Historic Senate Hearing Discuss Bitcoin and Libra with ...

French senate hearing about Bitcoin is live now, it started at 09:00 UTC

French senate hearing about Bitcoin is live now, it started at 09:00 UTC submitted by mmitech to Bitcoin [link] [comments]

Watch Bitcoin senate hearing live!

Watch Bitcoin senate hearing live! submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

Watch the Senate Hearing on Bitcoin - LIVE

Watch the Senate Hearing on Bitcoin - LIVE submitted by is4k to politics [link] [comments]

02-06 16:53 - 'Stream the U.S. Senate hearing regarding virtual currencies regulations live right now!' (coinspacenews.com) by /u/CoinSpaceNews removed from /r/Bitcoin within 28-38min

Stream the U.S. Senate hearing regarding virtual currencies regulations live right now!
Go1dfish undelete link
unreddit undelete link
Author: CoinSpaceNews
submitted by removalbot to removalbot [link] [comments]

02-06 16:13 - 'Watch the SEC's hearing on virtual currencies and live here.' (banking.senate.gov) by /u/Sektion31 removed from /r/Bitcoin within 27-37min

Watch the SEC's hearing on virtual currencies and live here.
Go1dfish undelete link
unreddit undelete link
Author: Sektion31
submitted by removalbot to removalbot [link] [comments]

02-06 16:13 - 'Watch Bitcoin senate hearing live!' (c-span.org) by /u/anamritraj removed from /r/Bitcoin within 8-18min

Watch Bitcoin senate hearing live!
Go1dfish undelete link
unreddit undelete link
Author: anamritraj
submitted by removalbot to removalbot [link] [comments]

Senate Homeland Security Hearing on Bitcoin, Other Virtual Currency (Live Video)

Senate Homeland Security Hearing on Bitcoin, Other Virtual Currency (Live Video) submitted by jimlahey420 to politics [link] [comments]

Meet Brock Pierce, the Presidential Candidate With Ties to Pedophiles Who Wants to End Human Trafficking

thedailybeast.com | Sep. 20, 2020.
The “Mighty Ducks” actor is running for president. He clears the air (sort of) to Tarpley Hitt about his ties to Jeffrey Epstein and more.
In the trailer for First Kid, the forgettable 1996 comedy about a Secret Service agent assigned to protect the president’s son, the title character, played by a teenage Brock Pierce, describes himself as “definitely the most powerful kid in the universe.” Now, the former child star is running to be the most powerful man in the world, as an Independent candidate for President of the United States.
Before First Kid, the Minnesota-born actor secured roles in a series of PG-rated comedies, playing a young Emilio Estevez in The Mighty Ducks, before graduating to smaller parts in movies like Problem Child 3: Junior in Love. When his screen time shrunk, Pierce retired from acting for a real executive role: co-founding the video production start-up Digital Entertainment Network (DEN) alongside businessman Marc Collins-Rector. At age 17, Pierce served as its vice president, taking in a base salary of $250,000.
DEN became “the poster child for dot-com excesses,” raising more than $60 million in seed investments and plotting a $75 million IPO. But it turned into a shorthand for something else when, in October of 1999, the three co-founders suddenly resigned. That month, a New Jersey man filed a lawsuit alleging Collins-Rector had molested him for three years beginning when he was 13 years old. The following summer, three teens filed a sexual-abuse lawsuit against Pierce, Collins-Rector, and their third co-founder, Chad Shackley. The plaintiffs later dropped their case against Pierce (he made a payment of $21,600 to one of their lawyers) and Shackley. But after a federal grand jury indicted Collins-Rector on criminal charges in 2000, the DEN founders left the country. When Interpol arrested them in 2002, they said they had confiscated “guns, machetes, and child pornography” from the trio’s beach villa in Spain.
While abroad, Pierce had pivoted to a new venture: Internet Gaming Entertainment, which sold virtual accessories in multiplayer online role-playing games to those desperate to pay, as one Wired reporter put it, “as much as $1,800 for an eight-piece suit of Skyshatter chain mail” rather than earn it in the games themselves. In 2005, a 25-year-old Pierce hired then-Goldman Sachs banker Steve Bannon—just before he would co-found Breitbart News. Two years later, after a World of Warcraft player sued the company for “diminishing” the fun of the game, Steve Bannon replaced Pierce as CEO.
Collins-Rector eventually pleaded guilty to eight charges of child enticement and registered as a sex offender. In the years that followed, Pierce waded into the gonzo economy of cryptocurrencies, where he overlapped more than once with Jeffrey Epstein, and counseled him on crypto. In that world, he founded Tether, a cryptocurrency that bills itself as a “stablecoin,” because its value is allegedly tied to the U.S. dollar, and the blockchain software company Block.one. Like his earlier businesses, Pierce’s crypto projects see-sawed between massive investments and curious deals. When Block.one announced a smart contract software called EOS.IO, the company raised $4 billion almost overnight, setting an all-time record before the product even launched. The Securities and Exchange Commission later fined the company $24 million for violating federal securities law. After John Oliver mocked the ordeal, calling Pierce a “sleepy, creepy cowboy,” Block.one fired him. Tether, meanwhile, is currently under investigation by the New York Attorney General for possible fraud.
On July 4, Pierce announced his candidacy for president. His campaign surrogates include a former Cambridge Analytica director and the singer Akon, who recently doubled down on developing an anonymously funded, $6 billion “Wakanda-like” metropolis in Senegal called Akon City. Pierce claims to be bipartisan, and from the 11 paragraphs on the “Policy” section of his website it can be hard to determine where he falls on the political spectrum. He supports legalizing marijuana and abolishing private prisons, but avoids the phrase “climate change.” He wants to end “human trafficking.” His proposal to end police brutality: body cams.
His political contributions tell a more one-sided story. Pierce’s sole Democratic contribution went to the short-lived congressional run of crypto candidate Brian Forde. The rest went to Republican campaigns like Marco Rubio, Rick Perry, John McCain, and the National Right to Life Political Action Committee. Last year alone, Pierce gave over $44,000 to the Republican National Committee and more than $55,000 to Trump’s re-election fund.
Pierce spoke to The Daily Beast from his tour bus and again over email. Those conversations have been combined and edited for clarity.
You’re announcing your presidential candidacy somewhat late, and historically, third-party candidates haven’t had the best luck with the executive office. If you don’t have a strong path to the White House, what do you want out of the race?
I announced on July 4, which I think is quite an auspicious date for an Independent candidate, hoping to bring independence to this country. There’s a lot of things that I can do. One is: I’m 39 years old. I turn 40 in November. So I’ve got time on my side. Whatever happens in this election cycle, I’m laying the groundwork for the future. The overall mission is to create a third major party—not another third party—a third major party in this country. I think that is what America needs most. George Washington in his closing address warned us about the threat of political parties. John Adams and the other founding fathers—their fear for our future was two political parties becoming dominant. And look at where we are. We were warned.
I believe, having studied systems, any time you have a system of two, what happens is those two things come together, like magnets. They come into collision, or they become polarized and become completely divided. I think we need to rise above partisan politics and find a path forward together. As Albert Einstein is quoted—I’m not sure the line came from him, but he’s quoted in many places—he said that the definition of insanity is making the same mistake or doing the same thing over and over and over again, expecting a different result. [Ed. note: Einstein never said this.] It feels like that’s what our election cycle is like. Half the country feels like they won, half the country feels like they lost, at least if they voted or participated.
Obviously, there’s another late-comer to the presidential race, and that’s Kanye West. He’s received a lot of flak for his candidacy, as he’s openly admitted to trying to siphon votes away from Joe Biden to ensure a Trump victory. Is that something you’re hoping to avoid or is that what you’re going for as well?
Oh no. This is a very serious campaign. Our campaign is very serious. You’ll notice I don’t say anything negative about either of the two major political candidates, because I think that’s one of the problems with our political system, instead of people getting on stage, talking about their visionary ideas, inspiring people, informing and educating, talking about problems, mentioning problems, talking about solutions, constructive criticism. That’s why I refuse to run a negative campaign. I am definitely not a spoiler. I’m into data, right? I’m a technologist. I’ve got digital DNA. So does most of our campaign team. We’ve got our finger on the pulse.
Most of my major Democratic contacts are really happy to see that we’re running in a red state like Wyoming. Kanye West’s home state is Wyoming. He’s not on the ballot in Wyoming I could say, in part, because he didn’t have Akon on his team. But I could also say that he probably didn’t want to be on the ballot in Wyoming because it’s a red state. He doesn’t want to take additional points in a state where he’s only running against Trump. But we’re on the ballot in Wyoming, and since we’re on the ballot in Wyoming I think it’s safe—more than safe, I think it’s evident—that we are not here to run as a spoiler for the benefit of Donald Trump.
In running for president, you’ve opened yourself up to be scrutinized from every angle going back to the beginning of your career. I wanted to ask you about your time at the Digital Entertainment Network. Can you tell me a little bit about how you started there? You became a vice president as a teenager. What were your qualifications and what was your job exactly?
Well, I was the co-founder. A lot of it was my idea. I had an idea that people would use the internet to watch videos, and we create content for the internet. The idea was basically YouTube and Hulu and Netflix. Anyone that was around in the ‘90s and has been around digital media since then, they all credit us as the creators of basically those ideas. I was just getting a message from the creator of The Vandals, the punk rock band, right before you called. He’s like, “Brock, looks like we’re going to get the Guinness Book of World Records for having created the first streaming television show.”
We did a lot of that stuff. We had 30 television shows. We had the top most prestigious institutions in the world as investors. The biggest names. High-net-worth investors like Terry Semel, who’s chairman and CEO of Warner Brothers, and became the CEO of Yahoo. I did all sorts of things. I helped sell $150,000 worth of advertising contracts to the CEOs of Pepsi and everything else. I was the face of the company, meeting all the major banks and everything else, selling the vision of what the future was.
You moved in with Marc Collins-Rector and Chad Shackley at a mansion in Encino. Was that the headquarters of the business?
All start-ups, they normally start out in your home. Because it’s just you. The company was first started out of Marc’s house, and it was probably there for the first two or three months, before the company got an office. That’s, like, how it is for all start-ups.
were later a co-defendant in the L.A. County case filed against Marc Collins-Rector for plying minors with alcohol and drugs, in order to facilitate sexual abuse. You were dropped from the case, but you settled with one of the men for $21,600. Can you explain that?
Okay, well, first of all, that’s not accurate. Two of the plaintiffs in that case asked me if I would be a plaintiff. Because I refused to be a part of the lawsuit, they chose to include me to discredit me, to make their case stronger. They also went and offered 50 percent of what they got to the house management—they went around and offered money to anyone to participate in this. They needed people to corroborate their story. Eventually, because I refused to participate in the lawsuit, they named me. Subsequently, all three of the plaintiffs apologized to me, in front of audiences, in front of many people, saying Brock never did anything. They dismissed their cases.
Remember, this is a civil thing. I’ve never been charged with a crime in my life. And the last plaintiff to have his case dismissed, he contacted his lawyer and said, “Dismiss this case against Brock. Brock never did anything. I just apologized. Dismiss his case.” And the lawyer said, “No. I won’t dismiss this case, I have all these out-of-pocket expenses, I refuse to file the paperwork unless you give me my out-of-pocket expenses.” And so the lawyer, I guess, had $21,000 in bills. So I paid his lawyer $21,000—not him, it was not a settlement. That was a payment to his lawyer for his out-of-pocket expenses. Out-of-pocket expenses so that he would file the paperwork to dismiss the case.
You’ve said the cases were unfounded, and the plaintiffs eventually apologized. But your boss, Marc Collins-Rector later pleaded guilty to eight charges of child enticement and registered as a sex offender. Were you aware of his behavior? How do you square the fact that later allegations proved to be true, but these ones were not?
Well, remember: I was 16 and 17 years old at the time? So, no. I don’t think Marc is the man they made him out to be. But Marc is not a person I would associate with today, and someone I haven’t associated with in a very long time. I was 16 and 17. I chose the wrong business partner. You live and you learn.
You’ve pointed out that you were underage when most of these allegations were said to take place. Did you ever feel like you were coerced or in over your head while working at DEN?
I mean, I was working 18 hours a day, doing things I’d never done before. It was business school. But I definitely learned a lot in building that company. We raised $88 million. We filed our [form] S-1 to go public. We were the hottest start-up in Los Angeles.
In 2000, you left the country with Marc Collins-Rector. Why did you leave? How did you spend those two years abroad?
