74) in late February to a monthly low of under €5 ($5.39) in mid-March.

What do you think of the world’s leading banks losing stock value? Tell us in the comments section below.

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10 Loan Providers Taking Crypto as Collateral, If You Think the Time Is Right for Hodling

21/03/2020 by Idelto Editor

If you are not ready to part with decentralized money, at a time when prices are relatively low, but need some fiat cash to cover costs in times of crisis, crypto-backed loans are a working solution. A number of platforms offer this type of service and their popularity is growing among cryptocurrency enthusiasts who are intent on hodling.

Also read: If You Don’t Trust Yourself, These Crypto Vaults Will Help You Hodl Safely

Borrow Fiat Money With Crypto-Backed Loans

Various providers allow you to borrow against your crypto. Blockfi, a wealth management platform for crypto investors, extends loans in U.S. dollars backed by three cryptocurrencies, BTC, ETH and LTC. Use its calculator to enter an amount you’d like to get, minimum $5,000, and calculate the required collateral. To receive $10,000, for instance, you’ll have to deposit 3.53 BTC at the time of writing, based on a 50% loan to value ratio (LTV). To receive an individual offer, you must create a Blockfi account.

On the backdrop of the troubles facing the traditional financial sector, the nascent crypto banking industry has seen more positive development. Unlike banks in many countries, crypto lending platforms have been able to offer high interest rates and new services too. Blockfi recently announced that its balance sheet is “stronger than ever” and its margin has expanded. As a result, it’s going to raise interest rates on BTC and ETH deposits starting from April 1.

Another leading provider of loans backed by cryptocurrency is Salt Lending which operates in multiple markets. Salt takes a dozen coins as collateral including BTC, BCH, XRP, ETH, and LTC. The website lets you determine the conditions of your loan including the LTV ratio between 30 and 70% and the repayment period, three to 12 months. Interest rates start from 5.95% APR. In December, the trading platform Uphold announced a deal with Salt Lending to provide its users with fiat and stablecoin loans using crypto as collateral.

Partnerships Extend New Banking Services to Crypto Community

Cooperation within the blockchain space helps to expand the coverage of crypto credit and banking services. Crypto-friendly Silvergate Bank, a U.S.-based financial institution, announced in January a new product allowing customers to obtain loans collateralized by bitcoin. SEN Leverage was launched with the participation of cryptocurrency exchange Bitstamp, as news.Bitcoin.com reported. A partnership with Cred provides Bitcoin.com Wallet users with the opportunity to earn up to 10% interest on their BTC and BCH held with the platform that also permits the borrowing of funds, offering sub-10% APR on crypto-backed loans.

Nexo is a crypto lender targeting cryptocurrency holders in over 200 jurisdictions who can borrow in more than 40 fiat currencies against their digital assets. In December, the company introduced loans backed with bitcoin cash (BCH) and users can borrow in local currency when they need liquidity without selling their BCH. Nexo’s loan rates start from 5.9% APR. Its instant credit lines are available after you deposit cryptocurrency to your account. You can also earn 8% interest on euro and stablecoin deposits with Nexo. Bitcoin cash users can benefit from saving with crypto exchange Binance’s lending facility. It recently added BCH, ETH and EOS to its flexible deposit options which already supported BTC, BNB and two stablecoins, BUSD and USDT.

Youhodler is an established player in the sector which lends funds in euro, U.S. dollar and tether against the top 12 cryptocurrencies and it also pays out up to 12% APR on deposits in six cryptocurrencies including BTC, BNB and all major stablecoins. The company claims to have the highest loan-to-value ratio, up to 90%, with a minimum amount starting at just $100. Other competitors offering crypto-backed loans include Unchained Capital (accepts BTC with 35-50% LTV), Hodl Finance (uses BTC, ETH and XRP as collateral at 50% LTV) and Coin Loan (takes six cryptocurrencies with loan to value ratio of up to 70%). Lendabit facilitates peer-to-peer lending and borrowing against crypto collateral in BTC and ETH.

What other crypto-backed loan services would you recommend? Let us know in the comments below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock, Blockfi, Cred.

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Gold and Bitcoin Markets Tested, While Central Banks Try to Quell Stock Market Rout

12/03/2020 by Idelto Editor

Central banks worldwide have been bracing for the worst, as the global economy has shuddered over the last seven days. On March 11, the Bank of England slashed rates by 50 bps bringing the base rate down to 0.25%. Meanwhile, Wall Street bankers and U.S. President Donald Trump want the Federal Reserve to slash rates even more and a few speculators expect a 100 bps rate drop by next week. As central banks are being accused of depleting their monetary policy tools prematurely, on March 12, European Central Bank President Christine Lagarde decided not to cut rates. Gold and crypto prices have also been under intense pressure for four consecutive days.

