🇺🇸 Crypto Chaos
June 21, 2022

Good morning! It really is Back to the Future, as those old VHS tapes collecting dust in your closet could result in a financial windfall…

Plus, have you ever wondered why New Jersey and Oregon don’t let you pump your own gas?

Also, take freshen up that first step into your home with this Flag Find.

Flag Polls

ab521640-e2ad-6400-4ea0-8848d603c575.png 6/20: Biden Job Approval, Rasmussen Reports Approve 41,
Disapprove 58
ab521640-e2ad-6400-4ea0-8848d603c575.png 6/20: Direction of Country, Rasmussen Reports Right Track 24,
Wrong Track 70
T 6/17: Gen. Congress Vote, USA Today/Suffolk Republicans 40
Democrats 40

Trending On The Left

CNN: Texas Republican Party adopts resolution rejecting 2020 election results

Huff Post: Former GOP Missouri Gov. Blasted For 'RINO Hunting' Senate Campaign Ad

Mother Jones: Texas GOP Enshrines Anti-LGBTQ Hate in Extreme Right-Wing Party Platform

Trending On The Right

Fox: Biden takes shot at reporter saying recession could be inevitable: 'Don't make things up'

The Blaze: Doctors take on Biden administration for right to try ivermectin as COVID-19 treatment

The Federalist: Why Both Republicans And Democrats Are Wrong About Bill Barr


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Gas Tax, New Israeli Government, Hazing Felonies

US: Biden says he's considering gas tax holiday as admin targets July 4 announcement (CNBC)

World: Israel coalition agrees to dissolve, hold new elections (The Hill)

US: Ex-fraternity brothers charged with felonies after night of partying leaves freshman blind, paralyzed (Fox News)

US: Someone paid $19 million for a steak lunch with Warren Buffett (CNN)

World: Cambodian catches world's largest recorded freshwater fish (AP)

US: New York Fed Model Sees Economy Shrinking This Year and Next (Breitbart)

US: Summer school could become the norm for students (Axios)

Sports: World Swimming Org Bans Trans Women Athletes That Are Past Puberty Age (TMZ)

US: What Stopped Pixar’s ‘Lightyear’ From Going to Infinity and Beyond at the Box Office? (Variety)


Crypto Chaos

This past weekend, Bitcoin fell below $20,000. The cryptocurrency is down more than 50% from its November 2021 peak. Other digital coins have experienced similar slides in recent months.

News Coverage from the Left: Why cryptocurrencies have gone from the next hot thing to a full-on meltdown (NPR)

News Coverage from the Right: Crypto selling platforms fear financial 'implosion' from persistent 'selling pressure,' says expert (Fox Business)

From The Flag: Crypto’s sell-off seems to coincide with the Federal Reserve’s rate hikes, which are intended to help slow inflation. Investors have shown diminished enthusiasm for so-called growth assets in response. Here’s more from both sides on the recent cryptocurrency chaos.


Uncertain Value and Ambiguous Laws Undermine High-Flying Crypto

  • While the cryptocurrency sell-off and loss of value is well documented, the coming legal battle contains lots of questions.
  • Bitcoin’s scarcity is a key aspect of its perceived value, but it’s not truly “money” if it’s not readily used to facilitate transactions.
  • Crypto’s slide exposes an arrogance and lack of empathy that permeates the sector.

“Who Pays for Crypto’s Collapse?” Andy Kessler, Wall Street Journal Opinion: “Is anyone liable for the $1.5 trillion in recent crypto losses? Maybe so. After every market downturn, the class-action crowd canvasses the carnage looking for whom to blame—and then sues the pants off them. … But this cycle had something new: crypto craziness. The Federal Trade Commission reports that 46,000 people have reported losing $1 billion in crypto to scams since January 2021. … The trillion-and-a-half-dollar question is: Are cryptocurrencies securities or not? Selling unregistered securities can be a felony, with up to five years in jail, and damages could include the dollar amount of an investors’ losses or more. … A jury will decide, but if it looks like a duck and quacks like a duck, then it’s a security. More than $500 billion in non-bitcoin investor losses will likely attract a lot of class-action lawsuits. Lawyers, not coders, might determine the future of crypto.”

