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Cryptocurrency: Backed By What Exactly
by grarpamp 12 May '22

12 May '22

The Problem With Money Authored by Charles Hugh Smith http://charleshughsmith.blogspot.com/2022/05/the-problem-with-money.html I'm simply pointing out "money" isn't simple, and "backing money with X" leads to questions about the nature of "money," collateral and the fluidity and complexity of the social construct we call "money." The problem with money is it isn't just one thing. We think it's one thing because we use it to buy things, but it's actually a bunch of different things. This is why I often refer to it as "money:" in other words, one of the class of things that are stores of value, transactional grease, debts and various other bits and pieces. Recall that "money" is not a fixed class of things; it is a social construct. People agree to use (or are forced to use) something to transact tax payments, debt payments, stores of value, etc. "Money" only has value in a socio-economic system that is a social construct with social contracts and power relations. Everyone wants to pin down what money is, but it isn't that easy. Money stock in the U.S. is called M2, which is basically the total of cash in accounts. On the chart of total debt below (TCMDO), courtesy of the Federal Reserve St. Louis database (FRED), I've noted M2 is currently $21.8 trillion. Is this all the "money"? No. If you own a Treasury note or bond--debt issued by the federal government-- or a bond issued by a state or local government agency, you can sell that debt instrument fior cash. All government debt instruments are also "money." So are private-sector debt instruments. If you own a corporate bond or shares in a mortgage-backed security, you can sell those debt instruments for cash and buy whatever you want--or pay your taxes. Notice how "money" expands. This isn't just from the Treasury printing currency bills, or issuing new bonds, or the Federal Reserve creating "money" out of thin air to buy those Treasury bonds, it's also government agencies issuing bonds, corporations issuing bonds, mortgages on real estate being originated, student loans being issued, auto loans being originated, etc. Note that all this debt "money" is backed by some sort of collateral. It might be a tangible object like a house on a parcel of land, or it might be the income stream from a government, corporation or individual. Let's say we want to back all our "money" with gold. Which kinds of "money" do we back with gold? All of it, or just M2? If we only back M2, i.e. cash, then what's going to back the issuance of new "money" via mortgages originations, Treasury bonds, student loans, etc.? If not more gold, then what? You see the problem. There is $88 trillion in "money" and only $21.8 trillion in cash. If we only back the cash (which also expands--see chart below), then what backs the rest of the "money" when people sell their bonds, etc.? There was about $7.5 trillion in M2 "money" in 2008. Now there is about $22 trillion. If we're backing that "money" with gold, do we triple the number of ounces of gold we hold to back the cash, or do we dilute the amount of gold backing each unit of currency by holding the same amount of gold? Do we limit the issuance of debt based on collateral? In other words, do we limit new loans to M2 cash, meaning any lender that wants to issue a mortgage has to have all the cash in hand? Dp we limit corporations from issuing debt to the cash they have on hand? If we allow the expansion of "money" based on collateral, then how do we back such a rapidly expanding stock of "money"? If we grant that collateral "backs money," and that income streams are a form of collateral, then why do we need to "back money" with gold or anything else? If we back a quarter of "money" with gold and let the rest float on the value (i.e. supply and demand for) collaterized "money," then we have two forms of "money": cash which can be converted to gold in some sort of unit-for-unit conversion and all other forms of "money" which aren't backed until they are converted to cash. So what happens when people sell half the collateral-based "money" to convert it into cash? The supply of cash increases, while the stash of gold backing cash stays the same. What's the value of the cash measured in gold, given that each unit of cash now has a smaller claim on the gold stash? Backing "money" with tangible things like gold sounds like a splendid solution to problems like inflation, but it comes with knotty questions about exactly what counts as "money," what "money" is actually backed, and how is this "money" backed if it cannot be converted into whatever is backing it-- gold, wheat, land, shares in a corporation, etc. Consider a mortgage. The mortgage is debt backed by the collateral of a house on a parcel of land. The house and land "back" the new "money" created when the mortgage is originated. When I pay off the mortgage, I'm converting my cash "money" into what "backed" the "money": a house and parcel of land. In other words, I converted cash into what "backed" the money: a house. If gold "backs" money, then it's only actually "backing" money if I can convert my cash into gold, just as I can convert cash into a house by paying off the mortgage. If we discount collateral as "backing money," then what sort of financial system and economy do we have? Is collateral not a worthy "backing" of "money"? If not, why not? Why is a house and land not worthy of "backing money" any more than gold? And if I can't convert my cash into gold, then what is backing my cash? Wouldn't I be better off with "money" that can be converted into collateral I can use such as a house than "money" I can't actually convert into anything? These questions upend conventional beliefs about "value," "backing money with X" and convertibility of collateral and "money." Am I proposing an answer to these knotty questions? No. I'm simply pointing out "money" isn't simple, and "backing money with X" leads to questions about the nature of "money," collateral and the fluidity and complexity of the social construct we call "money."

