The Feds seize Bitcoin routinely as the result of criminal investigations just as they do luxury boats, houses, cars and traditional bank accounts. They now have an estimated $3 billion worth on their books and as they have on two previous occasions are preparing to sell them. CryptoNews.com argues they’d better serve the public by holding onto them.
In a major step towards the adoption of crypto currencies by Federal regulators, the Chairman of OCC has issued an Interpretive Letter authorizing the use of public blockchain networks and stablecoins, to perform banking-legal functions, such as payment activities. This is a major move toward the adoption of non-stablecoins by the traditional banking system.
Money is, and always has been, an evolving concept. In this age of interconnected computers we’ve reached a new turning point. The U.S. Treasury no longer prints a paper dollar for every dollar it creates. Many of the ‘dollars’ are simply electronic manifestations within a computer it then transfers to The Fed which it turn transfers it to banks. Nothing real, as we understand reality, just bits of electricity in circuits. So is a crypto currency without any government control so farfetched? Read more.
The Washington Examiner has posted an overview of the history of Bitcoin along with a speculation as to its future. Worth reading despite the occasional snide comment and a failure to appreciate the big picture Bitcoin embodies.
My very best to you all and let us hope and work for a better 2021, to the extent the pols will allow it.
In Ecuador, as in many Latin American countries, the custom on New Year’s Eve is to burn a human figure dummy. These dummies are about three-fifth full size, dressed in all manner of clothing, often designed to resemble political figures. You write the events or memories of this past year on a slip of paper then then place it in a pocket of the dummy. Toward midnight the dummy is carried to the street where it is burned. This year Cuenca outlawed the sell of dummies which is a significant source of income to the poor. After protests they relented but still prohibit their burning Thursday night. Good luck with that. The local police refused to enforce the anti-family gathering edict for Christmas and my guess is they won’t enforce this one either.
“Justice Gorsuch’s book reminds us that our government exists primarily to protect our freedom and that this framework is something we ought to work to preserve. Preserve not just for ourselves but for future generations of Americans so that they too may experience what it is like to live free.” ~ Ethan Yang
Though the national and state governments here have prohibited a normal Christmas, the spirit remains. We look forward to returning next year to the usual colorful and joyous festivities. From two years ago:
We’ve been retired here in Cuenca in the Andes for over seven years. I’ll be posting about expat life and expat life in South America from time to time. Here is a popular website that keeps English speaking expats up to date on events in Ecuador. You’ll see it’s a quite different life. While many things will seem very similar, a great many are very, very different.
According to The Federalist, just as Japan faltered in the 90’s when ‘everyone’ thought they were on the verge of becoming the dominant world economic power, so too is China now beginning to falter. Having overextended itself it is about to face the consequences and with that comes a measure of peril for the U.S. and the free world.