TRUE DOLLAR JOURNAL: Search results for label:cryptocurrency|label:bitcoin|label:crypto|label:"blockchain economy"

Today, appearring on U.S. television Bloomberg, fossil-thinking Danish central bank governor, Lars Rohde, came out to say that cryptocurrencies are a fad (see: Cryptocurrency Can Be Ignored as Fad, Danish Central Banker Says), which anyone can ignore safely.

Back in 1994, many oldsters suffered from the same retarded thinking as Rohde does. They clamed the Internet would be a passing fad.

The Blockchain Economy Tsunami: Here is Where We are Headed

In short, this is what is about to happen to mankind: the fractionalization of property in everything.

So think of this. Instead of owning a whole office building in Manhattan, the building will be fractionalized into tokens and you can own as much or as little of the building as you can afford.

That is where we are headed.

The blockchain economy combines what bankers do with what organized markets do. In doing so, men will be further advancing mankind by having created a superior risk reduction mechanism.

Bankers are manufacturers of credit. They take property that can not be sold easily, and collaterialize it. That way, they could sell it to reclaim a debt owed, i.e. This lets bankers make credit upon property that would have a time lag in selling. That is what bankers do, in effect, though 999 of 1000 men or women would not know this.

When a banker has confidence, that confidence is not in the borrower, but in what the borrower has in case the borrower stops paying. The confidence is in the existence of a ready-market for resale property to pay off a debt.

Organized markets are merely ways to package property by grade and number. A stock is merely fractional ownership of uniform size. The same can be said of a futures contract for oil, corn, soybeans or what have you.

So this writer sees a future where a Manhattan skyscraper is fractionalized. Entire buildings will be turned into tokens by grade, with the apartments on the floors and the tops being worth more than in the middle, typically.

People will buy and sell these tokens, i.e., cryptocurrency, as they do any commodities futures contracts. The beauty of this is the further democratization of capital.

To understand how I know this will happen, see my work, which is the only true, correct theory on economics:

THE THEORY OF TRADING PROPERTY FOR PROFIT

Traditional commercial bankers are going to be squeezed out of the Blockchain Economy future. Believe it.

Crypto will devour the stock market

Cryptos like Ethereum (ETH) have outperformed even the hottest stocks by 10X in the past few years.

This fact alone makes my big call sound totally absurd… Crypto will devour the stock market.

The stock market is about to be “tokenized.”

Let me explain… Today, crypto and stocks are two separate worlds.

The US stock market is only open from 9:30 am–4 pm, Monday through Friday.

Americans can open a brokerage account and trade thousands of US stocks.

The stock market’s “plumbing” is also like something from the 19th Century.

The New York Stock Exchange and NASDAQ together are one of the world’s most dominant duopolies.

They run the stock market.

That’s just one of the reasons why people will eventually own more crypto than stocks.

In fact, tokenized stocks could fuel a stock market boom.

For the US stock market, that would add $13 trillion in value.

These crypto tokens are tied directly to individual stocks.

Paxos, another crypto firm, is using blockchain to disrupt stock markets too.

And 24/7 tokenized stocks aren’t just some fringe crypto idea.

The hedge-fund billionaire and NY Mets owner recently invested $14 million in a company launching a 24-hour stock market.

Bermuda-based 24 Exchange is building a global, always open stock market modeled on crypto.

If you own great companies, crypto’s coming takeover of the stock market is nothing to worry about.

The New York Stock Exchange and the NASDAQ have ruled stock trading for decades.

That spells trouble for companies that run the stock market, like Nasdaq (NDAQ) and Intercontinental Exchange (ICE).

TDJ commentary: Tokenization of everything is coming. That is why it is prudent to look at all smart blockchains that can support tokenization of real property, i.e., rights of ownership in buildings, etc., as well as in evidences of ownership, such as stocks certs.

And Now, It’s Economic Warfare

With the world reopening, and even US blue states and cities repealing mandates, how optimistic should we be?

What we are seeing right now in Ottawa reveals the hegemonic depth of the system that gave us lockdowns, then mandates: it is now capable of freezing your accounts and essentially starving you and your family.

The truckers in Canada deployed the crowd-funding platform GoFundMe and raised $9M, until suddenly the platform said that they would not distribute the money yet, pending the release of a clear plan on what the truckers were going to do with it.

