The Israel Deception

Is the return of Israel in the 20th century truly a work of God, or is it a result of a cosmic chess move to deceive the elect by the adversary?

Monday, August 21, 2017

The Daily Economist update for Aug. 21 2017 - Total eclipse of the Chinese bitcoin miner

CryptoGLD model built to give investors chance to profit from either gold price rising, or cryptocurrency price rising

The rise of cryptocurrencies has spawned an infinite number of ways to invest in blockchain technology, and in any number of underlying assets through their being 'tokenized'.

In some cases like Bitcoin and Litecoin, the cryptocurrencies are dedicated towards replacing sovereign currencies in both commerce and currency arbitrage.  While in ones like Unikrn, the currency tokens represent ownership in a company similar to owning stock on an exchange.

And while gold backed cryptocurrencies are not completely new in this burgeoning virtual currency sector, there is one that is touting itself to provide the best of both worlds by backing its currency with 100% physical gold, and giving investors the option down the road to profit whether the gold price goes up, or the cryptocurrency price does.

In a world first, CryptoGLD has launched an entirely liquid, 100% gold-backed cryptocurrency. 
GLD International, trading as CryptoGLD, identified weaknesses in cryptocurrencies with most relying solely on market value perception, without any asset value. To combat this, CryptoGLD and Citigold Corporation Limited, based in the US and Australiarespectively, created the world's first 100% gold-backed cryptocurrency.  
Based on the Purchase and Security agreements with Citigold, ten million CrGLD coins backed by 100,000 ounces of gold provides investors with the best of both worlds, the possible exponential returns of cryptocurrencies, combined with the age-old value and security of gold.  
To ensure owners can maximise the cryptocurrency benefits of CrGLD coins, CryptoGLD has set the gold redemption date as June 2022. This means no matter what happens to the CrGLD price, once CrGLDs are redeemable, owners can choose between the best of two options. If CrGLD, like Ether, increases with thousands of percent, the option exists of selling them on an exchange. Should gold outperform CrGLD, then the best option may be to cash them in for the gold spot price of the day, or collect the gold. Based on this, we believe CrGLD is one of the best and safest investments available on the market.  – Business Insider
CryptoGLD also has an affiliate and mining program for those interested in playing an active role in the acquisition of the cryptocurrency outside of purely investing in the tokens.

If Bitcoin miners control the currency's monetary policies, then that means China is in the drivers seat

As we have written about before here on The Daily Economist, there is a private form of centralized control over the monetary/blockchain policies for Bitcoin.  And this is understood within the community and Bitcoin space where those with the greatest processing power have the largest say in the direction of the currency.

And when we talk about who has the greatest processing power, the undisputed winner is China.

Bitmain may now be the most influential company in the bitcoin economy by virtue of the sheer amount of processing power, or hash rate, that it controls. Its mining pools, Antpool and, account for 28.9% of all the processing power on the global bitcoin network. 
Hash rate is critical because bitcoin is in the midst of a messy “civil war.” Controlling chunks of hash rate provides miners with a public vote on the bewildering array of technical proposals dictating bitcoin’s future. At the crux of the technical debate: How to increase the number of transactions the bitcoin network can handle at any given time. The recent split of bitcoin into bitcoin and bitcoin-cash illustrated one way to do this. 
Bitcoin mining is the process of checking and adding new transactions to bitcoin’s immutable ledger—its blockchain. Miners must compete with one another to be the first to find a new block. In return for performing this work, which requires massive processing power and incurs hefty electricity costs, miners are rewarded with a certain number of bitcoins for each block they add to the blockchain. Currently, that’s 12.5 bitcoins per block, and a new block is found roughly every 10 minutes. At the current bitcoin price of about $4,000, that’s $50,000 up for grabs every 10 minutes, or $7.2 million a day. – Quartz Media

Sunday, August 20, 2017

Freedom or something nefarious? Members of Congress want to make Bitcoin equivalent legal tender to the Dollar

The biggest attribute of cryptocurrencies is their de-centralization from government and central banks.  And of course at the top of the mountain in digital currency land is without a doubt Bitcoin.

So with this being said, what if some members of Congress suddenly claimed that they had 'seen the light', and want to pass legislation to protect Bitcoin and other cryptocurrencies from government intrusion, and make it legal tender on par with the U.S. dollar?

Would you jump for joy in seeing this as a victory, or would you be extremely cautious knowing that the government does nothing without ensuring it benefits itself?

