an annoyance when buying P2P that i always run into, is the liquidity of a lightning balance to post Bond. that's the reason I'm in the trade. I need btc!

just putting it out there... https://www.zapplepay.com/autozap/npub1php4h2cn7zlngqc675vmfcthgmsmk9retyq7ez6fw56fyyj77nvqpmea7s

not sure if i've become pro bitcoiner or the UX is just too slick but Mutiny Wallet @Carman on-boarding process is pretty great! simplicity is key

@jb55 how did you create Dave the damus bot? is it easy enough to do?

muun wallet seems to have risen from the ashes in the form of phoenix

glad to say i am debt free The Fiat Ruins Everything: Unraveling the Impact of Fiat Money - Introduction In this video, we delve into the fascinating insights shared by Bitcoin developer and advocate, Jimmy Song, in his book titled "Fiat Ruins Everything." Jimmy discusses the reasons behind his latest book, its target audience, and the underlying motivation to help Bitcoiners understand the detrimental effects of the fiat system. An Audience Shift Unlike his previous works aimed at bringing non-Bitcoiners into the fold, "Fiat Ruins Everything" takes a different approach. It directly addresses the Bitcoin community, providing them with a comprehensive understanding of the deep-seated issues within the fiat monetary system. The book serves as both a source of knowledge and a moral compass for Bitcoiners, especially in turbulent market conditions. Unpacking Fiat's Consequences The book meticulously dissects the impact of the fiat system at various levels: Individual: Exploring how the lack of a suitable savings vehicle leads individuals into debt cycles. Corporate: Shedding light on how corporations have grown to unprecedented sizes by capitalizing on easy access to debt. National: Highlighting how nations become surveillance states and warfare-driven entities, while simultaneously offering extensive social safety nets. Global: Examining how the dominance of the U.S. dollar as the global reserve currency perpetuates economic imbalances. A Technological Stagnation One striking revelation in the book is the notion of a "competence crisis." It explores the idea that fiat currency's centralizing influence has led to a decline in competence across various industries. For instance, the book compares the rapid development of the original Boeing 747, which took just 18 months, with the modern-day 747 Max, which required a decade of development. This crisis is attributed to several factors: Misallocation of Talent: Highly skilled individuals are drawn to financial and non-productive sectors instead of industries that foster technological innovation. Incentive Misalignment: The profit-maximizing motive often leads individuals away from creating genuinely transformative technologies. Regulatory Hurdles: Stringent regulations stifle innovation and discourage risk-taking. The Nuclear Paradox Jimmy Song further illustrates the competence crisis through the stagnation of nuclear technology. Despite its tremendous potential, nuclear advancements have remained elusive. Engineers who once worked on groundbreaking nuclear projects have shifted their focus to more lucrative career paths. This technological stagnation is evident in the failure to develop nuclear-powered vehicles, despite their game-changing potential. A Shift in Priorities The book "Fiat Ruins Everything" emphasizes the need for a collective shift in priorities. To address the competence crisis and promote genuine progress, there must be a reevaluation of societal values and a redirection of talent towards innovation and problem-solving. In conclusion, Jimmy Song's book offers a thought-provoking perspective on the far-reaching consequences of the fiat system and the urgent need for a rekindling of competence and innovation in society. This article serves as a comprehensive overview of Jimmy Song's book, "Fiat Ruins Everything," exploring its core themes and implications for the Bitcoin community and the broader societal landscape. The Fiat System's Role in Industry Ossification - Introduction This article delves into the far-reaching consequences of the fiat system on innovation and competition within various industries. It explores how government intervention, regulatory privileges, and the lure of easy money have led to an unsettling phenomenon – industry ossification. The Incentive Misalignment One key issue discussed is the misalignment of incentives within the economy. While some argue that individuals are rational in pursuing sectors where financial gains are more readily attainable, this rationale is challenged by the inherent flaws in the fiat system: Misallocation of Talent: Highly skilled professionals are increasingly drawn to sectors that promise quick financial rewards rather than those with innovative potential. Regulatory Barriers: Government and regulatory privileges favor certain industries, discouraging competition in more critical sectors. Fiat Money and the Race for Yield A vital aspect of the problem is the Fiat Casino's low-interest-rate environment, which drives investors towards higher risk, higher yield investments. This includes Venture Capital (VC) funding, which, in recent years, has attracted substantial interest. However, this surge in VC investments may