Singapore firm uses blockchain to battle counterfeit COVID-19 jabs

Singaporean healthcare services provider Zuellig Pharma is using a blockchain-based network to track COVID-19 vaccinations to prevent practitioners from administering expired vaccines.

Zuellig Pharma says that its new “eZTracker” management system can help prevent improperly stored or counterfeit vaccines from being used by allowing its clients to instantly verify the provenance and authenticity of their vaccines via a mobile app.

“Accidents involving expired or improperly stored vaccines can be avoided,” said Daniel Laverick, vice-president and head of digital and data solutions at Zuellig Pharma.

eZTracker uses the SAP blockchain to capture, track and trace multiple data points to improve supply chain transparency. The eZTracker website explains how it works:

“Simply scan the QR code on the packaging to instantly verify if your product comes from an authorized distributor.”

“Patients can scan the 2D data matrix on the product packaging to verify key product information like expiry date, temperature, and provenance through its app powered by blockchain,” added Laverick.

The SAP Blockchain executes operations as a Blockchain-as-a-Service (BaaS), allowing its clients to develop customized blockchain extensions for their existing applications. According to SAP, 77% of the world’s transaction revenue touches one of their systems.

Back in 2020, Zuellig partnered with pharmaceutical company MSD to deploy eQTrakcer in Hong Kong, where it was used to trace vaccines for Human Papilloma Virus, Gardasil.

“As the vaccines move through various handover points in the supply chain, the products’ data points are loaded into eZTracker’s secure blockchain ledger, and this ensures it can’t be tampered with,” Laverick explained at the time.

“Users such as healthcare professionals and patients are able to verify the authenticity of the vaccine by scanning a unique data matrix code on the product pack.”

Related: Fake vax certificates renew calls for blockchain-based solution in Australia

Founded 100 years ago, Zuellig is one of Asia’s largest healthcare service provider groups. Zuellig also has a product called eZVax, which specifically provides governments, local health authorities, and the private sector with end-to-end vaccine management.

Southeast Asia is a hotbed of fake meds with between $520 million and $2.6 billion spent on counterfeit medicines every year, according to a report by the United Nations Office on Drugs and Crime.

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Omicron Soares to an ATH, amid the Covid-19 Pandemic Variant Outbreak

The price of one tiny cryptocurrency, coincidently named Omicron (OMIC) after the fast-spreading Covid-19 variant, has soared to an all-time high.

Webp.net-resizeimage - 2021-11-29T150432.013.jpg

OMIC token hit an all-time high of $689 during the Monday morning Asian trading session.

The move has added another 200% gains on the day for the token and a whopping 945% since Saturday when it was trading around $65.

In its initial soaring stages, OMIC added around 500% in the days since the World Health Organization named the new Covid-19 variant. To many observers, this sudden rise and fall recalled the instance of scam Squid Game-inspired cryptocurrency last month.

The quick rise and fall in the value of tiny cryptocurrencies are a common phenomenon of the volatile cryptocurrency market.

Last month, among the top news in the crypto market was about a crypto project motivated by the viral Netflix show called Squid Game, which saw its squid (SQUID) token add many thousands of percent before crashing back to almost zero.

According to cryptocurrency price data tracker CoinGecko, the price of omicron’s OMIC coin has soared from around $50 to almost $400 in the last few days.

Omicron shares its name with a new Covid-19 variant that was first discovered in South Africa on Nov 23.

The emerging token- OMIC is a decentralized reserve currency protocol that runs on the Ethereum layer two network Arbitrum. Its native OMIC token is backed by several other crypto assets including the USDC stablecoin and liquidity provider tokens.

It can only be traded on the SushiSwap decentralized exchange which has seen $454,000 in volume for the OMIC/USDC pair over the past 24 hours according to CoinGecko.

Image source: Shutterstock

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Obscure Omicron token spikes 900% after new variant emerges

A relatively obscure cryptocurrency called Omicron (OMIC) has surged to an all-time high today as a new fast-spreading COVID-19 variant got christened with the same name.