Also read: The 35 Most Influential Bitcoiners Dominating Crypto Twitter by Follower Count

Stocks Plunge, Bank of England Slashes Rates, ECB’s Lagarde Holds Back

It’s been a bad week for global markets, as the coronavirus outbreak has created a lot of fear and panic selling. On Thursday, March 12 the top three stock indexes in the U.S. have lost considerable value and British, European and Asian markets have felt the brunt of the economic storm.

The Dow Jones Industrial Average is down over 2,300 points at press time suffering the worst decline since 1987. The day prior, on Wednesday, the Bank of England (BoE) decided to follow the Federal Reserve’s move and cut the base interest rate by 50 bps. The bank now has a rate of 0.25% and immediately after the rate cut, the British pound took a hit against the U.S. dollar.

The market reaction was similar to the effect the Fed rate cut had on U.S. markets the week prior. The next day on Thursday, the European Central Bank decided to address the public and detailed that the bank would offer cheap loans to banks as a form of stimulus. However, unlike the Fed and BoE, European Central Bank (ECB) President Christine Lagarde decided not to cut rates.

It’s possible the ECB held back because of the adverse effects the rate cuts had in the U.S. and the U.K. Various economists also believe central banks are simply running out of monetary policy. Wall Street economist Henry Kaufman, who earned the name “Dr. Doom,” told the press he believes central banks are running out of ammunition to confront a deep recession. The 92-year old former Salomon Brothers economist is well known for predicting economic events throughout the ‘70s and ‘80s. Kaufman disclosed that the recent rate cuts executed by the Fed and the BoE “won’t address a crisis.”

How long until The Fed is literally printing toilet paper to help alleviate the crisis?

— Erik Voorhees (@ErikVoorhees) March 12, 2020

Meanwhile, at the same time, U.S. President Trump called the Fed’s recent move “pathetic” and further tweeted that the central bank could do better. “Our pathetic, slow moving Federal Reserve, headed by Jay Powell, who raised rates too fast and lowered too late, should get our Fed Rate down to the levels of our competitor nations,” Trump tweeted. “They now have as much as a two-point advantage, with even bigger currency help. Also, stimulate.”

Goldman Sachs Predicts the Fed Will Cut Rates by 100 bps and the End of S&P’s Bull Market, PBoC Rate Cuts, Italian Mortgage Industry Suspended

Further, mega bank Goldman Sachs sees the Fed cutting rates back by 100 basis points soon. Goldman also recently noted that they expect the “S&P bull market to end soon” after 11 years. In Italy, where the coronavirus outbreak has locked down the entire country, deputy economy minister Laura Castelli told BBC reporters that mortgage payments will be suspended across Italy. China’s central bank plans to cut rates soon as well, Ting Lu chief China economist at Nomura told investors on Thursday. “Without exception, these calls by the Premier will be implemented by the (People’s Bank of China) almost immediately, so we expect the PBoC to announce a targeted RRR cut in the next few days, possibly before or over the coming weekend,” the Nomura economist noted.

Japanese and Russian Stocks Feel the Wrath

The Japanese economy has been feeling the pressure of inflation and the economic effects of the virus spread as well. Reports note that Japanese bureaucrats are pushing the Bank of Japan (BoJ) to cut rates more and increase stimulus but policy options have become limited. Just like a number of central banks during the second half of 2019, the BoJ board members introduced a significant number of monetary easing policies.

Tokyo’s financial markets saw considerable losses all week, as Japan deals with escalating coronavirus fears. On Monday, the Nikkei index ended at a 14-month low with numbers not seen since 2016. Following Trump’s travel ban between the U.S. and Europe, the Russian stock market and the ruble also dropped exponentially. The ruble was shaved 4% against the U.S. dollar and the Moex Index fell by 6%. Russia’s RTS Index slipped by 1,000 points, to the lowest levels in two years.

Boeing is probably going to be one of the first “too big to fail” corporations that will require us to embrace corporate socialism with a bailout. It will be presented as an “emergency” and it will be 100% bipartisan.

The bailouts are coming again. They won’t come for you.

