14th August 2024 > > Attacks on Operation Choke Point 3.0.

tl;dr

Another attack on Operation Choke Point 3.0. And then yet another attack, with mockery made of Dimon and Gensler.

Market Snap

Market Wrap

Open interest is growing, as is the short base raising the risk of a short squeeze higher, which would be nice.

Curious Cryptos’ meme corner

h/t Milk Road, of course.

Curious Cryptos’ Commentary – Operation Choke Point 3.0

Another attack is being made on Operation Choke Point 3.0 with the introduction to Congress of the Virtual Currency Tax Fairness Act:

https://www.congress.gov/bill/118th-congress/senate-bill/4808/text?s=1&r=4

The objective is to put the use of cryptos for small purchases on the same footing as using foreign currency. Any purchases of goods or services with a value below $200 will be exempt from any federal taxes except for sales tax. At a stroke the attractiveness of using cryptos as day-to-day money increases exponentially, not least because of the massive simplification of your end-of-year tax form.

You won’t be surprised to hear that Cynthia Lummis is behind this initiative but pleasingly it is a bi-partisan bill with Kirsten Gillibrand lending her name and support too. It might possibly make its way through both houses. If so, it will be of interest to us to see if Joe Biden’s natural tendency to veto crypto-friendly legislation is overruled by Vice-President and Presidential candidate Kamala Harris. My betting is she would flex her muscles.

Curious Cryptos’ Commentary – Subversive art

UNFK is an organisation dedicated to making positive change in the world by putting pressure on banks, corporations, and persons of influence using pranks and memes. You can sign up to be an agent for UNFK at:

https://unfk.com/_pshwI9uO

Founder and crypto enthusiast Gunnar Lovelace claims to be in contact with an UNFK agent from the future, dubbed “The Oracle”, who claims that the world is headed for a Mad Max-type future unless humankind’s priorities change. As Gunnar himself puts it:

“Embrace transparency, sustainability, and ethical practices - it’s time to prioritize people over profit and this is the only way to build.”

Now, don’t start thinking I’ve gone soft in the head. Normally I wouldn’t give a moment’s notice to a fantasist, and an eco-warrior one at that. But, the objects of his ire are also some of my personal bogey-men, so in this instance, Gunnar gets my attention.

…

At Consensus 2024, a Jamie “you can’t fire me” Dimon impersonator was led around by a dominatrix on a leash, whilst a video had him tickling the testicles of the sculptured bull that remains an icon of Wall Street. It made me laugh.

The latest competition “Give Gensler the Finger” came with a $5,000 reward in SOL. The winner was this mighty fine piece of work:

If you are a crypto supporter, get involved!

…

One cannot help but notice the similarities between UNFK and the Italy-based Luther Blissett Project that ran from 1994 to 1999. The LBP was a secret collective of artists who through the use of pranks and subversive art wished to nudge the world in the direction that Gunnar is now espousing.

Or at least, that is the line I am sticking to, as it allows me to reprint this relatively recent photo of my childhood hero Luther Blissett when he visited the Vic for a game, standing mere yards behind me. My pre-teenage self would have been just a touch overexcited:

Luther, we love you forever more.