Tag: banks

Libertarians Need to Embrace Bitcoin to Succeed

By Mason Mohon | @mohonofficial

Libertarianism is clearly a pipe dream. The state co-opts libertarianism with seeming ease. The bastions of libertarianism in American politics now are seemingly willingly ignorant of some of the most important issues facing society: an economy that is clearly a facade and wars that will not end any time soon. And the only way out is Bitcoin – but more on that later.

Hopeless Libertarians

Instead of focusing on these precarious features of our present reality, libertarians have decided to take Gary Johnson’s approach. They focus on real issues, like gay marriage (which has been legal since 2015, mind you) and marijuana legalization. Not to downplay the fact that these issues are somewhat important and both should be legal everywhere, it makes no sense to be prioritizing such issues over far more pressing and oppressive institutionalizations that the United States government has decided to implement. Libertarians pair social liberalism with fiscal conservatism. Johnson cleverly called his tax plan the fair tax, so as to virtue signal to everyone that he believed in “fair” taxation, while the numbers chosen for the plan were completely arbitrary and fair is ultimately a completely subjective term.

So things seem pretty hopeless for libertarianism, and this hopelessness is intensified by the nature of democratic governance. The masses, the NPC’s, or the herd, as Nietzsche aptly termed the horde of zombies that consume the latest Kylie Jenner post with feverish enjoyment and meaningful desire, choose who rule us. And what do they choose on the basis of? Whoever makes them the most promises. Trump promised that he was going to impose trade restrictions for the blue collar worker, and they took the bait even though protectionism will ultimately hurt them in a roundabout manner. Candidates like Ocasio-Cortez willingly ignore facts (and defend themselves doing so) while promising truckloads of free stuff to those who have wasted their time and money on useless pursuits and degrees.

Libertarians don’t promise anyone anything. The proper libertarian preaches personal responsibility and strength in your ability to organize your life without the help of a coercive body parading as a mother. But this idea would not appeal at all to the masses. People want to be coddled and escape the harsh reality of owning your own life. And this is why the masses will never elect a libertarian.

It is clear that we should appeal to their self-interest – and on a very basic level. The self-interest of the masses is a simple one. People don’t care about abstract self-interested ideals. Concepts like the importance of time preference and the roundabout benefits of helping entrepreneurs ring hollow. People prefer easy short term gains.

And that is where libertarianism can leverage Bitcoin as a get rich quick scheme to fight back against globalism and liberate the individual.

The Crypto Solution

Bitcoin could be very good for the world. It has a chance to solve both of the very serious issues mentioned beforehand. The ability for Congress to utilize the Federal Reserve in pursuit of endless war means that Bitcoin could sweep the rug out from right under them. No central bank controls Bitcoin. This means that the banks cannot use it as a method for monetary stimulus. This solves the fatal boom-bust cycle. And the only way that this can happen is through mass adoption.

And for mass adoption, there needs to be demand. Some believe that Bitcoin and crypto can be utilized as a form of peaceful resistance. This resistance has already manifested in France. Amidst ATM withdrawal limits and bank runs, the Yellow Vests have become unlikely allies in the fight against the global monetary elites.

Promotion of Bitcoin and other cryptocurrencies as the newest way to get rich quick, paired with its use as an anti-status quo tool, would provide Bitcoin a serious opportunity to begin making real change. Crypto isn’t dead. It’s asleep. And it’s only a matter of time before it becomes a serious threat to the status quo. This means that the libertarian movement needs to give up on the dream of getting a 5% vote. Real political change doesn’t happen inside the boundaries of politics. The only way that we can truly make a change is through transcending the political boundaries that have been marked down for us.

All political Libertarians should hear the words of Slavoj Zizek:

Authentic politics is … the art of the impossible—it changes the very parameters of what is considered ‘possible’ in the existing constellation.


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The Yellow Vests Are The New Face Of Bitcoin

By Spencer Kellogg | Spencer_Kellogg

Paris is still burning. While the American public (by way of the American media) has largely been kept in the dark about the intense protests that have engulfed France and other parts of continental Europe, the severity of the situation continues to escalate.

This week, the Yellow Vests called for French citizens to withdraw money from their banks. This action would essentially create a run on the financial system of France and potentially starve the Euro. Officials are calling this their ‘worst nightmare’. In anticipation of the event, some French banks have resorted to limiting bank withdrawals to €150 while others are not allowing customers to access their accounts at all.