I moved to Spain in 1999 for personal reasons. I spent those two years in Europe working on developing my businesses.
Interpol found you in 2002. The house where you were staying reportedly contained guns, machetes, and child pornography. Whose guns and child porn were those? Were you aware they were in the house, and how did those get there?
My lawyers have addressed this in 32 pages of documentation showing a complete absence of wrongdoing. Please refer to my webpage for more information.
[Ed. Note: The webpage does not mention guns, machetes, or child pornography. It does state:“It is true that when the local police arrested Collins-Rector in Spain in 2002 on an international warrant, Mr. Pierce was also taken into custody, but so was everyone at Collins-Rector’s house in Spain; and it is equally clear that Brock was promptly released, and no charges of any kind were ever filed against Brock concerning this matter.”]
What do you make of the allegations against Bryan Singer? [Ed. Note: Bryan Singer, a close friend of Collins-Rector, invested at least $50,000 in DEN. In an Atlantic article outlining Singer’s history of alleged sexual assault and statutory rape, one source claimed that at age 15, Collins-Rector abused him and introduced him to Singer, who then assaulted him in the DEN headquarters.]
I am aware of them and I support of all victims of sexual assault. I will let America’s justice system decide on Singer’s outcome.
In 2011, you spoke at the Mindshift conference supported by Jeffrey Epstein. At that point, he had already been convicted of soliciting prostitution from a minor. Why did you agree to speak?
I had never heard of Jeffrey Epstein. His name was not on the website. I was asked to speak at a conference alongside Nobel Prize winners. It was not a cryptocurrency conference, it was filled with Nobel Prize winners. I was asked to speak alongside Nobel Prize winners on the future of money. I speak at conferences historically, two to three times a week. I was like, “Nobel Prize winners? Sounds great. I’ll happily talk about the future of money with them.” I had no idea who Jeffrey Epstein was. His name was not listed anywhere on the website. Had I known what I know now? I clearly would have never spoken there. But I spoke at a conference that he cosponsored.
What’s your connection to the Clinton Global Initiative? Did you hear about it through Jeffrey Epstein?
I joined the Clinton Global Initiative as a philanthropist in 2006 and was a member for one year. My involvement with the Initiative had no connection to Jeffrey Epstein whatsoever.
You’ve launched your campaign in Minnesota, where George Floyd was killed by a police officer. How do you feel about the civil uprising against police brutality?
I’m from Minnesota. Born and raised. We just had a press conference there, announcing that we’re on the ballot. Former U.S. Senator Dean Barkley was there. So that tells you, when former U.S. Senators are endorsing the candidate, right?
[Ed. note: Barkley was never elected to the United States Senate. In November of 2002, he was appointed by then Minnesota Governor Jesse Venture to fill the seat after Sen. Paul Wellstone died in a plane crash. Barkley’s term ended on Jan. 3, 2003—two months later.]
Yes, George Floyd was murdered in Minneapolis. My vice-presidential running mate Karla Ballard and I, on our last trip to Minnesota together, went to visit the George Floyd Memorial. I believe in law and order. I believe that law and order is foundational to any functioning society. But there is no doubt in my mind that we need reform. These types of events—this is not an isolated incident. This has happened many times before. It’s time for change. We have a lot of detail around policy on this issue that we will be publishing next week. Not just high-level what we think, not just a summary, but detailed policy.
You said that you support “law and order.” What does that mean?
“Law and order” means creating a fair and just legal system where our number one priority is protecting the inalienable rights of “Life, Liberty and the pursuit of Happiness” for all people. This means reforming how our police intervene in emergency situations, abolishing private prisons that incentivize mass incarceration, and creating new educational and economic opportunities for our most vulnerable communities. I am dedicated to preventing crime by eliminating the socioeconomic conditions that encourage it.
I support accountability and transparency in government and law enforcement. Some of the key policies I support are requiring body-cams on all law enforcement officers who engage with the public, curtailing the 1033 program that provides local law enforcement agencies with access to military equipment, and abolishing private prisons. Rather than simply defund the police, my administration will take a holistic approach to heal and unite America by ending mass incarceration, police brutality, and racial injustice.
Did you attend any Black Lives Matter protests?
I support all movements aimed at ending racial injustice and inequality. I​ have not attended any Black Lives Matter protests.​ My running-mate, Karla Ballard, attended the March on Washington in support of racial justice and equality.
Your platform doesn’t mention the words “climate change.” Is there a reason for that?
I’m not sure what you mean. Our policy platform specifically references human-caused climate change and we have a plan to restabilize the climate, address environmental degradation, and ensure environmental sustainability.
[Ed. Note: As of writing the Pierce campaign’s policy platform does not specifically reference human-caused climate change.]
You’ve recently brought on Akon as a campaign surrogate. How did that happen? Tell me about that.
Akon and I have been friends for quite some time. I was one of the guys that taught him about Bitcoin. I helped make some videogames for him, I think in 2012. We were talking about Bitcoin, teaching him the ropes, back in 2013. And in 2014, we were both speaking at the Milken Global Conference, and I encouraged him to talk about how Bitcoin, Africa, changed the world. He became the biggest celebrity in the world, talking about Bitcoin at the time. I’m an adviser to his Akoin project, very interested in the work that he’s doing to build a city in Africa.
I think we need a government that’s of, for, and by the people. Akon has huge political aspirations. He obviously was a hugely successful artist. But he also discovered artists like Lady Gaga. So not only is he, himself, a great artist, but he’s also a great identifier and builder of other artists. And he’s been a great businessman, philanthropist. He’s pushing the limits of what can be done. We’re like-minded individuals in that regard. I think he’ll be running for political office one day, because he sees what I see: that we need real change, and we need a government that is of, for, and by the people.
You mentioned that you’re an adviser on Akoin. Do you have any financial investments in Akoin or Akon City?
I don’t believe so. I’d have to check. I have so much stuff. But I don’t believe that I have any economic interests in his stuff. I’d have to verify that. We’ll get back to you. I don’t believe that I have any economic interests. My interest is in helping him. He’s a visionary with big ideas that wants to help things in the world. If I can be of assistance in helping him make the world a better place, I’m all for it. I’m not motivated by money. I’m not running for office because I’m motivated by power. I’m running for office because I’m deeply, deeply concerned about our collective future.
You’ve said you’re running on a pro-technology platform. One week into your campaign last month, a New York appeals court approved the state Attorney General’s attempt to investigate the stablecoin Tether for potentially fraudulent activity. Do you think this will impact your ability to sell people on your tech entrepreneurship?
No, I think my role in Tether is as awesome as it gets. It was my idea. I put it together. But I’ve had no involvement in the company since 2015. I gave all of my equity to the other shareholders. I’ve had zero involvement in the company for almost six years. It was just my idea. I put the initial team together. But I think Tether is one of the most important innovations in the world, certainly. The idea is, I digitized the U.S. dollar. I used technology to digitize currency—existing currency. The U.S. dollar in particular. It’s doing $10 trillion a year. Ten trillion dollars a year of transactional volume. It’s probably the most important innovation in currency since the advent of fiat money. The people that took on the business and ran the business in years to come, they’ve done things I’m not proud of. I’m not sure they’ve done anything criminal. But they certainly did things differently than I would do. But it’s like, you have kids, they turn 18, they go out into the world, and sometimes you’re proud of the things they do, and sometimes you shake your head and go, “Ugh, why did you do that?” I have zero concerns as it relates to me personally. I wish they made better decisions.
What do you think the investigation will find?
I have no idea. The problem that was raised is that there was a $5 million loan between two entities and whether or not they had the right to do that, did they disclose it correctly. There’s been no accusations of, like, embezzlement or anything that bad.
[Ed. Note: The Attorney General’s press release on the investigation reads: “Our investigation has determined that the operators of the ‘Bitfinex’ trading platform, who also control the ‘tether’ virtual currency, have engaged in a cover-up to hide the apparent loss of $850 million dollars of co-mingled client and corporate funds.”]
But there’s been some disclosure things, that is the issue. No one is making any outrageous claims that these are people that have done a bunch of bad—well, on the internet, the media has said that the people behind the business may have been manipulating the price of Bitcoin, but I don’t think that has anything to do with the New York investigation. Again, I’m so not involved, and so not at risk, that I’m not even up to speed on the details.
[Ed note: A representative of the New York State Attorney General told Forbes that he “cannot confirm or deny that the investigation” includes Pierce.]
We’ve recently witnessed the rise of QAnon, the conspiracy theory that Hollywood is an evil cabal of Satanic pedophiles and Trump is the person waging war on them. You mentioned human trafficking, which has become a cause for them. What are your thoughts on that?
I’ve watched some of the content. I think it’s an interesting phenomenon. I’m an internet person, so Anonymous is obviously an organization that has been doing interesting stuff. It’s interesting. I don’t have a big—conspiracy theory stuff is—I guess I have a question for you: What do you think of all of it, since you’re the expert?
You know, I think it’s not true, but I’m not running for president. I do wonder what this politician [Georgia congressional candidate Marjorie Taylor Greene], who’s just won her primary, is going to do on day one, once she finds out there’s no satanic cabal room.
Wait, someone was running for office and won on a QAnon platform, saying that Hollywood did—say what? You’re the expert here.
She won a primary. But I want to push on if we only have a few minutes. In 2006, your gaming company IGE brought on Steve Bannon as an investor. Goldman later bought out most of your stock. Bannon eventually replaced you as CEO of Affinity. You’ve described him as your “right-hand man for, like, seven years.” How well did you know Bannon during that time?
Yes, so this is in my mid-twenties. He wasn’t an investor. He worked for me. He was my banker. He worked for me for three years as my yield guide. And then he was my CEO running the company for another four years. So I haven’t worked with Steve for a decade or so. We worked in videogame stuff and banking. He was at Goldman Sachs. He was not in the political area at the time. But he was a pretty successful banker. He set up Goldman Sachs Los Angeles. So for me, I’d say he did a pretty good job.
During your business relationship, Steve Bannon founded Breitbart News, which has pretty consistently published racist material. How do you feel about Breitbart?
I had no involvement with Breitbart News. As for how I feel about such material, I’m not pleased by any form of hate-mongering. I strongly support the equality of all Americans.
Did you have qualms about Bannon’s role in the 2016 election?
Bannon’s role in the Trump campaign got me to pay closer attention to what he was doing but that’s about it. Whenever you find out that one of your former employees has taken on a role like that, you pay attention.
Bannon served on the board of Cambridge Analytica. A staffer on your campaign, Brittany Kaiser, also served as a business director for them. What are your thoughts on their use of illicitly-obtained Facebook data for campaign promotional material?
Yes, so this will be the last question I can answer because I’ve got to be off for this 5:00 pm. But Brittany Kaiser is a friend of mine. She was the whistleblower of Cambridge Analytica. She came to me and said, “What do I do?” And I said, “Tell the truth. The truth will set you free.”
[Ed. Note: Investigations in Cambridge Analytica took place as early as Nov. 2017, when a U.K. reporter at Channel 4 News recorded their CEO boasting about using “beautiful Ukranian girls” and offers of bribes to discredit political officials. The first whistleblower was Christopher Wylie, who disclosed a cache of documents to The Guardian, published on Mar. 17, 2018. Kaiser’s confession ran five days later, after the scandal made national news. Her association with Cambridge Analytica is not mentioned anywhere on Pierce’s campaign website.]
So I’m glad that people—I’m a supporter of whistleblowers, people that see injustice in the world and something not right happening, and who put themselves in harm’s way to stand up for what they believe in. So I stand up for Brittany Kaiser.
Who do you think [anonymous inventor of Bitcoin] Satoshi Nakamoto is?
We all are Satoshi Nakamoto.
You got married at Burning Man. Have you been attending virtual Burning Man?
I’m running a presidential campaign. So, while I was there in spirit, unfortunately my schedule did not permit me to attend.
OP note: please refer to the original article for reference links within text (as I've not added them here!)
submitted by Leather_Term to Epstein [link] [comments]

