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- Palau's Stablecoin: Palau is working with Ripple to develop a stablecoin backed by the US dollar to promote trade and business, and provide an alternative payment method for the unbanked population.
- Future of USD Dominance: The discussion explores the possibility of USD dominance going away, but it is unlikely to happen anytime soon, and a stablecoin backed by USD could be a good alternative for countries like Palau.
Links to Articles We Discuss
Summary of John Reed Stark X post:
- Whataboutism is Weak: The article criticizes the defense of cryptocurrencies by comparing them to fiat crimes, calling this line of argument "whataboutism" and claiming it's a weak and flawed reasoning approach.
- Crypto Crime Wave: Cryptocurrencies have facilitated a massive increase in crimes, including ransomware and terrorism financing. The scale of these crimes is claimed to be orders of magnitude greater than traditional finance crimes.
- Challenges in Tracing Crypto: Despite some claims that crypto transactions can be traced, the article outlines how crypto presents significant challenges for law enforcement, making tracing and recovery difficult and often impossible.
- Ransomware and Cryptocurrencies: The article highlights the connection between cryptocurrencies and ransomware attacks, asserting that cryptocurrencies enable such crimes to be committed globally with relative anonymity.
- Increase in Traditional Crimes: Cryptocurrencies are blamed for exponentially increasing traditional crimes such as drug dealing, human trafficking, and sanction evasion by countries like North Korea, Russia, and Iran.
- Crypto and North Korea's Nuclear Program: The article alleges that North Korea has stolen billions in cryptocurrencies and funneled these profits into its nuclear weapons program, making it a particularly egregious criminal application of crypto.
- US Law Enforcement Struggles: U.S. law enforcement faces significant challenges in investigating, prosecuting, and recovering assets related to crypto-related crimes. Even successful cases are rare and require substantial resources and time.
- DOJ's Response to Executive Order: The article refers to the U.S. DOJ's response to President Biden's March 2022 Executive Order, highlighting the difficulty in tracing crypto and the increased use of digital assets by criminals to launder money and evade sanctions.
- Blockchain's Lack of Positive Innovation: The article argues that, unlike other financial innovations, blockchain and cryptocurrencies haven't improved lives but initiated "digital mayhem," causing havoc and turning victims into victimizers.
- Two Primary Beneficiaries: It concludes that cryptocurrencies mainly benefit "grifters," who exploit investors, especially vulnerable ones, and criminals who use the pseudonymity of crypto to commit devastating crimes, asserting that no amount of whataboutism can counter this reality.
Return of the XRP - SEC WARS
Epic Fail Hall of Fame inducted Gary and the SEC on July 13, 2023. Their XRP-as-security claim collapsed while XRP coolly moonwalked into the sunset, sporting its sparkling legal clarity like a new pair of Ray-Bans.
When governments fear the people, there is liberty.
When the people fear the government, there is tyranny.
Ripple Strikes Back – SEC WARS – T-shirt
The SEC dropped a lawsuit at the end of 2020 alleging that Ripple sold XRP as an unregistered security. Ripple Strikes Back. Game on Bitchez.