Omicron’s OMIC token hit an all-time high of $689 a couple of hours ago during the Monday morning Asian trading session. The move has added another 200% gains on the day for the token and a whopping 945% since Saturday when it was trading around $65.

OMIC/USD 7days – Coingecko.com

The token shares its name with a new Covid-19 variant that was first discovered in South Africa on Nov. 23. The World Health Organization named the fast-spreading B.1.1.529 strain after the fifteenth letter of the Greek alphabet.

Crypto critic “Mr. Whale” commented that the massive price spike was a sign that things are in a “giant bubble.”

Omicron is a decentralized reserve currency protocol that runs on the Ethereum layer two network Arbitrum. Its native OMIC token is backed by several other crypto assets including the USDC stablecoin and liquidity provider tokens.

It can only be traded on the SushiSwap decentralized exchange which has seen $454,000 in volume for the OMIC/USDC pair over the past 24 hours according to CoinGecko. The token analytics website has no further details on OMIC supply or market cap.

The bond-based yield farming project began life in early November as a fork of the OlympusDAO DeFi protocol, but it shares no other connection to the virus aside from the name.

Related: Bitcoin drops below $54K, stocks sell-off after new COVID-19 variant emerges

Late last week, stock markets slumped as the news of the new COVID variant spread and Black Friday saw a massive sell-off that wiped out November gains for the S&P 500 Index and the Nasdaq Composite.

However, things are looking brighter as the new week begins with crypto markets back in the green at the time of writing after falling to their lowest levels since mid-October on Saturday. Total market capitalization is up 5.6% over the past 24 hours and is currently at $2.71 trillion according to CoinGecko.

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New COVID Variant FUD Drives Bitcoin Down To $54k

The news of the latest COVID variant is invoking a fresh wave of FUD among investors, with Bitcoin crashing down to $54k, and markets across the board slipping into the red. Bitcoin Plunges To $54k As News Of COVID Variant Emerges Financial markets are moving into the red on Friday as news of a new COVID variant makes investors around the world worried. According to a BBC report, this new variant was discovered in South Africa, and scientists have found it to be the most heavily mutated version so far. Not much is clear about the variant’s properties yet, but what looks to be most worrying so far is that this version of COVID may be vaccine resistant due to the large number of mutations. The Director of the Centre for Epidemic Response and Innovation in South Africa, Prof. Tulio de Oliveira, said “This variant did surprise us, it has a big jump on evolution [and] many more mutations that we expected.” If it indeed turns out to have strong immunity to the vaccine, then vaccination efforts so far may become ineffective, and nations around the world may look at enforcing new lockdowns. Because of these fresh COVID concerns, investors have started to de-risk their holdings. This sell off has taken Bitcoin down to $54k. Related Reading | Bitcoin Thanksgiving Day Data Reveals Peak Possible Within 30 Days Here is a chart that shows the trend in the price of BTC over the past day: BTC’s price plummets down | Source: BTCUSD on TradingView As the above graph shows, Bitcoin is currently down 8% in the day so far, but earlier it went down to as low as $53.5k. Almost $200 million in BTC was liquidated in the past 12 hours alone as traders are looking to catch the bottom with leveraged longs. BTC liquidation data over the past 24 hours | Source: coinglass What Could Be Next For BTC’s Price? Just yesterday, Bitcoin’s price finally started to show some recovery from the decline that followed its new all-time high as the crypto broke past $59k once again. Related Reading | JPMorgan Lists Ethereum As A Better Investment Than Bitcoin The below chart highlights the trend in the price of the crypto over the past few days. BTC’s price almost started on the path to recovery before this crash | Source: BTCUSD on TradingView However, before this recovery could come to fruition, the news about the COVID variant arrived, and the price of the crypto once again crashed down. At the moment, it’s unclear which direction Bitcoin might go in next. The coin may have already hit the bottom, but it’s possible that as more news about the variant surfaces, the coin may travel further down still. Featured image from Unsplash.com, charts from TradingView.com

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Medical Firm In Mexico To Introduce COVID-19 Testing Through Blockchain

Blockchain technology remains the revolutionary aspect of cryptocurrency and the entire digital assets as a whole. It brought more innovations and popularity to the industry, which have attracted more users and developers.

