BITCOIN’S VALUE WAS FRAUD?

 The Coordinated Manipulation
According to research done by Professor John Griffin of Texas Finance, last years epic rise for Bitcoin was actually done by coordinated market manipulation.

Professor Griffin goes on to explain that he examined millions of transactions on cryptocurrency exchange Bitfinex, and says that “the US dollar pegged cryptocurrency Tether was used to buy Bitcoin at the times that the latter was falling- which helped ‘stabilize and manipulate’ the price”

First I’ll explain what Griffin’s said, and then I’ll explain why he’s wrong about Bitcoin but right about Tether. And it boils down to his understanding of how Exchanges work and how Bitcoin works.

Griffin said “Fraud and manipulation often leave footprints in the data and it’s nice to have the blockchain to track things,” Griffin told CNBC. Whenever bitcoin fell, Tether was used to buy it to prop up the price again.

“It was creating price support for bitcoin and, over the period that we examined, had huge price effects. Our research would indicate that there are sophisticated people harnessing investor interest for their benefit.”

Bitcoin started 2017 at below $1,000 and by Dec 2017 hit 20,000. But as if February to June 2018 it’s been jumping back and fourth from it’s lowest at $6k to the highest $10k (which didn’t even last)  Tether is the 11th largest cryptocurrency and is pegged to the US dollar. Some critics say Tether owners don’t have enough fiat currency to back its $2.5 billion market capitalization.

Bitfinex CEO J.L. van der Velde told CNBC that neither the exchange nor tether helped to boost bitcoin prices. “Bitfinex nor tether is, or has ever, engaged in any sort of market or price manipulation. Tether issuances cannot be used to prop up the price of bitcoin or any other coin/token on Bitfinex,”

Now here’s what I think:

I’ve personally used Tether but I do worry about it. A lot of people have accused Tether of fraud, and Tether certainly hasn’t proven the naysayers.  Do they have the 2.5 billion USD and how are they raising funds?  Essentially as far as I can see, Tether is a non-backed, way of essentially printing virtual USD.  I think Griffin is way off on this one.  USDT (Tether) is a convenient trading pair that can be used with some of the top cryptocurrencies to trade and exchange directly for other coins.

The issue is that a lot of people don’t realize most tokens and currencies are not directly convertible or tradeable for others on exchanges.  Generally you’ll have to sell your ABC alt-coin or tokens for Bitcoin, or USDT and then use the major currency you sold or exchanged to buy say another coin such as Ripple, Litecoin, Lisk etc..  So this is where USDT comes in, if Griffin thinks it propped up Bitcoin I think he is misunderstanding how the exchanges work.  Yes a lot of people are using USDT to buy other currencies but is USDT a market factor?  No, I don’t think so, it’s just simply convenient and I agree with Bitfinex that it doesn’t appear they are using it to prop up Bitcoin.

However, USDT could not be used in such a way if it wasn’t given prominence and primary trading pairs like Bitfinex and other major exchanges have used.  Could some of the exchanges be in cahoots with currencies like USDT and others?  Absolutely, and this is the more likely scenario of market manipulation in the sense that they essentially largely control which currencies fail and flourish.

Any coin that is used as a primary trading pair or in other words directly convertible has more value and will intrinsically be used more as a vehicle to buy coins like Bitcoin.

I think Griffin just raises the simple question about USDT being a fraud and this is the biggest concern but I highly doubt USDT’s existence or trading patterns are responsible for Bitcoin fluctuations directly.  He may derive this from trading patterns but I really just think USDT is a convenient and easy to understand intermediary trading pair vs how you wrap your mind around how many BTC another coin like Ripple, Ethereum or Litcoin is worth etc…

What do you think?

Cheers!
-A. Yasir

Psychopath CEO’s

The Jobs Psychopaths Are In the Most

A person with a Psychopathic personality is defined as having an inflated, narcissistic sense of themselves and are very good at manipulating people. And with the world naturally turning more and more narcissistic with social media and the images of ‘your best self’ (or rather your fake self), it’s getting to be a pretty psychopathic world.

