Category: NEWS
Fiat Money Has Won The Battle Against Cryptocurrencies, Says BIS Chief
Fiat Money Has Won The Battle Against Cryptocurrencies, Says BIS Chief
Authored by Naveen Anthrapully via The Epoch Times,
Agustin Carstens, head of the Bank for International Settlements (BIS), believes the battle between cryptocurrency and fiat currencies has come to an end, with the latter emerging as the winner. Fiat currency refers to money that has legal tender by government decree.
“That battle has been won … A technology doesn’t make for trusted money,” Carstens said in an interview with Bloomberg TV on Wednesday.
“Only the legal, historical infrastructure behind central banks can give great credibility” to money, he added.
Carstens is anticipating a “strong statement” from the G20 nations for stronger regulation on digital assets, pointing out that crypto as a financial activity can only exist “under certain conditions.”
Castens’ statements come after cryptocurrencies crashed over the past year, with Bitcoin – the most valuable cryptocurrency in the world – down by around 38 percent. After hitting a 2022 peak of around $47,450 in March, Bitcoin was trading at $23,700, as of Feb. 22, up around 60% from its Nov 2022 cycle lows.
The crash in cryptocurrencies is pegged on multiple factors. For one, rising interest rates made holding cash much more attractive than investing in risky and volatile assets like cryptocurrencies.
The crash of the LUNA coin in May added to the decline. At one point, LUNA was ranked as the seventh biggest cryptocurrency in the world. But following an unsustainable business model and other issues, LUNA declined by 96 percent in a single day in May 2022.
Confidence in the crypto market fell further in November when FTX, one of the largest crypto exchanges at the time, filed for bankruptcy after concerns about the company’s balance sheet and subsequent withdrawals triggered a liquidity crisis.
Flaws of Cryptocurrencies
A report published by the International Monetary Fund (IMF) in September 2022 that was co-authored by Carstens outlines three flaws that prevent cryptocurrencies from acting as a “sound basis for the monetary system.”
First is that cryptos lack a “sound nominal anchor.” Cryptocurrencies themselves are highly volatile.
Meanwhile, stablecoins, a type of crypto where its value is pegged to an asset like the U.S. dollar, “borrow credibility from real money issued by banks.”
Second, fiat money is anchored in a trusted institution like a central bank that guarantees the stability of the currency as well as the final settlement of transactions and their safety.
Crypto does not have such centralized government-level guarantees.
Third, the decentralized nature of cryptocurrencies means that it relies on incentives to anonymous validators to confirm transactions in the form of rents and fees.
This prevents scalability and results in congestion.
“For example, when the Ethereum network (a blockchain widely used for DeFi applications) nears its transaction limit, fees rise exponentially. As a result, over the past two years, users have moved to other blockchains, resulting in growing fragmentation of the DeFi landscape,” the report notes.
DeFi is short for decentralized finance.
National Risks
In October last year, the U.S. Financial Stability Oversight Council (FSOC) issued a warning that digital assets like cryptocurrencies could essentially undermine the financial stability of the country.
Despite the distributed nature of crypto asset systems, operational risks can arise due to the concentration of key services or from vulnerabilities linked to the distributed ledger technology on which the assets rely, the agency stated.
“Crypto-asset activities could pose risks to the stability of the U.S. financial system and emphasizes the importance of appropriate regulation, including enforcement of existing laws. It is vital that government stakeholders collectively work to make progress on these recommendations,” the report warned.
In a blog post on Jan. 27, the White House cited dangers from cryptocurrencies, including potential financial losses, fraud, and the empowerment of America’s rivals.
National security adviser Jake Sullivan had placed cryptocurrencies on the administration’s radar in June 2021 following the ransomware attack on Colonial Pipeline in May that year. Colonial was forced to pay the hackers 75 Bitcoins in ransom, which amounted to $4.4 million at the time.
In June 2021, former president Donald Trump had also indicated that he was not a fan of Bitcoin, pointing out that it was competing against the U.S. dollar as the reserve currency of the world.
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[ZH: In response to all that projection, ignorance, and hyperbole, we paraphrase from the bard himself (for added credibility, of course): “the fat man whose salary depends on fiat’s dominion doth protest too much, wethinks”...]