not necessarily translate into genuine innovation. Chasing Quick Returns: VC investments are often more concerned with rapid returns than fostering long-term innovation. Retail Mindshare vs. Real Innovation: The popularity of projects like NFTs and web 3 startups among retail investors does not necessarily indicate genuine technological advancements. Government-Backed Privileges The government's role in industry ossification is significant, particularly in the energy sector. By favoring specific energy sources through regulatory and financial incentives, governments stifle progress in more reliable energy solutions, such as coal, natural gas, and nuclear power. Energy Privileges: Government-backed preferences for wind and solar energy disrupt the energy market, leading to suboptimal choices for the environment. Investment Concerns: Investors in traditional energy sources fear future regulatory crackdowns, hindering innovation in these critical sectors. The Centralizing Force of Fiat Money The fiat system's centralizing force accelerates the emergence of a few dominant players in every industry. These companies utilize their advantages to solidify their positions, further undermining competition. Lobbying Power: Large corporations can afford extensive lobbying efforts to shape regulations in their favor. Acquisition Strategy: The ability to acquire smaller competitors allows giants to dominate their respective sectors. Collusion and Regulatory Hurdles: A small number of major players in each industry can collude and use the regulatory state to create barriers against potential competition. Conclusion The ossification of industries is a direct consequence of the incentives and privileges facilitated by the fiat system. While rational economic actors may be attracted to quick financial gains, it's crucial to recognize that this environment is not truly reflective of a free market. Rebalancing incentives, reducing government intervention, and promoting innovation in critical sectors are necessary steps to counteract this concerning trend. This article explores the impact of the fiat system on industry ossification, highlighting the misaligned incentives, the role of government privileges, and the centralizing force of fiat money in shaping today's business landscape. The Wisdom of Zero Debt: A Bitcoiner's Perspective - Introduction This article delves into the concept of maintaining zero debt and its significance in the context of the modern economic landscape. The speaker argues that having zero debt is crucial in a world rife with financial uncertainties and economic ossification. The Illusion of Keeping up with the Joneses One common argument for accumulating debt is the desire to "keep up with the Joneses." Many individuals succumb to societal pressures and try to match the lifestyles of those around them. However, this approach is critiqued for several reasons: High Time Preference: Trying to match others' lifestyles reflects a high time preference, which can lead to financial troubles. Bankruptcy Risk: Maintaining this mentality can result in excessive spending and, in turn, bankruptcy, especially if expenditures consistently outpace earnings. The Practical Argument: Leverage and Risk One of the practical reasons to steer clear of debt revolves around the concept of leverage and financial risk. The speaker asserts that taking on debt implies being leveraged, which magnifies sensitivity to economic fluctuations and risks. Sensitivity to Price Changes: Debt amplifies the sensitivity to price changes, which can be a double-edged sword. This is true whether it's a mortgage or an investment trade. Risk of Financial Ruin: Excessive leverage can lead to financial ruin, especially if market conditions deteriorate. The Moral Argument: The Dilution Effect A compelling moral argument against debt centers around the dilution effect. The speaker contends that each time new money is created through loans, it dilutes the wealth of those holding the currency. This has far-reaching consequences: Diluting Everyone's Wealth: Taking out loans contributes to diluting the wealth of everyone who uses the same currency, both locally and globally. Impact on Developing Nations: Countries with hyperinflation often experience the most significant dilution, affecting the purchasing power of individuals in those nations. The Sound Money Economy In a sound money economy, which Bitcoin proponents champion, the focus is on financial responsibility, sustainability, and long-term wealth preservation. Those who take on debt for impulsive, non-essential spending find themselves at odds with sound financial principles. Thinking Beyond Instant Gratification: Sound money proponents prioritize long-term financial well-being over short-term gratification. Escape from the Debt Cycle: Zero debt can liberate individuals from the cycle of perpetual borrowing and interest payments. Conclusion In the world of Bitcoin and sound money advocacy, the wisdom of maintaining zero debt is undeniable. It offers financial security, protects against bankruptcy, and aligns with the principles of fiscal responsibility. The allure of keeping up with others' extravagant lifestyles is overshadowed by the benefits of a debt-free existence, reinforcing