We once considered Ted Bundy and psychopath murderers and honestly world leaders as general well known psychopathy. But as it turns out, the world is filled with psychopaths, and you might just be working next to one. And most surprisingly, is that CEO was ranked #1 for the most psychopaths…I’m a CEO and I’m both worried and fascinated…

So why are there so many psychopathic CEO’s? Well psychopaths tend to go for jobs or careers that put them in leadership positions because they have charisma, are good at making on the spot decisions and are fearless.  They have a goal and they can make it happen and will stop at nothing (including stomping out others) to get what they want.

Kevin Dutton, a British psychologist and writer, specialises in the study of psychopathy, made a list of the types of jobs that attract the MOST PSYCHOPATHS.  In his book “The Wisdom of Psychopaths: What Saints, Spies, and Serial Killers Can Teach Us About Success.”

“Functional psychopaths,” as Dutton calls them, “use their detached, unflinching, and charismatic personalities to succeed in mainstream society.”  Basically, psychopaths are normal people but have a few traits that make them ‘different’.

10. Civil Servant:
Fun fact, in 2014, UK Government officials considered recruiting psychopaths specifically “to keep order,” because they are “very good in crises” and have “no feelings for others, nor moral code, and tend to be very intelligent and logical.”  Ouch.

9. Chef:
Should they really be in charge of our food and knives? But apparently the 9th most popular job for psychopaths is being a chef. According to Dutton, they thrive in chaos. And the chaos of the kitchen is right up their alley.

8. Clergy Person:
This may come as a surprise because we don’t normally associate such a personality type with this job. But according to FBI veteran Joe Navarro, ‘religious organisations may provide a means for people to exploit others, while also giving legitimacy to their actions.’ It’s also very easy to make alliances.

7. Police Officer:
If you thought clergy person was insane, police officer isn’t too far off.  Keeping calm during a stressful situation comes with the job as police offer. And in this dangerous and high intensity job, being able to control your emotions and think before you act comes as a huge benefit.

6. Journalist – it all makes sense now.
If you thought Elon Musk was right to call out mainstream media who then got a lashing out from media personalities, and thought to yourself, wow these media people aren’t professional at all- then you were right. They’re not professional because they are literal psychopaths. Journalism is yet another popular job for a psychopath.

5. Surgeon:
If you’re in need of a surgery, well don’t worry you’re in good hands.  It’s not what you think, again psychopaths are people who do well in keeping calm during stressful situations and can make quick difficult situations, which they have to make everyday. In this respect, be glad you’re in the caring hands of a psychopath. :)

4. Salesperson
Are you a shameless self promoter, who has no qualms of stealing other peoples work or contracts, have a intense desire to earn the most money and can’t be over shot by anyone? Are you in sales? You should be.

3. Media Person in TV or Audio
Narcissism can be a trait of a psychopath, which you can say is an important part of being a public figure. Being a TV anchor or a radio personality is the 5th job with the most psychopaths.

2. Lawyer
Somehow this doesn’t come as a surprise. You’re going to have to be a very motivated person who can manipulate the ‘truth’ and ‘facts’ to fit the narrative you need. Self confidence and deceitful charm can help create a good lawyer.

And lastly,

1. CEO
Yes, that’s right, CEO’s are the #1 job for psychopaths. I never really viewed myself as a psychopath but here’s some of the traits:
Cool headed during stressful situations.
Able to make decisions quickly during intense situations.
Being able to overcome emotions.
Able to remove emotions during situations and focus on the issue at hand.
Able to maneuver using charm and manipulation.
You get gist. But on top of this, is resilience to chaos.
Resilience to chaos is something we CEO’s have.  This doesn’t necessarily mean that you’re cool headed under stress, it can mean that you cause a lot of crazy for others too because it makes you feel good when everybody around you is struggling…OUCH that hurts my heart.
But some CEO’s use this method to climb that ladder all the way to the very top.  Now this isn’t indicative of all CEO’s, since self confidence, resilience and determined for a end goal is also high drivers of a CEO, but these are eye openers of how others might view their leader.