The use of blockchain technology is erupting within several mainstreams and sectors of the global economy. Recently, this amazing technology has found a useful application in the medical field. A Mexican medical firm, MDS, has launched a coronavirus testing service that utilizes blockchain technology to confirm its results.

A local media report, iProUP news reported that MDS Mexico launched a digital result-profiled platform. This will enable its patients to access their results as updated in real-time. Furthermore, the physical delivery of the results comes with a QR code.

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Related Reading | Bitcoin ETF Check, What’s Next For BTC

This enables scanning for the verification of the results. Also, from MDS Mexico’s blockchain, it’s very easy to access the vaccination history of a patient.

Purpose For Blockchain Adoption

According to its report, MDS mentioned that adopting blockchain technology is a means of safeguarding all the results of its clinical tests.

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Also, it will protect the personal data of patients as well prevent COVID test result falsification. The company explained that it commenced the certification of the SAR-CoV-2 detection tests via cryptographic signature and blockchain technology.

This move eliminates the possibility of getting falsified negative results. Thus, the QR Code, which remains unalterable, unique, and immutable, protects the information and is verifiable globally.

Moreover, the medical firm’s blockchain has uploaded testing results that contain a doctor’s cryptographic signature. This must be the doctor that verified the result of the test.

Before now, there have been other companies in Mexico using digitized covid test results. One of such moves is the April announcement from Mexico’s National Chamber of Commerce (CANACO) of a state-sponsored initiation.

According to CANACO, the initiative is a collaboration with Xertify, a private technology company, for the digitalization of vaccination passports.

For this initiative, there are some requirements from the beneficiary. These include their official means of identification and proof of the vaccination from the Ministry of Health.

Blockchain

Blockchain


Crypto market is at its all-time highs | Source: Crypto Total Market Cap on TradingView.com

Also, a representative from the Xertify firm disclosed that his company is in charge of the vaccination receipt digitalization. He mentioned that this would help in its authentication in another language without falsification.

Related Reading | Grayscale Investments Set to File for Bitcoin Spot ETF as Competition Heats Up

Similarly, an Australian firm in August facilitated the use of a vaccine registry based on blockchain technology.

The company opted for such an introduction to cut down the proliferation of counterfeit coronavirus vaccination certificates floating online. Through the blockchain-based registry, there will be a stop to the involvement of fraudsters selling fake COVID-19 certificates.

Featured Image From Pexels and Chart From TradingView.com

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Tired Of COVID Lockdowns? Well, A Cyber Pandemic Seems To Be Next

As the Facebook, Instagram, WhatsApp shutdown demonstrates, the COVID-19 pandemic may just roll into a cyber pandemic.

The below is a direct excerpt of Marty’s Bent Issue #1088: “Beware of the cyber pandemic” Sign up for the newsletter here.

Are you tired and/or beaten down enough by the COVID lockdowns and the vitriol and confusion that has accompanied them? Ready to get back to some semblance of normal? Well, you may not have that luxury as it seems that we may be rolling into another pandemic. A cyber pandemic that has been choreographed by the World Economic Forum and its lackeys.

As most of you are probably aware Facebook, Instagram, and WhatsApp experienced global disruptions today that made the services completely inaccessible. So inaccessible that Facebook employees couldn’t even get into the company headquarters as their access badgers weren’t working.

via Krebs on Security

via Krebs on Security



These disruptions can be added to a list of disruptions that started with the oft-reported ransomeware attacks targeting critical infrastructure earlier this year. Who knows what the post-mortem on today’s events will surface, but your crazy Uncle Marty’e antennae are perked high in the air as it seems that the cyber pandemic conveniently predicted and war gamed by the parasites at the World Economic Forum earlier this Summer seems to be coming to fruition.