Flatten the Curve. #49. Let's Dig into Jade Helm. AI. The Surveillance State. Internet of Things. FISA. Pentagon Preparing for Mass Civil Breakdown. What is Mob Excess Deterrent Using Silent Audio? Stay Aware and Get Ahead of the Curve.

Flatten the Curve. Part 48. Source Here
It's getting crazier day by day now, so are you following the Boy Scout motto?
On this topic, Baden-Powell says: Remember your motto, "Be Prepared." Be prepared for accidents by learning beforehand what you ought to do in the different kinds that are likely to occur. Be prepared to do that thing the moment the accident does occur. In Scouting for Boys, Baden-Powell wrote that to Be Prepared means “you are always in a state of readiness in mind and body to do your duty.”
Why should you be prepared? Because TPTB have been preparing, that’s why.
June 12, 2014: The Guardian • Pentagon preparing for mass civil breakdown. Social science is being militarised to develop 'operational tools' to target peaceful activists and protest movements Source Here
Pentagon preparing for mass civil breakdown. It seemed ludicrous back in 2014, didn't it? Inconceivable. Sure some preppers believed it, but they're always getting ready and nothing happened. Doomsday was always right around the corner, and then the next corner, and on and on. Televangelists have probably accused more politicians of being the antichrist than the number of politicians went to Epstein's Island.
But why would they be preparing for mass civil breakdown? Could it be the same reason as why the miltary is preparing for war, droughts and famines brought about by environmental collapse?
February 20, 2020: History Network • Here’s Why These Six Ancient Civilizations Mysteriously Collapsed. From the Maya to Greenland’s Vikings, check out six civilizations that seemingly disappeared without a trace. Source Here
All of these civilizations vanished because of some combination of exhausting their natural resources, drought, plauge, and the little ice age. Sound familiar? Don't tell me that the Rockefeller Foundation and BlackRock became environmentally aware out of a sense of obligation to the planet. They're setting the groundwork for what's coming down the pipe. This isn't about money anymore, this is about control and survival. Throw out the rulebook because the rules no longer apply.
Do you think the surveillance system is for your protection, or the protection of the state? Don't you think that an era of upcoming calamities will severely damage the communication networks, and thus the surveillance system? It might be prudent to consider that Starlink is being established to make the system redundant, so that they never lose track of the precious worker bees before they can be connected to the AI hive mind, right Elon? Neuralink, don't leave home without it.
But let's not forget about the wonderful world of the Internet of Things.
March 15, 2012 • More and more personal and household devices are connecting to the internet, from your television to your car navigation systems to your light switches. CIA Director David Petraeus cannot wait to spy on you through them. Earlier this month, Petraeus mused about the emergence of an "Internet of Things" -- that is, wired devices -- at a summit for In-Q-Tel, the CIA's venture capital firm. "'Transformational' is an overused word, but I do believe it properly applies to these technologies," Petraeus enthused, "particularly to their effect on clandestine tradecraft." All those new online devices are a treasure trove of data if you're a "person of interest" to the spy community. Once upon a time, spies had to place a bug in your chandelier to hear your conversation. With the rise of the "smart home," you'd be sending tagged, geolocated data that a spy agency can intercept in real time when you use the lighting app on your phone to adjust your living room's ambiance. "Items of interest will be located, identified, monitored, and remotely controlled through technologies such as radio-frequency identification, sensor networks, tiny embedded servers, and energy harvesters -- all connected to the next-generation internet using abundant, low-cost, and high-power computing," Petraeus said, "the latter now going to cloud computing, in many areas greater and greater supercomputing, and, ultimately, heading to quantum computing." Petraeus allowed that these household spy devices "change our notions of secrecy" and prompt a rethink of "our notions of identity and secrecy." All of which is true -- if convenient for a CIA director. The CIA has a lot of legal restrictions against spying on American citizens. But collecting ambient geolocation data from devices is a grayer area, especially after the 2008 carve-outs to the Foreign Intelligence Surveillance Act. Hardware manufacturers, it turns out, store a trove of geolocation data; and some legislators have grown alarmed at how easy it is for the government to track you through your phone or PlayStation. That's not the only data exploit intriguing Petraeus. He's interested in creating new online identities for his undercover spies -- and sweeping away the "digital footprints" of agents who suddenly need to vanish. "Proud parents document the arrival and growth of their future CIA officer in all forms of social media that the world can access for decades to come," Petraeus observed. "Moreover, we have to figure out how to create the digital footprint for new identities for some officers." Source Here
December 19, 2019: New York Times • THE DATA REVIEWED BY TIMES OPINION didn’t come from a telecom or giant tech company, nor did it come from a governmental surveillance operation. It originated from a location data company, one of dozens quietly collecting precise movements using software slipped onto mobile phone apps. You’ve probably never heard of most of the companies — and yet to anyone who has access to this data, your life is an open book. They can see the places you go every moment of the day, whom you meet with or spend the night with, where you pray, whether you visit a methadone clinic, a psychiatrist’s office or a massage parlor. The Times and other news organizations have reported on smartphone tracking in the past. But never with a data set so large. Even still, this file represents just a small slice of what’s collected and sold every day by the location tracking industry — surveillance so omnipresent in our digital lives that it now seems impossible for anyone to avoid. It doesn’t take much imagination to conjure the powers such always-on surveillance can provide an authoritarian regime like China’s. Within America’s own representative democracy, citizens would surely rise up in outrage if the government attempted to mandate that every person above the age of 12 carry a tracking device that revealed their location 24 hours a day. Yet, in the decade since Apple’s App Store was created, Americans have, app by app, consented to just such a system run by private companies. Now, as the decade ends, tens of millions of Americans, including many children, find themselves carrying spies in their pockets during the day and leaving them beside their beds at night — even though the corporations that control their data are far less accountable than the government would be. Source Here
The IoT should be renamed to IoTT (Internet of Tracking Things), shouldn't it. But we can't have people figure out what's really happening, can we? It's a good thing that quantum computing isn't too close, isn’t it?
April 5, 2018: Global News • (Project Maven) Over 3,000 Google employees have a signed a petition in protest against the company’s involvement with a U.S. Department of Defense artificial intelligence (AI) project that studies imagery and could eventually be used to improve drone strikes in the battlefield. Source Here
December 12, 2019 • Palantir took over Project Maven defense contract after Google backed out. Source Here
December 29, 2020: Input • Palantir exec says its work is on par with the Manhattan Project. Comparing AI to most lethal weapon in human history isn’t comforting. SourceHere
August 14, 2020: Venture: • Google researchers use quantum computing to help improve image classification. Source Here
Hmmm. Maybe Apple will be for the little guy? They have always valued privacy rights, right?
October 2, 2013: Vice News • The hacktivist group Anonymous released a video statement with an accompanying Pastebin document claiming that there are definitive links between AuthenTec, the company that developed the iPhone 5S’s fingerprint scanner, and the US government. Source Here
An apple a day helps the NSA. Or Google. Or Microsoft. Or Amazon. Take your pick from the basket, because dem Apple's are all the same. But at least we have fundamental rights, right?
Foreign agent declaration not required • No mention of foreign agent status is made in the Protect America Act of 2007. Under prior FISA rules, persons targeted for surveillance must have been declared as foreign agents before a FISA warrant would be accorded by the FISC court.
'Quasi-anti-terrorism law' for all-forms of intelligence collection • Vastly marketed by U.S. federal and military agencies as a law to prevent terror attacks, the Protect America Act was actually a law focused on the 'acquisition' of desired intelligence information, of unspecified nature. The sole requirement is geolocation outside the United States at time of Directive invocation; pursuant to Authorization or Order invocation, surveillance Directives can be undertaken towards persons targeted for intelligence information gathering. Implementation of Directives can take place inside the United States or outside the United States. No criminal or terrorism investigation of the person need be in play at time of the Directive. All that need be required is that the target be related to an official desire for intelligence information gathering for actions on part of persons involved in surveillance to be granted full immunity from U.S. criminal or civil procedures, under Section 105B(l) of the Act.
Removal of FISA Strictures from warrant authorization; warrants not required • But the most striking aspect of the Protect America Act was the notation that any information gathering did not comprise electronic surveillance. This wording had the effect of removing FISA-related strictures from Protect America Act 2007-related Directives, serving to remove a number of protections for persons targeted, and requirements for persons working for U.S. intelligence agencies.
The acquisition does not constitute electronic surveillance • The removal of the term electronic surveillance from any Protect America Act Directive implied that the FISC court approval was no longer required, as FISA warrants were no longer required. In the place of a warrant was a certification, made by U.S. intelligence officers, which was copied to the Court. In effect, the FISC became less of a court than a registry of pre-approved certifications.Certifications (in place of FISA warrants) were able to be levied ex post facto, in writing to the Court no more than 72 hours after it was made. The Attorney General was to transmit as soon as possible to the Court a sealed copy of the certification that would remain sealed unless the certification was needed to determine the legality of the acquisition.Source Here
Oh. FISA is basically a rubber stamp. And even if it the stage play wasn't pretending to follow the script, would it matter? Who could actually stop it at this point? The cat's out of the bag and Pandoras Box is open.
Controversial debates arose as the Protect America Act was published. Constitutional lawyers and civil liberties experts expressed concerns that this Act authorized massive, wide-ranging information gathering with no oversight. Whereas it placed much focus on communications, the Act allowed for information gathering of all shapes and forms. The ACLU called it the "Police America Act" – "authorized a massive surveillance dragnet", calling the blank-check oversight provisions "meaningless," and calling them a "phony court review of secret procedures."
So the surveillance state doesn't have checks and balances anymore. The state is preparing for Massive Civil Breakdown. They keep warning us about environmental collapse. Got it? Good. Let's keep on keeping on.
The District of Columbia Organic Act of 1871 created a single new district corporation governing the entire federal territory, called the District of Columbia, thus dissolving the three major political subdivisions of the District (Port of Georgetown, the City of Washington, and Washington County) and their governments. Source Here)
The first big leap in corporate personhood from holding mere property and contract rights to possessing more expansive rights was a claim that the Equal Protection Clause applied to corporations. One of the strangest twists in American constitutional law was the moment that corporations gained personhood under the Equal Protection Clause of the Fourteenth Amendment. It occurred in a case called Santa Clara County, and what was odd was that the Supreme Court did not really even decide the matter in the actual opinion. It only appeared in a footnote to the case. What we are likely to have at the conclusion of the Supreme Court term is corporations that are empowered to spend in American elections because of Bellotti and Citizens United; corporations that can make religious objections thanks to Hobby Lobby; and if Jesner turns out as badly as I predict, corporations will be able to aid and abet human rights violations abroad with impunity. Source Here
"Having a corporation would allow people to put property into a collective ownership that could be held with perpetual existence," she says. "So it wouldn't be tied to any one person's lifespan, or subject necessarily to laws regarding inheriting property." Later on, in the United States and elsewhere, the advantages of incorporation were essential to efficient and secure economic development. Unlike partnerships, the corporation continued to exist even if a partner died; there was no unanimity required to do something; shareholders could not be sued individually, only the corporation as a whole, so investors only risked as much as they put into buying shares. Source Here
The way that the Arab Bank may get away with this alleged morally troubling behavior, even though it has a New York branch, is by reasserting the basic argument that was made in Nestle USA and Kiobel II: that the federal Alien Tort Statute was not intended to apply to corporations full stop. Given other cases in this area like Mohamad v. PLO, which held the word “individual” in the Torture Victim Protection Act means a natural person and does not impose any liability against organizations, the Arab Bank’s procorporate argument may well prevail. There are multiple federal Circuit Courts which have shot down the argument that corporations are immune from suit under the Alien Tort Statute. The lone outlier is the Second Circuit, which decided in 2010 that corporations are excused from suit in Kiobel I. This is the case that was appealed to the Supreme Court and became Kiobel II. Jesner v. Arab Bank was litigated in the Second Circuit. One question in Jesner was what exactly did Kiobel II do to Kiobel I. So far in the litigation, Jesner concluded that Kiobel I and its conclusion that corporations can’t be sued in federal court using the Alien Tort Statute remained the controlling law of the Second Circuit.
There's a reason people call lawyers snakes, it's because most of them speak with forked tounges. So the corporation isn't being held liable, but the shareholders can't be held liable either. That's too insane to even be called a Catch 22. We are literally being set up to have no recourse because there isn’t anybody who can be held responsible. Why is that important when I've been talking about the surveillance state?
July 14, 2020: The Intercept • Microsoft’s police surveillance services are often opaque because the company sells little in the way of its own policing products. It instead offers an array of “general purpose” Azure cloud services, such as machine learning and predictive analytics tools like Power BI (business intelligence) and Cognitive Services, which can be used by law enforcement agencies and surveillance vendors to build their own software or solutions. A rich array of Microsoft’s cloud-based offerings is on full display with a concept called “The Connected Officer.” Microsoft situates this concept as part of the Internet of Things, or IoT, in which gadgets are connected to online servers and thus made more useful. “The Connected Officer,” Microsoft has written, will “bring IoT to policing.” With the Internet of Things, physical objects are assigned unique identifiers and transfer data over networks in an automated fashion. If a police officer draws a gun from its holster, for example, a notification can be sent over the network to alert other officers there may be danger. Real Time Crime Centers could then locate the officer on a map and monitor the situation from a command and control center. Source Here
Uhm, I guess it's really is all connected, isn’t it?
June 18, 2020: The Guardian • How Target, Google, Bank of America and Microsoft quietly fund police through private donations. More than 25 large corporations in the past three years have contributed funding to private police foundations, new report says. Source Here
Long live the Military Industrial Techno Surveillance State. If you have nothing to hide, than you have nothing to worry about. Really? Are we still believing that line? Cause it's a load of crap. If we have nothing to worry about, then why are they worried enough to be implementing surveillance systems with corresponding units on the ground? Got your attention there, didn't I?
August 19, 2019: Big Think • Though the term "Orwellian" easily applies to such a technology, Michel's illuminating reporting touches something deeper. Numerous American cities have already been surveilled using these god-like cameras, including Gorgon Stare, a camera-enabled drone that can track individuals over a 50-square kilometer radius from 20,000 feet. Here's the real rub: the feature that allows users to pinch and zoom on Instagram is similar to what WAMI allows. Anything within those 50-square kilometers is now under the microscope. If this sounds like some futuristic tech, think again: Derivations of this camera system have been tested in numerous American cities. Say there is a big public protest. With this camera you can follow thousands of protesters back to their homes. Now you have a list of the home addresses of all the people involved in a political movement. If on their way home you witness them committing some crime—breaking a traffic regulation or frequenting a location that is known to be involved in the drug trade—you can use that surveillance data against them to essentially shut them up. That's why we have laws that prevent the use of surveillance technologies because it is human instinct to abuse them. That's why we need controls. Source Here
Want to know more about the Gorgon Stare? Flatten the Curve. Part 12. Source Here
Now, I'm not sure if you remember or know any Greek Mythology, but the Gorgons were three sisters, and one sister had Snakes on her head (she wasn't a lawyer) and she turned people to stone when she looked at them.
MEDUSA (Mob Excess Deterrent Using Silent Audio) is a directed-energy non-lethal weapon designed by WaveBand Corporation in 2003-2004 for temporary personnel incapacitation. The weapon is based on the microwave auditory effect resulting in a strong sound sensation in the human head when it is subject to certain kinds of pulsed/modulated microwave radiation. The developers claimed that through the combination of pulse parameters and pulse power, it is possible to raise the auditory sensation to a “discomfort” level, deterring personnel from entering a protected perimeter or, if necessary, temporarily incapacitating particular individuals. In 2005, Sierra Nevada Corporation acquired WaveBand Corporation.
Ok. Get it? The Gorgon eye in the sky stares at you while the Medusa makes you immobile. Not good, but at least it'll just freeze you in your tracks.
July 6, 2008: Gizmodo • The Sierra Nevada Corporation claimed this week that it is ready to begin production on the MEDUSA, a damned scary ray gun that uses the "microwave audio effect" to implant sounds and perhaps even specific messages inside people's heads. Short for Mob Excess Deterrent Using Silent Audio, MEDUSA creates the audio effect with short microwave pulses. The pulses create a shockwave inside the skull that's detected by the ears, and basically makes you think you're going balls-to-the-wall batshit insane. Source Here
Uhm. And drive you insane.
July 26, 2008: Gizmodo • The MEDUSA crowd control ray gun we reported on earlier this month sounded like some pretty amazing-and downright scary-technology. Using the microwave auditory effect, the beam, in theory, would have put sounds and voice-like noises in your head, thereby driving you away from the area. Crowd control via voices in your head. Sounds cool. However, it turns out that the beam would actually kill you before any of that happy stuff started taking place, most likely by frying or cooking your brain inside your skull. Can you imagine if this thing made it out into the field? Awkward! Source Here
Annnnnnnndddddd it'll kill you.
Guys, they're prepared. They've been prepared. They're ready. Remember the Doomsday Bunkers? The military moving into Cheyenne Mountain? Deep Underground Military Bunkers? The rapid rolling out of 5G? BITCOIN and UBI so neatly inserted into our minds over the last five years? They've directly told us to have three months of supplies in our homes. 2020 isn't going to be an anomaly? It's the start of the collapse of our natural resources. Take a look on Reddit and all the posts about crazy weather. Cyanobacteria blooms killing dogs and people. Toxic Super Pollution caused by atmospheric inversions killing people. This isn’t normal, this is New Normal. And they know it. They've known it for a while. Let me show you one last thing before I wrap it up.
From the earliest Chinese dynasties to the present, the jade deposits most used were not only those of Khotan in the Western Chinese province of Xinjiang but other parts of China as well, such as Lantian, Shaanxi.
Remember, words matter. Look at Gorgon Stare and Medusa. They don't randomly grab names out of a hat, or pick them because they think it sounds dystopian. They pick words for a reason.
July 7, 2017: The Warzone • There only appears to be one official news story on this exercise at all and it's available on the website of Air Mobility Command’s Eighteenth Air Force, situated at Joint Base Charleston. At the time of writing, a google shows that there were more than a half dozen more copies on other Air Force pages, as well as number of photographs. For some reason, someone appears to have taken these offline or otherwise broken all the links. Using Google to search the Defense Video Imagery Distribution System, which is the main U.S. military's public affairs hub, brings up more broken links. Oh, and unless there's been some sort of mistake, JADE HELM actually stands for the amazingly obtuse Joint Assistance for Deployment Execution Homeland Eradication of Local Militants. A separate web search for this phrase does not turn up any other results. Source Here
Now, using an acronym that indicates training to Eradicate Local Militants seems pretty dumb. It may be used in that manner if environmental collapse triggers riots, but i don't think they would warn everyone ahead of time, do you? So I dug a little bit more.
Joint Assistant for Development and Execution (JADE) is a U.S. military system used for planning the deployment of military forces in crisis situations. The U.S. military developed this automated planning software system in order to expedite the creation of the detailed planning needed to deploy military forces for a military operation. JADE uses Artificial Intelligence (AI) technology combining user input, a knowledge base of stored plans, and suggestions by the system to provide the ability to develop large-scale and complex plans in minimal time. JADE is a knowledge-based system that uses highly structured information that takes advantage of data hierarchies. An official 2016 document approved for public release titled Human Systems Roadmap Review describes plans to create autonomous weapon systems that analyze social media and make decisions, including the use of lethal force, with minimal human involvement. This type of system is referred to as a Lethal Autonomous Weapon System (LAWS). The name "JADE" comes from the jade green color seen on the island of Oahu in Hawaii where the U.S. Pacific Command (PACOM) is headquartered.
PACOM? Why isn't that command group responsible for the South China Sea?
Formerly known as United States Pacific Command (USPACOM) since its inception, the command was renamed to U.S. Indo-Pacific Command on 30 May 2018, in recognition of the greater emphasis on South Asia, especially India.
Now doesn't it look like Jade Helm is preparing for an invasion? And possibly insurrection later. Or at the same time? Or riots over WW3? Or food riots? And start thinking about why the laws are starting to exclude corporations? Then think about the mercenaries that are being contracted out by the government.
October 17, 2018: The Carolinan • In 2016, 75 percent of American forces were private contractors. In 2017, Erik Prince, former head of Blackwater, and Stephen Feinberg, head of Dyncorp, discussed plans for contractors completely taking over U.S. operations in Afghanistan. Although ultimately unsuccessful, it remains to be seen if the current administration will change its mind. Contractors are involved in almost every military task, such as intelligence analysis, logistics and training allied soldiers. Contractors are even involved in U.S. special ops missions. This is because contractors are essentially untraceable and unaccountable. Most are born in other countries; only 33 percent are registered U.S. citizens. Private military firms don’t have to report their actions to Congress, unlike the military or intelligence agencies. They also aren’t subject to the Freedom of Information Act, so private citizens and journalists aren’t allowed to access their internal documents. There are also no international laws to regulate private military firms. It’s been proven that many contractors are involved in illegal activities. The larger multinational companies sometimes hire local subcontractors. These contractors sometimes aren’t background-checked. A 2010 investigation by the Senate found that many subcontractors were linked to murders, kidnappings, bribery and anti-coalition activities. Some subcontractors even formed their own unlicensed mercenary groups after coalition forces leave. A 2010 House investigation showed evidence that the Department of Defense had hired local warlords for security services. In 2007, Blackwater contractors massacred 17 civilians. This eventually led Blackwater to being restructured and renamed as Academi. Source Here
Military Exercises. Private Defense Firms. No oversight. And it's all coming soon. Read more at Flatten the Curve. Part 20. Upcoming war and catastrophes. Source Here
Nah. I'm just fear mongering and Doomscrolling again.
Heads up and eyes open. Talk soon.
submitted by biggreekgeek to conspiracy [link] [comments]