Based on a reliable source, at least one Republican senator and two Republican congressmen are working on the draft legislation. 
The legislators, however, have requested that should not be identified due to the sensitivity of the issue and the complexity of the proposed solution.
A source close to the effort told TheDC, 
“the center piece of the plan is to mainstream digital currency so it can be treated just like the American dollar. 
First, there is a new entity that is considering issuing a brand new digital currency that is compliant with anti-money laundering laws unlike any other in circulation.” 
Although cash has some of the same problems being used to pay for illegal activities, the perception that digital currencies are being used for illegal activities is seen as the primary roadblock to wholesale acceptance by the American public. 
The source told TheDC the new model is going to follow federal laws that prevent money laundering. This is a break through and could lead to the use of digital currencies replacing the dollar for many transactions.  The legislation is expected to be introduced in early September. 
The source asked the members of Congress involved in drafting the bill not be identified yet, explaining, “this is a very complicated issue and staff are working through some issues that have in the past stopped alternative currencies from being launched.” 
They continued that: 
“...the law needs to be changed to protect digital currencies from federal government harassment to make sure that a complaint currency can be backed by value, the currency cannot be treated like a security or investment, and that transfers are protected against taxation. 
The bottom line is that Congress needs to remove all the obstacles to a vibrant digital currency that has voluntarily taken the initiative to keep the bad guys from using it.” - Zerohedge

Saturday, August 19, 2017

The Daily Economist update for Aug. 19 2017 - California wants to change the Constitution

Dubai ready to go head on against London and New York with new Sharia compliant gold spot price and contract

Last year China introduced the first alternative gold price when they launched it at the Shanghai Gold Exchange.  And over the more than 12 months its spot gold market has been in operation, its price is often much higher than the spot prices determined in London at the LBMA, or in New York at the Comex.

Now on Aug. 19 Dubai is ready to become the third gold spot price market as they set to introduce their own Sharia compliant contract which must officially be backed by physical gold.

The Dubai Gold and Commodities Exchange (DGCX) will develop and launch the region’s first Shariah-compliant spot gold contract as the precious metal is getting a bigger role on Islamic finance. 
DGCX is partnering with Saudi conglomerate Ayedh Dejem Group to make the $7.5 trillion gold market more investable for the world’s 1.6 billion Muslims, who are limited by the type of gold instruments they are allowed to investments in due to Shariah restrictions. 
“We are looking at this product to develop local markets and unlock the potential of gold trading in the region. We are delighted to collaborate with the Ayedh Dejem Group as we believe the new spot gold contract will encourage new and existing institutional participants to invest and trade in Shariah-compliant products,” said Gaurang Desai, the chief executive DGCX. 
“Bringing Shariah-compliant products to a wider audience will continue to garner interest from the local populous as well as other global entities that are looking for a route into the newest and fastest growing sector of the mainstream financial markets.” 
Shariah-compliant gold investments are now estimated to be worth $2 trillion, and the decision to launch the spot gold contract should further attract the interest of regional Islamic financial institutions and banks, DGCX said. – Arab News

Cryptocurrency speculators moving out of Bitcoin and into Bitcoin cash as price spikes 40% in single day

Following the Segwit2x 'Hard Fork' a few weeks back, Bitcoin surged to new all-time highs, even crossing over the $4500 mark in some exchanges.  Meanwhile, Bitcoin owners were introduced to a secondary coin known as Bitcoin cash, and within the Bitcoin community there has been much discussion over the supremacy of one over the other.

For the first few weeks that debate was fairly moot as Bitcoin soared much higher than its 'little brother'.  But over the past three days something has changed where speculators of the cryptocurrency are moving out of Bitcoin and helping Bitcoin Cash to skyrocket several hundred percent in that time.

The bitcoin offshoot, bitcoin cash, soared Friday after indications the alternative digital currency could achieve its goal of speeding up transactions. 
Bitcoin cash rose 40 percent from Thursday's close of $460.53 to briefly hit $655 Friday afternoon, according to CoinMarketCap. That's the highest since bitcoin cash touched $756.93 on Aug. 2, the day after bitcoin split into bitcoin and bitcoin cash. 
However, the volatile surge was even greater when considering bitcoin cash hit an intraday low of $293 Thursday before climbing to $460.53, according to CoinMarketCap. - CNBC
Now this swapping of volume from Bitcoin to Bitcoin cash does not mean that the original cryptocurrency is completely losing out as it remains above $4000 per coin, and still higher than it was prior to the hard fork.  But what it does mean is that speculators who make up the bulk of cryptocurrency buying will have a more diversified choice on what to invest in, and this could easily cut the overall population buying into Bitcoin the same way Ethereum took a large market share away from them earlier this year.