Sure enough, a few days later, GoFundMe announced that it would not give the money to the truckers but rather to other charities of its choosing.

In the midst of all of this, Trudeau declared emergency powers that allow the government to do this to all non-compliers, and do so without any court order.

Many of the world’s wisest minds have observed that the main means by which powerful states seize and retain control is through the realm of money.

Your assets are frozen, then stolen, and you are left without a job or any financial means at all.

Almost immediately, the Royal Canadian Mounted Police (Canada’s FBI) sent letters to many crypto exchanges demanding that any assets flowing through their systems that are known to be intended as donations to the truckers must be reported immediately.

The Minister of Finance got into the act and essentially declared that anyone using these to provide funding to the truckers were engaging in illicit activity — essentially terrorists.

Without missing a beat, the Minister of Justice for Trudeau went further to declare that anyone who has given large figures through these platforms “should be worried” about having their bank accounts frozen.

Yes, all these actions are clearly political, totalitarian, and relying fundamentally on the control of money and finance to shore up regime power and crush political opposition.

So there we have it on record: the Canadian government has declared that it can freeze anyone’s bank account and seize the contents based on their political views or charitable actions.

But the transition has become extremely complicated, as government authorities attempt to use their existing regulatory hold on conventional money and regulated exchanges to institute a China-style social credit system.

With financial intermediaries forced to do the state’s bidding, rebellions can be put down with texts, emails, and a few clicks on an interface.

Yes, crypto can help bypass the system, but it still must deal with three huge barriers: 1) the exchanges and platforms deal with enormous burdens in regulatory compliance, 2) the onramps to obtaining crypto are ever more intrusive, 3) the offramps to moving crypto out of digits and into cash are highly regulated.

Now it has become a tool for saving the working class from obliteration by hegemonic forces within the ruling-class financial structure.

TDJ Commentary : Freedom-loving Canadians will learn quickly that cryptocurrencies can bypass state-regulated aparatus such as commercial banks. This will drive further the uptake of crypto.

Today, In EU Rules Bitcoin is a Currency, US Says Bitcoin is a Commodity; Which Side is Correct? What About Gold and BitGold?, wildly popular "financial" blogger, Mike Shedlock, a guy who once confessed that he has no background in economics outside of reading books from the likes of huckster, cult-like Mises.org, idiotically claimed "bitcoin is both money and a commodity". Shedlock then pushed his mini-cult members to read a flawed work by Murray Rothbard, a long dead college professor associated with Mises.org.

Bitcoin is not money. Anyone who claims that Bitcoin is money simply doesn't know anything about money and is merely spreading stupidity.

Money is coined metal by weight and fineness. Money were it to exist could exist without bankers and without lawgivers.

Cash, which is evidence of bank credit in circulation, requires banking. Legal tender cash, which is what all of us have, requires bankers' cash, lawgivers and their enforcers.

Never in the history of banking has any smart banker ever considered cash as money. No jurist every thought of cash as money.

The U.S. Congress requires the Federal Reserve to collateralize every dollar in circulation precisely because cash isn't money and never has been money.

Money hasn't existed legally in the USA since 1933. As a matter of practicality, the bulk of the economy of Americans has not relied on money since the Civil War.

Bitcoins are like Beanie Babies or DVDs. They're collectibles and nothing more.
Without doubt Bitcoins are not currency. You must prove title before you can trade Bitcoins. That is what the blockchain is all about.

Anything that requires title proof isn't currency by jurisprudence. Currency means the property (right of ownership) goes with the possession.

A liquor store robber can spend his ill-gotten cash in a supermarket for milk in a purchase and sale of cash for milk, milk for cash. By law, the supermarket can keep the cash because the sale was an honest exchange, even if the cash was ill-gotten.

Postage stamps circulate goods. So too do supermarket coupons. No one would be foolish enough to say that either postage stamps or store coupons are currency.

Bitcoins are useless without cash of various banking systems. Drug dealers accept bitcoins for their heroin because they know they can sell their bitcoins to future druggies for cash, through the surrogacy of Bitcoin exchanges.

Bitcoin exchanges are little more than financial launders, so-called "money" launderers for drug dealers, prostitutes and murderers-for-hire.

Murray Rothbard was a hack, so stupid about all things money, credit and banking, that he believed, wrongly, there is a double claim of ownership on deposits. For the entire history of banking and law, a banker owns what gets deposited, buying such in a purchase and sale. The depositor sells cash, other bank credit or debts. In the days of money, depositors sold money.