From Conspiracy to Fact: An analysis of the COVID-19 Pandemic, Information Control, and the New World Order (Appendix includes hundreds of citations) - PART 1

UPDATE: This article is now available as a printable PDF with embedded hyperlinks for navigation through sources. This link will be valid thru July 9: https://ufile.io/4mpkg4x6

PLEASE NOTE: This article may be updated periodically with new information and links as they become available. All referenced information and a whole lot more is indexed and linked in the related appendix posts. Please feel free to crosspost, share, and take from my ideas to build your own. Namaste.
Part 1 | Part 2 | Appendix A | Appendix B

Hello. My name is Chris. I am nobody, really. An average citizen. I am an overweight 42 year old white male from the Midwestern suburbs of the US who has been fortunate enough to live a pretty comfortable life. I used to be a freelance graphic designer with a focus on small businesses, but I'm coming to terms with the fact that that career and part of my life is more than likely over in light of current events. Oh well, it was fun while it lasted.
I've always been concerned about social injustice and tried to stay politically informed, even dabbling in some activism here and there. At times I've stepped away from paying attention for my own mental health, or due to laziness, defeatism, whatever. But I've never stopped caring, or trying, to fight the good fight and do the right thing.
The news recently has of course swept us all up, and touched all our lives in some way or another. The world has never seen anything like the "Coronavirus Pandemic," and it's clear that our society will be changed forever when we finally come out the other end of this mess. But I've had the luxury of time recently, and in reading the news about things that were going on, I couldn't help but notice the patterns, and that a lot of stuff didn't exactly make sense.
So, here we go, with the "conspiracy theory."
I hate that term, because although it's technically accurate, it's been demonized and weaponized by the media and society at large to take on a bad connotation. Tinfoil hats, alien abductions, crazy people muttering to themselves, etc. You've no doubt got a lot of images in your mind of a conspiracy theorist.
And make no mistake, what I'm going to tell you here is all currently very popular conspiracy theory. However, I think that by removing opinions and conjecture from it, and focusing on facts and things that have already happened, I can present this huge amount of overwhelming, disparate information in a way that makes it less a "theory" and more a "research project." And so that is how I have approached this.
I have spent the last week doing little else besides reading every news and opinion article I could find, saving and organizing hundreds of links, and assembling a coherent, logical outline to organize and present these theories, and more importantly, facts. There are a lot of less-than-reputable sites and publications out there, and I have tried when at all possible to provide sources from verifiable news sites, with a wide range of slants and focuses, to illustrate that what is happening is not part of any one particular political agenda.
I hope that you take the time to check the links, really look into the information presented here, and form your own opinions. Please do not just take my word for it. To that end, there are also a few links mixed in that are labeled as having come from conspiracy. These are well-written and well-reasoned posts from other concerned citizens that I think are worth reading, and relevant to the discussion here.
One last thing - If you are new to most of these ideas, the information presented here is more than likely going to seem overwhelming at first. I encourage you now, and always, to take mental health breaks for yourself, and put down your phone or turn off your computer. The information will be here when you come back. And as you'll soon understand, what is happening is an unstoppable tide, truly a force of nature at this point, and there is nothing you can do to fight it, so try your hardest to relax, put on some chill music, hug your dog, and most of all...
BREATHE.
- - - - - - - - - - - - - - - - - - - - -
If you start researching conspiracy theory, you're going to find a lot of information. Some much better or worse presented than others, and some much more plausible or unbelievable than others. Despite the seeming ridiculousness of some things you might read, I encourage you to always approach new information with an open mind.
That said though, I have one main principle that guides all my beliefs about conspiracy theories, and that is the "Filter of Likelihood." Essentially, you have to ask yourself how possible, how likely, and how feasible a piece of information is. Furthermore, you need to ask yourself what the motivation would be. In many cases, it's quite easy to see how something makes a lot of sense based on other known info, whereas some theories seem rather implausible no matter how you look at it.
I am interested only in the plausible, and where possible, the already actualized. Additionally, there's a lot to be said, and a lot that has already been written on many of these topics, so I will focus on current events and simple concepts.
I will also ask you to open your mind to possibility. Please consider this as you evaluate new information:
  1. Do you believe there are things going on in the world that you don't know about yet?
  2. Do you believe that there is technology and science you've never heard of?
  3. Do you believe that society is progressing at an increasing rate?
  4. Do you believe that as populations grow, we require new societal strategies?
  5. Do you believe that those with power and money want to retain their power and money?
Of course you believe all these things, and none of these are wild or unusual concepts. Rather, these are very basic concepts that apply to everyone, and always have. They are all part of our shared human experience, and undeniable facts of life. Populations grow, societies evolve, technology advances, and the world changes. And most important to our discussion here, people, families, and empires constantly jockey for power and control, while fighting for resources, power, fame, and...
MONEY.
We all hate TicketMaster, right? Who do they think they are, what the hell is this bullshit "service fee," etc. It's something everyone can get behind. But did you know that TicketMaster willingly cultivates that image? That venues, teams, and artists, in their pursuit of more money, raise fees and then let TicketMaster be the bad guy and take the heat so their reputations remain intact?
There are many more people, organizations, and other entities in the world playing that same role for those who really have the money, who really call the shots. And those who call the shots work very hard and spend absolutely unfathomable amounts of money, time, and blood, to make sure that you don't ever realize who's actually taking your money.
They do this in the simplest, easiest way. If you simply control information from the top down, and disseminate it when and where you see fit, you can effect great societal change without lifting a finger.
Please imagine... really, try to imagine... You just read an article, saw a video, whatever, from a very, very reputable source. And it just informed you that an asteroid was 83% likely to impact the Earth next month. What would you do? What would happen in the world?
Hopefully an asteroid will not hit next month, but it's important to really imagine what would happen and why, and how. Because a huge amount of information would be generated and published, people would panic, society would crumble, and the world as you know it would change forever in an instant, the moment you read that headline.
Control of information is one of the most powerful tools known to mankind today. A person living in 2020 can easily encounter as much information in a day as someone in Medieval times might have encountered in a lifetime. And it comes at you from all angles, in all forms, non-stop, 24/7. Much like the water in the pipe, the information is always there, and one needs but turn it on.
Disseminating the information then becomes a practice all its own, and to be sure, information processing accounts for more than half of the US GDP. And the rate at which it's spread, and way it is handled makes a huge difference in the societal repercussions. So a few different techniques are used:
It might be the greatest understatement of all time to say that there has been a lot of information passed around about COVID-19, the "Coronavirus," recently. In fact, there has never been anything like what we are currently experiencing in all of human history, and not by a long shot. And this unprecedented turn of events has caused a lot of people to react in a lot of ways, and say and do a lot of things, for better or for worse.
Full disclosure: In particular, if you look up conspiracy theory, you'll see a lot of stuff suggesting that the "Coronavirus is a hoax." (You'll also find a lot of poorly-written rambling) I want to be clear that I DO NOT believe that. I am 100% sure that there is a Coronavirus, that it is making people sick, that a lot of people are dying, and that our medical professionals and many other undervalued workers are overwhelmed, and breaking their backs every day to do their best to keep their friends, families, and loved ones safe. I am extraordinarily grateful for them and admire the resolve and bravery that so many have shown in the face of this disaster. I do not think it is a hoax at all.
However, I think that literally everything else that is happening surrounding the "pandemic" is.
- - - - - - - - - - - - - - - - - - - - -
The Pandemic
In the first week of January this year, I got sick. Really sick. I know when I got it and who I got it from, and honestly the exact moment I got it (I only was in proximity of the dude for a few minutes). He had warned me that he was really sick, and I blew it off. I started feeling sick a day or two later, and a day or two after that I felt like I was dying. Fever, chills, aches, extraordinary fatigue. And literal, nonstop, 24/7 coughing. I had every single symptom of what we now know as COVID-19. I commented to anyone who would listen that I didn't recall ever feeling that sick before in my entire life. The most memorable part of it though was that after a couple days, I completely lost my sense of smell and taste. Joked a lot about how you could feed me onions and soap cause I'd have no idea. I try to have a good attitude about being sick.
I spent a week sleeping on the couch before I finally went to the doctor. She gave me a Prednisolone steroid pack (which has worked well for me in the past), some Trazodone to knock me out, and Benzonatotate for my cough. As soon as I took the first dose of steroids I started to feel pretty fucking great, and it was more or less a non-issue after that.
I spoke to a lot of people about it then and after, and man, I can't tell you how many stories I personally heard from people I know that said the exact same thing. Then I started reading the same story over and over again on Reddit:
We didn't start really hearing about the Coronavirus in the media until the beginning of March, and we didn't hear about the "Pandemic" until just a couple weeks ago. And what a couple weeks it's been since then. But I am quite certain that it's been around for a lot longer and that I, and a lot of other people I know, had it - and DID NOT DIE FROM IT - way back in January.
We now know that the first documented case in the US was on January 19th, but that word "documented" is so, so important here. That means that we had identified the virus, developed a test, and tested a person with the symptoms that day. It does NOT mean that was when the virus reached the United States. How sick do you have to be before you take a day off work? Before you go to the doctor? With America's healthcare system or lack thereof, it's almost certain that many people had this virus before we determined what it was, and how infectious it really was.
There is also the matter of the statistics of severity vs the regular flu. This is a highly contentious topic and I am no medical expert, and do not wish to make any assertions. However, what I can tell you from my personal experience is this: I had a horrible "flu" in January, got basic medicine, got better. So, either I had the flu, or perhaps I did indeed have the Coronavirus.
We will never know because I was never tested. But the important thing is that it doesn't matter. Either I (and many others) had the Coronavirus and it did not kill us (calling into question the severity of the infection) or we just had a bad cold or flu, but it had the exact same symptoms as COVID-19 (calling into question the extent of Coronavirus diagnoses). But logically, one of those two statements is true.
Furthermore, the data keeps changing, and I don't mean increasing on a daily basis. I mean up and down, back and forth, it is deadly or maybe it isn't, etc. On January 14 the WHO told you it couldn't spread from human to human. But then on Jan 19 we saw the first case of Coronavirus in the United States. Then it turns out that the Wuhan market outbreak began earlier in December. And then it's an "epidemic," but most people will only get mild symptoms. What are you supposed to believe? And it sure does seem to come at you as a firehose, and it's hard to even think about anything because OHMYGODTHECORONAVIRUS!
But let's stop and look a couple basic facts. As a matter of fact, I'm going to let Dr. Sucharit Bhakdi explain this one to you. This is a very informative 10 minute video, watch it:
Sucharit Bhakdi - Very clear math showing that the COVID statistics are being manipulated
So 80% of people only experience mild symptoms, and we're crashing the economy for this? The statistics aren't any more extreme than many other illnesses we've had over time, and we're crashing the economy for this? It doesn't make sense until you consider that there are other factors besides just the virus at play.
Wolfgang Wodard - Explaining how the statistics are being manipulated to cause panic
The media, and society at large is inundating you with terrifying information about the Coronavirus. But if it's not as bad as we originally thought, then why? We don't freak out about every illness that comes along, and we've certainly never in the history of civilization had over 1/3 of the global population locked down under mandatory quarantine.
And then there's the debate about where the virus came from. We believe it came from a meat market in China, under unsanitary conditions. The science behind a coronavirus making the leap from one species to another is well-established and researched, and it is a very likely scenario. There are also conspiracy theories that state that China released it on its people intentionally, or even that the US military released it in China. Again, we will never know exactly where this Coronavirus came from. It may be natural, it may be man made, and there are very plausible paths for both. I don't know what to believe myself. So here I ask you to make your own judgement based on likelihood.
What we do know though is that the state of the world this virus has been unleashed on has played a major factor in its spread. In 1950 the global population was 2.5 billion, and that has exploded to almost 8 billion people in 2020. As a matter of fact, population growth has been exponential since about the time of the Industrial Revolution.
With all these people on the planet there are sure to be many disagreements and conflicts, and there indeed have been. As a matter of fact, 2019 saw global protests on an unprecedented scale, in Hong Kong, France, Syria, and many other countries. Citizens have literally been fighting police and military with rocks, clubs, arrows, and molotov cocktails.
Did you know that? Despite my seeing headlines and pictures every day of the riots in Hong Kong, I have been shocked to learn that multiple of my close friends, intelligent and aware people, had no knowledge whatsoever of the protests even existing. But that is far from a coincidence; rather, it is quite by design.
- - - - - - - - - - - - - - - - - - - - -
Billionaires and Coincidences
Another major talking point over the last 5 to 10 years has been the "1%" - the handful of super-rich individuals who posess and control the vast majority of the Earth's wealth and resources. Where it used to just be a numerical term, "Billionaire" is now a dirty word, and one of the nastiest. We all hate billionaires. They are evil, and profit off the exploitation of the rest of the world.
The "Illuminati" we call them, in pursuit of a "New World Order." Crazy stuff, right? Mysterious symbols and people in black robes doing nefarious things in secret meetings, and running the world from behind the scenes. We love the Illuminati, it's a huge pop culture thing now. The subject of endless speculation, they are made fun of in the media, movies, and now Taco Bell commercials. It's so far fetched it could never really be true. And the fact that you think that is by design as well.
So, we don't know where the Coronavirus came from, but it's certainly here, and there are lot of other things unfolding in the world around it. Many different current events from all different places and fields of study. Some of it seems a little too coincidental. It is certainly very coincidental that this economically destructive Coronavirus entered the world right as there were global uprisings, protests in the street, and a growing public hatred for billionaires.
Well, here are a few other coincidences: Hundreds of CEOs of major companies stepped down from their positions in recent months. Multiple US Senators sold stock right before the market crashed. Even the boss of the New York Stock Exchange sold his own stock right before the crash. Did they know something they weren't telling us?
Here's another coincidence. In 2010, The Rockefeller Foundation published a selection of future-predicting scenarios in the name of "exploring the ways that technology and development could co-evolve." One of these four scenarios, entitled "Lock Step," eerily predicts a global viral pandemic and the resulting hypothetical consequences, which almost exactly mirrors the COVID-19 pandemic we are in the midst of today.
Also coincidental: The first case of COVID-19 was diagnosed in China on November 17th, 2019. Literally one month earlier, The Johns Hopkins Center for Health Security in partnership with the World Economic Forum and the Bill and Melinda Gates Foundation hosted Event 201, a high-level pandemic exercise on October 18, 2019, in New York, NY. In this exercise, they discuss the potential implications and consequences of a novel Coronavirus, including an economic crash, martial law, and of particular interest, the control of information. (You can view some published highlights here)
The World Economic Forum is comprised of the richest of the rich. The 1%. The Billionaires. CEO's, politicians, business owners, and many other powerful and influential figures. They meet regularly to discuss topics of global concern, and strongly control the dissemination of information. And of primary concern to many of them is maintaining their wealth and power in a rapidly-changing world.
And finally, here's one more coincidence: At the exact same time as the Event 201 exercise, The World Military Games was held in Wuhan, China, Oct 18-27, 2019. It was the largest military sports event ever to be held in China, with nearly 10,000 athletes from over 100 countries competing in 27 sports. Wuhan China was, as we now believe, the source of our current global COVID-19 outbreak.
Whether you think it is a "conspiracy" or not, that is all certainly coincidental, to say the least.
- - - - - - - - - - - - - - - - - - - - -
"Why didn't I hear about any of this?"
That's an excellent question, and one that likely has multiple answers. For starters, how much do you really pay attention? Where do you get your news from? Do you research things you hear or just accept them on hearsay? Critical thinking skills are paramount in making sense of the chaos unfolding all around us.
As I mentioned before, I can tell you that I personally know multiple people who had no clue whatsoever about the riots in Hong Kong last year. As you read this, you may be one of them. And it may seem like something that is happening far away, and "could never happen here." Or you may have been aware of it but just that it was happening. But please, consider for a moment: millions of average citizens risked their lives and safety in the streets of Hong Kong for months on end, fighting police and military, and transforming the city they lived in into a warzone. WHY? Why would people do something like that? Regardless of their motivations, that many people were banding together to fight for something they believed in. And that is worth considering.
It's not really your fault though that you may not catch wind of all this news. The "mainstream media" that you hear about all the time deliberately controls information - downplaying threats and overreacting to silly things - in order to make sure that you hear the version of the news that they want you to hear.
Did you know that only 6 corporations control 90% of the media In America? That number is reduced from 50 companies in the 80's. And literally all the news you see on TV, at the very least, is 100% owned and controlled by these companies. Lately, distrust is growing for cable news networks, and many people turn to their local hometown station for trusted news. The problem with that though is that your hometown station is probably owned by Sinclair Media, one of the most powerful broadcast networks in the country that you've never heard of.
Please watch this very brief video, illustrating the chokehold that Sinclair Media maintains over your nightly local news broadcast: https://www.youtube.com/watch?v=hWLjYJ4BzvI
Of course, not every piece of news is pre-programmed but a lot is. The real news is out there, but sometimes you have to look a little deeper than the infographics on TV news. Even if information is being directed from the top down, the boots on the ground tend to be passionate people with a variety of interests and agendas, and they are still doing their best to do real journalism despite corporate oversight.
Think of those who are directing the information as steering an impossibly massive ship with a rudder. You can slowly adjust the course of direction, however it is slow to react. If you want to stop, you have to start thinking about stopping wayyy ahead of time. And similarly, once it gets underway, it is then influenced by an inertia all its own. Micro controls and adjustments aren't really possible.
Our society is this giant ship. There are 8 billion people on this earth - that is 8000 million. An incomprehensible number that grows rapidly every day. As civilization grows and advances, so does our medicine, our technology, our cultural norms. These are all natural processes that are necessary to manage an increasing number of societies all around the globe. And many of the advances we're making have exciting potential benefits for humanity, although as with all tools, they also inherently possess the potential for abuse.
Here are some other things happening in society right now, some you may be aware of and many you may not:
There is an interesting chicken or egg relationship between science fiction and real world science. Sci-fi writers are inspired by the real science of the day, then they apply their creativity to imagine what might be in the future. Young scientists encounter these fantastical ideas and think they are worth pursuing, and then set about to make them a reality, and the cycle continues.
Futuristic concepts are then preempted and introduced through the media to the conscious mind, as we include them in books, movies, TV, video games, and more. Eventually we start seeing headlines of these new technologies and developments happening in other places, usually Japan and China first due to their prevalence in the industrial and technological sectors of our global economy.
- - - - - - - - - - - - - - - - - - - - -