Be on the look out for this growing narrative moving forward. It will be used as yet another reason why citizens around the world need to give up more freedoms and hand them over to a kleptocratic elite who have “our best interests at heart”. This may seem conspiratorial at the moment, but I won’t be the least bit surprised when the ghouls in control of the world’s governments and banks begin loudly beating this drum.

When they do, make sure you push back as hard as possible against their attempts to tighten their grip of control over your life a bit more. Start diversifying your tech stack away from the massive tech giants that will be “targeted” throughout the cyber pandemic and toward more robust and distributed applications. Here’s a good list from our friend LaserHodl.

This isn’t directly related to the cyber pandemic, but is something you freaks should be aware of. Just a few days ago Coinbase made the world aware that 6,000 of its users were SIM swapped and had their accounts drained earlier this year in a sophisticated phishing attack. This is yet another reminder that you should eliminate the risks that come with storing your bitcoins on a third party custodian by taking full control of your private keys and keeping them offline in cold storage. Cold storage demands extreme ownership but it is something every individual who owns bitcoin should strive for. In fact, you really don’t own bitcoin until you take possession of your UTXOs. You only own a claim on bitcoin until you control your own keys.

It’s a scary world out there freaks. Prepare accordingly.

“We must sterilize the Internet against the looming specter of the Cyber Pandemic. It’s time to connect your ID to your IP Address.”

… coming soon to a dystopia near you.

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37% Of U.S. Investors Decline To Liquidate Cryptocurrency Assets in Bearish Situations

Recent research reveals that US cryptocurrency investors have an average allocation of $1,107 in digital assets. About 37% of the investors confessed non-liquidation of their crypto holdings even for important bills or other payments.

However, there’s this discovery that Elon Musk has a great influence on the crypto-related decisions of most respondents.

A survey of 1,000 US crypto investors by GamblersPick, a betting platform, displayed a shocking revelation. 37% of these holders won’t dispose of their assets irrespective of the circumstance. Furthermore, 51% confirmed that luxury purchases wouldn’t be too enticing for them to opt for cash out.

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Also, the survey took a critical examination of the different generations of crypto investors. It reveals that the Baby boomer and Generation Z groups have the largest and the least investment in cryptocurrency, respectively.

In addition, the male forks have more interest in digital investment than women, with an average of $1,940 worth of cryptocurrencies. On the other hand, the statistics for the female is at a median value of $1,375 worth of digital assets.

Related Reading | Facebook Officials Claim Novi Received Approval From Major U.S. States

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From its survey, GamblersPick discovered an increase in the demand for digital assets among US investors. This recent surge in demand even prompts people to borrow cash from family and friends to invest. It reflects in the results of the use of credit cards in purchasing cryptocurrencies by every fourth respondent.

The investors revealed that they plan to increase their cryptocurrency investments by adding an average of  $1,645 within 12 months. The statistics have men on the lead again with the proposal of increasing with $1,988 while women plan for $1,100.

What Influences Decisions Of Cryptocurrency Investors?

Furthermore, the research reveals the reason behind the recent increase in interest in crypto investments. Most of the respondents, amounting to about 75%, confirmed their confidence in a future surge in the value of digital assets. Moreover, while 24% see cryptocurrency as a means of gaining great returns, 32% use it to diversify their portfolio.

Investors Declining To Liquidate Cryptocurrency Assets in Bearish Situations Amount To 37% In U.S.

Investors Declining To Liquidate Cryptocurrency Assets in Bearish Situations Amount To 37% In U.S.


The cryptocurrency market is back on track after a bearish pullback | Source: Crypto Total Market Cap on TradingView.com

Additionally, about 21% of the participants used cryptocurrency as a hedge over inflation that emanates from the swindle in the economic condition. The recent COVID-19 pandemic, as well as the massive national currency print-out, are contributory factors.

Related Reading | Solana Continues Bullish Trend, Becomes The 10th Largest Cryptocurrency

Also, online forums and social media have a prominent influence on cryptocurrency-related decisions and moves on U.S. investors. Among them is Reddit that topped the list having about 34% influential power.

