The Debt Ceiling Is A Cliff — And We Keep Raising It
Fiat money extends the debt cycle and traps citizens in ever-increasing inflation — but bitcoin forces a reckoning.The Longer We Wait, The Harder We FallOn Friday, October 15, 2021, U.S. President Joe Biden signed legislation raising the government’s borrowing limit to $28.9 trillion. Many Americans are now accustomed to this recurring bureaucratic process and don’t think much of it or its consequences. Two sides fight, they get close to a deadline (and sometimes pass it!) and eventually raise the “debt ceiling” so they can fight over it again some months later. We Americans, as a....
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American politicians have been clamoring about the U.S. facing a significant debt crisis and the debt ceiling putting the country at risk of default. Joe Biden spoke about the debt ceiling and told Republicans to “just get out of the way” when it comes to the decision. Meanwhile, a number of U.S. bureaucrats are floating the idea of minting a $1 trillion platinum coin in order to magically bolster the treasury with cash. Trillion-Dollar Coin Concept Strongly Considered by US Politicians, Former US Mint Director Says Platinum Coin Can Be Minted in Mere Hours Simply creating....
Many in and beyond the crypto industry believe that the political standoff around the debt ceiling increase makes digital assets more attractive in the long run. The United States federal government’s default on its debt has been averted — at least for now. On Oct. 7, the Senate voted to increase the debt limit by $480 billion, a sum needed for the world’s biggest borrower to keep paying off its obligations until early December.The deal secured a temporary resolution for a weeks-long partisan standoff that had investors both within and far beyond the U.S. unsettled. The once unimaginable....
The proposed change would prevent certain coins that have fallen in value recently from being used as collateral. The MakerDAO Risk Core Unit, a key group within the MakerDAO governance system, submitted an urgent request today to change collateral parameters for the DAOs stablecoin, DAI.Primoz, a member of the Risk Core Unit team, posted the request to the MakerDAO Forum.“In light of recent events in the crypto ecosystem and surrounding uncertainty regarding financial stability and asset liquidity of various entities and their possible relations with token governed protocols, we are....
Dogecoin started as a joke but ended up attracting billions of US dollars and the interest of Elon Musk himself. The cryptocurrency with the Shiba Inu dog as its logo has become an inspiration for many other crypto projects. The most recent example is Cliff, although it hasn’t been designed as a purposeful parody. On the contrary, Cliff, which also has a dog as its symbol, is seeking to help investors secure sizable returns by implementing a deflationary model. What Is Cliff and How Does It Work? Cliff is the first token with a true burn function that can directly and instantly boost the....
Debt ceiling uncertainty erodes trust in the dollar, the DOJ announces the National Cryptocurrency Enforcement Team and the SEC investigates Circle. There is nothing surprising about Senator Cynthia Lummis, a Wyoming Republican known to be among the staunchest crypto supporters in the U.S. legislature, revealing a sizable Bitcoin (BTC) purchase that she had made earlier in the summer. It is still oddly satisfying to observe the alignment between a politician’s long-declared stance on an issue and corresponding monetary behavior (Lummis had been hodling BTC since 2013). Such consistency....