Continue to Part 2

submitted by SquarePeg37 to conspiracy [link] [comments]

Crypto Banking Wars: Can Non-Custodial Crypto Wallets Ever Replace Banks?

Crypto Banking Wars: Can Non-Custodial Crypto Wallets Ever Replace Banks?
Can they overcome the product limitations of blockchain and deliver the world-class experience that consumers expect?
https://reddit.com/link/i8ewbx/video/ojkc6c9a1lg51/player
This is the second part of Crypto Banking Wars — a new series that examines what crypto-native company is most likely to become the bank of the future. Who is best positioned to reach mainstream adoption in consumer finance?
---
While crypto allows the world to get rid of banks, a bank will still very much be necessary for this very powerful technology to reach the masses. As we laid out in our previous series, Crypto-Powered, we believe companies that build with blockchain at their core will have the best shot at winning the broader consumer finance market. We hope it will be us at Genesis Block, but we aren’t the only game in town.
So this series explores the entire crypto landscape and tries to answer the question, which crypto company is most likely to become the bank of the future?
In our last episode, we offered an in-depth analysis of big crypto exchanges like Coinbase & Binance. Today we’re analyzing non-custodial crypto wallets. These are products where only the user can touch or move funds. Not even the company or developer who built the application can access, control, or stop funds from being moved. These apps allow users to truly become their own bank.
We’ve talked a little about this before. This group of companies is nowhere near the same level of threat as the biggest crypto exchanges. However, this group really understands DeFi and the magic it can bring. This class of products is heavily engineer-driven and at the bleeding-edge of DeFi innovation. These products are certainly worth discussing. Okay, let’s dive in.

Users & Audience

These non-custodial crypto wallets are especially popular among the most hardcore blockchain nerds and crypto cypherpunks.
“Not your keys, not your coins.”
This meme is endlessly repeated among longtime crypto hodlers. If you’re not in complete control of your crypto (i.e. using non-custodial wallets), then it’s not really your crypto. There has always been a close connection between libertarianism & cryptocurrency. This type of user wants to be in absolute control of their money and become their own bank.
In addition to the experienced crypto geeks, for some people, these products will mean the difference between life and death. Imagine a refugee family that wants to safely protect their years of hard work — their life savings — as they travel across borders. Carrying cash could put their safety or money at risk. A few years ago I spent time in Greece at refugee camps — I know first-hand this is a real use-case.

https://preview.redd.it/vigqlmgg1lg51.png?width=800&format=png&auto=webp&s=0a5d48a63ce7a637749bbbc03d62c51cc3f75613
Or imagine a family living under an authoritarian regime — afraid that their corrupt or oppressive government will seize their assets (or devalue their savings via hyperinflation). Citizens in these countries cannot risk putting their money in centralized banks or under their mattresses. They must become their own bank.
These are the common use-cases and users for non-custodial wallets.

Products in Market

Let’s do a quick round-up of some of the more popular products already in the market.
Web/Desktop The most popular web wallet is MetaMask. Though it doesn’t have any specific integration with DeFi protocols yet, it has more than a million users (which is a lot in crypto land!). Web wallets that are more deeply integrated with DeFi include InstaDapp, Zerion, DeFi Saver, Zapper, and MyCrypto (disclosure: I’m an investor and a big fan of Taylor). For the mass market, mobile will be a much more important form-factor. I don’t view these web products as much of a threat to Genesis Block.
https://preview.redd.it/gbpi2ijj1lg51.png?width=1050&format=png&auto=webp&s=c039887484bf8a3d3438fb02a384d0b9ef894e1f
Mobile The more serious threats to Genesis Block are the mobile products that (A) are leveraging some of the powerful DeFi protocols and (B) abstracting away a lot of the blockchain/DeFi UX complexity. While none get close to us on (B), the products attempting this are Argent and Dharma. To the extent they can, both are trying to make interacting with blockchain technology as simple as possible.
A few of the bigger exchanges have also entered this mobile non-custodial market. Coinbase has Wallet (via Cipher Browser acquisition). Binance has Trust Wallet (also via acquisition). And speaking of acquisitions, MyCrypto acquired Ambo, which is a solid product and has brought MyCrypto into the mobile space. Others worth mentioning include Rainbow — well-designed and built by a small indy-team with strong DeFi experience (former Balance team). And ZenGo which has a cool feature around keyless security (their CEO is a friend).
There are dozens of other mobile crypto wallets that do very little beyond showing your balances. They are not serious threats.
https://preview.redd.it/6x4lxsdk1lg51.png?width=1009&format=png&auto=webp&s=fab3280491b75fe394aebc8dd69926b6962dcf5d
Hardware Wallets Holding crypto on your own hardware wallet is widely considered to be “best practice” from a security standpoint. The most popular hardware wallets are Ledger, Trezor, and KeepKey (by our friends at ShapeShift). Ledger Nano X is the only product that has Bluetooth — thus, the only one that can connect to a mobile app. While exciting and innovative, these hardware wallets are not yet integrated with any DeFi protocols.
https://preview.redd.it/yotmvtsl1lg51.png?width=1025&format=png&auto=webp&s=c8567b42839d9cec8dbc6c78d2f953b688886026

Strengths

Let’s take a look at some of the strengths with non-custodial products.
  1. Regulatory arbitrage Because these products are “non-custodial”, they are able to avoid the regulatory burdens that centralized, custodial products must deal with (KYC/AML/MTL/etc). This is a strong practical benefit for a bootstrapped startup/buildedeveloper. Though it’s unclear how long this advantage lasts as products reach wider audiences and increased scrutiny.
  2. User Privacy Because of the regulatory arbitrage mentioned above, users do not need to complete onerous KYC requirements. For example, there’s no friction around selfies, government-issued IDs, SSNs, etc. Users can preserve much of their privacy and they don’t need to worry about their sensitive information being hacked, compromised, or leaked.
  3. Absolute control & custody This is really one of the great promises of crypto — users can become their own bank. Users can be in full control of their money. And they don’t need to bury it underground or hide it under a mattress. No dependence, reliance or trust in any third parties. Only the user herself can access and unlock the money.

