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‘Bitcoin Is the Biggest Jailbreak in Human History,’ Says Philosopher Stefan Molyneux

22/02/2021 by Idelto Editor

'Bitcoin Is the Biggest Jailbreak in Human History,' Says Philosopher Stefan Molyneux

On February 19, the Canadian podcaster and Freedomain Radio host, Stefan Molyneux, discussed his thoughts about bitcoin following the crypto asset’s tumultuous rise capturing over a trillion-dollar market valuation. Molyneux’s recent speech describes the liberating potential bitcoin could bring to the masses and how the crypto network has the ability to change humanity for the better.

‘Bitcoin Is a Currency That Serves the People at the Expense of the Parasites’

Just recently the crypto evangelist and philosopher, Stefan Molyneux, spoke about the Bitcoin blockchain in great detail. Molyneux opened his speech by answering a question about BTC and ETH having a hard time scaling. The Freedomain radio host said that it is good to critique, but that people in the crypto space wouldn’t give up so easily.

Molyneux mentioned that bitcoin’s market capitalization just crossed the trillion-dollar milestone and noted that the people who have added that value won’t throw in the towel. He insisted that many crypto proponents have given a decade of their lives toward spreading adoption, and mentioned there are solutions like bitcoin cash (BCH) and the Lightning Network.

“The Bitcoin community is composed of just about the most brilliant, and economically and ideologically motivated human beings on the planet,” Molyneux stresses in his video. “Bet against them at your freaking peril, because Bitcoin is not just an alternative currency, it’s not just a store of value, it’s not just a cool public ledger. Bitcoin is a passionate FU to the powers that be,” Molyneux adds.

'Bitcoin Is the Biggest Jailbreak in Human History,' Says Philosopher Stefan Molyneux
Freedomain Radio philosopher and anarcho-capitalist, Stefan Molyneux.

The Freedomain philosopher continues: “Bitcoin, as I’ve argued publicly in speeches many years ago— Bitcoin is the potential end to war, to end hyperinflation, to end intergenerational debt— Bitcoin is a mission of mercy to the future— Bitcoin is the Jesus to the new conference of the religion of peace called crypto. Bitcoin is the people regaining control over their currency for the first time in the history of the world— Bitcoin is currency democratized, unpolitized, unpredatored.”

Molyneux added:

Bitcoin is a currency that serves the people at the expense of the parasites, rather than the currency which serves the parasites at the expense of the people at the moment. Bitcoin is rescuing your precious labor from being hoovered up endlessly by the invisible vampire mosquitoes of central banking.

Today’s Fiat Currency Is Slavery Tethered to Unborn Generations

The philosopher continues by commending the Bitcoin community and says that the people in crypto are “seriously brilliant.” Beautiful and “deranged people,” he says that are “committed to the future of peace and plenty that Bitcoin could represent.”

'Bitcoin Is the Biggest Jailbreak in Human History,' Says Philosopher Stefan Molyneux

Molyneux further notes that the current fiat currency distributed by the world’s oligarchic bureaucracy is “slavery.”

“What we understand is currency now is slavery. The currency is summoned into existence at the expense of your children’s futures. What you think of as a dollar sign is a slow jugular sucking noose twined and twisted around the necks of your children,” Molyneux reveals.

National debt, Molyneux continues to highlight is “a real human trafficking problem.” You need to understand the Bitcoin space he adds. “The passion that these incredibly brilliant people have brought to bear on the oldest human problem— How do you store a value so that thieving predatory vampiric assholes can’t get their jugular sucking tentacles on it at all times? How do you store value so that you can actually come back to it?” Molyneux asked.

He adds:

Civilization is all about the storing of value. How do you store value? That’s civilization you understand. Bitcoin is about how you store value so that [parasites] can’t get their hands on it. They just can’t. You put your money in the bank, inflation eats it away, you store your meat by the river, the flies lay their eggs in it and you can’t eat it, you got gold coins in Rome, they put all kinds of a bimetallic [crap] into the gold and destroy its value in your hand.

‘The Likes of a Revolution That We Have Never Ever Ever Seen Before in Human History’

Molyneux says that humans are all about storing value and in the evangelist’s opinion, the storage and retention of value is everything in life. “By creating something that can store value outside the state, that is the likes of a revolution that we have never ever ever seen before in human history,” the philosopher insists.

