Great Depression vs NOW
🔊 …🚨🚨🚨
During the Great Depression houses were 3x the average salary. Today it's 8x
Cars were 46% of the yearly salary. Today it's 85%
Rent only took 16% of the annual salary. Today it's 42%
Some ask whether we are already in an unrecognized silent recession (or worse) that is being hidden by massaged data from the govt.
The sentiment around $SOL reminds me of $ETH in 2018-2019 when everyone thought Ethereum was dead after the ICO craze & had no use case
And than it ripped 60x off the lows
I think Solana is an easy long term bet that will look obvious in hindsight that many will miss
Is crypto a currency?
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The Biden Administration’s crypto timeline:
- Sam Bankman-Fried is the second largest donor to Biden’s presidential campaign
- Biden appoints Gary Gensler as chairman of the SEC
- Gary Gensler hosts friendly meeting with Bankman-Fried and FTX execs, no action letter discussed
- After winning favor with the SEC, FTX is exposed as one of the largest frauds in history by the crypto community
- The SEC attacks sound, legal businesses who have been attempting to work in good faith with regulators for over a decade (Coinbase, Kraken)
With respect to Binance, I'm reading through the SEC complaint. It's over 130 pages, but seems like the next in a series of steps to implement chokepoint 2.0 in the United States. The end goal is a agenda based CBDC partnered with a handful of massive banks and end-to-end control over every aspect of your financial life.
A regulatory event is where you have a debate about compliance with a law or guidance. This event seems to be a polticial philosophical disagreement with the very existence of cryptocurrencies and what they represent. An unelected group of people have decided that concepts like self-sovereign identity, owning your wallet, and the freedom to control your economic agency should be removed from the masses and given to the "enlightened" few.
Honestly, what is happening isn't anything new. It's always the same fight between freedom and authoritarianism just with different players, technology, and words. It does seem like this event is a perfect opportunity for the entire industry to set aside it's fragmented nature and unite for a common sense set of rules and guidelines that can prevent the United States from slipping into a distopia that would make 1984 look like a vacation.
I'll have more to say later, but will close with we are going to be fine. Everything's alright and the future is bright for the industry.
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Top 10 headlines the media didn't tell you this week
10. 60,000 lbs of explosive ammonium nitrate still missing from cargo train.
9. Target took over $9 billion loss, pulled their pride display from stores after parents pushed back.
8. WHO Chief warned of 'EVEN DEADLIER' virus than COVID-19.
7. FDA warns of elevated myocarditis in children post Pfizer's COVID vaccination.
6. DeSantis announced his candidacy live on Twitter Spaces with Elon Musk, despite technical difficulties.
5. Polls show majority of voters want FBI officials prosecuted for interference in Donald Trump's 2020 election.
4. George Floyd autopsy confirms there were no ‘life threatening injuries.’
3. Ukraine loses control of city Bakhmut to Russia, despite continued US aid.
2. New Poll finds nearly two out of three Americans believe the media is the enemy of the people.
1. Speaker McCarthy caves to Democrats in negotiations to end debt standoff.
Living in a clown world ain't easy. 🤡🌏 Retweet and follow me for future updates.