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Though a ‘nightmare’ for government officials and the banking elite, a run on the banks would be a rising flare for those that believe firmly in the transformational economic and liberty prospects of cryptocurrencies like Bitcoin. After all, Bitcoin was birthed from the smoldering ashes of the 2008 Financial Crisis and saw its first massive bull run during similar protests across Europe in 2012.

Gilet Jaunes protestor Tahz San has been credited with first introducing the idea of neutering the state’s power by attacking the coffers of multinational banking centers. San posted the following on social media:

“For Act 9, we will scare the state legally and without violence. (…) We all know that the powers of the country are not in the hands of the government but in those of the banks. If the banks weaken, the state weakens immediately. (…) Saturday we will all vote by withdrawing our money to impose the RIC (Referendum citizen initiative) urgently. The operation is scheduled for Saturday, January 12 at 8 am It will be reproduced the following month in case of failure.”

Protestors have called for the bank run to occur on Saturday, January 12st.

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Across France, more than half of all speed enforcement cameras have been destroyed. Leaders in the movement have cited the cameras as a money grabbing measure that adversely affected the poor in France. This comes days after fashion icon Dior moved their Paris show after protestors caused millions of dollars of damage to the Champs-Elysees storefront in November.

The proposed run on banks comes after Prime Minister Edouard Philippe suggested a crackdown on public protests earlier this week. In essence, pulling money from the banking system of France is the last form of legitimate political protest without the introduction of physical violence.

Bitcoin was created for days and weeks and months like the ones we have witnessed in France. It is the greatest destabilizing tool against the weaponized and centralized modern states of power and luxury. Though the protestors began with the simple hopes of overturning an unreasonable fuel tax, they have arrived at the point where real action against purveyors of the empire must be taken.

For now, the Yellow Vests are the face of Bitcoin.



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Ripple And Bill Clinton Are A Match Made In Heaven

By Spencer Kellogg | @TheNewTreasury

This week, the cryptocurrency Ripple (XRP) announced plans to host former President Bill Clinton as its keynote speaker at this year’s “Swell: The Future is Here.” The conference, which will feature “the world’s leaders in policy, payments, and technology connect” is scheduled for Toronto in October.

Touting Clinton as a forward-thinking politician who “helped usher in a period of extreme growth and adoption of the Internet,” Ripple also pointed to the former President’s track record in bridging the ‘digital divide’ to bring new technologies to underprivileged people around the world. If you turn your brain off for just long enough, this is the sort of dimwitted stuff you start believing because someone parades it as truth.

I can already here that old rickety Arkansas drawl counting off the merits of Ripple in between poorly timed anecdotes about inhaling marijuana before it was cool. Anything to steer the conversation clear of the women, the lies & the obvious ties to the sort of people who wish to regulate crypto currency into another rudderless weapon of the state.

Mr. Clinton, who oversaw continued war, used the oval office as a private brothel, expanded the for-profit prison model, and consistently represented the interests of big, centralized banking and wall street cronyism, is exactly the type of post-American figure that Ripple would crown as their champion. Why would Ripple want Bill Clinton as its keynote speaker? In the still simmering #metoo era, The Democratic Party can’t distance itself quickly enough from the Clinton’s. What does it say about the corporatist ideology of the lab coats in charge of Ripple that they would believe Clinton to be an appropriate “thought leader in the blockchain space” as suggested in Swell’s marketing campaign? If cryptocurrency was initially built with an inherent distrust of modern banking and with the hopes of promoting a decentralization of power, money, and culture, then what kind of cryptocurrency makes the living symbol of neoliberal globalism the keynote speaker of their convention?

Ripple, as many in the world of anonymous, peer to peer, government-free, decentralized cryptocurrency will gladly tell you, is the enemy. Clinton, stumbling around in the waning light of his former fame, is just happy to grab whatever cash comes his way and Ripple Gateways has plenty of it. Clinton will sit and smile and act interested but he is the man in the cloak. Let us not dream for a second that this exposure is ‘good’ for the crypto community or signals a coming tide of mass adoption. This has nothing to do with advancing the civil liberties of the common man. This isn’t about sticking it to the centralized banking apparatus that has paid for and instructed war after unended war. This is not a voice ringing true the concerns of an American people who have been run ragged by the Federal Reserve and its unnatural cycles of boom and bust. Clinton knows one modus operandi and it is that of a professional grifter and in Ripple he has found his cryptocurrency match.