the idea that zero debt is an ideal to aspire to. This article explores the merits of maintaining zero debt in a world marked by financial risks, the dilution of wealth, and the need for sound financial principles. It highlights the practical and moral reasons behind embracing a debt-free lifestyle, emphasizing the advantages in a sound money economy. Navigating Financial Waters: The Wisdom of Managing Debt Introduction In today's financial landscape, the decisions regarding debt have far-reaching consequences. This article explores the complexities surrounding debt management, providing insights into topics such as the risks of borrowing, the issue of student debt, and homeownership in an ever-changing world. Risks of Borrowing: The Pitfalls of Living Beyond Your Means High Earners Living Beyond Their Means High-earning professionals, including doctors and lawyers, sometimes find themselves living beyond their means despite their substantial incomes. This common scenario highlights the perils of financial imprudence. High Time Preference: Living lavishly rather than saving reflects a high time preference, which can jeopardize long-term financial stability. Bankruptcy Risk: Overspending can lead to bankruptcy, impacting even high-earning individuals. Student Debt: A Perilous Financial Entanglement The Weight of Unbankruptable Debt Student debt presents a unique challenge as it is not dischargeable in bankruptcy. The creation of money for education adds to the money supply, but this form of debt is particularly burdensome. Monetary Enslavement: High levels of student debt can result in a form of monetary enslavement, limiting individuals' freedom and choices. Affecting Political Choices: The burden of student debt influences political decisions, as people advocate for debt relief, potentially perpetuating monetary problems. Homeownership Dilemma: Mortgages and The Store of Value Premium The Real Estate Conundrum Owning a house for one's family is a dream for many but comes with its own set of challenges. Mortgages, in particular, raise questions about financial prudence. High Housing Costs: The surge in real estate prices often results from the perception of real estate as a store of value, making it expensive. Risk and Subsidies: Mortgages are exposed to real estate market volatility, government subsidies, and artificially low interest rates. What to Do in the Current Fiat System? Embracing Alternative Lifestyles and Entrepreneurship For those living in the current fiat-based financial system, practical steps can be taken to navigate these challenges. Rent Smartly: If you cannot afford a mortgage outright, consider renting a more affordable place or exploring housing options in different cities. Embrace Entrepreneurship: Becoming an entrepreneur in any capacity, even in small, value-driven businesses, can provide financial stability and an alternative to high-stress corporate jobs. Expand Horizons: Explore cities worldwide and consider different lifestyles that prioritize personal happiness over conventional paths. Conclusion Managing debt is a crucial aspect of maintaining financial health. With risks associated with living beyond means, student debt, and homeownership in a changing world, individuals must make informed choices to secure their financial future. By adopting a prudent approach to borrowing and embracing alternative lifestyles, individuals can navigate the complexities of today's financial landscape more effectively. In an ever-changing financial world, understanding the intricacies of debt management is paramount. This article provides insights into the challenges of living beyond one's means, the perils of student debt, and the dilemmas of homeownership. Practical suggestions for navigating the current fiat system are also explored, highlighting the importance of informed financial decisions. Navigating the Fiat System: Unraveling the Complexities of Debt Management - Introduction In the realm of finance and economics, the management of debt plays a pivotal role in shaping one's financial well-being. This article delves into the multifaceted issues related to debt, examining risks, leveraging strategies, and cultural influences in the fiat currency system. Risky Proposition: Leveraging Debt for Real Estate Feeding the Fiat System Borrowing substantial amounts to acquire properties in expensive locations can be tempting, but it comes with a plethora of risks. Excessive Risk: Investing in expensive properties can expose you to significant financial risk. Dependency on the Fiat System: High property costs contribute to the fiat system, potentially accelerating its longevity. Playing the Leverage Casino: Betting on Fiat's Downfall The Pitfalls of Shorting Fiat with Debt Some individuals leverage their debt to bet on the devaluation of fiat currency, believing Bitcoin will outperform it. This strategy, however, comes with its own set of dangers. Leverage Long on Bitcoin: Leverage long on Bitcoin can lead to significant losses if market conditions suddenly shift. Existential Risk: Taking on significant loans to invest in cryptocurrencies poses a substantial existential risk if Bitcoin's value drops unexpectedly. Rectifying Financial Mistakes: Getting Out of Debt The Path to Recovery