Others include Twitter, Youtube, and Facebook, with their influences rated as 26%, 23%, and 16%, respectively. When it comes to influences from individuals, a man stands out among others. His influence is even greater than those from the mentioned companies above.

He is Elon Musk, the CEO of Tesla, a popular electrical car company. 35% of the research respondents confessed that their choices in digital assets are based on Musk’s statements, opinions, and tweets.

Other influencers are Warren Buffett ranking second and Snoop Dogg, the rap star, ranking third. They have an influential rating of 9% and 7%, respectively.

Featured image from Pixabay, chart from TradingView.com

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Bitcoin Alleviates Future Uncertainty

Lingua Contra Imperium

The Language of Bitcoin: 2

TL;DR – The government has pulled us into the deep waters, financially, to keep us vulnerable. Vulnerable people have the highest time preference, because they have the most future uncertainty. We’ve gone from a society that proudly claims to protect and nurture its most vulnerable populations, to a society that creates them as a matter of course. This is why you find yourself treading water financially. Vulnerable people consume without future regard.

Order

If I were to hazard a guess as to what being a Bitcoiner is about, I’d say it’s about the restoration of order to the monetary system so that we can collectively progress in a more honest and efficient way.

Order can be thought of as the arrangement of people or things in relation to each other according to a particular sequence, pattern, or method. The key word here is “particular”. The dollar has no “particular” pattern. It is issued and debased arbitrarily.

As discussed last week, a centralized currency such as the U.S. dollar cannot hold. Moreover, markets run inefficiently on this ever varying unit of monetary measure. All fiat currencies fail because no one can resist the temptation to simultaneously print more money for themselves and debase the holdings of others. Bitcoin however, has unforgeable costliness, and a supply cap of 21,000,000.

Bitcoin’s systematic order looks markedly different from that of the U.S dollar. There is no single point of issuance or failure. The supply is fixed, and everyone can participate in the issuance or validation of new coins, and they wear the energy cost of that participation on their sleeve, or at least in a fairly transparent and calculable manner. On the other hand, the energy cost of U.S. dollars is computationally intractable.

Progress

What does progress mean? Progress to my mind means we are able to accrete values and goals with increasing efficiency over longer time scales, as individuals but also collectively. Bitcoin promotes honest value development and goal accretion by rewarding time spent pursuing both. The key words here are “time spent”.

Dollars do not store value long enough to promote the accretion of long-term goals. Dollars incentivize debt and instant gratification.

When you buy Bitcoin, you are buying yourself time later. You are exchanging time now for time later. Conversely when you buy debt-based dollars, you are wagering time later for time now.

Progress means we are able to meet our ends in increasingly efficient ways over time. I make no promises as to what this may look like. Work introduced into a system has no guarantee of yield. But through Bitcoin, the trade made for your time, and the incentive to work and provide maximum value in exchange for it is tremendous. Bitcoin is an incredibly resolute form of money.

Bitcoin is money with purpose. It promotes its own production, and inhibits its own destruction, at the expense of energy and its competitors. Dollars are printed arbitrarily, to no discernible purpose. With dollars, one is always playing with imperfect, incomplete information. Bitcoin is a game of more perfect though incomplete information. This means that knowledge about the fundamental operations of Bitcoin is available to anyone who is interested, although you may compete in the system as a miner, for example, without broadcasting complete information about your strategic business moves, making Bitcoin a game incomplete though fundamentally perfect information.

Efficiency can be thought of as the work performed or energy expended by miners to secure the bitcoin network divided by the monetary savings the network secures. One way to calculate this would be to take the net mining energy expenditure, and divide it by the market cap. The current state of this equation is left as an exercise to the reader, and I challenge you to find or invent a monetary technology that is more efficient.

As a hard store of value, Bitcoin is essentially a monetary battery, with the quirk that inside this battery your buying power has historically increased over time even without the additional input of more Bitcoin, making the system exponentially more efficient, time-wise, than saving in dollars.

So saving in Bitcoin is efficient, and inversely, saving in dollars is deficient. Yes, saving in dollars is counter productive. This is why wealthy people spend time recasting their wealth into objects which they pray will leak value at a slower rate than the dollar.