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Cryptocurrency: Cubans Route Around Sanctions
by grarpamp 12 May '22

12 May '22

Among handful of other small countries going crypto... 100,000 Cubans Are Using Bitcoin In Response To US Sanctions https://bitcoinmagazine.com/business/100000-cubans-are-using-bitcoin-in-res… https://bitcoinmagazine.com/.amp/culture/cubas-bitcoin-revolution http://cubastudygroup.org/about-us/mission-beliefs-approach/ https://www.reuters.com/world/americas/cuba-approves-cryptocurrency-service… https://www.nbcnews.com/now/video/cubans-turn-to-cryptocurrency-amid-heavy-… A report from NBC states over 100,000 Cubans are using bitcoin and other cryptocurrencies. The adoption of cryptocurrencies was driven largely by mobile internet access which was only provided to Cubans three years ago. The need for sovereign monetary technology spawns from sanctions placed against Cuba preventing the use of international standards of money. Cuba is embracing bitcoin and other cryptocurrencies in response to burdensome U.S. sanctions, according to a report from NBC News. There are reportedly 100,000 Cubans currently using cryptocurrencies which is largely thanks to the introduction of mobile internet access that was only provided three years ago. One particular cafe owner named Nelson Rodriguez was interviewed by NBC due to his acceptance of bitcoin and other cryptocurrencies. In explaining what made Rodriguez decide to accept a new form of payment he stated “I like crypto because I believe in the philosophy.” The philosophy Rodriguez is likely referring to is the idea that money should be sovereign, meaning that it should belong to those who have earned it, and also that money should not intentionally devalue over time. These particular ideals have clashed with both the local government of Cuba, and international sanctions often placed by countries such as the U.S. on Cuba. PayPal, Revolut, Zelle and many other forms of internationally accepted forms of credit or debit cannot be used by Cubans due to sanctions banning the services. Many institutions such as JP Morgan and Deutsche Bank have reportedly faced multi-million dollar fines for providing services to Cubans. On April 27, Reuters reported that Cuba was approving cryptocurrency service providers, pending the receipt of a license from the central bank. A teacher at Colombia's Pontificia Universidad Javeriana Cali and former Cuban central bank economist, Pavel Vidal, reportedly stated: "If the central bank is creating a cryptocurrency-friendly legal framework, it is because they have already decided that it can bring benefits to the country.” Alex Gladstein, CSO for the Human Rights Foundation, wrote an article discussing many of the challenges the people of Cuba have endured. During the writing of said article, Gladstein interviewed a son of Cuban exiles and the executive director of the Cuba Study Group, Ricardo Herrero, to discuss the economic impact of sanctions for the Cuban people. Herrero referred to the embargo placed on Cuba as “the most rigid and expansive sanctions regime towards any society on the planet.” Cubans are now taking monetary ownership into their own hands.

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Ynt: CIA MK Ultra The True Story of Julian Assange
by professor rat 12 May '22

12 May '22

So far my metaphor is holding up insofar as you are leaving and " Squid Vicious " is about to follow since he keeps ODing on his favorite narcotic - antisemitism Don't let the door hit you on the way out Z Its been real.

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Re: CIA MK Ultra The True Story of Julian Assange
by professor rat 12 May '22

12 May '22

' . . . The Rat loved the Revevilgod, and they probably should be friends, or they could be co-workers.Because their governments don't love Assange.I understand that they are still butthurt because Assange has leaked the secrets of the governments . . . " If Evil God scribbled that Qanon, Catholic, Nazi gibberish then he qualifies as a Nazbol ( Marxist-communist-Nazi-fascist ) We would be mortal enemies. If he's propagating it like he believes it I declare him my enemy - albeit a self-destructive one. " Their governments " assumes facts not in evidence. I haven't voted since 1977 and its supposedly compulsory here. And there's no evidence Evil God has anything to do with govt. Unless its through Marjorie Taylor Greene. Assange said publicly he respects govt privacy. The onus is on his deadender Manson-like followers to explain comments like this . . . "... Mr Assange agreed that some level of privacy was necessary for the successful operation of the military ..." http://www.abc.net.au/radionational/programs/drive/assange-i-can-rule-from-… JULIAN " ‘[The military] protects the sovereignty of Australia. It protects the independence of Australia.' ASSANGE July, 2013 Repeating a lie and hoping it will take is part of Marxist socialist and National socialist praxis. It should have no place in any self-respecting anarchists space. Nancy-Spungen, Zeynep A-hole is serial liar - like her Kadet- Nazi-Punk boyfriend . VICIOUS LIARS - GO FUCK YOURSELVES!

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Fwd:Mailman privacy alert
by ZEYNEP AYDOĞAN 11 May '22

11 May '22

Like the others…. > An attempt was made to subscribe your address to the mailing list cypherpunks(a)lists.cpunks.org. You are already subscribed to this mailing list. Note that the list membership is not public, so it is possible that a bad person was trying to probe the list for its membership. This would be a privacy violation if we let them do this, but we didn't. If you submitted the subscription request and forgot that you were already subscribed to the list, then you can ignore this message. If you suspect that an attempt is being made to covertly discover whether you are a member of this list, and you are worried about your privacy, then feel free to send a message to the list administrator at cypherpunks-owner(a)lists.cpunks.org.