“If shells on some island are the currency,” Molyneux details in an analogy. “Then you need three shells a day to live, and if you get four shells, someone’s gonna take the fourth shell. Then tomorrow you won’t bother to get the fourth shell. You just stick with getting three shells and nothing will ever progress, because nothing can be saved or stored up in value. Nothing ever gets built because everything you build is going to be taken away from you,” he added.

'Bitcoin Is the Biggest Jailbreak in Human History,' Says Philosopher Stefan Molyneux
“Bitcoin is the biggest jailbreak in human history,’ Molyneux’s video highlights.

Molyneux continues: “Imagine… everything you build is going to get taken away. It’s happening [right] now, you understand. Everything you have built is already taken away by unfunded liabilities, national debt, inflation— Everything you build is already taken away. You are just holding it now to have it for a little while to give you the illusion so you can go to work tomorrow.”

Bitcoin Represents a New Financial System That Doesn’t Leverage the Unborn as Collateral

Molyneux says you can have a house. But it’s really not your house. He highlights that you have to pay the government every year to keep it.

“And the government put it in so much debt and you in so much debt, that it’s gonna be owned by some foreign bankster, at some point,” Molyneux’s speech details. “Or the entire currency is going to collapse and society goes back to savage gangs and you lose your house. You pretend you have a house, you pretend you have electricity, you pretend you have a car, you pretend you have everything but you have nothing.”

The Freedomain radio host further says:

You know this 2030 ‘you’ll own nothing and you’ll be happy,’ [that’s the way it is] now. In fact you owe, you don’t own, you owe. You are only allowed to pretend you own something so that you will get up and go to work tomorrow. That’s it man.

Bitcoin has changed this course, Molyneux emphasizes. Bitcoin is the first of its kind that can actually keep parasites away from stealing value he notes. He says that the society we live in today treats babies and the unborn as “collateral.” Bitcoin can bolster a system that does away with such an immoral system.

“If you generally understood how much debt was taken out on your behalf just because you are breathing,” Molyneux notes. “If you genuinely looked at that math, you can find it pretty easy,” he added.

Molyneux’s speech continues for another 20 minutes longer, and news.Bitcoin.com readers can watch the rest of his speech here.

What do you think about Stefan Molyneux’s recent Bitcoin speech? Let us know what you think about this subject in the comments section below.

Filed Under: Anarcho-capitalism, anti-state, Anti-war, Bitcoin, Bitcoin (BTC), Central Banking, cryptocurrency, Currency, debt, Debt Slaves, English, Featured, free markets, freedom, Freedomain Radio, Freedomain.com, Jailbreak, liberty, money, National Debt, News Bitcoin, philosophy, Stefan Molyneux, Voluntaryism

IMF Says Only 23% of Central Banks Can Legally Issue Digital Currencies

17/01/2021 by Idelto Editor

IMF Says Only 23% of Central Banks Can Legally Issue Digital Currencies

Researchers at the International Monetary Fund (IMF) have examined the central bank laws of 174 IMF members to answer the question of whether a digital currency is really money. They found that of all the central banks studied, only about 23%, or 40 central banks, “are legally allowed to issue digital currencies.”

IMF Explores if Digital Currency Is Money

The IMF published a blog post on Thursday exploring whether digital money is really money in the legal sense. The post is authored by Catalina Margulis, a consulting counsel in the IMF Legal Department’s Financial and Fiscal Law unit, and Arthur Rossi, a research officer in the same unit.

Expressing their own views, the authors began by observing that “close to 80 percent of the world’s central banks are either not allowed to issue a digital currency under their existing laws, or the legal framework is not clear.” They continued:

To help countries make this assessment, we reviewed the central bank laws of 174 IMF members … and found out that only about 40 are legally allowed to issue digital currencies.

IMF Says Only 23% of Central Banks Can Legally Issue Digital Currencies

Prior to the publication of this blog post, the IMF set up a poll on Twitter asking people to vote on whether they think digital currencies are really money. Out of 95,256 votes collected, 79.9% said yes.

IMF Says Only 23% of Central Banks Can Legally Issue Digital Currencies

What Qualifies as Currency

The IMF researchers noted that “To legally qualify as currency, a means of payment must be considered as such by the country’s laws and be denominated in its official monetary unit. A currency typically enjoys legal tender status, meaning debtors can pay their obligations by transferring it to creditors.” They detailed:

Therefore, legal tender status is usually only given to means of payment that can be easily received and used by the majority of the population. That is why banknotes and coins are the most common form of currency.