The whole housing market and stock market are massively inflated bubbles. People turn to them, and other strange assets that simply don’t hold value very efficiently, because they understand that holding value over time in dollars is deficient and costly.

As the adage goes, Bitcoin is the pin. Bitcoin is the most efficient store of value there is. You can choose to ignore it, but you cannot insulate yourself from money that is harder than yours.

Bitcoin will drain the housing market and the stock market of all the monetary energy that is desperately stored there in hiding from the dollar.

Technological Progress

Bitcoin, AI or general technological advancement won’t displace jobs anymore than the wheel or the loom did. But this is a discussion for another time.

People adapt, becoming more productive over time through collaboration. Capital accumulation and the successful redeployment of capital should function in such a way as to make work more efficient. Many people in first world countries have more capital, property, and time at their disposal than people living just a century ago would have ever thought possible. Although at the same time, some parts of the world remain basically as they have for centuries, as if isolated at a local technological optimum.

Technological advancement could cripple or destroy a society (Think of nuclear war.) but we tend to perceive the benefits of new technologies as outweighing their anthropic risks (Think of nuclear power.) What is important to remember is that you cannot put the genie, in this case Bitcoin, back in the bottle.

When a new technology is socially proven, its invention cannot be undone, for better or worse. Again, this is a discussion for another time. The takeaway here is that Bitcoin took the innovations of proof-of-work, distributed ledger, issuance halving and difficulty adjustment, and packaged them together in a way that is virtually unstoppable. So Bitcoin as a technology cannot be revoked or uninvented, but it can be improved. Although as it stands Bitcoins is a spreading societal meme, its adoption has historically only grown over time.

Choice

Bitcoin is built on leaderless, transparent economic principles that reward both cooperation and competition, and diminish future uncertainty. What is the dollar built on?

What is the dollar built on? This is an exercise to the reader. What energy is expended to secure the U.S. dollar? Remember it is issued by mandate and maintains its place in the world with the threat of and through violence. The dollar is an inherently authoritarian tool.

Dollars are used in America to meet our coincidence of wants because dollars have enjoyed enough longevity for the population to have forgotten they are making a choice to trade for these things.

Do not take dollars for granted as your currency. Think of them as a choice you make. You spent a lifetime working and trading your time for dollars, and in 2020 they created trillions more of them, debasing your savings by at least twenty percent, and that is only one recent example. You’ve chosen to store up all your time, all your purchasing power in U.S. dollars and yet every year they issue more. Your money is losing purchasing power every year.

Going forward, you have a choice. There are no legal repercussions for exiting the U.S. dollar individually. Many would tell you this is the trade of a lifetime.

Capital

One particularly American tragedy:

We allocate our time and the capital we have at our disposal to unproductive ends, ends which meet our immediate needs, rather than making low-time-preference, highly-collaborative investments with our bodies, minds and property in order to alleviate future uncertainty.

Delayed gratification is key to a successful life of capital accumulation

Owning capital is a responsibility and not a privilege. In order to become a capitalist, one must first produce something of value to others.

At every moment, successful capitalists must choose to abstain from taking payment to satisfy their own needs, but instead redeploy the capital to further provide value to others through increasingly productive processes.

Bitcoin is the meeting of our ends, the ending of our needs.

I would call this procedure of Bitcoin ending our needs a demonstrative teaching of wants. Over time, hodling has demonstrated to its practitioners the rewards of delaying gratification and adopting a low-time-preference lifestyle.

Your $1,200 stimulus check would be worth around $8,765 today if you’d bought Bitcoin with it in April 2020. Within a year, that same stimulus check held in a bank has lost value, irrevocably.

Your money held in banks is worth less over time. Rather than alleviating future uncertainty, U.S. dollars are its root cause.

Your wealth held in dollars will never regain value to outpace inflation. The value of dollars melts away day after day. Sure, some money is taken off the table when debts are paid to banks, but whenever the central banks issue a loan, they are bringing new currency into existence, and that is all on top of government printing.