Read the definitive works on Bitcoin right here:

And to read more about Mike Shedlock and his rather questionable background, check out:

And for more on those cultists at Mises.org:

JASON X AND LEW ROCKWELL'S CULT OF MISES. ANOTHER EXAMPLE OF WHY AMERICANS ARE IN BIG TROUBLE.

Crypto and the Foreign Exchange Problem

Most merchants in the United States accept U.S. dollars and well-established credit cards and debit cards such as VISA and MasterCard. Canadians, say from Surrey, BC, who cross over the border into the USA to shop at the Bellis Fair Mall in Bellingham, Washington, can shop with their VISA debit cards without having to deal with the hassle of foreign exchange. VISA and their bank instantly handles the foreign exchange behind the scenes.

Now let us look at how that happens in the crypto world. Let us say that I have Bitcoin and wish to buy merchandise. The seller has what I want to buy but only accepts Ethereum. In practical terms, this means that as the holder of Bitcoin, I cannot conduct a peer-to-peer exchange with a counterparty that seeks Ethereum.

You can think of Bitcoin being Canadian dollars and Ethereum being US dollars. Without an intermediary of some kind, the seller, dealing only in US dollars, can not sell to me, the buyer who only has Canadian dollars.

Why Not Coinbase or Binance?

Anyone who has crypto on a centralized exchange (CEX) like Coinbase is familiar with going through the process of selling crypto, transferring the proceeds to one's linked bank account before making purchases with one's debit card.

Coinbase, Binance and the like are much like online stock market brokerages. Like brokerages, CEXes let you buy crypto by using your debit card. Once you have crypto, you can trade one crypto for another from the CEX itself. That is alike to telling your online stock broker to swap Microsoft (MSFT) for Apple (AAPL) without first having to sell MSFT for US dollars only to buy the AAPL. Never, though, do CEXes facilitate transactions between crypto holders and merchants.

CEXes are part of the business ecosystem of financial institutions. As such, users of CEXes give up privacy in exchange for the perceived ease-of-use of connecting one's bank account, which one's debit card acts as the commercial interface. With this perceived ease-of-use comes high transaction fees.

Ferrum, the CEXy Alternative

Being distributed exchange (DEX) based, the Ferrum Network is part of the Distributed Finance (DiFi) revolution that could disintermediate both financial institutions such as banks, credit card system as well as CEXes.

Launched in June of 2019, the founders of Ferrum (Naiem Yaganeh and Ian M. Friend) have engineered a distributed exchange (DEX) and a consumer UI for peer-to-peer trading of cryptocurrencies and cryptotokens that rivals what major CEXes offer, e.g., Coinbase.

Being DeFi, this lets users who run the UniFyre wallet app, which is the consumer user interface, to trade crypto through Ferrum Network's DEX, which is named Infinity, while maintaining custody of their crypto addresses.

Through the UniFyre app, users swap crypto denominations for a Ferrum intermediary token, which is a proxy abstraction, that gets converted back to the sought after crypto denominations of the respective parties.

To make this happen, UniFyre users must buy and hence possess the Ferrum token (FRM) to pay for trades as well as import and export crypto into and out from the UniFyre wallet. Paying with FRM burns it, which reduces the supply of FRM, though as of now, extant escrow-locked FRM gets unlocked by Ferrum in equal amounts to what gets burned.

Ferrum DEX vs Other DEXes

The Ferrum Network touts itself as being a blockchain agnostic network from the ground up, that is, Ferrum will let you trade nearly any cryptotoken or cryptocurrency regardless of originating blockchain.

Other DEXes suffer from design flaws that require communication relays between blockchains. That leads to transaction lag and higher transaction expenses. Most DEXes are blockchain-specific and thus can only transact cryptotokens of a particular blockchain such as ERC-20 tokens of the Ethereum blockchain. That means users of such a DEX could not swap cyptocurrencies such as Bitcoin, Litecoin and Stellar, which run on their own blockchains.

How it Works

A user first must have the UniFyre Wallet app on an Android phone or an iPhone. With the UniFyre app, to trade, a user then imports into the Ferrum Network, which is the backbone of Ferrum's Infinity DEX, the crypto she or he wishes to swap for the crypto she or he needs. Importing a crypto demonination into the Ferrum Network creates a proxy of that crypto, which then lets the Ferrum Network handle order book matching for crypto swaps.