The authors noted that to “use digital currencies, digital infrastructure — laptops, smartphones, connectivity — must first be in place.” However, they pointed out that “governments cannot impose on their citizens to have it, so granting legal tender status to a central bank digital instrument might be challenging.”

The IMF staff also mentioned some legal issues raised by the creation of central bank digital currencies (CBDCs). Among the areas of concern are “tax, property, contracts, and insolvency laws; payments systems; privacy and data protection; most fundamentally, preventing money laundering and terrorism financing,” the IMF researchers described.

In conclusion, while noting that “Without the legal tender designation, achieving full currency status could be equally challenging,” the researchers emphasized:

Many means of payments widely used in advanced economies are neither legal tender nor currency.

Do you think digital currencies are money? Let us know in the comments section below.

Filed Under: CBDC, Central Banks, Currency, Digital Currencies, digital currency money, Digital Money, English, IMF, issue digital currency, Legal, legal tender, money, News Bitcoin, Regulation

Ron Paul Advises Bitcoin Proponents to ‘Be Vigilant’ of Government ‘There’s Information Collected’

07/12/2020 by Idelto Editor

Ron Paul Advises Bitcoin Proponents to 'Be Vigilant' of Government 'There’s Information Collected'

On December 5, the American author and retired politician, Ron Paul, joined the Stephan Livera Podcast episode 234 and discussed cryptocurrencies and bitcoin at great length. During the interview, the prominent libertarian said when bitcoin came out he was still in congress and he thought the most important thing to do at the time was make it legal. Paul stressed that he advises cryptocurrency advocates to be vigilant toward the government’s future intrusive financial meddling.

Making Sure Bitcoin Remains Legal

Ron Paul is one of the most beloved libertarians alive today and when he speaks a great number of people listen. Paul is an author of many books that encourage liberty and he also argues for the circumvention of unwarranted government entities like the Internal Revenue Service (IRS) and the Federal Reserve. The former congressman and presidential candidate has always been a staunch supporter of free markets, libertarianism, and a proponent of safe-haven assets like gold.

During the last few years, Paul has shared his thoughts about bitcoin and the crypto economy many times in the past. Moreover, even though he’s not super well-versed in the technology, he likes cryptocurrencies for “philosophic and legalistic reasons.”

Ron Paul Advises Bitcoin Proponents to 'Be Vigilant' of Government 'There’s Information Collected'
Ron Paul is a well known libertarian and former member of Congress. Paul is a fan of free markets, precious metals, cryptocurrencies, and sound money. He’s written a number of books including “End the Fed,” and has been a critic of the U.S. government’s policies which include the tax system, the Federal Reserve, the war on drugs, the war on terror, Covid-19 lockdowns, and the military-industrial complex.

On December 5, 2020, Paul appeared on the recent Stephan Livera Podcast episode 234 and discussed bitcoin and free markets for over 30 minutes. As usual, Paul was a critic of the U.S. federal government’s fiscal policies on the show, and he even questioned the existence of the American tax policy. As far as bitcoin and cryptocurrencies are concerned, Paul said: “I think there’s a lot of questions to be answered and I don’t think the conclusion is there yet.”

“I’ve been impressed with what’s happened in the last few years because some people predicted [bitcoin] would be this popular, [and] other people were skeptical,” Paul told Livera during the podcast. “I think [skepticism] still exists, and my introduction to [bitcoin] has been mainly for philosophic and legalistic reasons, because I knew about this when it was becoming vogue when I was in congress. I thought the most important thing is to do is whatever we can to make [bitcoin] legal. This is why I [drafted] a bill that would legalize competing currencies because if it’s to be used as money, you are competing with the dollar and there’s some people who don’t like that.”

The former politician further added:

There are tax collectors out there too that want to know exactly what people are doing with alternative currencies.

Paul said when he was a politician, he was “mainly interested to make sure that it was legal.”

“I think it basically is and a lot of people trust it, a lot of people are buying and selling, but that doesn’t totally reassure me because I have a skepticism toward the government all the time,” Paul stressed. “You see I don’t even have total reassurance that the government won’t come along and want to confiscate my gold. Governments are pretty ornery, ya know, the more successful crypto is going to be and bitcoin, I think the more you have to be aware of what’s going on with the government becoming more aggressive.”

