CIRCLE's jerkin' USDC Hodler's around with Blackrock as primary guardian of what you thought was your money

CIRCLE? Jerkin' us around? USDC is Stablecoin's "Mother of all Blackboxes"? Let's take a look


I have read some 'brow raising'  blasts in the past, however 'hat's off' to Matt Taibbi (a former award winning writer @ Rolling Stone, whatever that means) for takin' his 'Gloves off' on a recent post about CIRCLE 's propensity to spin their yarn whichever way the wind blows..

Yeah in a lot of people's books Taibbi's  views (and contacts) veer way over to the 'left' in a big way, with a serious  'work abroad' in post Soviet Union land which was apparently self funded, partly  with Taibbi a "pro" baseball and basketball player in the far orient, so pretty odd (IF you wanna believe Wikipedia). That said, imo Taibbi does raise some big questions about #CIRCLE, the biggest being:

Should USDC hodlers be concerned?

Taibbi's motives?  well  it's always' follow the money' imo.. cloaked in political positioning,  so we will leave that quagmire discussion for another day ;)

Yeah you might want to take notes to protect your crypto hard store of value

CIRCLE's SHADES of Shite? Real or Imagined?

In most anything these days, there are always various shades of transparency leading to translucency. In the cryptosphere  these latter shades are now more often blending into what looks more like grand larceny, disguised as a 'multi-info' blend rate 'marketing spin' we have not seen in crypto until now, which frankly has in the past been more of the " one big bad event" spiky variety every few years.

Meaning there is imo, a lot of instability across multiple projects in the cryptosphere, many of which today, are limping along or, have been abandoned in terms of real work needed to improve security and performance of each project.

Storm's over get back to work Cryptosphere

Get back to work Cryptosphere, on security and performance,  or get badly Regulated, CIRCLE is a Sideshow

Those two dev themes above are a never ending journey in dev/test land, that is IF you want your crypto project to stay relevant.  Staying focused on those two items and the third  big item imo,  which is always striving to improve CX 'Customer Experience', are the keys to pretty well any software project's longevity.  Of course it also goes without saying, creating and maintaining good documentation, combined  with a general  dev/test strategy of trying to keep your software project as 'simple and easy to understand' as possible, for those that make use of them goes along way to ensuring your crypto project's success. 

Of course,  the ongoing  "Wait for it"  delay and, in some cases,  total collapse shenanigans of many crypto projects big and small,   has accumulated over time to the point that both  crypto market conditions have now spooked many crypto investors large and small,  resulting in most investors redirecting their 'rapidly dwindling gains' to so called "stable-coins' like CIRCLE's USDC and Tether 's #USDT, to name the top two.

All good right? hmm 

Well, Taibbi's 'take it for what it's worth' post prompted me to take a closer look under the hood of who actually runs these 'stablecoins'. 

Not surprisingly, what I found WILL INDEED raise more than a few eyebrows of those that take the time to connect the dots  to best reduce their risks and protect their 'hard' stores of value gains. 

Blackrock the Black sheep of the Crypto World?

Blackrock, Blackrock  have you any pull...  in CIRCLE ?

Blackrock believe it or not, in their recent deal with CIRCLE can essentially 'borrow' partly (up to 40%) against USDC's $55B in supposed US $ and equivalent reserves, based on terms of their most recent deal with CIRCLE? 

Say What?

"In April 2022 BlackRock was part of the $400m funding round for Circle Internet Financial, an internet finance firm and issuer of USD Coin (USDC) stablecoin. In addition to its strategic investment, BlackRock is the primary asset manager of USDC cash reserves and will explore capital market applications for the stablecoin."

And get this,  the USDC holder is apparently the last creditor to be served, meaning if Blackrock screws up, say good bye to 40% of your USDC.

Rather than review what Matt Taibbi has researched and explained thoroughly in his hard hitting post  I decided to dig a bit further into CIRCLE's management team led by  Jeremy Allaire  of Cold Fusion Web Server Software 'fame' circa 1999-2002 .