This lets anyone trade Bitcoin directly for Ethereum over the Ferrum Network. Such trading is known as over-the-counter (OTC) trading. The proxy creation and order matching removes so-called counterparty risk that exists when strangers trade at a distance.

Each party must accept the offered exchange rate booked by the Ferrum Network before execution of the transaction happens. Ferrum's Infinity DEX connects order book makers and takers anonymously.

Earn Interest Too!

The UniFyre Wallet app lets users earn interest from their crypto holdings through a process known as staking. In effect, the Ferrum Network also is a staking platform. Through staking, a user lends her or his crypto for a specified period known as a lock up, and receives interest payments in FRM for any Ethereum-based token project.

Chief Aim of Ferrum

Ferrum's executive team has been building Ferrum to be a provider of various distributed apps (dApps) built around their high-speed interoperability network. This network can support cryptocurrency transactions in milliseconds rather than minutes.

The executive team believes in the forthcoming global-scale blockchain economy with its attendant adoption of cryptocurrencies and cryptotokens.

FRM Worth?

As seen in the chart above, FRM has suffered a -91.5% price drop from all-time high ($0.9247) hit on 10-Apr-2021. The token's price in dollars followed the great crypto rise after the so-called stimmy checks were sent by Congress and other governments to citizens. FRM suffered from the same crash as all crypto did after Bitcoin (BTC) hit its peak on 15-April-2021.

Ferrum Network continues to improve through expansion of staking offerings. This could be a crypto to watch.

Challenges

Like all firms, Ferrum faces the challenge of marketplace uptake. To use the Ferrum Network requires the installation of the UniFyre app.

With its DEX, Ferrum seeks to overcome limitations of previous DEX designs while simultaneously offering equal or superior functionality to major CEXes for the purpose of crypto trading (swapping).

Yet, the bigger picture is seeing the UniFyre app as a means of paying merchants who deal only in one or more cryptocurrencies but who do not accept payment in banknotes or other bank credits providing merchants also run UniFyre apps.

Bitcoin maximalists of g/bitcoin on Gab blocked me in late April because I predicted a crash was coming for Bitcoin and it came. Already back then, I proved way back then that Bitcoin IS NOT an inflation hedge.

Bitcoin is speculative foolery, like tech stocks that promise a bright future but lack profits and often have weak sales relative to head count.

As stocks are crashing so too Bitcoin will crash that is, as long as Fed Res central bankers stop buying US Treasury instruments and thus stop their Quantitative Easing super inflation.

Earlier in another work on the TDJ, I estimated of the worth of Bitcoin in 2022 (See: Bitcoin (BTC) is Massively Over-Priced in 2022. BTC Still is Not Digital Gold. Where is the Ukraine-Russia War Premium? The Speculation Range for Bitcoin). Based on the sales of illegal activities world wide, a fair estimate for BTC is nearer to $4,367.03. The article goes through the reasoning for that price. You should read it.

Also, that work has links to my original prediction / crash article of 2021.

The long run price of BTC is far closer to $0 than it is to $100,000. If blockchain tokens are here to stay, the winner will be one atop of a smart blockchain with super fast transaction times to support transaction flow through that competes with ATM / credit cards and is based on Proof of Stake or a new consensus mechanism not yet devised.

Bitcoin has none of those features. BTC settlement is painfully slow. BTC runs atop a on-programmable blockchain and hence it is not a smart blockchain. Consensus is done by Proof of Work, a process that governments are looking to ban owing to the electricity requirements for it.

The crazy run-up in BTC price especially from 2018 until now came strictly from an inflow of institutional bettors funded by expectations of continual quantitative easing. Once those QE stimmy dollars began flowing into goods rather than speculative instruments, the reality of the future poor state of the USA economy began to sink into the minds of professional speculators.

As long as there is a market of dollars for BTC, BTC will have a price. What that long run price will be likely will look far different than what it has looked like between 2019 and 2022.

There are some lucky ones who tossed $10 in BTC back in 2010 and who sold at the top near $63,000 thus making them actual millionaires. Then again, some people became rich on speculation on Beany Babies in the 1980s.

