This may be the greatest reason to own Bitcoin and Crypto...
The FED is now apparently a social justice warrior and that is a great reason to own Bitcoin
We have heard all kinds of reasons to own bitcoin historically, but we may have gotten the single greatest reason just now...
Based on words from the New York FED itself posted on their web page, their "duel mandate" seems to have expanded quite a bit...
To the point that the FED now sounds very much like a social justice warrior.
Check it out:
(Source: https://www.newyorkfed.org/)
Dollar debasement and zero interest rates to achieve social equality?
The FED has embarked on a path recently of keeping interest rates near zero for "as long as it takes", while also being in favor of monetary stimulus whenever they deem necessary.
The recent statements by the NY FED (posted above) indicate that they are also deeply concerned with (and committed to?) not only helping the US economy but in helping specific minority groups as well.
This is the first time in history that the US FED has mentioned a specific minority group like this with stated goals of improving inequality on their landing page...
Interestingly enough, this hardly sounds like the verbage we would expect to hear from a society supposedly based on capitalism, which could be hinting that that is about to change.
This all goes to show just how far this BLM movement has gone.
It has gotten all the way to the NY FED.
And to be honest, this looks to me like a great reason to own bitcoin or gold. You want to own something that isn't shaped by politics.
I was always under the impression that equality for all had to do with everyone having somewhat equal opportunities, however, it is beginning to sounds more and more like this may go beyond that and start heading towards socialism...
Stay informed my friends.
-Doc
Posted Using LeoFinance
"It's very hard to make everyone equally rich. However it's very easy to make everyone equally poor."
That is a great quote! Thanks for the comment.
By owning "only" Hive, I feel I also own Bitcoin somehow. 😏
I have both and I'm constantly tempted to dump everything into Hive. I won't, but it shows just how much Bitcoin's price is based on FOMO, as that's the only reason I still hold mine.
It's a hedge against central bank shmuckery. HIVE certainly does have more utility, but the market doesn't seem to care much right now.
I still have this idea of over-collateralized loans on Hive - you deposit $200 of BTC/ETH and get $100 of Hive. You need to pay $100 of Hive + small fee to get back your BTC/ETH. The fee goes to hive users who provide Hive liquidity for loans. The only problem is that a service like this would be centralized :( But maybe there's a way, we just need a smart person :D
That sounds like a pretty good idea to me. Either way, HIVE needs a lot more than it currently has according to Mr. Market. HIVE was a major laggard during this most recent alteason.
In past instances, when bitcoin went up significantly steem/hive also went up. So, there is still a decent chance that if bitcoin makes new highs and goes on a big run, it will drag hive up with it. Though the early results weren't the most promising in that regard this past week...
Lol Hive was pretty much stagnant....still pretty much stagnant even as Bitcoin made big moves....maybe the moves aren't just big enough yet to take hive/Steem along.
But then again, we have quite a number of unstaked Hive, I'm not sure why or how this should affect the tokens worth tho.
Posted using Dapplr
It may take bitcoin making new highs before we see a full on altseason where every altcoin within the top 300 takes off. The most recent altseason we saw was highly geared towards defi.
Exactly.
It doesn't work like that. Save for a few outliers that post fantastic gains, smaller cap coins like STEEM or HIVE follow BTC and the top market cap alts at a clear delay if the past is any guide. It's understandable why this is the case. When BTC tops out, some of those profits are re-invested in smaller cap coins.
Yea I remember and know the historical patterns/trends very well, it's not really how it played during these last few weeks though. Many within the Top 100 coins did very well. HIVE and STEEM were some of the only few that did not actually. For that reason they are on the verge of being bounced from the Top 100 and first page of CM.
Short-term price action is meaningless.
Of course. You seem to be mistaking my comment that hive/steem are under-performing at the moment as me saying it will always be that way. That was never said in the slightest. It's a fact that they are, and it's not great news, however, if BTC really starts taking off and breaking new highs it very well could pull up basically all the altcoins again like it did back in 2017, which would include hive/steem. Plus you know, either could very well go up on their own merits at some point in the future as well.
That's true and that's what we're hoping for. But I believe the new ATH of BTC will come first. :)
Yes I think so as well. Based on what I have seen from Blocktrades and some of the others, they are playing the long game here with HIVE.
The fed (and central banks) are communism in action.
Money is the basis of the means of production, ergo, if the issuance of money is centralized.
Of course they will be SJW biased - it's their invention to help create a socialist hellhole.
I am not sure about all that, but I do agree that I don't like the direction things seem to be heading.
FED will be buying stocks next. They have said they will buying anything until the pandemic ceases and America is seen to be back on its feet.
Posted Using LeoFinance
That is the next step, yes. All it would take is another route in the equity markets and the FED will back up the truck to be the buyer of last resort.
crazy times.
Yep, they sure are. This next election is going to be very interesting in regards to the direction of the country.
its crazy
i saved this article
https://archive.is/oYYzC
(New York FED SJW)
I never thought I'd see something like that on the NY FED's landing page...
Yup
Its a " is this real?" Screenshot in your Blog Post.