There is an insidious misconception that we need inflation to support a growing population. Inflation is a covert, slow form of taxation. It thrives on your time.

So we’ve lost our ability to save effectively through U.S. dollars. We’ve lost our ability to use dollars as an honest unit of account over time. We were born inside a debt trap, a trap set to alleviate our basest desires in exchange for all of our productive energies.

In America, our money teaches us to serve and appease our limbic system first, and America promises in exchange we will be able to finance our dream future through debt.

Delaying acting out our immediate desires, or acting now in anticipation of future wants and needs is thought of as a low-time-preference mindset.

Children often want what they feel they want precisely when they want it. One way the dollar maintains its position of power is by using American consumerism to prey on your limbic system. The dollar does not encourage the deferral of consumption in exchange for future reward. Your ability to alleviate future uncertainty is in direct proportion to the extent to which you are able to stave off immediate desires

Vulnerability

The government has drug us into the deep waters, financially, to keep us vulnerable. Vulnerable people have the highest time preference, because they have the most future uncertainty. We’ve gone from a society that proudly claims to protect and nurture its most vulnerable populations, to a society that creates them as a matter of course. This is why you find yourself treading water financially. Vulnerable people consume without future regard.

Invulnerable people hodl Bitcoin.

Selling fear is an effective smoke screen. It is a great filter that keeps people from accumulating enough power to effectively protest the government. Fear keeps one from effectively planning for the future. As you busily prepare yourself for the next pandemic, the next war, the next virtual emergency, the next environmental disaster, you lose sight of your long-terms goals.

Do not pursue what is illusory.

Hodl Bitcoin instead.

Wait but aren’t you selling fear of fiat money and the government?

Bitcoiners do not promote fear of the U.S. dollar. They promote education about it and the freedom of monetary choice. I’m urging you not to trust me. I need you to look into the validity of what I am putting forward for yourself and come to your own conclusions.

At the heart of this country is central banks, and in the heart of the heart of this country, is trust. Which is touching, but poor strategy at best, and a fly-by-night operation of theft that perpetuates oppression and is enforced by violence at worst.

At the heart of Bitcoin is transparency. Don’t trust, verify. Edify. Do your own research. If you need a goal, make your goal to increase your future certainty.

The goal may be to live the longest life allotted to you, in the company of people you care about, doing whatever it is you enjoy.

What does this have to do with Bitcoin?

Bitcoin alleviates monetary future uncertainty insofar as one can. Do you understand?

Bitcoin is dependable. I am not talking about the price. Every operation of Bitcoin is independently verifiable, and unlike the dollar, Bitcoin encourages the self custody of your wealth, which is the strongest form of property ownership. The rules of Bitcoin can change slightly, but rarely, with notice in advance and only when bitcoiners come to a majority consensus, in an open and public way.

Time

Because our time is scarce, it is valuable. We can use it to provide ourselves with means. There is always an alternative, more valuable use of time for us, and that must always be taken into account.

Opportunity cost is the cost of an activity in terms of the forgone alternative one would have engaged in.

Bitcoin is a constant that can define the value of your time and become its organizing principle.

Trade

A seller always values a good less than its price, while a buyer values it more.

The goal is not to buy Bitcoin to sell at a later date for an objectively worse asset such as dollars. The goal is to exit U.S. dollars. Period.

What happens to dollars after you’ve traded out of them is irrelevant. They are unconscionably flawed. Holding Bitcoin is owning superior monetary technology. It is the hardest form of money.

You will likely see the value of your Bitcoin rise when denominated in dollars over time. Instead of selling your Bitcoin at that time for dollars, ask yourself why the buyer values Bitcoin more than its dollar price. Consider the opportunity cost of this trade. Consider the absolute savings advantage of the buyer.

Financial savvy requires the ability to compare both sides of any trade in your mind at once. I’m not talking about the stock market. I’m talking about the countless trades you make every day with yourself. I’m talking about for what you have traded your time.

Trading time for dollars is an objectively poor strategy. More and more, people are realizing there is a superior asset out there, one that is truly scarce, and relatively easy to acquire. Once you’ve traded your dollars for bitcoin there is no reason to trade them back.