“With His Bitcoin Bet, Michael Saylor Mistook ‘Scarcity’ For An Inflation Hedge” John Tamny, Forbes: “With money, what’s heavily circulated is what’s trusted… This is logical when you think about it. No one buys, sells, lends, or borrows with money. Money is just the agreement about value among producers that facilitates the movement of real goods, services, and labor. … Translated for those who need it, those operating in the marketplace don’t want to get ripped off. … The simple truth is that the rationale Bitcoin buyers used for owning the money form loudly explained why it wasn’t money. Even if scarcity did make it valuable (a highly debatable presumption) that same scarcity rendered it much less than money. What would make Bitcoin money would be a fixed standard of value, and a commitment to maintaining that fixed standard over years and decades. If so, one guesses that in time there would be many multiples of 21 million Bitcoin in circulation. Again, what’s trusted is everywhere.”

One more opinion piece from the Right: Coinbase’s layoffs show growing callous side of crypto’s plummet Charles Gasparino, New York Post


History Repeats Itself with Inflation and Ponzi Schemes

  • Cryptocurrency backers argue it’s a hedge against inflation, but that has proven false, which is similar to investing in gold.
  • In essence crypto is like a game of musical chairs, and whoever gets out last feels the most pain.
  • Crypto is not that different from other Ponzi schemes, and this collapse is reminiscent of what happened 100 years ago.

“Wonking Out: Wasn’t Bitcoin Supposed to Be a Hedge Against Inflation?” Paul Krugman, New York Times Opinion: “People who touted cryptocurrencies as a hedge against fiat-currency inflation — sort of a digital equivalent of gold — fundamentally misunderstood how fiat currency systems work … we should have learned all about this from what happened to gold after the 2008 financial crisis. Gold prices soared, which quite a few people saw as a harbinger of runaway inflation … But the expected inflation never came. What was happening instead was that the Fed reacted to persistent economic weakness by keeping interest rates low, and low returns on bonds pushed people to invest in other things, including gold. Whatever purpose holding gold serves — something that, to be honest, remains somewhat mysterious — one thing gold definitely isn’t is an inflation hedge. And the same is true for cryptocurrency. So another crypto myth bites the dust. And it’s hard to avoid wondering what myths are left.”

“A cryptocurrency collapse shows what’s behind every scheme” Molly Roberts, Washington Post Opinion: “Fool me once, shame on you. Fool me twice — well, that’s exactly what keeps the cryptocurrency game going. … This is arbitrage theory, and it works as long as the traders keep trading. The problem is, the traders will only keep trading as long as they think there’s money to make. … ​​The trouble is, the truest of true believers tend to be the ones who lose the most, because they stick around the longest — while the savvier (and somewhat more cynical) realize when to get in and when to get out. You can roll your eyes at basketball stars spending hundreds of millions of dollars on digital images of cartoon apes in human clothing, and you probably should. But look at tweets and Reddit postings from small-timers who put a year’s worth of paychecks into luna and encouraged their pals to do the same, or funneled their grandma’s retirement into ether. You might shed a tear instead.”

One more opinion piece from the Left: The Crypto Crash: all Ponzi schemes topple eventually Robert Reich, The Guardian Opinion


Who’s Using Crypto During Bear Market?

According to a poll organized by crypto exchange KuKoin in late March, 27% of people aged 50 and above have included crypto in their retirement portfolios. Fifty million people between ages 18 and 60 have owned or traded crypto in the past six months.

An NBC News poll suggests 1 in 5 Americans have invested in, traded, or used cryptocurrency. A quarter of the same survey’s respondents said they have a negative view of crypto.

Finally a Twitter poll conducted by ​​London Real found the majority (77%) of respondents consider Cardano the best digital coin to own during a bear market.

Flag Poll: Do you think Bitcoin is a good investment over the long term? Click here to share your thoughts.


The ED Entryway, Bear of a Sculpture, Washing Up 

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Insanity Defense, Whispering Shrimp, Speed Blind

On June 21, 1982, John W. Hinckley, Jr., who shot President Ronald Reagan and three others outside a Washington, D.C., hotel on March 30, 1981, was found not guilty of attempted murder by reason of insanity. Above is Hinckley's mugshot on the day of the shooting.

BBC: Why the US military is listening to shrimp

Smithsonian Magazine: The Monkeys and Parrots Caught Up in the California Gold Rush

Domino: The Kitchen Feature That May Decrease Your Home’s Value

Today I Learned tiger beetles run so fast they temporarily blind themselves. When moving at up to 120 body lengths per second, their environment becomes a blur as the insect's eyes can't gather light fast enough to form an image.

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