Now, if Fed Res central bankers abandon their effort to end quantitative easing, you can expect a resumption in the rise of the price BTC along with its usual margin-driven speculation inner cycles. As always though, current dollar quotations are far different than buying power. Likely, $45,000 one year from now will buy much less than $45,000 right now.

BTC failing to break past $40k, a previous interim high, on the recent rally shows weakness in buying power, perhaps even exhaustion.

Unless there is a massive spike soon, that rockets $BTC past $58,778.21 hit on 8-May-2021 the likelier next stop is downward as margin borrowing eats away at profits and the fear monster grows bigger.

Meanwhile, altcoins seem to be getting their sea legs back. Should the bull market in altcoins resume, a decoupling will come where the price of BTC no longer affects the beliefs of millions of speculators, i.e., the market psychology.

Over time, a decoupling will happen as the U.S. and some other developed countries move toward blockchain economies. Those coins like eth, which fuel smart blockchain transactions have prices reflecting commerce.

Crypto like bitcoin that depends solely upon hoping others will pay higher prices to possess it will fade far into the background. Back in 2014, when BTC was priced in the $600s, I wrote a work about bitcoin and how bitcoin is much like the Beany Baby craze (see: THERE ARE 1,297 TRILLION BITCOINS NOW AVAILABLE!).

While there are real costs associated with producing Beany Babies and bitcoin (electricity, computer hardware, labor to write software), all prudent men know that costs never set prices (see: BUT I SPENT 150 HOURS HANDCRAFTING THAT OIL ON CANVAS! OR THE LABORER'S SILLY THEORY OF VALUE.)

A bit more than month ago, BTC hit its all-time high of $64,824.19. Days later, the U.S. government released the worst inflation report in 30 years. Touted as the ultimate inflation hedge, Bitcoin should have skyrocketed. Instead, BTC plunged 30%. Ultimately, bitcoin crashed by -49.7% from its all-time high.

Clearly, then, no one can consider bitcoin as an inflation hedge. As it is a weak payment cryptocurrency owing to inherent technical design flaws (e.g., small block size), what is the purpose of bitcoin? How can it last?

Back in 2014, a price of $649.16 seemed like Tulip Mania, during a time of great uncertainty in the U.S. economy and Federal Reserve banking system. Then, no one truly knew if quantitative easing would not cause massive destruction of the buying power of the dollar. The truth is, it is hard to destroy something that is almost destroyed already.

But right now, enough people on earth believe one BTC is worth roughly $39k. In some countries, like Nigeria, residents there use BTC to circumvent banking restrictions. On a planet with nearly 8 billion, there will be millions, likely, who can put bitcoin to use, to circumvent governments whether evading taxes or overcoming so-called capital controls.

Yet, overtime, with DeFi and altcoins actually powering commerce, those seeking to escape the clutches of greedy politicians likely will have better chances to do so through altcoins powering smart, programmable blockchains.

Once men and women realize this, decoupling will begin in earnest. Bitcoin will become a relic, the Model T Ford, a grand experiment that kicked off a revolution for mankind.

Will Natural Gas Fall Victim to Geopolitics?

Natural gas markets experienced a wild ride in 2021 due to a combination of volatile geopolitics, extreme weather, and poorly conceived green energy transition plans.

As the IEA noted: “The growth of the gas trade, as well as a shift away from long-term contracts toward spot pricing in many markets, has created greater interconnectivity between markets with demand or supply shocks in one region now having global implications, on both gas and electricity prices.”

Europe is dependent on Russia for its natural gas (and oil), Organization for Economic Cooperation and Development Europe received 72 percent of Russian natural gas exports in 2020 (according to the EIA).

The problem is that supply is now lagging demand; if the geopolitical aspirations of certain countries are brought to bear it could worsen.

TDJ Commentary: Bet on natural gas.

The New Eurasian Century

The current crises in eastern Europe reflect more than just Kremlin mischief-making—they reflect the first fruits of an emerging world order that spans the vastness from Beijing to Berlin.

Unlike the longstanding liberal status quo, with its roots in classical civilization and the Enlightenment, this emerging alternative draws upon a mélange of German geopolitics, the legacy of Chinese emperors, the Mongols, and Orthodox Russian autocracy.

The niceties of democracy may be scrupulously observed, but in the end, money talks, along with power, and more than a little anti-American revanchism.

Reversing this state of affairs has been a key objective of China’s leaders ever since.