For those already entangled in debt, rectifying the situation demands financial discipline, frugal living, and a focus on savings. Character Development: Bringing consumption forward through loans is seen as a character flaw, emphasizing the importance of delayed gratification. Programs and Education: Numerous programs, like those offered by financial educators such as Dave Ramsey, can help individuals eliminate debt and shift their mindset toward savings. Saving in Bitcoin: Transitioning from conventional savings to saving in Bitcoin can provide long-term financial stability and security. Cultural Impacts of Fiat Currency The Shift in Societal Bonds The ability to borrow and bring consumption forward has transformed societal bonds and behaviors. Reduced Interdependence: The availability of loans from faceless entities diminishes traditional interdependence within communities. Cultural Shift: The borrowing culture has influenced various aspects of society, including dating, marriage, and family dynamics. Conclusion Managing debt within the fiat currency system requires careful consideration of the associated risks, including high leverage and unexpected market shifts. Furthermore, understanding the cultural impacts of fiat currency on societal bonds is crucial for making informed financial decisions. Embracing the path to financial recovery through discipline and transitioning to Bitcoin-based savings can lead to a more secure and responsible financial future. In the complex world of finance and economics, the intricacies of debt management cannot be underestimated. This article explores the risks of leveraging debt, the pitfalls of shorting fiat with loans, and the path to recovery for those already in debt. It also emphasizes the cultural impacts of fiat currency on societal bonds and the importance of making prudent financial choices. As we navigate the fiat system, understanding these intricacies is key to a secure financial future. The Impact of Debt, Fiat Currency, and Societal Transformation Debt and Monetary Enslavement The burden of debt is a pervasive issue in the modern financial landscape, often leading to what can be termed "monetary enslavement." People constantly juggle debt payments, living under the ever-looming threat of losing their assets. Monetary Enslavement: The pressure to repay debts leads to a state of financial enslavement, diverting focus from innovation and entrepreneurship. Immediate Consumption: Excessive debt creates a culture of immediate consumption, eroding financial discipline and familial relationships. Changing Dynamics: Traditional vs. Modern Lending The Role of Family Bonds In the past, seeking loans for major life events like homeownership involved turning to family members. This process strengthened familial bonds and encouraged gratitude. The family unit was integral to ensuring loan repayment, reinforcing the sense of belonging. Stronger Family Bonds: Relying on family for loans fostered stronger connections and the importance of mutual support. Dependence on Fiat Money: The shift to depending on banks and government for loans has weakened familial connections. The Devaluation of Social Bonds The Impact of Fiat Money The introduction of fiat currency has significantly altered human relationships and societal structures, including family, community, and religious ties. The state encourages dependence on its systems over traditional social and familial bonds. Dependence on the State: Fiat currency encourages people to rely on state-controlled systems, diminishing community and family dependence. Family as Assets: In sound money economies, family members serve as valuable assets, forming an interconnected network of trust. The Dystopian Future of Fiat Morality A Glimpse into Predictions Various ominous predictions, once considered extreme, are gradually becoming reality. The state's ever-expanding control and the dilution of personal freedoms are concerning trends, such as the state's involvement in child-rearing decisions and the stifling of dissenting opinions. Hiding Money Printing: Governments conceal the effects of money printing by blaming corporate greed and taking advantage of public economic ignorance. Societal Transformation: The state's desire for control has led to family bonds being viewed as an obstacle to the dependency the state desires. Where to Find "Fiat Ruins Everything" To delve deeper into the issues surrounding debt, fiat currency, and societal transformation, you can find Jimmy Song's book, "Fiat Ruins Everything," in various formats: Amazon: Available in the United States, Australia, and other English-speaking regions. Bitcoin Magazine: Purchase with Bitcoin at bitcoinmagazine.com. Signed Copies: Order signed copies from Jimmy Song's website, Fiat Ruins Everything. Upcoming Releases: Keep an eye out for the upcoming audiobook and ebook versions. Conclusion Debt and fiat currency have far-reaching implications that extend beyond financial matters. They are catalysts for societal change, altering the fabric of family bonds, community relationships, and individual freedoms. As these transformations unfold, understanding the underlying dynamics becomes increasingly important in navigating the complexities of the modern world.