Tyler Durden
Fri, 02/24/2023 – 06:30
https://www.zerohedge.com/crypto/fiat-money-has-won-battle-against-cryptocurrencies-says-bis-chief
From ‘barely reading’ to Google: Successes of NYC charter school alum
Six alumni of New York City’s charter schools explain how charters helped them learn, grow and excel at places like Google and Howard University — and continue to be a part of their lives.
https://nypost.com/2023/02/24/success-stories-from-alumni-of-nycs-charter-schools/
Special programme from Lagos: Nigeria gears up for presidential vote
We bring you a special edition of Eye on Africa from Lagos, ahead of Nigeria’s crunch presidential election on Saturday. Some 93.5 million voters are eligible to cast ballots to choose a new president, Muhammadu Buhari having already served two terms. Shortages of cash and fuel, as well as power cuts and rising inflation are among the key issues on voters’ minds. FRANCE 24’s Georja Calvin-Smith reports from Africa’s most populous nation.
US Black Hawk Helicopter Appears In Use By Ukraine’s Military Intelligence
US Black Hawk Helicopter Appears In Use By Ukraine’s Military Intelligence
Authored by Kyle Anzalone & Will Porter via The Libertarian Institute,
Ukraine’s military intelligence agency has shared photos of a Black Hawk helicopter. The American-made aircraft was painted with a Ukrainian flag, and the intel org suggested it was used in military operations.
Two photos showing a Black Hawk were posted on the Twitter account and website of Ukraine’s Main Directorate of Intelligence on Tuesday. A press release accompanying the images said the agency had recently completed military missions.
“Military intelligence aviation of Ukraine continues its work on the front line of the defense of our country. Reconnaissance pilots have just returned from another combat mission,” it said, adding that “Combat helicopters significantly increase the capabilities of the special units of the Main Directorate of Intelligence and the effectiveness of special operations.”
Another aircraft seen in the photos was identified by the Drive as a Ukrainian Mi-24 Hind.
It is unclear how Kiev obtained the American helicopter or whether it has been used in combat operations. Officially, the White House has approved sending Soviet-era Mi-17 Helicopters – aircraft formerly owned by the Afghan government prior to its collapse in 2021 – though it has made no mention of Black Hawks to date.
In June, the assault and reconnaissance wing of the Intelligence Directorate, known as the ‘Shaman battalion,’ claimed to have carried out operations inside Russian territory, according to the Times of London. The outlet said the commandos were flown into the country via helicopter, but did not specify what type.
🔥 Military intelligence aviation of #Ukraine continues to work at the front line of our country’s defense
😎 Reconnaissance pilots have just returned from another combat mission.
🔗 https://t.co/XQPJyyX6ZI pic.twitter.com/QvRugneSlm
— Defence intelligence of Ukraine (@DI_Ukraine) February 21, 2023
Despite repeated demands from Kiev, President Joe Biden has resisted sending long-range weapons over concerns they could be used for attacks on Russian soil.
However, the White House has nonetheless authorized increasingly heavy arms shipments, including the ground-launched small-diameter bomb (GLSDB), which can strike targets more than 90 miles away, as well as dozens of advanced HIMARS multi-launch rocket platforms, a Patriot missile battery and a number of other systems.
Tyler Durden
Fri, 02/24/2023 – 03:30
‘Succession’ to end with Season 4 on HBO, creator Jesse Armstrong says: ‘I feel deeply conflicted’
“Succession” creator Jesse Armstrong says the hit HBO series is ending with upcoming season 4. “It feels quite perverse to stop doing it.”
Florida death row inmate Donald Dillbeck uses last words to trash Gov. Ron DeSantis
A death row inmate in Florida used his final words to criticize Gov. Ron DeSantis, claiming the Republican leader has “done a lot worse” than him.
Just minutes before Donald Dillbeck, 59, was executed in the Florida State Prison death chamber Thursday night, he admitted to hurting people when he “was young” but saved his final comment to call out DeSantis.
“I know I hurt people when I was young. I really messed up. But I know Ron DeSantis has done a lot worse. He’s taken a lot from a lot of people. I speak for all men, women and children. He’s put his foot on our necks,” Dillbeck said, according to the Tallahassee Democrat.
After the comment, officials at the Florida Department of Corrections began the process of administering three drugs that sedated him, paralyzed him, and then stopped his heart.
FLORIDA COP KILLER ON DEATH ROW EATS LAST MEAL BEFORE EXECUTION
He was pronounced dead at 6:13 p.m., just 11 minutes after the process started, the Tallahassee Democrat reported.
Dillbeck was convicted of killing two people and was sentenced to death 32 years ago following the 1990 fatal stabbing of Faye Lamb Vann, whose family members were sitting in the witness gallery.
They did not speak to reporters after Dillbeck was put to death.
In a statement put out later by prison system spokeswoman Michelle Glady, Vann’s children Tony and Laura Vann said Dillbeck “robbed” them of time they could have spent with their mother and that his death brought “some closure.”