Weaknesses

Now let’s examine some of the weaknesses.
  1. Knowledge & Education Most non-custodial products do not abstract away any of the blockchain complexity. In fact, they often expose more of it because the most loyal users are crypto geeks. Imagine how an average, non-crypto user feels when she starts seeing words like seed phrases, public & private keys, gas limits, transaction fees, blockchain explorers, hex addresses, and confirmation times. There is a lot for a user to learn and become educated on. That’s friction. The learning curve is very high and will always be a major blocker for adoption. We’ve talked about this in our Spreading Crypto series — to reach the masses, the crypto stuff needs to be in the background.
  2. User Experience It is currently impossible to create a smooth and performant user experience in non-custodial wallets or decentralized applications. Any interaction that requires a blockchain transaction will feel sluggish and slow. We built a messaging app on Ethereum and presented it at DevCon3 in Cancun. The technical constraints of blockchain technology were crushing to the user experience. We simply couldn’t create the real-time, modern messaging experience that users have come to expect from similar apps like Slack or WhatsApp. Until blockchains are closer in speed to web servers (which will be difficult given their decentralized nature), dApps will never be able to create the smooth user experience that the masses expect.
  3. Product Limitations Most non-custodial wallets today are based on Ethereum smart contracts. That means they are severely limited with the assets that they can support (only erc-20 tokens). Unless through synthetic assets (similar to Abra), these wallets cannot support massively popular assets like Bitcoin, XRP, Cardano, Litecoin, EOS, Tezos, Stellar, Cosmos, or countless others. There are exciting projects like tBTC trying to bring Bitcoin to Ethereum — but these experiments are still very, very early. Ethereum-based smart contract wallets are missing a huge part of the crypto-asset universe.
  4. Technical Complexity While developers are able to avoid a lot of regulatory complexity (see Strengths above), they are replacing it with increased technical complexity. Most non-custodial wallets are entirely dependent on smart contract technology which is still very experimental and early in development (see Insurance section of this DeFi use-cases post). Major bugs and major hacks do happen. Even recently, it was discovered that Argent had a “high severity vulnerability.” Fortunately, Argent fixed it and their users didn’t lose funds. The tools, frameworks, and best practices around smart contract technology are all still being established. Things can still easily go wrong, and they do.
  5. Loss of Funds Risk Beyond the technical risks mentioned above, with non-custodial wallets, it’s very easy for users to make mistakes. There is no “Forgot Password.” There is no customer support agent you can ping. There is no company behind it that can make you whole if you make a mistake and lose your money. You are on your own, just as CZ suggests. One wrong move and your money is all gone. If you lose your private key, there is no way to recover your funds. There are some new developments around social recovery, but that’s all still very experimental. This just isn’t the type of customer support experience people are used to. And it’s not a risk that most are willing to take.
  6. Integration with Fiat & Traditional Finance In today’s world, it’s still very hard to use crypto for daily spending (see Payments in our DeFi use-cases post). Hopefully, that will all change someday. In the meantime, if any of these non-custodial products hope to win in the broader consumer finance market, they will undoubtedly need to integrate with the legacy financial world — they need onramps (fiat-to-crypto deposit methods) and offramps (crypto-to-fiat withdraw/spend methods). As much as crypto-fanatics hate hearing it, you can’t expect people to jump headfirst into the new world unless there is a smooth transition, unless there are bridge technologies that help them arrive. This is why these fiat integrations are so important. Examples might be allowing ACH/Wire deposits (eg. via Plaid) or launching a debit card program for spend/withdraw. These fiat integrations are essential if the aim is to become the bank of the future. Doing any of this compliantly will require strong KYC/AML. So to achieve this use-case — integrating with traditional finance —all of the Strengths we mentioned above are nullified. There are no longer regulatory benefits. There are no longer privacy benefits (users need to upload KYC documents, etc). And users are no longer in complete control of their money.

Wrap Up

One of the great powers of crypto is that we no longer depend on banks. Anyone can store their wealth and have absolute control of their money. That’s made possible with these non-custodial wallets. It’s a wonderful thing.
I believe that the most knowledgeable and experienced crypto people (including myself) will always be active users of these applications. And as mentioned in this post, there will certainly be circumstances where these apps will be essential & even life-saving.
However, I do not believe this category of product is a major threat to Genesis Block to becoming the bank of the future.
They won’t win in the broader consumer finance market — mostly because I don’t believe that’s their target audience. These applications simply cannot produce the type of product experience that the masses require, want, or expect. The Weaknesses I’ve outlined above are just too overwhelming. The friction for mass-market consumers is just too much.

https://preview.redd.it/lp8dzxeh1lg51.png?width=800&format=png&auto=webp&s=03acdce545cd032f7e82b6665b001d7a06839557
The winning bank will be focused on solving real user problems and meeting user needs. Not slowed down by rigid idealism like censorship-resistance and absolute decentralization, as it is with most non-custodial wallets. The winning bank will be a world-class product that’s smooth, performant, and accessible. Not sluggish and slow, as it is with most non-custodial wallets. The winning bank will be one where blockchain & crypto is mostly invisible to end-users. Not front-and-center as it is with non-custodial wallets. The winning bank will be one managed and run by professionals who know exactly what they’re doing. Not DIY (Do It Yourself), as it is with non-custodial wallets.
So are these non-custodial wallets a threat to Genesis Block in winning the broader consumer finance market, and becoming the bank of the future?
No. They are designed for a very different audience.
------
Other Ways to Consume Today's Episode:
Follow our social channels: https://genesisblock.com/follow/
Download the app. We're a digital bank that's powered by crypto: https://genesisblock.com/download
submitted by mickhagen to genesisblockhq [link] [comments]

Megathread: Mueller indicts 12 Russians for hacking into DNC

Special counsel Robert Mueller indicted 12 Russians on Friday, and accused them of hacking into the Democratic National Committee to sabotage the 2016 presidential election.
The indictments, announced by Deputy Attorney General Rod Rosenstein, come just days before a scheduled Monday summit in Helsinki between Trump and Russian President Vladimir Putin.
A copy of the indictment can be found on the DOJ website here: https://www.justice.gov/file/1080281/download

Submissions that may interest you

SUBMISSION DOMAIN
Mueller probe indicts 12 Russians for hacking Democrats in 2016 washingtonpost.com
Rosenstein says 12 Russian intel officers indicted in special counsel's probe foxnews.com
Mueller Indicts 12 Russian Officers for Hacking Dems in 2016 thedailybeast.com
US indicts 12 Russians for hacking DNC emails during the 2016 election theguardian.com
Deputy Attorney General Rod Rosenstein Unveils New Hacking Charges In DNC Case npr.org
Special counsel Mueller charges 12 Russian intelligence officers with hacking Democrats during 2016 election cnbc.com
New indictments expected in Mueller special counsel probe: CNN reuters.com
12 Russian Intelligence Officials Indicted by U.S. Government bloomberg.com
Mueller indicts 12 Russians for hacking into DNC politico.com
12 Russian Intelligence Officers Charged Over 2016 Election Hacking time.com
Russia investigation: 12 Russian nationals indicted for 2016 hacking usatoday.com
Mueller indicts 12 Russians in 2016 DNC hack thehill.com
12 Russian intel officers indicted for DNC hacking in Mueller investigation abcnews.go.com
U.S. v. Viktor Borisovich Netyksho, et al (District of Columbia) justice.gov
12 Russian Intelligence Officers Indicted in Hacking Tied to the Clinton Campaign nytimes.com
Mueller indicts 12 Russian military officers for DNC hacking dallasnews.com
12 Russians indicted for hacking the 2016 election. bbc.com
Rod Rosenstein expected to announce new indictments by Robert Mueller washingtonpost.com
Mueller Slaps 12 Russians with Indictments for 2016 DNC Hack. Here’s What We Know. lawandcrime.com
Mueller indicts 12 Russians for hacking into DNC politico.com
Mueller indicts 12 Russian intelligence agents - Deputy AG Rosenstein holding press conference shortly washingtonpost.com
Mueller investigation indicts 12 Russian intelligence officers axios.com
Russian Intelligence Officers Have Been Indicted For Hacking Hillary Clinton's Presidential Campaign buzzfeed.com
Deputy Attorney General Rod J. Rosenstein Delivers Remarks Announcing the Indictment of Twelve Russian Intelligence Officers for Conspiring to Interfere in the 2016 Presidential Election Through Computer Hacking and Related Offenses justice.gov
Mueller Indicts 12 Russian Intelligence Officers for Hacking Democrats motherjones.com
Rosenstein announces 12 indictments of Russians in Mueller probe nydailynews.com
12 Russian Intelligence Officers Indicted In Robert Mueller Investigation huffingtonpost.com
Special counsel Mueller charges 12 Russian intelligence officers with hacking Democrats during 2016 election cnbc.com
Read: Mueller indictment against 12 Russian spies for DNC hack vox.com
New Mueller indictments reveal that congressional candidate requested stolen documents from Russian hackers in 2016 businessinsider.com
READ: Mueller indicts 12 Russians in 2016 DNC hacking us.cnn.com
Mueller Indicts 12 Russian Intelligence Officers, Including 'Guccifer 2.0,' For Hacking Democrats motherboard.vice.com
Mueller indictments: Congressional candidate asked Russian operatives for info on opponent thehill.com
12 Russian intelligence officers charged by Mueller in hack of DNC, Clinton emails chicagotribune.com
Mueller's New Indictment Shows Collusion With Russia nymag.com
Mueller Indictment Alleges Candidate For Congress Asked Guccifer 2.0 For Stolen Docs talkingpointsmemo.com
Mueller indicts 12 Russians politico.com
Who's been charged by Mueller in the Russia probe so far? foxnews.com
The timing of Mueller’s Russia indictment is extremely awkward for Trump vox.com
Mueller’s New Indictment Shows Collusion With Russia nymag.com
The Mueller Investigation Keeps Growing Fast fivethirtyeight.com
After Mueller’s Latest Indictment, Trump’s Upcoming Meeting With Putin “Makes For Good TV” buzzfeed.com
The Mueller indictments reveal the timing of the DNC leak was intentional vox.com
Mueller: Congressional candidate sought stolen documents from Russian spies usatoday.com
Indicting 12 Russian Hackers Could Be Mueller's Biggest Move Yet wired.com
Republicans Respond to Latest Mueller Indictment With Desperate Gaslighting thinkprogress.org
Rudy Giuliani: the Mueller indictments are great news for Donald Trump vox.com
A swing-state election vendor repeatedly denied being hacked by Russians. New Mueller indictment says otherwise theintercept.com
Mueller Indictment Raises Real Possibility Reporters Played Foolishly into Russians’ Hands lawandcrime.com
Sanders: Trump should confront Putin over Mueller probe indictments thehill.com
Roger Stone Communicated With Russian Hackers, Mueller Indictment Suggests huffingtonpost.com
Mueller found that the Russian hacker scheme was dependent on bitcoin, and it may have gotten them caught businessinsider.com
The White House offered zero condemnation of Russia in its response to the Mueller indictments vox.com
Mueller: Russian officers launched leaks website in June 2016 thehill.com
New indictments expected in Mueller special counsel probe: CNN reuters.com
12 Russians indicted in Mueller investigation edition.cnn.com
Mueller’s Latest Indictments Show That ‘Witches’ Are Very Real nationalreview.com
The Top Bombshells In Mueller's Indictment Of Russian DNC Hackers huffingtonpost.com
Stone: My Contact With Guccifer 2.0 Detailed In Mueller Indictment Was ‘Benign’ talkingpointsmemo.com
Gowdy Weighs In On Mueller Indictments: 'Russia Is Not Our Friend' thehill.com
What will Mueller's indictment of 12 Russians mean for Trump's Helsinki summit? msnbc.com
Trump's options for bringing up Mueller's indictment with Putin msnbc.com
How the Mueller News Is an Indictment of…Donald Trump and His GOP Enablers motherjones.com
The timing, the proof, the details: Takeaways from Mueller's new indictments nbcnews.com
Mueller Indictment Appears to Make Reference to Roger Stone thehill.com
12 Russians indicted in Mueller investigation, Nebraska's Brad Ashford a victim of the hack wowt.com
Six Big Takeaways from Mueller’s Indictment of Russian Intel Officers justsecurity.org
Mueller indictments link Russian hacking to Florida sun-sentinel.com
Ex-CIA director: Mueller investigation will have 'a widening circle' of indictments cnn.com
Mueller indictment 13 July 2018: "[Russians] posing as Guccifer 2.0... wrote to a person who was in regular contact with senior members of the presidential campaign of Donald J. Trump... The person responded, 'pretty standard'" apps.washingtonpost.com
Kremlin reacts to 12 Russians charged in Mueller probe cnn.com
Mueller indictment sheds new light on Russia's 'nasty' secret election hacking units politico.com
Roger Stone says he’s the 'US person' mentioned in Mueller indictment abcnews.go.com
Mueller: Congressional candidate sought stolen emails from Russian spies in 2016 wsoctv.com
Illinois elections board 'very likely' named in Mueller indictment of Russian hackers, officials say chicagotribune.com
Roger Stone says he’s the 'US person' mentioned in Mueller indictment abcnews.go.com
Giuliani: Can't find basis for Mueller probe edition.cnn.com
Russia Indictment 2.0: What to Make of Mueller’s Hacking Indictment lawfareblog.com
Russian Suing Over Steele Dossier Calls Mueller Indictment An 'Utter Vindication' dailycaller.com
Mueller’s Indictment of Russian Hackers Is Full of Clues About Connections to Trump World slate.com
Stone reverses: I'm 'probably' unnamed person in Mueller indictment thehill.com
Trump should cancel Putin summit after Mueller indictments, Congress says - Business Insider businessinsider.com
Russia probe: Robert Mueller's offers Trump a choice - take on Putin or be branded a coward smh.com.au
‘It's a big FU from Mueller:’ Trump’s allies question timing of latest Mueller indictments — on the eve of the Putin summit. politico.com
Mueller indictment sheds new light on Russia’s ‘nasty’ secret election hacking units politico.eu
Mueller Spells Out Who Helped Russian Spies in 2016 Campaign thedailybeast.com
Malcolm Nance on Mueller indictment: U.S. remains under attack. msnbc.com
Trump resists calls to nix Putin summit after Mueller indictment msnbc.com
Roger Stone: I'm 'probably' unnamed person mentioned in Robert Mueller indictment usatoday.com
Trump responds to Mueller indictments – by blaming Obama - US news theguardian.com
Giuliani: 'The Mueller Investigation Is Falling Apart of Its Own Weight' breitbart.com
Senators called on Trump to cancel his summit with Putin following Mueller's DNC hack indictments newsweek.com
We need to hear more about anti-Trump bias by the FBI and Mueller's team -- House hearing must not be the end foxnews.com
Trump Responds To New Mueller Indictments huffingtonpost.com
5 revelations from Mueller's indictment of Russians in DNC hack thehill.com
After Mueller’s Russian indictments, Trump returns to a familiar line: blame Obama vox.com
What The Latest Mueller Indictment Tells Us About Election Hacking fivethirtyeight.com
Roger Stone: I'm ‘Probably’ Unnamed Person in Mueller’s Indictment thedailybeast.com
Mueller indicts 12 Russians for DNC hacking: Live updates cnn.com
submitted by PoliticsModeratorBot to politics [link] [comments]

What A Day: Stitt Down And Shut Up by Sarah Lazarus & Crooked Media (07/15/20)

"If it’s Goya, it has to be good." - Ivanka Trump, violating federal ethics rules

Bean Here Before

With hospitals filling up and businesses shutting back down across wide swaths of the country, the Trump administration seems to have no pandemic strategy beyond sowing confusion and flogging beans.
Meanwhile, life comes at you fast.
The Trump administration condemned the country to a second surge of infections by refusing to coordinate a national response, leaving even the best state leaders to adopt piecemeal solutions by trial and error. Rather than try a different tack the second time around, Trump has committed to undermining widely trusted health experts and hiding the data that makes even those local decisions possible.