Germany's refusal to provide lethal aid to Ukraine is couched in the rhetoric of German guilt, but Deutschland seems to have few qualms about selling advanced weaponry to less democratic regimes like Hungary, a country savaged by Germany during the Second World War, as well as to Qatar, Egypt, and Algeria.

TDJ Commentary: Bet on Germany exporters to China. Bet on Russian energy exporters.

Move aside, self-driving cars! Japan now has unmanned ship

Surely, we have heard about self-driving cars, but how about a self-driving ship?

A Japanese ferry named Sunflower Shiretoko recently achieved the impossible, travelling from Hokkaido, the Northern tip of Japan, to Ibaraki in the middle of Japan’s main island.

As the autonomous ships will likely be used for transporting goods, Nippon Foundation’s managing director Mitsuyuki Unno said, “With the success on long-distance routes, we hope to reduce the workload of those who work at sea.

However, some Japanese netizens thought otherwise and raised concerns: “If anything is to happen at sea and there’s no one onboard to handle the situation, it will be chaotic.”

Perhaps your online shopping loots will be delivered by these autonomous ships too!

TDJ Commentary: The Japanese intend to overcome their demographics-is-destiny crunch through AI-controlled self-driving vehicles.

The Oil And Gas Rig Count Continues To Soar

The number of active drilling rigs in the United States rose by 10 this week—the 17th straight weekly increase to the number of oil and gas rigs in the United States.

U.S. weekly production of crude oil stayed the same this week at 11.6 million bpd, according to the latest Energy Information Administration for the week ending February 11.

The rig count in the Permian Basin rose by 5 this week, bringing the total rig count in the prolific Permian basin to 306.

The frac spread count is now up 114 from a year ago.

WTI was trading at $91.34—down 0.46% on the day and down $0.40 per barrel on the week.

TDJ Commentary: Bet on nat gas.

Does Crypto Have Value? A Bitcoin Pioneer Spelled It Out Years Ago.

In May 2012, Autumn Radtke, chief executive of the fledgling virtual currency exchange, First Meta, gave a remarkable talk on how otherwise intelligent people began reaching for their wallets to shell out for code.

For me, the core excitement is that a lot of the world’s value is going to be tokenized.

Very rapidly, auctions for in-game virtual currencies and goods exploded in venues across the web, opening the door to secondary markets, but also fraud, money laundering, and seriously thorny legal questions about who really owns the virtual assets inside a game. “

As the market for digital assets grew, Radtke said it was inevitable that global authorities would step in to regulate virtual currency exchanges like hers, “which I think is fair, because this isn’t a gaming company, right?

In 2011, it splashed out $190 million in cash for PlaySpan, another trading platform for in-game digital goods (which, by the way, was founded in a Silicon Valley garage, by 12-year-old Arjun Mehta, backed by a phalanx of top-tier venture capital firms).

If you’re earning an income by playing a game and being paid in cryptocurrency, well, you need a way to use that to buy groceries,” Sheffield explains. “

TDJ commentary: An interesting read on what gave rise to the kind of people who would embrace Bitcoin.

2 Ways To Play The Commodity Boom In 2022 :: The Market Oracle

2 Ways To Play The Commodity Boom In 2022 A new commodity supercycle is being driven by a massive energy transition … And two elements are experiencing a supply squeeze that is creating huge opportunities for investors.

It’s wildly more expensive than natural gas–even in the middle of an unprecedented gas price surge.

Source: Lithiumamericas.com In Nevada, at LAC’s Thacker Pass project, mineral reserves are 3.1 million tonnes of LCE at 3,283 ppm Li.

#2 Avanti Energy Inc. ( TSX:AVN.V ; OTCMKTS:ARGYF ) The other critical element supply crunch in this new commodity supercycle is helium, and because it’s flown under the radar, there could be even more potential upside … Especially when you get a micro-cap company that’s just completed its first helium well with very encouraging results.

The forward-looking information contained herein is given as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.

The owner of Oilprice.com owns shares of Avanti and therefore has an additional incentive to see the featured company’s stock perform well.

TDJ commentary: More natural gas positive news. There is now a buzz going about helium as this is yet another article that has come my way in these last few days.

U.S. Existing Home Sales Unexpectedly Spike To Highest Level In A Year

Existing home sales in the U.S. unexpectedly showed a sharp increase in the month of January, according to a report released by the National Association of Realtors on Friday.