Ron Paul’s Advice to Crypto Advocates Is to Remain Vigilant

Paul then compared crypto assets to those in the private sector offering better services in the world of education in comparison to the government school system. “If you are doing private education outside the government’s education [system], such as homeschooling or private schooling and if you are too successful, the government is going to want to close you down— I think that’s the way it is in finance too,” Paul explained. During his conversation with Livera, Paul continued to criticize the IRS and the Fed’s massive 2020 money creation.

“As of now it looks like a lot of people believe in the marketplace and believe it can work,” Paul said about crypto advocates who support free markets. “My advice is to be vigilant. There’s information collected, the [crypto] exchanges are not totally anonymous and I read the stories about the IRS checking up on things. For somebody like myself, I don’t even believe in the IRS let alone being flexible enough [to say] ‘well as long as they are investigating me even if I follow the rules,’ well… In 1932 in the depth of the depression, people were allowed to own gold, and we were on the gold standard,” Paul declared.

The former congressman continued:

But immediately what did they do? They made it illegal to own gold all the way up until 1975.

During the podcast, Paul was very adamant about letting people make their own financial decisions. He highlighted that he likes the idea of how “cryptocurrencies have made people think” about that specifically. The self-professed gold bug and precious metals fan also added that he likes bitcoin’s supply limitation as well.

“The other thing I like about it is so far, [is] there’s a limitation of the creation of new currency. When I endorse cryptocurrency, I always admonish and say it will work if fraud is prohibited. Governments are used to doing fraud and that’s why the systems always go badly,” Paul added.

What do you think about Ron Paul’s recent statements about the federal government and bitcoin? Let us know what you think about this subject in the comments section below.

The post Ron Paul Advises Bitcoin Proponents to ‘Be Vigilant’ of Government ‘There’s Information Collected’ appeared first on Bitcoin News.

Filed Under: Austrian Economics, Bitcoin, blockchain technology, Cryptocurrencies, Digital assets, Digital Currencies, Dr. Ron Paul, English, free markets, gold, Gold Standard, Governments, Libertarian, manipulation, money, N-Featured, News, News Bitcoin, Precious Metals, Ron Paul, silver, unit of account

Ayn Rand: Francisco d’Anconia’s Speech on Money

14/06/2020 by Idelto Editor

“So you think that money is the root of all evil?” said Francisco d’Anconia. “Have you ever asked what is the root of money? Money is a tool of exchange, which can’t exist unless there are goods produced and men able to produce them. Money is the material shape of the principle that men who wish to deal with one another must deal by trade and give value for value.”

**The following speech, as spoken by the fictional character Francisco d’Anconia, and was written by the popular novelist Ayn Rand. It was published on October 10, 1957. A republished, shortened version first appeared on the web portal “faculty.citadel.edu/sobel.” “Francisco d’Anconia’s Speech on Money” is reprinted here on Bitcoin.com for historical preservation. “Francisco d’Anconia’s Speech on Money” is important to those who believe in bitcoin and the crypto-economy. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any opinions, content, accuracy or quality within the historical editorial.**

“Money is not the tool of the moochers, who claim your product by tears, or of the looters, who take it from you by force. Money is made possible only by the men who produce. Is this what you consider evil?

When you accept money in payment for your effort, you do so only on the conviction that you will exchange it for the product of the effort of others. It is not the moochers or the looters who give value to money. Not an ocean of tears not all the guns in the world can transform those pieces of paper in your wallet into the bread you will need to survive tomorrow. Those pieces of paper, which should have been gold, are a token of honor— your claim upon the energy of the men who produce. Your wallet is your statement of hope that somewhere in the world around you there are men who will not default on that moral principle which is the root of money, Is this what you consider evil?

Have you ever looked for the root of production? Take a look at an electric generator and dare tell yourself that it was created by the muscular effort of unthinking brutes. Try to grow a seed of wheat without the knowledge left to you by men who had to discover it for the first time. Try to obtain your food by means of nothing but physical motions— and you’ll learn that man’s mind is the root of all the goods produced and of all the wealth that has ever existed on earth.

But you say that money is made by the strong at the expense of the weak? What strength do you mean? It is not the strength of guns or muscles. Wealth is the product of man’s capacity to think. Then is money made by the man who invents a motor at the expense of those who did not invent it? Is money made by the intelligent at the expense of the fools? By the able at the expense of the incompetent? By the ambitious at the expense of the lazy? Money is made— before it can be looted or mooched— made by the effort of every honest man, each to the extent of his ability. An honest man is one who knows that he can’t consume more than he has produced.’