Look No Further Than The Crooked Media

Last week the Adopt a State program sent out our first Call to Action emails, and (without a hint of bias here) Florida crushed it. Team Florida has already raised upwards of $42k to support a Virtual Voter Registration Program—that will help reach 400,000 Floridians, which could cover Trump's margin of victory almost four times over.
We'll be sending each state team new calls to action every week via email, so keep checking your inbox and getting those actions done. And if you haven’t already signed up, head on over to https://votesaveamerica.com/adopt and join the thousands of volunteers looking to flip some swing states.

Under The Radar

The new head of the Postal Service has implemented major operational changes that could slow down mail delivery. Postmaster General and Trump donor Louis DeJoy instructed employees to leave mail behind at distribution centers as needed to avoid delaying mail carriers from completing their routes, a change from postal workers’ traditional mandate to not leave letters behind for the next day. DeJoy cited the agency’s need to cut costs, but the decision could chase away more customers and put the Postal Service in a deeper financial hole. It could also prove disastrous in November, when voters could lose access to mail-in ballots due to slow delivery. The Treasury Department has continued to hold a $10 billion emergency loan hostage until USPS gives in to Trump’s political agenda, and Congress has yet to provide additional funding.

What Else?

President Trump’s lawyers have renewed their efforts to block the release of his tax returns, and now plan to argue that the Manhattan district attorney’s subpoena was too broad and politically motivated. While the Supreme Court slapped down Trump’s first legal claim, it left the door open for him to keep the returns in limbo indefinitely with fake new arguments.
Trump’s also not above straight up ignoring Supreme Court decisions. The administration is still rejecting new DACA applicants, in violation of last month’s ruling.
Some of the most high-profile accounts on Twitter were compromised by bitcoin scammers. Hackers took control of the accounts of Barack Obama, Jeff Bezos, Joe Biden, Elon Musk, Apple, and many more.
The largest U.S. banks have started stockpiling billions of dollars, reflecting their assumption that the recession won’t be easing anytime soon.
Jeff Sessions lost his Alabama Senate primary runoff to Tommy Tuberville, crushed under the presidential boots he never stopped licking Trump’s former physician Dr. Ronny Jackson won his GOP primary runoff for a Texas congressional seat, and Sara Gideon won the Democratic nomination to challenge Sen. Susan Collins (R-ME). In the grander scheme, there are now at least 11 GOP congressional nominees who support QAnon and Republican leaders are quietly backing them.
Gov. Mike Parson (R-MO) said Trump will be “getting involved” in the case of the McCloskeys, the St. Louis couple who pointed guns at Black Lives Matter protesters. Trump passionately defended them on Tuesday, and, in a separate interview, downplayed police violence against Black people and defended the Confederate flag.
Ghislaine Maxwell has a secret husband, according to prosecutors at her bail hearing. Maxwell pleaded not guilty and was denied release on bail.
ViacomCBS cut ties with Nick Cannon over antisemitic comments he made on a podcast.
Kanye West’s presidential campaign to help Donald Trump win re-election has come to end, according to his advisor, though he just made it onto the ballot in Oklahoma, so as with all Kanye news, who the heck knows.
Attn PBS millennials: A Wishbone movie is in development. Our generation has been saddled with two recessions, 9/11, and the worst public health crisis in 100 years, but by god, we still have a Jack Russell Terrier who loves to read.

Be Smarter

Fatal drug overdoses are likely surging during the pandemic. Drug deaths in the U.S. reached record numbers in 2019 after falling the year before, and the pandemic may be worsening the resurgence. A report in May found overdose rates have increased by an average of 20 percent across six states in 2020, and recent drug tests have found a substantial increase in illicit drug use, as well as a geographic spread of fentanyl. Overdoses were increasing before the pandemic, but it’s definitely not helping: Social isolation puts addicts at greater risk, treatment centers have been disrupted, and people who have overdosed are more likely to avoid emergency rooms out of fear of infection.

What A Sponsor

Eco-Friendly Flowers for All! Brighten up your summer with vibrant flowers from The Bouqs Co. Think farm-fresh bouquets, simplified. Plus plants, gifts and even subscriptions that can bring smiles for months! Perfect for birthdays, anniversaries, friendship day or just because you put on pants today! The best part? Flowers from The Bouqs stay fresher, longer. Save 25% with code VOTEBOUQS.

Is That Hope I Feel?

SHE’S OUT OF THE HOSPITAL.
Leaders in Asheville, NC, voted unanimously to provide reparations to the city’s Black residents.
Virginia has become the first state to adopt statewide emergency workplace safety standards in response to the coronavirus.
British artist Marc Quinn erected a statue of a Black Lives Matter protester in Bristol, on the plinth that used to hold a statue of slave trader Edward Colston.

Enjoy

XKCD Comics on Twitter: "COVID Risk Chart"
submitted by kittehgoesmeow to FriendsofthePod [link] [comments]

All you need to know about Yield Farming - The rocket fuel for Defi

All you need to know about Yield Farming - The rocket fuel for Defi
Source
It’s effectively July 2017 in the world of decentralized finance (DeFi), and as in the heady days of the initial coin offering (ICO) boom, the numbers are only trending up.
According to DeFi Pulse, there is $1.9 billion in crypto assets locked in DeFi right now. According to the CoinDesk ICO Tracker, the ICO market started chugging past $1 billion in July 2017, just a few months before token sales started getting talked about on TV.
Debate juxtaposing these numbers if you like, but what no one can question is this: Crypto users are putting more and more value to work in DeFi applications, driven largely by the introduction of a whole new yield-generating pasture, Compound’s COMP governance token.
Governance tokens enable users to vote on the future of decentralized protocols, sure, but they also present fresh ways for DeFi founders to entice assets onto their platforms.
That said, it’s the crypto liquidity providers who are the stars of the present moment. They even have a meme-worthy name: yield farmers.

https://preview.redd.it/lxsvazp1g9l51.png?width=775&format=png&auto=webp&s=a36173ab679c701a5d5e0aac806c00fcc84d78c1

Where it started

Ethereum-based credit market Compound started distributing its governance token, COMP, to the protocol’s users this past June 15. Demand for the token (heightened by the way its automatic distribution was structured) kicked off the present craze and moved Compound into the leading position in DeFi.
The hot new term in crypto is “yield farming,” a shorthand for clever strategies where putting crypto temporarily at the disposal of some startup’s application earns its owner more cryptocurrency.
Another term floating about is “liquidity mining.”
The buzz around these concepts has evolved into a low rumble as more and more people get interested.
The casual crypto observer who only pops into the market when activity heats up might be starting to get faint vibes that something is happening right now. Take our word for it: Yield farming is the source of those vibes.
But if all these terms (“DeFi,” “liquidity mining,” “yield farming”) are so much Greek to you, fear not. We’re here to catch you up. We’ll get into all of them.
We’re going to go from very basic to more advanced, so feel free to skip ahead.

What are tokens?

Most CoinDesk readers probably know this, but just in case: Tokens are like the money video-game players earn while fighting monsters, money they can use to buy gear or weapons in the universe of their favorite game.
But with blockchains, tokens aren’t limited to only one massively multiplayer online money game. They can be earned in one and used in lots of others. They usually represent either ownership in something (like a piece of a Uniswap liquidity pool, which we will get into later) or access to some service. For example, in the Brave browser, ads can only be bought using basic attention token (BAT).
If tokens are worth money, then you can bank with them or at least do things that look very much like banking. Thus: decentralized finance.
Tokens proved to be the big use case for Ethereum, the second-biggest blockchain in the world. The term of art here is “ERC-20 tokens,” which refers to a software standard that allows token creators to write rules for them. Tokens can be used a few ways. Often, they are used as a form of money within a set of applications. So the idea for Kin was to create a token that web users could spend with each other at such tiny amounts that it would almost feel like they weren’t spending anything; that is, money for the internet.
Governance tokens are different. They are not like a token at a video-game arcade, as so many tokens were described in the past. They work more like certificates to serve in an ever-changing legislature in that they give holders the right to vote on changes to a protocol.
So on the platform that proved DeFi could fly, MakerDAO, holders of its governance token, MKR, vote almost every week on small changes to parameters that govern how much it costs to borrow and how much savers earn, and so on.
Read more: Why DeFi’s Billion-Dollar Milestone Matters
One thing all crypto tokens have in common, though, is they are tradable and they have a price. So, if tokens are worth money, then you can bank with them or at least do things that look very much like banking. Thus: decentralized finance.

What is DeFi?

Fair question. For folks who tuned out for a bit in 2018, we used to call this “open finance.” That construction seems to have faded, though, and “DeFi” is the new lingo.
In case that doesn’t jog your memory, DeFi is all the things that let you play with money, and the only identification you need is a crypto wallet.
On the normal web, you can’t buy a blender without giving the site owner enough data to learn your whole life history. In DeFi, you can borrow money without anyone even asking for your name.
I can explain this but nothing really brings it home like trying one of these applications. If you have an Ethereum wallet that has even $20 worth of crypto in it, go do something on one of these products. Pop over to Uniswap and buy yourself some FUN (a token for gambling apps) or WBTC (wrapped bitcoin). Go to MakerDAO and create $5 worth of DAI (a stablecoin that tends to be worth $1) out of the digital ether. Go to Compound and borrow $10 in USDC.
(Notice the very small amounts I’m suggesting. The old crypto saying “don’t put in more than you can afford to lose” goes double for DeFi. This stuff is uber-complex and a lot can go wrong. These may be “savings” products but they’re not for your retirement savings.)
Immature and experimental though it may be, the technology’s implications are staggering. On the normal web, you can’t buy a blender without giving the site owner enough data to learn your whole life history. In DeFi, you can borrow money without anyone even asking for your name.
DeFi applications don’t worry about trusting you because they have the collateral you put up to back your debt (on Compound, for instance, a $10 debt will require around $20 in collateral).
Read more: There Are More DAI on Compound Now Than There Are DAI in the World
If you do take this advice and try something, note that you can swap all these things back as soon as you’ve taken them out. Open the loan and close it 10 minutes later. It’s fine. Fair warning: It might cost you a tiny bit in fees, and the cost of using Ethereum itself right now is much higher than usual, in part due to this fresh new activity. But it’s nothing that should ruin a crypto user.
So what’s the point of borrowing for people who already have the money? Most people do it for some kind of trade. The most obvious example, to short a token (the act of profiting if its price falls). It’s also good for someone who wants to hold onto a token but still play the market.

Doesn’t running a bank take a lot of money up front?

It does, and in DeFi that money is largely provided by strangers on the internet. That’s why the startups behind these decentralized banking applications come up with clever ways to attract HODLers with idle assets.
Liquidity is the chief concern of all these different products. That is: How much money do they have locked in their smart contracts?
“In some types of products, the product experience gets much better if you have liquidity. Instead of borrowing from VCs or debt investors, you borrow from your users,” said Electric Capital managing partner Avichal Garg.
Let’s take Uniswap as an example. Uniswap is an “automated market maker,” or AMM (another DeFi term of art). This means Uniswap is a robot on the internet that is always willing to buy and it’s also always willing to sell any cryptocurrency for which it has a market.
On Uniswap, there is at least one market pair for almost any token on Ethereum. Behind the scenes, this means Uniswap can make it look like it is making a direct trade for any two tokens, which makes it easy for users, but it’s all built around pools of two tokens. And all these market pairs work better with bigger pools.

Why do I keep hearing about ‘pools’?

To illustrate why more money helps, let’s break down how Uniswap works.
Let’s say there was a market for USDC and DAI. These are two tokens (both stablecoins but with different mechanisms for retaining their value) that are meant to be worth $1 each all the time, and that generally tends to be true for both.
The price Uniswap shows for each token in any pooled market pair is based on the balance of each in the pool. So, simplifying this a lot for illustration’s sake, if someone were to set up a USDC/DAI pool, they should deposit equal amounts of both. In a pool with only 2 USDC and 2 DAI it would offer a price of 1 USDC for 1 DAI. But then imagine that someone put in 1 DAI and took out 1 USDC. Then the pool would have 1 USDC and 3 DAI. The pool would be very out of whack. A savvy investor could make an easy $0.50 profit by putting in 1 USDC and receiving 1.5 DAI. That’s a 50% arbitrage profit, and that’s the problem with limited liquidity.
(Incidentally, this is why Uniswap’s prices tend to be accurate, because traders watch it for small discrepancies from the wider market and trade them away for arbitrage profits very quickly.)
Read more: Uniswap V2 Launches With More Token-Swap Pairs, Oracle Service, Flash Loans
However, if there were 500,000 USDC and 500,000 DAI in the pool, a trade of 1 DAI for 1 USDC would have a negligible impact on the relative price. That’s why liquidity is helpful.
You can stick your assets on Compound and earn a little yield. But that’s not very creative. Users who look for angles to maximize that yield: those are the yield farmers.
Similar effects hold across DeFi, so markets want more liquidity. Uniswap solves this by charging a tiny fee on every trade. It does this by shaving off a little bit from each trade and leaving that in the pool (so one DAI would actually trade for 0.997 USDC, after the fee, growing the overall pool by 0.003 USDC). This benefits liquidity providers because when someone puts liquidity in the pool they own a share of the pool. If there has been lots of trading in that pool, it has earned a lot of fees, and the value of each share will grow.
And this brings us back to tokens.
Liquidity added to Uniswap is represented by a token, not an account. So there’s no ledger saying, “Bob owns 0.000000678% of the DAI/USDC pool.” Bob just has a token in his wallet. And Bob doesn’t have to keep that token. He could sell it. Or use it in another product. We’ll circle back to this, but it helps to explain why people like to talk about DeFi products as “money Legos.”

So how much money do people make by putting money into these products?