Further cementing its legacy as perhaps the most corporate minded cryptocurrency in existence, the announcement comes after a string of high profile public outreach campaigns for Ripple that have included Ashton Kutcher gifting day talk show host Ellen DeGeneres four million dollars worth of Ripple on her show.

DeGeneres looked stunned and rightfully so. What good is a cryptocurrency to the entrenched elite? With U2 bursting through the speakers, a rockstar Hollywood celeb and his sidekick tech buddy were all smiles as they publicly endorsed Ripple with all the sort of ‘hip’ and ‘cool’ buzziness you’d expect to find plastered on a Sex Pistols T-Shirt at Hot Topic. These are the sort of James Corden, pub stunts that emaciate an already culturally bulimic American public. The ride goes on and on, each stop grinding further and further back into the cave of shadows and doubt. Before you know it, we will all happily one a few hundred XRP and not know why.

DeGeneres, the slow driving goofy clown car of never-ending post-absurdity, is right at home as she drives asleep at the wheel Americans to their safe destination of centralized, prescriptive thinking. Her mum, deer in the headlights, blank look at Kutcher upon hearing the money would be donated through XRP is exactly what you would want from the American public. The fewer questions the better.

Blockchain analysts were quick to cry foul as many pointed to the anti-crypto fundamentals of Ripple. Unlike Bitcoin & Ethereum, Ripple is a pre-mined coin that uses a centralized network to transact and verify. Many inside the crypto community have questioned how much of the total supply Ripple Gateways owns and have warned against the possibility of assets being frozen or reversed. In February, Bitmex ran a scathing critique of Ripple that suggested the cryptocurrency was unstable while questioning the long-term efficacy of the network.

Bigger issues lie at the core of how Ripple, or better yet its currency XRP, is classified by regulators in the future. Coinbase has thus far steered clear of XRP over its concerns that Ripple could be seen as a security. CEO Brad Garlinghouse is at the center of decision making and his strategy, from the start, has been a banking play that allows for banks to use XRP as a low cost, speed efficient medium for international transactions. This stated interest in working within current financial institutions has led to many critics in the crypto community to label Ripple as the “banker’s coin.”

In the world of ultra volatile cryptocurrency, it can be difficult to tell truth from fiction and hype from dust. Ripple has proven to be one of the most attractive entryways into the sector for a reason and it continues to hold its spot as one of the most reliable asset propositions in the early years of cryptocurrency. None of that changes the fact that their approach from a cultural and political standpoint that sits at glaring odds with the original intent of Satoshi Nakamoto’s whitepaper.

In Yasmina Reza‘s “Art,” a friendship is torn apart over of a blank white painting. Premiering in 1994 at Comédie des Champs-Élysées in Paris, the narrative follows Serge, a well off Dermatologist who buys a $200,000 painting that is as white and plain as the fallen snow. Serge’s friend Marc is outraged by the price tag and it eats at their every conversation. For Marc, the painting represents a false construct, a purchased hierarchy, a false letter of authentication. He knows, full well in his heart, that money does not buy the revolution. It can not buy the singing heart. It can not buy a dancing mind. It can not buy you a fulfilling wisdom or furnish you with a well kept soul.

It makes sense that Bill Clinton will headline the Swell event. A politician like him and a cryptocurrency like Ripple were made for each other.


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Another Bank Goes After Bitcoin

By Mason Mohon | UNITED STATES

Markus Mueller, global head of the Chief Investment Office at Deutsche Asset Management has warned against getting involved in the world of cryptocurrency.

In an interview with Bloomberg, the prominent banker warned that there is a massive risk when it comes to investing in Bitcoin. He said that it should be “only for investors who invest speculatively.”

He also made the statement that it is in the developmental stages, but he sees potential as long as regulation comes along, along with some sort of system of liability and documentation comes along. While he is right that it is the early stages, he seems to be missing the point.

Cryptocurrency, which started with Bitcoin in 2009, is about decentralizing the process of exchange. It means we do not have to trust whoever is on the other side of a trade or any third party. Rather, we only must trust the system.

So while we do have a long way to go, Mueller seems to be trapped in the old way of thinking – that the world needs some sort of central authority. This is probably because he is a member of the banking world, and while he may not notice it, his world is threatened by the crypto world.

It is no wonder that these financial experts constantly warn against Bitcoin and its lot. It says there is no need for them, and that change is coming. Mueller is not the first, and he will not be the last.

Nothing can stop a technology as revolutionary as Blockchain. It is only a matter of time before it is adopted worldwide.