To trade by means of money is the code of the men of goodwill. Money rests on the axiom that every man is the owner of his mind and his effort. Money allows no power to prescribe the value of your effort except the voluntary choice of the man who is willing to trade you his effort in return. Money permits you to obtain for your goods and your labor that which they are worth to the men who buy them, but no more. Money permits no deals except those to mutual benefit by the unforced judgment of the traders. Money demands of you the recognition that men must work for their own benefit, not for their own injury, for their gain, not their loss— the recognition that they are not beasts of burden, born to carry the weight of your misery— that you must offer them values, not wounds— that the common bond among men is not the exchange of suffering, but the exchange of goods.

Money demands that you sell, not your weakness to men’s stupidity, but your talent to their reason; it demands that you buy, not the shoddiest they offer, but the best that your money can find. And when men live by trade— with reason, not force, as their final arbiter— it is the best product that wins, the best performance, the man of best judgment and highest ability— and the degree of a man’s productiveness is the degree of his reward. This is the code of existence whose tool and symbol is money. Is this what you consider evil?”

But money is only a tool. It will take you wherever you wish, but it will not replace you as the driver. It will give you the means for the satisfaction of your desires, but it will not provide you with desires. Money is the scourge of the men who attempt to reverse the law of causality–the men who seek to replace the mind by seizing the products of the mind.

“Money will not purchase happiness for the man who has no concept of what he wants: money will not give him a code of values, if he’s evaded the knowledge of what to value, and it will not provide him with a purpose, if he’s evaded the choice of what to seek. Money will not buy intelligence for the fool, or admiration for the coward, or respect for the incompetent. The man who attempts to purchase the brains of his superiors to serve him, with his money replacing his judgment, ends up by becoming the victim of his inferiors. The men of intelligence desert him, but the cheats and the frauds come flocking to him, drawn by a law which he has not discovered: that no man may be smaller than his money. Is this the reason why you call it evil?

“Only the man who does not need it, is fit to inherit wealth— the man who would make his own fortune no matter where he started. If an heir is equal to his money, it serves him; if not, it destroys him. But you look on and you cry that money corrupted him. Did it? Or did he corrupt his money? Do not envy a worthless heir; his wealth is not yours and you would have done no better with it. Do not think that it should have been distributed among you; loading the world with fifty parasites instead of one, would not bring back the dead virtue which was the fortune. Money is a living power that dies without its root. Money will not serve the mind that cannot match it. Is this the reason why you call it evil?

Money is your means of survival. The verdict you pronounce upon the source of your livelihood is the verdict you pronounce upon your life. If the source is corrupt, you have damned your own existence. Did you get your money by fraud? By pandering to men’s vices or men’s stupidity? By catering to fools, in the hope of getting more than your ability deserves? By lowering your standards? By doing work you despise for purchasers you scorn? If so, then your money will not give you a moment or a penny’s worth of joy. Then all the things you buy will become, not a tribute to you, but a reproach; not an achievement, but a reminder of shame. Then you’ll scream that money is evil. Evil, because it would not pinch-hit for your self-respect? Evil, because it would not let you enjoy your depravity? Is this the root of your hatred of money?

Money will always remain an effect and refuse to replace you as the cause. Money is the product of virtue, but it will not give you virtue and it will not redeem your vices. Money will give you the unearned, neither in matter nor in spirit. Is this the root of your hatred of money?

“Or did you say it’s the love of money that’s the root of all evil? To love a thing is to know and love its nature. To love money is to know and love the fact that money is the creation of the best power within you, and your passkey to trade your effort for the effort of the best among men. It’s the person who would sell his soul for a nickel, who is loudest in proclaiming his hatred of money— and he has good reason to hate it. The lovers of money are willing to work for it. They know they are able to deserve it.

Let me give you a tip on a clue to men’s characters: the man who damns money has obtained it dishonorably; the man who respects it has earned it.”

Run for your life from any man who tells you that money is evil. That sentence is the leper’s bell of an approaching looter. So long as men live together on earth and need means to deal with one another–their only substitute, if they abandon money, is the muzzle of a gun.

“But money demands of you the highest virtues, if you wish to make it or to keep it. Men who have no courage, pride or self-esteem, men who have no moral sense of their right to their money and are not willing to defend it as they defend their life, men who apologize for being rich— will not remain rich for long. They are the natural bait for the swarms of looters that stay under rocks for centuries, but come crawling out at the first smell of a man who begs to be forgiven for the guilt of owning wealth. They will hasten to relieve him of the guilt— and of his life, as he deserves.