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[spam] Tor exit nodes and unsubscription requests
by Undiscussed Horrific Abuse, One Victim of Many 11 May '22

11 May '22

greppable list of exit nodes: https://check.torproject.org/torbulkexitlist

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Punk Rapelbaum lives in Germany
by Revevilgod God 11 May '22

11 May '22

it's been proven, and it's still sending requests

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Re: Punk Rapelbaum lives in Germany
by Undiscussed Horrific Abuse, One Victim of Many 11 May '22

11 May '22

On Wed, May 11, 2022, 5:00 PM <cypherpunks-owner(a)lists.cpunks.org> wrote: > Only subscribers may post to this list. Visit https://lists.cpunks.org > for subscription information. > > > > > ---------- Forwarded message ---------- > From: "Undiscussed Horrific Abuse, One Victim of Many" <gmkarl(a)gmail.com> > To: > Cc: cypherpunks <cypherpunks(a)lists.cpunks.org> > Bcc: > Date: Wed, 11 May 2022 17:00:29 -0400 > Subject: Re: Punk Rapelbaum lives in Germany > > > On Wed, May 11, 2022, 4:56 PM punk <punks(a)tfwno.gf> wrote: > >> >> >> "Undiscussed Horrific Abuse, One Victim of Many" <gmkarl(a)gmail.com> >> wrote: >> >> > Sorry this happened to you. >> > >> > On Wed, May 11, 2022, 3:58 PM <revevilgod(a)gmx.com> wrote: >> >> > > > We have received a request from 144.24.162.178 for the removal of >> your >> > > >> > >> > I guess it's normal to reverse lookup this ip. >> >> > I got Europe/London area using geoip2-database, >> >> >> > it's been proven, and it's still sending requests >> >> >> >> https://whatismyipaddress.com/ip/144.24.162.178 >> >> is a tor exit node, you dumb fucktards. >> > > Thanks a bunch. I think I used to find that via checking a specific port > or something, but I imagine there's a central tor database that is more > reliable. > >>

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Re: [spam][wrong] Being in Danger
by Undiscussed Horrific Abuse, One Victim of Many 11 May '22

11 May '22

On Wed, May 11, 2022, 4:54 PM <cypherpunks-owner(a)lists.cpunks.org> wrote: > Only subscribers may post to this list. Visit https://lists.cpunks.org > for subscription information. > > > > > ---------- Forwarded message ---------- > From: "Undiscussed Horrific Abuse, One Victim of Many" <gmkarl(a)gmail.com> > To: cypherpunks <cypherpunks(a)lists.cpunks.org> > Cc: > Bcc: > Date: Wed, 11 May 2022 16:54:01 -0400 > Subject: [spam][wrong] Being in Danger > I have kind of hyperparanoia a lot. I'm generally always scared. > > Right now somebody has me the ability to remove me and revevilgod from > this list. I use the list for coping mechanisms, and I feel pretty bad when > experiencing harm. I really want to get along with everybody. > > My first stop-gap is generally just to stop and pause. If I get > unsubscribed, I can always resubscribe later. > > This is maybe another reason people keep their addresses anonymous. > > I'm imagining having angered something out there, with my network probing > behavior. I'm not sure how to hold that. > > I'm a very slow person. It can sometimes take me hours to move across an > indoor room, due to my issues. >

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Fw: confirm 273603a0ebe9ecc9238069493e5b4d3886e1842e
by revevilgod＠gmx.com 11 May '22

11 May '22

Punk's probably crying, trying to get me off this list.Try harder cunt > Sent: Wednesday, May 11, 2022 at 9:09 PM > From: cypherpunks-request(a)lists.cpunks.org > To: revevilgod(a)gmx.com > Subject: confirm 273603a0ebe9ecc9238069493e5b4d3886e1842e > > Mailing list removal confirmation notice for mailing list cypherpunks > > We have received a request from 144.24.162.178 for the removal of your > email address, "revevilgod(a)gmx.com" from the > cypherpunks(a)lists.cpunks.org mailing list. To confirm that you want > to be removed from this mailing list, simply reply to this message, > keeping the Subject: header intact. Or visit this web page: > > https://lists.cpunks.org/mailman/confirm/cypherpunks/273603a0ebe9ecc9238069… > > > Or include the following line -- and only the following line -- in a > message to cypherpunks-request(a)lists.cpunks.org: > > confirm 273603a0ebe9ecc9238069493e5b4d3886e1842e > > Note that simply sending a `reply' to this message should work from > most mail readers, since that usually leaves the Subject: line in the > right form (additional "Re:" text in the Subject: is okay). > > If you do not wish to be removed from this list, please simply > disregard this message. If you think you are being maliciously > removed from the list, or have any other questions, send them to > cypherpunks-owner(a)lists.cpunks.org.

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