There is always an alternative, more valuable use of time for us, and that must always be taken into account.

With regards to the dollar it’s time to determine the length of your torture, the limits of your endurance, your own fate.

As to the future, if the path we are walking were clear, we’d be on someone else’s. Bitcoin is singular. No one knows how this will play out, but Bitcoin is the best explanation for the way money is so far.

Bitcoin is the black swan. It is spooky action at a distance. Bitcoin is the singularity. It is the event horizon. It is the monetary technology that will subsume and eclipse the rest.

Bitcoin has no incentive to deviate from its initial strategy. For what it does, it has no competition. It is the final settlement layer. Bitcoin is the Nash Equilibrium of sound money.

Between Bitcoin and fiat, there is an extreme contrast of approach to solving the problem of money. People often smooth over these differences by classifying Bitcoin as an investment. Bitcoin is not an investment. Bitcoin is property and money at once. Once you’ve realized Bitcoin as your operating unit of account, there is no reason to ever exchange it for dollars.

The dollar is deliberate noise. Bitcoin is deliverance from noise.

Bitcoin has an opaque definition. You either control a positive sum of Bitcoin, some fraction of 21 million, or you do not. With dollars, there is no such clarity.

Picture this:

On the one hand you count with no more than five fingers, yet with just those five fingers you’ve managed thousands of sums, a lifetime of arithmetic, despite the fact that in actual practice no more than five objects were ever counted. This is Bitcoin.

On the other hand you have fiat, an unlimited series of digits, innumerable dysfunctional fingers, sprouting at all angles like a cancer, in service of nothing.

Any fixed amount of a money will suffice for the world to meet its coincidence of wants.

21,000,000.

22 August 2021

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$1,200 Stimulus Check Would Now Be Worth $8,765 If Used To Buy Bitcoin

Your $1,200 stimulus check would be worth around $8,765 today if you’d bought Bitcoin with it in April 2020.

Your $1,200 stimulus check would be worth around $8,765 today if you’d bought Bitcoin with it in April 2020.

On 27 March 2020, after the U.S. Government had brought our economy to a screeching halt through lockdowns and other mandates in a turbulent and misleading overreaction to the natural spread of a virus, President Donal Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act.

$1,200 payments were made to every American earning under the income limits, which were set at an adjusted gross income of $75,000, or $150,000 for married couples filing jointly. The majority of Americans fall in this category.

This event escalated an already out-of-control inflation problem in the U.S. The CARES Act brought $2.2 trillion more dollars into the economy, and set the precedent for even more money printing. The problem of printing more money is that of decreasing marginal utility. As the Fed prints, the amount of money they need to fund whatever they like increases, and the subsequent printings are of greater quantities to be of any consequence.

Do not be fooled. Money printing is not even a quick fix. It does nothing to stimulate the economy long term. Inflation is a covert, slow form of taxation. It thrives on your time.

The negative effects of inflation are felt by bankers and those who work in or with the government in high positions of power, those who are closest to the money printer last. Inversely, the effects are felt by the average Americans, and those abroad whose economies our government disastrously intervenes in (to control) to centrally plan, first.

The Cantillon effect is the U.S. Government raising the temperature ever so slightly, almost imperceptibly, so that you, the frog, don’t jump out of their fabled melting pot.

The misconception that we need inflation to support a growing population is an insidious robbery of every hour you have spent working. It is reckless. It is near-sighted. It is infantile. It is a breathtaking display of poor strategy. The value of your $1,200 stimulus check, if left in dollars, has only depreciated.

The value of your stimulus check held in Bitcoin has only appreciated. This is because, unlike the dollar, the supply of Bitcoin is ultimately fixed. Bitcoin has historically been adopted and purchased at a rate that far exceeds its ever decreasing, transparent, and scheduled inflation.

Thus, historically, Bitcoin has been great for both creating and maintaining wealth.

So the next time someone hands you a couple of free petrodollars, buy Bitcoin instead. 

Source

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