Combined cryptocurrencies ever increasing token supply
Five years ago, during the hype of 2017 bull market, hacking concerns within a Decentralized Autonomous Organization related to Ethereum led to a fork and lawsuit concerning governance and possible asset classification as securities. Today's crypto issues remain intact and unsolved. Five years in information technology is an eternity. Compliance and regulatory concerns are exacerbated, a greater number of users do not find relief in the industry's widespread lack of security. A current class action jury trial against Coinbase estimates combined plaintiff loss in excess of one billion dollars.
As further investigations reach most exchanges and platforms, disputed amounts could approach total market capitalization of all cryptocurrencies. It seems people over the years have placed their money into the most gigantic laundromat ever devised. International law remains lagging to speed of fraudulent transactions. Central banks show recent determination to reduce fiat money supply. Scarcity, the most advertised quality of cryptocurrencies, is substituted by abundance of new token issuance. Use cases for common citizens remain sporadic. Crypto industry main advertising theme remains speculation through entertainment.
Inflation is entrenched and central banks will continue increasing rates in the foreseable future. If interest rates are held at high levels for the long term, incumbent traditional financing might adapt technological advances promoted by crypto and keep market share intact. Disruption without security won't survive long. First World economies are learning the excitement of unpredictable third world lifestyles. It has become fashionable to upgrade any prices at a moment's notice. Price stability looks boring and unappealing to career speculators. Magically marketed cryptocurrency scams offer returns supposed to be higher than inflation. It is late when robbed investors discover, the hard way, that funds are destined to be stolen by hackers, while platforms won't ever take responsibility.
Quantitative easing expanded money supply during the last several years to comical levels. Quantitative tightening must reduce money supply during the next several years to historical levels. Entrenched inflation must be vanquished. Real interest rates are supposed to be positive, according to macroeconomic theory. A mere 0.75% or 1% hike won't match currently alarming high levels of nominal inflation. Holding money should be rewarded rather than punished. Persistent hawkinesh will welcome the benefit of crashing speculative markets, which currently offer no tangible value to consumers. Ill made fortunes must be destroyed. This planet's economic efficiency deserves swift action. Meritocratic central bankers are supposed to act independently from vote seeking politicians. Keeping interest rates lower than inflation is no longer acceptable. Boosted growth bubbles in housing, stocks and crypto will be fun to pop.
World Bank published estimates and projections regarding gross domestic product of the Venezuelan economy. Sustained growth is seen from the lows of 2020, that would be enjoyed throughout this decade. Ceasing US sanctions against Chevron's interests in Venezuela will speed up our return to international markets. GDP figures in billions of nominal U.S. dollars. Sanctions against Chevron will be lifted between November 28 and 30, 2022, since the current authorization for restricted operations in Venezuela expires on December 1. The United States only requires political tourism recipients to provide a lavish photograph to the media, as proof of attendance at a hastily convened Mexico dialogue session this weekend.
Venezuelan citizens will most likely vote in the next elections for exogenous candidates. We will choose anyone who is not endorsed by any of these failed politicians, proficient in nourishing their personal coffers through dialogue and humanitarian aid. It is said that Islam conquers Europe through the wombs of its women. It is not Islam's fault that Christianity encourages abortion and birth control. Almost a thousand years have passed since the crusades, and our xenophobia has not improved at all. Cryptocurrencies turned out to be a horrendous fraud that must be punished. Bitcoins stolen from Mt Gox account holders have not been returned after a decade. Federal Reserve must continue to raise interest rates until all crypto speculators go bust.
Photography Wilfredo Rafael, 40 Grados bajo el Sol