— Andreas ☮ 🌈 ⚛ ⚖ 🌐 📡 📖 📹 🔑 🛩 (@aantonop) March 12, 2020

Is Bitcoin a Risk Asset or Store of Value During Economic Uncertainty?

Throughout all the madness, the overall cryptocurrency market cap of over 5,000+ coins lost $50 billion in three days. BTC prices plunged over 20% in a 24 hour period and went below the $6K mark on March 12. The fall from the $9,100 range to under $6K in just a few days time has called into question the reliability of those who believe BTC is a store of value (SoV).

The SoV debate has been trending on social media and crypto-related forums over the last few days and SoV evangelists have been quieter. “So much for bitcoin being a safe store of value,” tweeted David Pinski. “Looks like fiat denominated hard currencies are still king. Even with the crypto set. Scratch that hypothesis,” Pinski added. “Cash looks like the safe haven today,” the Twitter account Moneypages wrote. “Gold down ~5%, Bitcoin down ~22%. This will be a test for cryptos and their claim to be a store of value.”

I’m buying. This is why bitcoin was invented

— Barry Silbert (@barrysilbert) March 12, 2020

Surely enough, a good number of people believe that the current economic storm will be a true test for bitcoin. “Want to know what the stock market would look like without down limits and circuit breakers and closing bells? Go look at bitcoin right now,” tweeted the Wall Street Journal author Paul Vigna on Thursday. One person asked Vigna if he thought it was of “any interest that crypto markets are aligning with traditional markets is interesting, even if exaggerated?” Vigna responded:

If bitcoin was really aligned [with] traditional markets, it would have sold off like this much sooner. As the riskiest asset, bitcoin would’ve been the first to go. Just my opinion.

Other people sincerely believe BTC is the best store of value and despite the price setback, it is still doing remarkably well. “If you had bought bitcoin exactly 1 year ago at a price of $3.779 you would be up 96% in dollars,” Crypto Mad Max tweeted. “Bitcoin is a store of value, with huge ups and downs from time to time look at the bigger picture,” Max added.

Former Mega Upload CEO, Kim Dotcom explained that he believes cryptocurrencies need more users as opposed to a slew of speculators. “Institutional investors are dropping out of Bitcoin. That’s good. Crypto needs more users, not more speculators. Mass utilization is accelerated by the economic crash. But Crypto needs more easy-to-use & secure apps allowing users to pay for real things in real-time at low fees,” Dotcom said on Thursday.

It’s proven beyond doubt now that Bitcoin is not a gold-like hedge, but a high risk asset class that’s first in line to be sold even before normal stocks. The “store of value” side is now completely debunked in addition to the “everyone needs to run a non-mining full node” side.

— Olivier Janssens🎗 (@olivierjanss) March 12, 2020

Gold Doesn’t Hold – Prices Slide Below $1,600 Range

Meanwhile, gold saw a quick rise during the early morning hours on March 12, but prices dropped $50 at 2:30 EST. One ounce of fine gold dropped below the $1,600 per ounce region to $1,589 but jumped back above the psychological $1,600 zone shortly after. At 4 p.m. EST, gold dipped again and touched a low of $1,570 per ounce and has been hovering around that region for roughly an hour at time of writing.

During the last few weeks, the whole world has been on edge from the coronavirus outbreak and the economic calamity that has followed. Throughout all of the mess, it is clear that crypto markets are facing the unknown as the economy was doing well since the 2008 crash. Bitcoin itself was born from the flames of the economic meltdown in 2008, but it has never experienced a full-blown recession.

Right now the world’s central banks in the EU, U.K., Asia, U.S., the Middle East, and Latin America are trying to ease the situation with monetary policy and stimulus. The Federal Reserve told the public it will inject $1.5 trillion into the hands of private banks on Thursday. Using the stimulus, the Fed plans to purchase Treasury Inflation-Protected Securities, notes, and bills “across a range of maturities.” It’s pretty clear what the central banks will do to try and circumvent an economic disaster, but people now wonder how cryptocurrencies will react to the possibility of financial collapse.

What do you think about the central banks and how they have been reacting with stimulus and rate cuts to battle the coronavirus’s effect on the global economy? What do you think of the ECB holding back on cutting rates for now? Do you think that cryptocurrencies like bitcoin will act as a store of value through these uncertain times? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Image credits: Shutterstock, Twitter, Trading View, Google Stocks, Twitter, Goldman Sachs, Market Watch, Fair Use, and Pixabay.

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