"The inventory of homes on the market remains woefully depleted, and in fact, is currently at an all-time low," Yun said.

Economists currently expect new home sales to drop by 1.0 percent to an annual rate of 803,000 in January after spiking by 11.9 percent to a rate of 811,000 in December.

TDJ commentary: Under inflation, people wish to buy houses, since they pay back loans with future dollars that buy less. Also, if not bought now, the appliances and structure would take more dollars in the future to by equivalents.

Colorado State to Permit Payment of Taxes in Crypto this Summer

Colorado State Governor Jared Polis has revealed that it plans to let its residents pay their taxes in digital currencies as early as this summer.

The tax collection or payments through crypto will not be limited to just Bitcoin (BTC), as it is meant to support a wide range of cryptocurrencies.

Additionally, Governor Jared Polis said the supported provisions would expand to other license payments beyond taxes in due time.

Then we plan to roll that out across all of state government for things like, could be as simple as driver’s license or hunting license within a few months after that.”

Elected American politicians are generally beginning to take much liking for digital currencies, with Miami Mayor arguably amongst the most bullish of all.

TDJ commentary: More evidence of normalization of crypto into daily life.

Wyoming Lawmakers Want State to Launch Its Own Stablecoin - Decrypt

On Thursday, lawmakers proposed the Wyoming Stable Token Act (SF0106), which paves the way for the crypto-friendly state to launch its own dollar-pegged token.

The act would allow Wyoming treasurer Curtis Meier Jr. to create a state stablecoin pegged to the U.S. dollar.

If passed, the state treasurer would have until December 31 to launch the stablecoin, or otherwise provide a report by November 1 to the select committee on capital financing and investments detailing why it is not currently feasible.

Stablecoins are crypto tokens that are typically pegged to fiat currency—often the U.S. dollar.

TDJ commentary: More evidence of the normalization of crypto in daily life.

Bitcoin is software. The law which governs property in software is copyright. In essence, Bitcoin is no different than musical works of the Beatles, which is the right way to look at Bitcoin.

Bitcoin trades for legal tender cash and bank credits, which can be converted into legal tender cash. Works of copyright also trade for legal tender cash and bank credits.

Speculating in copyright is a normal part of trade. Speculation in Bitcoin amounts to speculation in copyright.

In Anglo-American jurisprudence, property means right of ownership and never the thing owned. Property means the right to possess, the right to give away, the right to destroy, the right to recover upon theft.

In trade, people buy and sell property. They don't buy and sell things. When you buy milk from the market with cash, you buy the right to own the milk and part of that right is possession.

Yet, there are many times when people buy property, or right of ownership and never take possession. Few ever take possession of their stock certificates when they buy property in a firm as parceled in stock. Landlords never take possession of their rental property. Their tenants do.

Without doubt, Bitcoin is not "a peer-to-peer electronic cash system." Bitcoins aren't "electronic cash" nor are Bitcoins cash at all.

Cash requires bank credits. Cash is paper that evidences bank credits. Cash arises as an artifact of banking.

Whether legal tender or not, cash is denominated bank notes circulating as evidence of deposits. Deposits are bank credits. Denomination means named multiples of the unit of bank credits, such as a ten dollar bill, a twenty dollar bill or a one-hundred dollar bill.

Today, Americans have cash. Specifically, Americans have legal tender cash. So too do Canadians have legal tender cash, the Brits, all those of the Eurozone, the Japanese, and so on. Legal tender cash is centralized bank notes circulating in perpetuity. Seemingly, legal tender cash does the work of money, but never is cash actual money.

Money is coined metal by weight and fineness. The Romans said so. It's their word. Even the U.S. Constitution supports that concept.

When money existed, money gave its possessor currency. Money doesn't exist and hasn't for many decades.

Always, money can exist without banking and government. Cash only can exist with banking and banks. Never can cash exist without banking and banks. Not only does legal tender cash need banking, but also legal tender cash needs government.

Bitcoin is a peer-to-peer digital protocol for transferring property of copyright. Any specific Bitcoin is an arrangement of electromagnetic impressions — bits in a pattern — on a recording medium. Each Bitcoin is software with built-in digital copy protection that prohibits duplication.

In essence, that is all any specific Bitcoin is. Any Bitcoin, identified by its blockchain, is little more than a work of art.

