Debt Rattle October 16 2018
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[See the full post at: Debt Rattle October 16 2018]From the other day, all markets are rigged, and Bitcoin is no exception. I’ve been shocked at the speed with which they were able to get into the exchanges, but I guess that’s what happens when you combine unlimited printing-press money and unlimited power coming from zero enforcement of any laws against banks and brokers–or anyone. But it’s pretty well known the Tether/EOS/BlockOne and their exchange + 100% owned Hillbilly Community Bank are all open, transparent frauds, designed not only to kite and cap Etherium, but rig BTC via Tether to great profit.
But what I really keep missing is the inexplicable complacency with which everyone approaches open fraud and theft. Here the Crypto-people are founded on security, openness, and proof, and really anarcho-capitalists and libertarians to the core. Nope. Give than an open fraud like Tether/BlockOne, run by open convicted pedophiles or Bitconnect, a mathematically certain pyramid scheme that must collapse on schedule and they defend it with fury AGAINST the voices of reason. Wave a dollar of speculation gains on the 2,000 coins in front of them and all the principles go out the window. They’re thrilled to be in exchanges that churn 100% of all coins mined weekly, and more than accept HFT input, they actually INCENTIVIZE it, with dollars. That means somebody is paying to take a loss to make sure the barn doors are wide open to circular self-trades, then reported as market-trades, which set the price. –Remember, exchanges trade no coin. They are not on the Blockchain. They are internal-only. And they say, “Der, looks good to me!!” and happily trade on these exchanges, and their “prices” as happily as ever they did in the gold, oil, and Amazon market, which are equally rigged.
So…what can I say? How about,
“Mere anarchy is loosed upon the world…
The ceremony of innocence is drowned;
The best lack all conviction, while the worst
Are full of passionate intensity.” W.B. YeatsOh, that’s true, the Democrats who donated $500,000 to Stormy Daniels’ legal fund will now end up paying Trump’s lawyer and court fees. Avenatti has a big mouth, loses all the time and does a lot of damage that way. He came with Julie Swetnick in the Kavanaugh case and even those who wanted to block the nomination wanted nothing to do with her.
But Elizabeth Warren must be worse; she managed to show that she’s 0.09% Native, where 0.18% is average among Americans. And why do it? What did she have to gain? And then you read she’s been calling herself a Cherokee for years in order to land jobs. And the Cherokee say DNA can’t possibly confirm tribal ‘affiliation’. What’s up with these people? They don’t really want the midterms, do they?
Also good: Uber IPO proposals values the company at up to $120B. More than GM, Chrysler & Ford combined.
Roubini’s riff on Bitcoin, blockchain, and the whole crypto phenomena has drawn condemnation by a whole range of self styled experts.
Roubini deems the whole thing a fraudulent, pyramid scheme (redundant?). And a pretty massive one at that.
I for one, think Roubini has the rare knowledge of how the economic system actually works; or doesn’t, as the case may be…
We’ll know the truth of it soon enough.
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