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Wild times in crypto land!

The BTC higher price around US $ 9750.00 means a higher hash rate and more power required to mine. I have no issues with this increased use of power to secure the BTC network to protect everyone's store of value on the BTC distributed public ledger(Blockchain), as long as the miners tap into cheap hydro, Wind, solar and geo-thermal to do the mining. Better yet miners should be running off  some big container batteries (lithium is ok, Zinc Air is better) so when the hash rate drops miners can sell the cleanly collected (or credited) power back to the grid cheaper than the utility can produce it, to keep utilities from growing more dirty generation, but I am biased and I digress.

We are likely to see this latest BTC double bounce continue upward, especially now that "the smoke has settled" on Libra with the Senate "burning LIBRA down to the ground" the whole idea of Libra and their initial gang of twenty two incumbent FIAT money handlers running the existing payment settlement network cartel jumping into crypto to take it over (and also usurp the existing FIAT network in time) 

Have we reached the BTC bottom before another long extended bull run?

Who knows for sure, as the big whales can pump and dump anytime they like, however the shear number of retail hodlers of BTC and Alt-coinage is increasing every day according to Coinbase (in the 100K per month range according to Ms. Long ), so all in all, with VC money 60% buried in crypto investments via ICOs (with preferred first in discounts) this past year, it's more and more likely BTC will stay above 8000.00 IMO for a very long time. (Given current market and political and regulatory conditions, with me stressing this is not financial advice, just a common sense observation.)

Which puts LIBRA in the spot light, or more like in the Senate headlights, looking like a deer.

pic from creativebloq.com                                              pic from tabletmag.com

US Senator Brown(R)  of OH, running full tilt, ran over that deer and,  gave the FB's LIBRA CEO a shake down this week he had likely never experienced before, turning that CEO into a quivering uncertain mass of "MZ's going to kick my ass" bowl of jello with one simple question:  "How can we(the US Senate) possibly trust you (FB) after how you have behaved the last 10 years". It was a beautiful site, and as I am no fan of politicians, it even had me smiling. ;)

Of course don't be fooled by Senate motives. (for the people by the people is "old school" what's in it for me is the new school of thought in all branches of government, pretty typical for banana republics, a title we are striving hard to acquire in the west these days.) Still it was nice to think the Senator was solely acting on our behalf, even if I did lapse into my own reality distortion field from time to time during the video. (see next link)

After the LIBRA "Trust" Colonoscopy by Senator Brown, BTC responded more or less immediately with a second bounce upward.

Senator Brown Grills FB Libra CEO

No coincidence there, now that it is clear Libra is nothing but Ripple attached to a FIAT Settlement Network looking to run it's own FB  managed LIBRA reserve backed up with FIAT.

The US Senate Hearing with FB LIBRA is a deceptively nice distraction IMO by the LIBRA cadre to deflect general public and retail investor attention (on behalf of the banking masters who floated FB's debt position, so they can destroy their competition via cheap money and mounting losses to drive EPS up and up, buying their own shared back with same debt)  away from what is really going on in the FIAT powered Stock and Bond, and Treasury markets (An imminent meltdown is coming, soon).

The current market (the past 15 years during and since George W) has been characterised by many an alt-fintech wizard  as a "Ponzi scheme" where it becomes increasingly impossible to "kick that can down the road" for another cycle of massive wealth transfer from the masses to 1% of the elite, as there is soon, no more wealth available, which is needed to create the fractional reserve necessary to allow the banks to issue more base debt (before it becomes derivative forms of debt based on that same base debt... crazy). 

What's in store when "the can ends up in the ditch" you might ask?

Likely IMO we will all witness a mass exodus of the populous at large, both investor and retailers of products and services (so called Main St.) from the totally corrupt fiat payment system network we all use today, to use more and more solid trusted cryptocurrencies as legal tender to offer up goods and services and settle over top of these much safer and faster MODERN settlement networks which fee if any fees.

TK Note- Transparency is an option in distributed public ledgers, so if you want anonymity there are several  really good crypto payment/settlement network choices to pick from, they are audit friendly with a caveat, they are private first always, a nice personal choice, which  in fact, forces all governments, all of which have their motives driven partly by greed to finance their bloated regimes, and partly driven by lobby driven motives (attack the competition for gain using govt?) , to come up with REAL proof to get a court order asking for transparency as it applies to certain addresses and related "suspected" transactions in question. These type of privacy-centric distributed public ledger (Blockchain) payment networks are sure to force the lefties running government to work for their pay checks, no? 