It can be a lot more lucrative than putting money in a traditional bank, and that’s before startups started handing out governance tokens.
Compound is the current darling of this space, so let’s use it as an illustration. As of this writing, a person can put USDC into Compound and earn 2.72% on it. They can put tether (USDT) into it and earn 2.11%. Most U.S. bank accounts earn less than 0.1% these days, which is close enough to nothing.
However, there are some caveats. First, there’s a reason the interest rates are so much juicier: DeFi is a far riskier place to park your money. There’s no Federal Deposit Insurance Corporation (FDIC) protecting these funds. If there were a run on Compound, users could find themselves unable to withdraw their funds when they wanted.
Plus, the interest is quite variable. You don’t know what you’ll earn over the course of a year. USDC’s rate is high right now. It was low last week. Usually, it hovers somewhere in the 1% range.
Similarly, a user might get tempted by assets with more lucrative yields like USDT, which typically has a much higher interest rate than USDC. (Monday morning, the reverse was true, for unclear reasons; this is crypto, remember.) The trade-off here is USDT’s transparency about the real-world dollars it’s supposed to hold in a real-world bank is not nearly up to par with USDC’s. A difference in interest rates is often the market’s way of telling you the one instrument is viewed as dicier than another.
Users making big bets on these products turn to companies Opyn and Nexus Mutual to insure their positions because there’s no government protections in this nascent space – more on the ample risks later on.
So users can stick their assets in Compound or Uniswap and earn a little yield. But that’s not very creative. Users who look for angles to maximize that yield: those are the yield farmers.

OK, I already knew all of that. What is yield farming?

Broadly, yield farming is any effort to put crypto assets to work and generate the most returns possible on those assets.
At the simplest level, a yield farmer might move assets around within Compound, constantly chasing whichever pool is offering the best APY from week to week. This might mean moving into riskier pools from time to time, but a yield farmer can handle risk.
“Farming opens up new price arbs [arbitrage] that can spill over to other protocols whose tokens are in the pool,” said Maya Zehavi, a blockchain consultant.
Because these positions are tokenized, though, they can go further.
This was a brand-new kind of yield on a deposit. In fact, it was a way to earn a yield on a loan. Who has ever heard of a borrower earning a return on a debt from their lender?
In a simple example, a yield farmer might put 100,000 USDT into Compound. They will get a token back for that stake, called cUSDT. Let’s say they get 100,000 cUSDT back (the formula on Compound is crazy so it’s not 1:1 like that but it doesn’t matter for our purposes here).
They can then take that cUSDT and put it into a liquidity pool that takes cUSDT on Balancer, an AMM that allows users to set up self-rebalancing crypto index funds. In normal times, this could earn a small amount more in transaction fees. This is the basic idea of yield farming. The user looks for edge cases in the system to eke out as much yield as they can across as many products as it will work on.
Right now, however, things are not normal, and they probably won’t be for a while.

Why is yield farming so hot right now?

Because of liquidity mining. Liquidity mining supercharges yield farming.
Liquidity mining is when a yield farmer gets a new token as well as the usual return (that’s the “mining” part) in exchange for the farmer’s liquidity.
“The idea is that stimulating usage of the platform increases the value of the token, thereby creating a positive usage loop to attract users,” said Richard Ma of smart-contract auditor Quantstamp.
The yield farming examples above are only farming yield off the normal operations of different platforms. Supply liquidity to Compound or Uniswap and get a little cut of the business that runs over the protocols – very vanilla.
But Compound announced earlier this year it wanted to truly decentralize the product and it wanted to give a good amount of ownership to the people who made it popular by using it. That ownership would take the form of the COMP token.
Lest this sound too altruistic, keep in mind that the people who created it (the team and the investors) owned more than half of the equity. By giving away a healthy proportion to users, that was very likely to make it a much more popular place for lending. In turn, that would make everyone’s stake worth much more.
So, Compound announced this four-year period where the protocol would give out COMP tokens to users, a fixed amount every day until it was gone. These COMP tokens control the protocol, just as shareholders ultimately control publicly traded companies.
Every day, the Compound protocol looks at everyone who had lent money to the application and who had borrowed from it and gives them COMP proportional to their share of the day’s total business.
The results were very surprising, even to Compound’s biggest promoters.
COMP’s value will likely go down, and that’s why some investors are rushing to earn as much of it as they can right now.
This was a brand-new kind of yield on a deposit into Compound. In fact, it was a way to earn a yield on a loan, as well, which is very weird: Who has ever heard of a borrower earning a return on a debt from their lender?
COMP’s value has consistently been well over $200 since it started distributing on June 15. We did the math elsewhere but long story short: investors with fairly deep pockets can make a strong gain maximizing their daily returns in COMP. It is, in a way, free money.
It’s possible to lend to Compound, borrow from it, deposit what you borrowed and so on. This can be done multiple times and DeFi startup Instadapp even built a tool to make it as capital-efficient as possible.
“Yield farmers are extremely creative. They find ways to ‘stack’ yields and even earn multiple governance tokens at once,” said Spencer Noon of DTC Capital.
COMP’s value spike is a temporary situation. The COMP distribution will only last four years and then there won’t be any more. Further, most people agree that the high price now is driven by the low float (that is, how much COMP is actually free to trade on the market – it will never be this low again). So the value will probably gradually go down, and that’s why savvy investors are trying to earn as much as they can now.
Appealing to the speculative instincts of diehard crypto traders has proven to be a great way to increase liquidity on Compound. This fattens some pockets but also improves the user experience for all kinds of Compound users, including those who would use it whether they were going to earn COMP or not.
As usual in crypto, when entrepreneurs see something successful, they imitate it. Balancer was the next protocol to start distributing a governance token, BAL, to liquidity providers. Flash loan provider bZx has announced a plan. Ren, Curve and Synthetix also teamed up to promote a liquidity pool on Curve.
It is a fair bet many of the more well-known DeFi projects will announce some kind of coin that can be mined by providing liquidity.
The case to watch here is Uniswap versus Balancer. Balancer can do the same thing Uniswap does, but most users who want to do a quick token trade through their wallet use Uniswap. It will be interesting to see if Balancer’s BAL token convinces Uniswap’s liquidity providers to defect.
So far, though, more liquidity has gone into Uniswap since the BAL announcement, according to its data site. That said, even more has gone into Balancer.

Did liquidity mining start with COMP?

No, but it was the most-used protocol with the most carefully designed liquidity mining scheme.
This point is debated but the origins of liquidity mining probably date back to Fcoin, a Chinese exchange that created a token in 2018 that rewarded people for making trades. You won’t believe what happened next! Just kidding, you will: People just started running bots to do pointless trades with themselves to earn the token.
Similarly, EOS is a blockchain where transactions are basically free, but since nothing is really free the absence of friction was an invitation for spam. Some malicious hacker who didn’t like EOS created a token called EIDOS on the network in late 2019. It rewarded people for tons of pointless transactions and somehow got an exchange listing.
These initiatives illustrated how quickly crypto users respond to incentives.
Read more: Compound Changes COMP Distribution Rules Following ‘Yield Farming’ Frenzy
Fcoin aside, liquidity mining as we now know it first showed up on Ethereum when the marketplace for synthetic tokens, Synthetix, announced in July 2019 an award in its SNX token for users who helped add liquidity to the sETH/ETH pool on Uniswap. By October, that was one of Uniswap’s biggest pools.
When Compound Labs, the company that launched the Compound protocol, decided to create COMP, the governance token, the firm took months designing just what kind of behavior it wanted and how to incentivize it. Even still, Compound Labs was surprised by the response. It led to unintended consequences such as crowding into a previously unpopular market (lending and borrowing BAT) in order to mine as much COMP as possible.
Just last week, 115 different COMP wallet addresses – senators in Compound’s ever-changing legislature – voted to change the distribution mechanism in hopes of spreading liquidity out across the markets again.

Is there DeFi for bitcoin?

Yes, on Ethereum.
Nothing has beaten bitcoin over time for returns, but there’s one thing bitcoin can’t do on its own: create more bitcoin.
A smart trader can get in and out of bitcoin and dollars in a way that will earn them more bitcoin, but this is tedious and risky. It takes a certain kind of person.
DeFi, however, offers ways to grow one’s bitcoin holdings – though somewhat indirectly.
A long HODLer is happy to gain fresh BTC off their counterparty’s short-term win. That’s the game.
For example, a user can create a simulated bitcoin on Ethereum using BitGo’s WBTC system. They put BTC in and get the same amount back out in freshly minted WBTC. WBTC can be traded back for BTC at any time, so it tends to be worth the same as BTC.
Then the user can take that WBTC, stake it on Compound and earn a few percent each year in yield on their BTC. Odds are, the people who borrow that WBTC are probably doing it to short BTC (that is, they will sell it immediately, buy it back when the price goes down, close the loan and keep the difference).
A long HODLer is happy to gain fresh BTC off their counterparty’s short-term win. That’s the game.

How risky is it?

Enough.
“DeFi, with the combination of an assortment of digital funds, automation of key processes, and more complex incentive structures that work across protocols – each with their own rapidly changing tech and governance practices – make for new types of security risks,” said Liz Steininger of Least Authority, a crypto security auditor. “Yet, despite these risks, the high yields are undeniably attractive to draw more users.”
We’ve seen big failures in DeFi products. MakerDAO had one so bad this year it’s called “Black Thursday.” There was also the exploit against flash loan provider bZx. These things do break and when they do money gets taken.
As this sector gets more robust, we could see token holders greenlighting more ways for investors to profit from DeFi niches.
Right now, the deal is too good for certain funds to resist, so they are moving a lot of money into these protocols to liquidity mine all the new governance tokens they can. But the funds – entities that pool the resources of typically well-to-do crypto investors – are also hedging. Nexus Mutual, a DeFi insurance provider of sorts, told CoinDesk it has maxed out its available coverage on these liquidity applications. Opyn, the trustless derivatives maker, created a way to short COMP, just in case this game comes to naught.
And weird things have arisen. For example, there’s currently more DAI on Compound than have been minted in the world. This makes sense once unpacked but it still feels dicey to everyone.
That said, distributing governance tokens might make things a lot less risky for startups, at least with regard to the money cops.
“Protocols distributing their tokens to the public, meaning that there’s a new secondary listing for SAFT tokens, [gives] plausible deniability from any security accusation,” Zehavi wrote. (The Simple Agreement for Future Tokens was a legal structure favored by many token issuers during the ICO craze.)
Whether a cryptocurrency is adequately decentralized has been a key feature of ICO settlements with the U.S. Securities and Exchange Commission (SEC).

What’s next for yield farming? (A prediction)

COMP turned out to be a bit of a surprise to the DeFi world, in technical ways and others. It has inspired a wave of new thinking.
“Other projects are working on similar things,” said Nexus Mutual founder Hugh Karp. In fact, informed sources tell CoinDesk brand-new projects will launch with these models.
We might soon see more prosaic yield farming applications. For example, forms of profit-sharing that reward certain kinds of behavior.
Imagine if COMP holders decided, for example, that the protocol needed more people to put money in and leave it there longer. The community could create a proposal that shaved off a little of each token’s yield and paid that portion out only to the tokens that were older than six months. It probably wouldn’t be much, but an investor with the right time horizon and risk profile might take it into consideration before making a withdrawal.
(There are precedents for this in traditional finance: A 10-year Treasury bond normally yields more than a one-month T-bill even though they’re both backed by the full faith and credit of Uncle Sam, a 12-month certificate of deposit pays higher interest than a checking account at the same bank, and so on.)
As this sector gets more robust, its architects will come up with ever more robust ways to optimize liquidity incentives in increasingly refined ways. We could see token holders greenlighting more ways for investors to profit from DeFi niches.
Questions abound for this nascent industry: What will MakerDAO do to restore its spot as the king of DeFi? Will Uniswap join the liquidity mining trend? Will anyone stick all these governance tokens into a decentralized autonomous organization (DAO)? Or would that be a yield farmers co-op?
Whatever happens, crypto’s yield farmers will keep moving fast. Some fresh fields may open and some may soon bear much less luscious fruit.
But that’s the nice thing about farming in DeFi: It is very easy to switch fields.
submitted by pascalbernoulli to Yield_Farming [link] [comments]

WATCH: Senate to vote on coronavirus relief bill - YouTube Amy Coney Barrett Senate Confirmation Hearings  Day 2 ... US Senate Bitcoin hearing on November 18th, 2013 Amy Coney Barrett Senate Confirmation Hearings  Day 4 ... LIVE Senate Hearing on Libra Crypto + McDonald's Blockchain Project

So maybe you've heard some chatter about United States Senate hearings on Bitcoin this week. But did you know there's more than one hearing on Bitcoin Cointelegraph has tuned in live to the United States Senate Banking Committee hearing on a regulatory framework for digital currencies and blockchain. During today’s United State Senate Banking Committee hearing on the regulatory framework for cryptocurrencies and blockchain, Cointelegraph will be updating live with the most important developments. Historic Senate Hearing Discuss Bitcoin and Libra with Experts – Here are the Closing Views The Libra hearing has been one of the most enticing topics as media houses from all over the world aired the live hearing before the US House Committee on Financial Services. The Senate hearing set the tone for more structured cryptoconomics rather than banning it all together…which is a good thing for enthusiasts and its market. The idea of regulating Bitcoin and related cryptocurrencies is a logical one. However, this technology’s decentralized nature could resist the attempts of financial authorities to buckle down on its activities. Despite Bitcoin’s ... The U.S. Senate Banking Committee is about to hold its hearing on regulation for cryptocurrencies and blockchain. Here's how you can watch it.

[index] [3392] [478] [1686] [391] [51078] [16746] [33125] [3080] [72] [36829]

WATCH: Senate to vote on coronavirus relief bill - YouTube

Senate Banking Committee holds hearing on "Examining Facebook's Proposed Digital Currency and Data Privacy Considerations." Head of Facebook's Calibra David ... Stream your PBS favorites with the PBS app: https://to.pbs.org/2Jb8twG Find more from PBS NewsHour at https://www.pbs.org/newshour Subscribe to our YouTube c... Watch live coverage of the Senate confirmation hearings of Supreme Court justice nominee Amy Coney Barrett. » Subscribe to NBC News: http://nbcnews.to/Subscr... CAN FACEBOOK MAKE MONEY?: The Senate Banking Committee holds a hearing on Facebook's proposed digital currency, called Libra. » Subscribe to NowThis: http://... Share your videos with friends, family, and the world

#