As such, any specific Bitcoin identified by its blockchain falls under copyright. The copyright in Bitcoin gives anyone exclusive right to prevent duplication of a specific work of Bitcoin as designated by its blockchain.

Copyright gives the owner of a specific bitcoin, property in that bitcoin, or the right of ownership. Anyone who owns bitcoin can make copies of that bitcoin for himself in various digital storage media. However, when someone sells their copyright in bitcoin in a purchase and sale, the ability to use any copies gets lost owing to the Bitcoin blockchain protocol.

Currency means bearer negotiability. It doesn't mean cash. Bearer negotiability means the property (right of ownership) goes with possession. No need exists to prove title.

So when you buy milk at the Quik-E-Mart with cash, you don't first prove to the cashier that you own the cash. The cashier readily takes your cash and lets you walk out the store with the milk.

In a purchase and sale of cash for milk, the agents of the owners of the market buy property in cash and sell property in milk. You sell your property in cash and buy property in milk.

With Bitcoin, even though people seemingly are anonymous, the software everyone must use to manage transaction between two parties of trades with Bitcoins exists to proves title in Bitcoins. That is what the block chain mechanism of challenge and proof is all about.

Bitcoin lacks currency, because title must get proven of every Bitcoin in a trade. If Bitcoin gave any possessor currency, property in Bitcoin, that is the right of ownership, would go with possession. No one would need prove he owns a specific Bitcoin before trading it away in a purchase and sale.

Cash gives anyone currency, which is another way of saying bearer negotiability, precisely because no one needs to prove title to cash before selling cash and buying something with it in a purchase and sale.

Prepaid anonymous debit cards are the closest thing to electronic cash. All cash is evidence of bank deposits. Both cash and deposits are liabilities of bankers. Ask bankers. The smart ones will tell you what I have told you.

Bitcoin is more akin to "prisoner's money." Mostly, Bitcoin gets used to trade contraband in extra-legal purchases and sales. Basically, Bitcoin exists to facilitate heroin dealing where deals get made anonymously through the Internet while delivery gets made through legitimate package delivery services, such as UPS, Fedex, USPS, DHL, Canada Post and the like.

Many have been tricked by the metaphor used to explain Bitcoin, being fooled, nay, suckered into believing Bitcoin is banking-free cash, which is an impossibility, and into believing Bitcoin is money, also an impossibility, as money is coined metal by weight and fineness.

When people trade bitcoin for drugs and drugs for bitcoins, people are bartering. Such bartering is the same as trading a digital movie with copy protection for drugs and drugs for a movie with digital copy protection.

Bitcoin requires banking because no one would want to accept Bitcoin as payment unless also being able to sell Bitcoins for legal tender cash or bank credits of an established banking system. Without others willing to sell cash or bank credits and buy Bitcoins, Bitcoins would be useless.

Bitcoins are as dependent upon banks and banking as any other copyrighted product put on offer for trade in purchases and sales for cash and credit.

At day's end, if ever before a legitmate court, Bitcoin shall end up being ruled as incorporeal, immaterial chattels jura in re propria.

So you can truly understand Bitcoin, check out FROM BITCOIN TO SHITCOIN IN ONLY A FEW DAYS.

Pages

TRUE DOLLAR JOURNAL

The Blockchain Economy Tsunami: Here is Where We are Headed

Crypto will devour the stock market

And Now, It’s Economic Warfare

Crypto and the Foreign Exchange Problem

Why Not Coinbase or Binance?

Ferrum, the CEXy Alternative

Ferrum DEX vs Other DEXes

How it Works

Earn Interest Too!

Chief Aim of Ferrum

FRM Worth?

Challenges

True Dollars™

Notes:

Notes:

Notes:

Current Dollars

Notes:

Notes:

Will Natural Gas Fall Victim to Geopolitics?

The New Eurasian Century

Move aside, self-driving cars! Japan now has unmanned ship

The Oil And Gas Rig Count Continues To Soar

Does Crypto Have Value? A Bitcoin Pioneer Spelled It Out Years Ago.

2 Ways To Play The Commodity Boom In 2022 :: The Market Oracle

U.S. Existing Home Sales Unexpectedly Spike To Highest Level In A Year

Colorado State to Permit Payment of Taxes in Crypto this Summer

Wyoming Lawmakers Want State to Launch Its Own Stablecoin - Decrypt

Connect

TDJers Are Reading ...

ALL-TIMERS