BTC, ETH, IOTA and similar are transparent by default, however you need good forensic tools to do an audit, operated by forensics people who know how to use the tools effectively. Others like Cardano, Monero, soon Maidsafe and those similar,  require governments today to be equipped with hard facts to get a court order to allow such audits as they are Privacy-centric Public Blockchains which protect your anonymity up front , by default. And they need to hire blockchain forensic firms to help them sift through the distributed public ledger, be they open or private.(At the tax payer's expense of course) 

Both types of crypto payment/settlement networks have their applications and fit, in fact  IMO eVoting and all Government budget management should be on distributed Public Blockchains like IOTA , BTC or Ethereum and similar,  as they are all getting much  better at handling the  TPS "Transaction Per Second" volume, to hold governments accountable for the first time, -ie "Do what you said you were going to do, and be transparent about it always" . Do you think governments of today like this notion,? I doubt it very much. 

FIAT's "Last Gasp" as legal Tender? Kicking the can down the road one more time..

Our current payment network is based on fiat as legal tender, a nasty web of payment and settlement networks and basket of different fiat legal tenders (from different countries) which will rapidly be replaced,  quickly,  with quality crypto offers, all  running on both public and anonymous public distributed public ledgers, ledgers backed up with  variable hash rate managed  "PoW" consensus protection in the settlement of transactions posted as immutable records on these ledgers, relative the price of course, focused entirely on security of transactions. (Sorry EOS , Proof of Share isn't going to cut it, especially for the have nots.., Proof of Authority? you have got to be kidding what the world does not need is more lawyers and notaries..)

pic from bizepic.com

TK note - Control of the FIAT economy globally really rests with more like .1%  making up the "'monied elite" of the world population, when you truly measure who controls the companies executing stock buy back to prop up EPS Earning Per Share. This control effectively controls all the other prices around you, eagerly supported by an army of banks big and small, also controlled by the same .1%, banks who will print money up at their terminal's blinking cursor with a few key strokes based on nothing ( little or no equity collateral), the same banker who qill lend you anything you want at really low prices , to effectively keep all prices high and growing,  while  your own wages have not increased in 30% years in real terms. Above all don't believe the govt published inflation numbers, they hide the real inflation due to  excessive govt sanctioned money printing by the banks. Also don't believe the employment figures, what is more important is labor participation rate. Fully 1/3 of the labor force is sitting on the side lines today and have given up. It's been like this for almost 10 years. 

Hmm. Oh yeah all of the above leads to even less money in your pocket monthly to buy the essentials, never mind pay your mortgage off

Where is all this heading? THE BIG SWITCH IS COMING...

It's clear Bitcoin and the quality alt coins out there have the Masters of FIAT spooked. Big time. The LIBRA collective are cornered now, by the Senate. What next?

Normally rats will try to jump over their attacker out of the corner, I think in this case the LIBRA collective will really start to chip away at current Senate sentiment with their own version of the truth via the lobbyists, greased with greenbacks, just sayin', IMO, EVERYONE HAS A PRICE TAG.  

To top it all off, "the cat is out of the bag, so to speak" in that, these once mighty TITANs of FIAT PAYMENTS are now SERIOUSLY spooked even more so,  especially when one of their own, Caitlin Long has given full disclosure on what is really going AND why Bitcoin and Transparent distributed public ledger technology coupled with  "Proof of Work" cryptocurrency consensus to validate transactions will win the day.

(Sorry again all you fans of POS and POA blockchains, that's human control of blockchain which is, I am sorry to say, not infallible mathematically, as a securely controlled consensus to apporve transactions, where in BTC the hash rate is upped when prices rises to control the ebb and flow of bitcoin production and create a competitive mining market.  Bitcoin is entirely focused on securing the network, while all the time the BTC market gets to be a real capitalist market , with lots of ups and downs (yes often whale  speculator driven and that's capitalism, gamesmanship if you like, so  it is a form of a gambling and join in at your own risk) , POS is really a PoS,  controlled by humans, and well POA is controlled by sub humans.. ;) ) 

Before you go, please check out Caitlin Long's written testimony to the Senate her in response to FB led testimony for LIBRA. She's a 22 year Wall Street Vet returned home to Wyoming to make it right for crypto in that state. Good on her. Keep going. Who'd a thunk Wyoming would lead the way. 

(She aint afeared of nuttin, from what I can tell) 

Hopefully she doesn't buckle under what will be even more scrutiny (old alumuni/old peer pressure), and she stays the course to really make a difference in Wyoming and for that matter help show the rest of the USA and World how good REAL crypto with PoW "Proof of Work" can be for all of us, as we leave the old fiat system behind during the BIG SWITCH. :)

https://www.forbes.com/sites/caitlinlong/2019/07/15/facebooks-cryptocurrency-libra-senate-banking-testimony/#2e190c7b1378

TK over and out

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* above pic credit to ukexpress.uk