21st October 2024 > > The naysayers are at it again.

tl;dr

The bureaucrats are running scared of BTC, an incredibly positive and healthy sign. This is the good fight, and we will prevail.

Market Snap

Market Wrap

If we see a couple of days of strong ETF inflows, we are going to burst through $70k for the first time since early June, which feels like a long time ago.

Curious Cryptos’ Commentary – ECB follow-up

Following on from yesterday’s damning critique of the ECB’s institutional prejudice (https://www.curiouscryptos.com/post/20th-october-2024-the-ecb-lets-itself-down-again) against liberty and freedom embodied in the crypto revolution, I have come across some comments on X which are even more forceful than mine. Let’s sit back and enjoy Tuur Demeester’s personal take on the latest garbage issued by Convicted Criminal Christine Lagarde’s minions.

“This new paper is a true declaration of war: the ECB claims that early bitcoin adopters steal economic value from latecomers. I strongly believe authorities will use this luddite argument to enact harsh taxes or bans.”

“In all the years I've been monitoring the bitcoin space, this is by far the most aggressive paper to come from authorities. The gloves are off. It's clear that these central bank economists now see bitcoin as an existential threat, to be attacked with any means possible.”

“Then they go on to brazenly advocate for legislation ... "to prevent bitcoin prices from rising or to see bitcoin disappear altogether" in order to prevent "the division of society".”

“And no, this won't be a war between haves and have-nots. Rather this will be a historic clash between those who stand for the natural rights of the individual, and those who clutch at the failed ideologies of collectivism and central planning.”

“Many of us have warned that this was coming: bitcoin as a major political fault line both in national and international elections. Well here it is. It means that us HODLers must take action to insure (sic) that governments respect our basic right to hold property.”

So, there you have it. This is a fight for our freedom and liberty. The naysayers cannot be allowed to win.

Curious Cryptos’ Commentary – And now the US central bank is playing the same game

The Federal Reserve Bank of Minneapolis has issued a rather concerning working paper:

https://www.minneapolisfed.org/research/working-papers/unique-implementation-of-permanent-primary-deficits

The introduction to the abstract gives us unique insight into the thinking (if it can be called that) of the technocratic elite:

“In an economy with incomplete markets and consumers who are sufficiently risk averse, we show that the government can uniquely implement a permanent primary deficit using nominal debt and continuous Markov strategies for primary deficits and payments to debtholders.”

We all know that the US government’s debts of over $35 TRILLION can never be paid back, but this paper is aimed at actively encouraging an annual primary deficit. That is quite extraordinary.

The authors then identify BTC as the barrier to an ever-increasing debt-load and associated interest payments:

“But this result fails if there are also useless pieces of paper (bitcoin for short) that can be traded. If there is trade in bitcoin, then there is no continuous Markov strategy for the government that leads to unique implementation.”

Gotta love that dig: “… bitcoin for short …”.

…

The paper then goes on to try to hide behind some mathematics that need not concern us here. The conclusion is predictable – extra taxes on cryptos or an outright ban.

Curious Cryptos’ Commentary – Not to be outdone the ECB raises again

Having read the Minneapolis paper, and concluding that the earlier ECB paper wasn’t aggressive enough, Senior Management advisor at the ECB, Jurgen Schaaf, posts on X:

“Non-holders should recognize that Bitcoin’s rise is fuelled by wealth redistribution at their expense. There are compelling reasons to advocate for policies that curb Bitcoin’s growth or even eliminate it.”

Which unfortunately for Schaaf is an incredibly powerful argument for buying BTC, though he did not mean it that way.