The US Pentagon has failed to fully account for its $824 billion budget. This is the 7th audit in a row where it has been unable to meet its budget compliance responsibilities.
The Pentagon is just one in many US Governmental cost centres, and its lack of accounting compliance is in no way remarkable.
And the $USD is supposed to be the most ‘solid’ FIAT and notionally, ‘value instrument’ in the world.. REALLY?
I’ve previously made remarks leveraging people such as Bryan Allworthy and Sylvain Saurel ‘s use of the phrase ‘Pseudo – Bitcoiners’
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‘Pseudo – Bitcoiners’, claim FIAT is worthless, but yet celebrate the (positive) movement of BTC against $USD.
This is hypocritical and contradictory, because if dollars are deemed to be worthless, then any movement of Bitcoin against Dollars is just a distraction.
Worthlessness is worthlessness in any magnitude. It cannot become bigger or smaller.
Moving on from this then, a ‘stablecoin’ is a compound value instrument – a cryptocurrency backed by $USD or something similar.
In other words, it is ENDURING VALUE backed by WORTHLESSNESS.
Am I the only one thinking this is a bit insane?
Instead, shouldn’t a stablecoin be a ‘value instrument’ which is a Sovereign FIAT backed by a cryptococktail, or indices, for example, The Coindesk 20? Of course, not all cryptocurrencies are stable, so there needs to be intelligence led choices.
There is a big spectrum between Bitcoin and $hitcoin.
Maybe we should insist stablecoins exist, so the $USD is backed by cryptocurrencies rendering the dollar stable enough to transact with !
Which REALLY needs to stabilize which here??
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