Then you will see the rise of the men of the double standard— the men who live by force, yet count on those who live by trade to create the value of their looted money— the men who are the hitchhikers of virtue. In a moral society, these are the criminals, and the statutes are written to protect you against them. But when a society establishes criminals- by-right and looters-by-law—men who use force to seize the wealth of disarmed victims— then money becomes its creators’ avenger. Such looters believe it safe to rob defenseless men, once they’ve passed a law to disarm them.”

But their loot becomes the magnet for other looters, who get it from them as they got it. Then the race goes, not to the ablest at production, but to those most ruthless at brutality. When force is the standard, the murderer wins over the pickpocket. And then that society vanishes, in a spread of ruins and slaughter.

“Do you wish to know whether that day is coming? Watch money. Money is the barometer of a society’s virtue. When you see that trading is done, not by consent, but by compulsion— when you see that in order to produce, you need to obtain permission from men who produce nothing— when you see that money is flowing to those who deal, not in goods, but in favors— when you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you— when you see corruption being rewarded and honesty becoming a self-sacrifice— you may know that your society is doomed.”

Money is so noble a medium that is does not compete with guns and it does not make terms with brutality. It will not permit a country to survive as half- property, half-loot.

“Whenever destroyers appear among men, they start by destroying money, for money is men’s protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked, ‘Account overdrawn.’

When you have made evil the means of survival, do not expect men to remain good. Do not expect them to stay moral and lose their lives for the purpose of becoming the fodder of the immoral. Do not expect them to produce, when production is punished and looting rewarded. Do not ask, ‘Who is destroying the world? You are.

You stand in the midst of the greatest achievements of the greatest productive civilization and you wonder why it’s crumbling around you, while you’re damning its lifeblood— money. You look upon money as the savages did before you, and you wonder why the jungle is creeping back to the edge of your cities. Throughout men’s history, money was always seized by looters of one brand or another, whose names changed, but whose method remained the same: to seize wealth by force and to keep the producers bound, demeaned, defamed, deprived of honor.

That phrase about the evil of money, which you mouth with such righteous recklessness, comes from a time when wealth was produced by the labor of slaves— Slaves who repeated the motions once discovered by somebody’s mind and left unimproved for centuries. So long as production was ruled by force, and wealth was obtained by conquest, there was little to conquer, Yet through all the centuries of stagnation and starvation, men exalted the looters, as aristocrats of the sword, as aristocrats of birth, as aristocrats of the bureau, and despised the producers, as slaves, as traders, as shopkeepers— As industrialists.

To the glory of mankind, there was, for the first and only time in history, a country of money— and I have no higher, more reverent tribute to pay to America, for this means: a country of reason, justice, freedom, production, achievement. For the first time, man’s mind and money were set free, and there were no fortunes-by-conquest, but only fortunes-by-work, and instead of swordsmen and slaves, there appeared the real maker of wealth, the greatest worker, the highest type of human being— the self-made man— the American industrialist.

If you ask me to name the proudest distinction of Americans, I would choose— because it contains all the others— the fact that they were the people who created the phrase ‘to make money.’ No other language or nation had ever used these words before; men had always thought of wealth as a static quantity— to be seized, begged, inherited, shared, looted or obtained as a favor. Americans were the first to understand that wealth has to be created. The words ‘to make money’ hold the essence of human morality.

Yet these were the words for which Americans were denounced by the rotted cultures of the looters’ continents. Now the looters’ credo has brought you to regard your proudest achievements as a hallmark of shame, your prosperity as guilt, your greatest men, the industrialists, as blackguards, and your magnificent factories as the product and property of muscular labor, the labor of whip-driven slaves, like the pyramids of Egypt. The rotter who simpers that he sees no difference between the power of the dollar and the power of the whip, ought to learn the difference on his own hide— as, I think, he will.”

Until and unless you discover that money is the root of all good, you ask for your own destruction. When money ceases to be the tool by which men deal with one another, then men become the tools of men. Blood, whips, and guns— or dollars. Take your choice— there is no other— and your time is running out.

What do you think about Francisco d’Anconia’s “Speech on Money?” Let us know in the comments section below.

The post Ayn Rand: Francisco d’Anconia’s Speech on Money appeared first on Bitcoin News.