What do you think? Did your job make the cut? Did you find out a little about yourself? Or do you disagree with the findings?

Cheers!
– A. Yasir

 

Federal Reserve Says Bitcoin Cannot Replace the US Dollar

The new chief of the San Francisco branch, of the privately held, Federal Reserve Bank has stated that Bitcoin cannot, and will not ever replace the US Dollar.  First of all, they are doing a fantastic job and understand their market and duties.  They cannot step into this job and say anything else and expect to keep it.

I get it, Bitcoin is printed without supposed backing, although it is backed by a lot of physical hardware assets and electricity.  Fiat currency, especially the US Dollar is printed and floated without any controls or restrictions.  Well, actually, the only control and restriction is that there is none.  The Federal Reserve prints at will and on demand, without limitation or backing of any sort, and they have long abandoned the gold standard.

The fact that the Federal Reserve would comment at all on this matter and mention Bitcoin, to me, is very telling that it is very much a possibility.  When you have this much money put into something that is being traded worldwide, every second, and such an ecosystem I think it is an excellent contender to the US Dollar and fiat currency in general.  Remember, fiat is backed by nothing as well and printed without any limit.  Most cryptocurrencies actually are limited in how many coins can be mined or minted at any rate.

Cryptocurrency is currently at a $421 Billion USD market cap and I think it won’t be long before it is in the trillion dollar range.  This is ultimately the worst nightmare for any central banker with so many competitors, of course your number one priority should be outlawing them and shutting them down.

On that end the Fed is right to do it and is doing their job well.  However, for people who don’t essentially control the fiat financial system, we would do well to root for cryptocurrency as an alternative system.  I think both systems can survive and work together, but if fiat pushes it too much, I think there may be a digital currency revolution that far surpassed the digital rights movement of the late 90s and early 2000s that caught the RIAA and MPAA by surprise.

Youtube’s Communist Censorship Plan

Youtube has announced it will be the new thought police.  They’ll be doing this by discouraging and contradicting any thoughts, beliefs or theories that are not within mainstream beliefs or teachings.  At this rate they’ll have met the gold standard for censorship and subversion and China will be viewed as an easier place to share your thoughts.  On its face it may not sound that bad to link to Wikipedia articles but in fact anyone can write and manipulate Wikipedia.  Google will be choosing what counterpoints to make by of course selecting which article(s) get linked to.  This is quite alarming and also frustrating since hate, racism and other harmful activity has been rampant on the web ever since it began but no company or government have made any concrete steps to counter it.  So why worry about people posting their alternative beliefs and thoughts online and exposing the lies of the news?  By the gauge of most the mainstream news is the fake news yet media giants like Facebook want to declare thoughts outside of that realm as “Fake News”.  By this method then the PRISM system of spying on and intercepting people’s private information is a “bad conspiracy theory” that people have to be warned away from (of course most now understand this was never a conspiracy since Edward Snowden revealed more details about what most already knew).  There are some valid reasons for this to be done (from the perspective of nice government men and corporate greed).  There is a lot of information being shared on Youtube about pharmaceutical companies and really whole swaths of very solid information about a lot of things going on in our world.  The majority of it is well sourced and quoted and most people won’t view that content as conspiracy.  Could it be that anything that doesn’t fit the viewpoint or ends of certain elite companies and people are what is really being targeted?  Until racism and hate has been cleaned up from these platforms I am just not buying there is any good or genuine reason for Google to do this.    I think we’re heading down a slippery slope to the point where freedom of thought and expression will be completely eliminated gradually through these policies.  Eventually Google will probably start deranking websites which fit into this category of “non-conformity” to the mainstream and elitists.

What do you guys think?  I think it’s time to support Tron (TRX) and any other decentralized social media platforms.  It’s time to take the internet back!