“11,932 days ago Donald Dillbeck brutally killed our mother,” they wrote in the let, per the report. “We were robbed of years of memories with her and it has been very painful ever since. However, the execution has given us some closure.”
Dillbeck’s criminal history includes him fatally shooting a Lee County deputy when he was just 15 years old, receiving a life sentence for that murder, escaping custody and killing again.
PREGNANT FLORIDA SUSPECT IN UBER MURDER SEEKS RELEASE BECAUSE UNBORN BABY NOT CHARGED WITH CRIME
The then-teenaged Dillbeck killed Lee County Deputy Dwight Lynn Hall, 31, in 1979, during a scuffle where Hall tackled Dillbeck, who grabbed the deputy’s gun and shot and killed him, the Tallahassee Democrat reported.
The incident took place as Dillbeck was on the run for a carjacking offense.
In 1990, while Dillbeck was serving a life sentence in Gadsden County for that murder, he escaped from authorities and fled to Tallahassee. Once in the city, he attempted to carjack a vehicle at a mall containing Vann, who he then stabbed to death.
Dillbeck’s last meal included fried shrimp, mushrooms, onion rings, ice cream, pecan pie and chocolate, officials said.
On Wednesday, the U.S. Supreme Court declined to block Dillbeck’s execution.
Fox News’ Louis Casiano contributed to this report.
https://www.foxnews.com/us/florida-death-row-inmate-donald-dillbeck-last-words-gov-ron-desantis
LAURA INGRAHAM: How does America’s chief salesman measure up?
Laura Ingraham breaks down how President Biden can’t sell his Ukraine efforts to the rest of the world and how the divide on the war is deepening on “The Ingraham Angle.”
LAURA INGRAHAM: What does it take to be a great salesman? Well, it helps to have sharp communication skills, but at a minimum, you need to believe in the product that you’re selling. So how does America’s chief salesman measure up?
LAURA INGRAHAM: WHAT ABOUT PROTECTING AMERICANS?
…
It turns out that few countries outside of Europe really care about what Biden says or does about Ukraine. They don’t. The Washington Post today is reporting that the global divide on the Ukraine war is deepening, not shrinking.
The world is far from united on the issues raised by the Ukraine war. The conflict has exposed a deep global divide and the limits of U.S. influence over rapidly shifting world order. Evidence abounds that the effort to isolate Putin has failed. Well, these facts are devastating. Since the invasion, our ally, India, has allowed its trade with Russia to grow by 400%.
And nine countries in Africa, in the Middle East, visited the Russian foreign minister in recent weeks. But wait, the Biden people are going to say, “Well, wait, wait, ‘Ingraham Angle,’ 141 out of 193 U.N. countries voted to condemn Russia’s invasion of Ukraine.”
https://www.foxnews.com/media/laura-ingraham-does-americas-chief-salesman-measure-up
Ukrainians overwhelmingly reject conceding land to end war; UN votes 141-7 to condemn invasion: Updates
An overwhelming majority of Ukrainians remain unwilling to concede any territory to end the yearlong war with Russia. Live updates.
See what this man did when a carjacker attempted to take his vehicle
A Washington man was putting air in his tires when he nearly became a carjacking victim. CNN affiliate KPTV reports.
SEAN HANNITY: Pothole Pete and his team didn’t have much to offer
Sean Hannity rips into Transportation Secretary Pete Buttigieg for “finally” making a trip to Ohio after the wreckage in East Palestine on “Hannity.”
SEAN HANNITY: THIS IS NOT HOW JUSTICE IN AMERICA IS SUPPOSED TO WORK
SEAN HANNITY: America’s under-qualified Transportation Secretary Pothole Pete finally made a trip over to Ohio, but he was definitely not thrilled to be there as he looked miserable the entire time. He was dodging and ducking questions all day.
He refused to take any responsibility for anything. In fact, he all but blamed a vast right-wing conspiracy for his bad press that he’s been receiving, even faulting the Trump administration for the train wreck.
According to Pothole Pete, his only mistake was he didn’t tweet about the crisis sooner. Maybe he should have been dealing with the crisis and a chemical burn that was killing fish and wildlife and injuring human beings. That would have been the smart thing to do. Now, apparently, America’s current transportation secretary is clearly not responsible for America’s transportation…
Follow the norm, don’t show up and don’t care. Is that the norm? Now, other than deflecting criticism, Pothole Pete didn’t have much to offer. Meanwhile, his very own press secretary was even less forthcoming with information. Actually, she was demanding that members of the press turn off their cameras before they would ask any questions.
https://www.foxnews.com/media/sean-hannity-pothole-pete-team-didnt-have-much-offer