Filed Under: Atlas Shrugged, Ayn Rand, Bitcoin, crypto economy, Cryptocurrencies, English, Francisco d'Anconia, Historical Essay, Historical Preservation, Logic, medium of exchange, money, Money and Exchange, News Bitcoin, objectivism, Op-ed, Reason, Society, speech, trading, Wealth

China’s Government Fuels Stablecoin Economy: Hong Kong Protesters, Singapore and Mainland Residents Flee Capital Controls

13/06/2020 by Idelto Editor

China's Government Fuels Stablecoin Economy: Hong Kong Protesters, Singapore and Mainland Residents Flee Capital Controls

A recent study published by Amun researcher, Eliézer Ndinga, shows that USD-pegged stablecoins are being leveraged in Hong Kong as “vehicles for capital control flight.” The report shows how individuals from mainland China, Singapore, and Hong Kong are moving their capital out of control by using these dollar-pegged blockchain tokens.

Last week on June 9, 2020, it marked the one year anniversary of the Hong Kong protests that were invoked by China’s extradition law. Almost immediately after the law was introduced, Hong Kong’s citizenry took to the streets in an attempt to claim the country’s true sovereignty. For over 12-months there has been civil unrest and demonstrations in the streets.

The blockchain ecosystem that emerged in China has helped Hong Kong residents flee the grasp of China’s totalitarian controls. Not only has blockchain helped individuals from Hong Kong, but also residents in Singapore and those who live within the borders of mainland China as well.

China's Government Fuels Stablecoin Economy: Hong Kong Protesters, Singapore and Mainland Residents Flee Capital Controls

“Although as an inherently digital, censorship-resistant, and neutral asset, Bitcoin has not been the first cryptoasset of choice to flee renminbi-denominated assets due to market volatility,” explain’s Eliézer Ndinga’s report.

“USD-pegged stablecoins have ended up being just as attractive assets for those seeking to avoid losing large portions of their wealth due to price fluctuations over the short and medium terms. As a matter of fact, QCP Capital a Singapore-based crypto-asset trading firm has witnessed Hong-Kong-based investors fleeing to Singapore and trading stablecoins, predominantly Tether, in an attempt to preserve their wealth.” Amun’s report adds:

According to QCP, 80% of capital has poured into stablecoins while the remaining 20% has gone into Bitcoin.

Eliézer Ndinga stresses that data and information about the use of stablecoins is not “publicly available as much of crypto adoption in Asia.” This is because most transactions take place “underground especially following the crackdown on crypto exchanges by the Chinese government starting in 2017.”

“For example, in Hong Kong, QCP Capital reported that investors trade Tether physically. This method is mainstream so that they are able to move money away cheaply and quickly compared to setting up an offshore account which might take almost a month due to stringent know-your-customer and anti-money laundering procedures,” Eliézer Ndinga’s research highlights. The researcher further states:

To mitigate counterparty risk, due to ongoing issues with identity fraud, QCP Capital follows KYC procedures and asks for collateral denominated in stablecoins.

The Amun report further notes that the “demonstrations are here to stay in the foreseeable future.” A study from 21shares research also indicates that citizens in Hong Kong, Singapore, China, and other Asian regions are gravitating toward the crypto economy in an exponential fashion.

“It is safe to say that stablecoins are becoming a pain-killer product for many investors in such situations,” Eliézer Ndinga’s essay concludes. “This capital outflow from renminbi-denominated assets to USD-pegged stablecoins will strengthen the US Dollar hegemony as the world’s reserve currency. Nonetheless, with interest-bearing accounts like the one launched by Blockchain.com, there could eventually be capital flowing from stablecoins to Bitcoin by Chinese institutional investors and high-net-worth individuals, especially among tech-savvy cohorts,” the researcher conceded.

What do you think about Hong Kong, Singapore, and residents from China fleeing to stablecoins? Let us know in the comments below.

The post China’s Government Fuels Stablecoin Economy: Hong Kong Protesters, Singapore and Mainland Residents Flee Capital Controls appeared first on Bitcoin News.

Filed Under: Amun, Amun Research, Bitcoin, BTC, Capital Controls, China, chinese, Chinese Government, Cryptocurrencies, Digital assets, Eliézer Ndinga, English, Fleeing Capital Controls, Mainland, money, News, News Bitcoin, Protests, QCP Capital, Singapore, Stablecoin Economy, Stablecoin Use, Stablecoins, unrest

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