Friday, August 18, 2017

Wall Street preparing to move paper gold markets onto the blockchain

There seems to be a hard and fast rule on Wall Street that goes, if you can profit from fraud, then said fraud becomes part of a company's business strategy.  And all one has to do is look at how many banks have been busted by regulators for manipulating markets while only having to pay a pittance in fines.

So with this being said, one has to be very cautious when a given financial services company wants to move the entire gold trading market onto the blockchain, because if done correctly, this would hamper their ability to manipulate prices and short infinite amounts of contracts.

The bitcoin revolution has caught the attention of traditional banks and hedge funds. Financial companies are working on a platform that will use blockchain technology to verify and record transactions in gold trading. 
Exchange owner CME Group, TradeWind Markets, and financial technology firm Paxos are working to make the $27 billion-a-day gold market digital. 
The companies say it will add more transparency and security to the gold market. 
“Digital gold would take market share away from other gold instruments: futures, physical gold bullion, gold ETFs,” Ebele Kemery, head of energy investing at JPMorgan Asset Management told Bloomberg. 
Blockchain can be quite handy in gold trading, as it is safe and fast, says Pierluigi Paganini, CTO at CSE Cybsec Enterprise. 
“It is quite secure from the technical perspective, but you have to trust the entire system. It is for sure faster than traditional trading, and it is cost-effective,” he told RT. 
“It overcomes the difficulties like moving gold around or transporting it quickly,” Paganini added. – Russia Today

Gold and silver pound on their hard resistance levels as $1300 and $17.50 ready to fall

In early morning U.S. trading on Aug. 18, gold temporarily crossed over the $1300 level as financial and geo-political events push the metal towards breaking its hard resistance level.  And while silver came close to $17.50 before pulling back, it will take little for both commodities to break through on the upside and open the door for much higher prices.

For the first time since early June, Gold has just broken back above $1300, continuing to mirror the ebbs and flows of USDJPY (which just snapped below 109.00). 
Gold is now outperforming The Dow year-to-date. - Zerohedge

Thursday, August 17, 2017

The Bitcoin saga has morphed into the same intolerance among individuals that is occurring within the progressive left

Earlier this morning I received a comment on one of my podcasts from an individual who has become so thoroughly disgusted with Bitcoin evangelists that he has disconnected and unsubscribed from their writings, opinions, and channels completely.
"You stick to the numbers Ken. All the crypto pumpers and zealots are in full vitriol over any questioning of their "god" like by SG and Zhang... but you, you stick to the numbers and let them do the talking... That is why after unsubbing jsnip, Bix, Rogue money cliff high and such I still follow you... keep up the good work man!"
Now, I did not post this comment to pat my own back, or to make the assertion that I am correct in my opinion of Bitcoin and other cryptocurrencies, but instead to show that the debate over Bitcoin has morphed into something along the lines of the same intolerance and vitriol that we see coming from the Antifa's of the world, and many in the progressive left.

Image result for bitcoin mania

Over the past couple of months I have begun to notice that there is now a dividing line between Bitcoin advocates, and ANYONE who dares question the validity of cryptocurrencies being the future of all money.  And indeed, this debate only got hotter following the honest discussion that took place between Peter Schiff and Max Keiser a week or so ago over on RT.

For someone like Max Keiser, Jeff Berwick, and a few others, I will give them all the credit in the world because they were out there talking about the potential of cryptocurrencies for at least five, if not all nine years of their existence.  However for the vast majority of Bitcoin evangelists, they love to claim they were touting its potential for years but it is near impossible to find any evidence of this prior to 2015.

Additionally, the majority of these cryptocurrency advocates should not be telling anyone what they should or shouldn't buy, nor should they be vilifying anyone for wanting to do all the necessary due diligence before taking the plunge.  This is because the majority of those analysts are not licensed certified financial planners or fiduciaries, and it is illegal for them to give investment advice, or to put pressure on those who have not yet bought into the asset.

We here at The Daily Economist have tried to do our best to give both sides of the coin (pun intended) when it comes to Bitcoin and cryptocurrencies, and have never specified any buy, sell, ignore actions for our readers, or investors.  And no matter what choice one makes in the cryptocurrency sphere, our sincerest hope is that you always are able to turn a profit and not get compromised.

Bitcoin has almost turned into a cult by the way many analysts and followers have turned the idea of an investment into a vehicle for social change and rebellion against the current monetary system.  And while cryptocurrencies do very much have the potential to one day replace sovereign control over the printing of currency, it is not up to anyone to tell you how to think or feel, and certainly not to vilify you if you have a differing opinion on the topic.