Allaire and his brother, started Allaire Corporation with his bro JJ in 1995.  I remember Cold Fusion a bit later fading fast around 2004 when I was working with Surfkitchen in Zurich, where Swisscom had bought into Cold Fusion via same co. to put up their first websites, earlier in the decade. The Cold Fusion tech worked, however the old LAMP model was proved (by my small QA team) to be dog slow, lacking scalability and as such  we quickly dumped it for Apache Web Server. (Probably a big factor as to why MacroMedia's Cold Fusion forecast numbers didn't materialize after the buyout?)

The Allaires sold their corp. and  personally pocketed US $55M in the 2002 sale to MacroMedia (the makers of Flash the leading streaming Video tech of the time). Jeremy Allair apparently left shortly thereafter in 2003, under some pretty nasty 'internal' accusations that bubbled into the public sphere about falsifying forecast numbers before the acquisition. Not the type of toilet paper you want stuck to your foot as it's really hard to shake from one's reputation, no?

Fast forward to today July 25th, 2022 and, now the  US  banking regulators  are scrutinising CIRCLE's application to  join 'the club' to become a bank   and as such, are now pausing to reflect on that piece of toilet paper, in the greater US press. 

But there's more, in specifically taking a look at Circle's current CSO Dante Disparte,  who is currently leading the bank application effort (CIRCLE will get in, as they are already part of the club) and low and behold, the CIRCLE  story get's even 'merkier',  for those crypto investors wanting to reduce their risk in these turbulent times. So who is this guy Desparte really working for anyway? hmm.

The same guys controlling the strings of the #FED,  are behind CIRCLE, in that Disparte's bio states:

"he is also a member of the World Economic Forum’s Digital Currency Governance Consortium, helping drive global standards and regulatory harmonization for digital currencies"

and being so 'all capable',   Disparte has also:

"served as an appointee on the Federal Emergency Management Agency’s (FEMA) National Advisory Council, the United States’ federal emergency response agency."

Another evil empire, but I digress.

WEF, R&R Blackrock take your pick they are  all part of the same crew  driving the big Screw thru you the small crypto investor

So Disparte's credentials clearly show he is a spokesperson for sure (at least good at reading speeches and teleprompters?), but for whom he speaks, I am sure it's Blackrock's executive tam who are buddy buddy's with the R&R cadre, spreading their debt and financial destruction everywhere.

For anyone in the know, what is clear now is the World Economic Forum "WEF" is a combined Rothschild and Rockefeller effort to mold the world into their own story, with Blackrock one of the gang.

So imo CIRCLE, given this obvious 'backdoor' connection to #WEF, is more of the same old, same old, given the 'same old VCs' and Goldman Sachs have been behind the CIRCLE effort as well from the start,  which puts the Allaire Bros  into the same 'Muppet' category as Disparte. 

Anyway, that's all I've got so far, for the crypto investor,  all I can say is be wise and protect your hard stores of value best way you can , maybe somewhere else, like #MONERO, or #DERO, or #ARRR ?

Yeah the above 'blunt'  privacy crypto currency instruments are  for sure, "high risk/high reward", but at least your 'hard' stores of value won't evaporate into a Blackrock created 'void' not under your control,  an outcome more than likely imo, if  such an entity are left to 'guard'  such hard stores of value denominated in USDC.

In all cases though, stay in control of your crypto keys at all costs and steer clear of the Blackrock stable-coin "engulf and deavour" play currently in motion.

TK over and out.

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Thunderbolt Kid Observations Report: I educate, offer tips, forecasts re: tech & people drivers "under the hood" in the cryptosphere. Fan if Digital Interstate IBCs. TKO Fans can also send SOL to my Solcial Wallet here 5cfZuDrQj4ojWs9uorwig7jAX93

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