A passionate two-minute speech delivered by Godfrey Bloom, a member of the European Parliament from 2004 to 2014, is spreading through Crypto Twitter like wildfire. The 2013 speech is a shakedown on the global financial system.
During the presentation, Bloom declares that all the banks are broke. At that time, on May 21, 2013, Bitcoin was trading at $122 and remained a fringe asset among techies and cypherpunks.
It would take the remainder of the decade to transform BTC, now trading above $10,000, into the best-performing asset of the last 10 years, attracting legacy giants like Fidelity and Intercontinental Exchange that are putting their full weight behind blockchain-based infrastructure.
During that same period, numerous banks, including Deutsche Bank and Danske bank, have been embroiled in multi-billion-dollar money laundering scandals and consumer fraud.
Wells Fargo, after the collapse of a scheme to create bogus customer accounts, is now restructuring its business and investing in crypto innovation. Negative interest rates, quantitative easing, ballooning deficits and multi-trillion-dollar government budget proposals remain the cornerstones of monetary policy against deflationary fiat currencies.
“All the banks are broke. Bank Santander, Deutsche Bank, Royal Bank of Scotland… they’re all broke. And why are they broke? It isn’t an act of god. It isn’t some sort of tsunami. They’re broke because we have a system called fractional reserve banking. Which means that banks can lend money that they don’t actually have. It’s a criminal scandal, and its been going on for too long.
To add to that problem, you have moral hazard, a very significant moral hazard from the political sphere. Most of the problems start in politics and central banks, which are part of the same political system.
We have counterfeiting, sometimes called ‘quantitative easing,’ but counterfeiting by any other name – the artificial printing of money, which, if any ordinary person did, they’d go to prison for a very long time. And yet governments and central banks do it all the time.”
CFTC conduct more research into stablecoins
The Commodities Futures Trading Commission (CFTC) are sitting with stablecoin project leaders in a bit to learn more about them.
JPM Coin, MarkerDao and Paxo are among the firms in attendance, explaining different aspects of stablecoins during the meeting.
Brian Quintenz who is the CFTC commissioner said
In the furtherance of providing such correlated value, stablecoins have the potential, through tokenization, to function as viable, liquid mediums of exchange and serve as powerful enablers of smart contracts
There was some scepticism at the meeting with Tomasso Mancini-Griffoli, Deputy Division Chief in the Monetary and Capital Markets Department of the IMF expressed concerns surrounding financial stability, monetary policy control, privacy, competition, efficiency, consumer protection and financial integrity.
Let’s see if the CFTC have a better view of stablecoins than the US senate. When the senate questioned Libra’s Zuckerberg its was clear that Maxine Waters and Co. didn’t think they were a good idea.
Crypto Today: Bitcoin troubles still linger underneath $9000
Here’s what you need to know on Thursday
BTC/USD is currently trading at $8911 (+1.50%), the price has stabilized but remains vulnerable underneath $9000.
ETH/USD is currently trading at $235 (+4.20%), a near-term pick up after the recent bout of selling pressure, however, the strong resistance should be noted at $250.
XRP/USD is currently trading at $0.2455 (+5.50%), the bulls will need to break back above $0.2500 to regather decent upside momentum.
Among the 100 most important cryptocurrencies, the best of the day are WAXP $0.045937 (+27.55%), HBAR $0.037804 (+22.49%) KNC $0.534237 (+15.15%) The day’s losers are ABBC $0.0964287 (-4.42%), MOF$0.964287 (-3.30%), WICC $0.226634 (-2.25%).
Chart of the day: BTC/USD daily chart (the price was caught by a secondary ascending trend line of support, preventing the price from free-falling)
Jeff Dorman – the chief investment officer of the crypto firm Arca, commented on Bitcoin being touted as a safe-haven. He said: It’s irresponsible for anyone to say that bitcoin is truly a ‘safe haven.’ Look at how gold and Treasuries and equities react instantaneously to global fears. Bitcoin and digital assets live outside that workflow. Azimo, a London-based online remittance platform has joined forces with Ripple blockchain project, in a bid to leverage the latter’s XRP-powered on-demand liquidity (ODL) solution for faster, cheaper cross-border payments to the Philippines, according to a press release.
On Feb 26, according to the data analytics provider Skew, over $150 million worth of Bitcoin was liquidated on the trading exchange BitMEX, the most seen since the new year began. Millions of dollars of long and short positions caused the value of the cryptocurrency to fall to $8,580, a decrease of more than 6%. Prices in the session, have since recovered the beating seen on Wednesday.
According to a report by Bloomberg, San Francisco-based blockchain project Ripple Inc. Could soon face a lawsuit that, according to the firm, could topple the market for the firm’s digital token, XRP.
Action film star Steven Seagal has been fined for unlawfully touting cryptocurrencies and acting as the brand ambassador for a controversial initial coin offering (ICO), called Bitcoiin2Gen (B2G). The Hollywood star, 66, has agreed to pay a combined $314,000 in fines and penalties, the Securities and Exchange Commission (SEC) said in a statement on Thursday.
Cryptocurrency exchange Binance has partnered with public blockchain protocol Shyft Network as it readies itself to comply with Financial Action Task Force (FATF) regulations. The Shyft Network was designed to provide a decentralized solution for crypto industry players to fulfill global compliance standards, including the FATF’s “travel rule.”
Quote of the day
It’s irresponsible for anyone to say that bitcoin is truly a ‘safe haven.’ Look at how gold and Treasuries and equities react instantaneously to global fears. Bitcoin and digital assets live outside that workflow.
Two Crypto Altcoins Are Up 111% and 95% This Year As Bitcoin, Ethereum and XRP Breakdown Continues
With Bitcoin, XRP, Ethereum and nearly the entire cryptocurrency market in the red, two mid-cap altcoins are bucking the trend.
Analyst Crypto Michaël tells his 49,000 followers on Twitter that he believes traders are starting to become opportunistic by buying the dip in Chainlink (LINK) and Tezos (XTZ). Michaël also believes ETH is starting to show signs of life against BTC.
At time of publishing, Chainlink is up 6.44% in the last 24 hours at $3.62, according to CoinMarketCap. Tezos is up 2.98% at $2.77.
“LINK and XTZ providing an example of the strength of this market. During 2016/2017 several retracements were done, after which a strong bounce occurred. Even ETH/BTC is now showing strength. There’s some opportunities in bull markets to buy the dip, this might be one.”
Chainlink is designed to give companies a seamless way to take data that is external to blockchain applications and place it on-chain. The token is designed to reward operators that power the network. Tezos is a proof-of-stake blockchain platform that allows token holders to earn rewards in return for powering the network.
Michaël is keeping his eye on the big picture and says the largest cyptocurrencies by market cap need to step up and show signs of life. The key, he says, is whether Bitcoin can bounce off of the $8,700 area.
“Markets showing some relief bounces. Majors still need to step in. There’s always the fear of buying dips and people rather buy green candles, they always will. Coming days will decide whether $8,700 becomes the low on $BTC. And that’s still +$1,800 since January 1st.”
BTC is currently at $8,717, down 5.16% in the last 24 hours. Ethereum is down 8.83% at $218.95 and XRP is down 5.10% at $0.2304.
Since the start of 2019, Bitcoin is up 19.24%, Ethereum is up 67.69% and XRP is up 18.84%. Chainlink is up 95% and Tezos is up 111% since January 1st.