i think my nostr wallet is broken? @jb55 i have the exact same amount of zaps, but the price has gone up?

can anybody loan me 10k sats so i can post bond to robosats for a trade? need that kyc free #asknostr

need 45000 sats on lightning for a p2p trade bounty, can anyone help a pleb out? #asknostr #nokyc

whats the best traveller/nomad bitcoin node setup? @PABLOF7z #asknostr

just when you think you're starting to understand bitcoin a little bit, you then watch something like this The presentation revolves around the multifaceted realm of on-chain privacy in the context of Bitcoin and other cryptocurrencies. It begins by emphasizing Bitcoin's fundamental role as hard money with political implications rather than a mere consumer payments network. The challenges of privacy on public blockchains are explored, considering approaches like CoinJoin and their limitations, such as transaction size, central coordination, and fee-related vulnerabilities. In response, a novel concept, "steganographic decentralized market-based CoinJoin XT," is introduced, aiming to enhance collaborative privacy-enhancing transactions. This approach involves pre-signed transactions, multi-sig UTXOs, and customizable pay join scenarios for improved privacy and safety. Furthermore, complex transaction structures that obscure inputs and outputs to break subset sum analysis are discussed, leveraging inter-participant payments, time locks, and cryptographic techniques. However, potential challenges in incentivizing participants, handling off-chain to on-chain privacy bleed, and addressing market-related issues are acknowledged. The conversation also touches upon ensuring that payments occur only when the receiver delivers the goods, involving "hodl invoices," atomicity, Schnorr signatures, and linearity in signatures. The latter offers a robust approach, even with multiple parties, through commitments and verifiable adapters. Additionally, an exploration of off-chain fee payments highlights their advantages in reducing blockchain footprint and enhancing privacy but underscores the significance of addressing potential payment failures, transaction timing, and backup strategies. Finally, the challenges of quantifying privacy and block space efficiency, particularly in large groups of participants using complex structures like CoinJoin XT, are addressed, emphasizing the impact of adversaries with knowledge about specific transactions and the need for solutions, including markets, to enhance privacy in cryptocurrency transactions.

bitcoin rids us of product obsolescence

bitcoin or shitcoin?

Toward a Node World Order

How bitcoin obsoletes inflation and promotes human flourishing

'Citizens' constant vigilance is more effective in preserving a stable currency than numerous laws and bureaucratic agencies.' The text discusses various topics related to economics, money, and the role of bitcoin. It emphasizes the importance of technological innovation and the accumulation of capital goods and technology for economic growth. It also highlights the role of money as a medium of exchange and the historical use of gold as money. The text mentions the challenges and vulnerabilities of using gold as a medium of exchange and the potential benefits of using bitcoin. It argues that running a full node and holding private keys is necessary for ownership, scarcity, and censorship-resistance in the bitcoin network. The text suggests that bitcoin has the potential to become a global reserve currency and upgrade the economic operating system. It concludes that dependence on bitcoin will grow, leading to increased security and productivity in the economy.

if a build doesn't have to ask for permission then i see no problem in it being on bitcoin a lot of luddites that only want bitcoin used their special way bitcoin is for anyone just play by its rules and we can all get along

pretty nice work on the documentary series @Peter McCormack a good one to send to the normies out there bitcoin does fix a lot, it would seem

fiat sucks use bitcoin

nostr marketing department need to get on this asap, before shitcoinery captures the narrative on 'blockchains can help regulate AI disinformation' nostr or OpenTimestamps fixes this? @Marty Bent @ODELL @Gigi

not sure a note i did got posted

The Great Taking (2023) 00:00:00 In this section, the book "The Great Taking" by David Webb discusses the concept of the taking of collateral, which refers to the end game of a globally synchronized debt accumulation cycle. The author argues that a small group of people, hidden from the public eye, control all major institutions and are orchestrating a war against humanity. This war is not fought with traditional weapons, but through deception and manipulation. The book explores how this group plans to seize all financial assets, including money, stocks, bonds, and property, in order to concentrate wealth and power. The author also delves into the idea of a digital currency controlled by central banks, which would result in a loss of personal property and the potential for unprecedented deprivation. The book draws parallels to previous periods in history, such as the Great Wars and the Great Depression, to highlight the potential for mass wealth transfer and control over humanity.00:05:00 In this section, the narrator discusses the relationship between money supply velocity, GDP, and the decline in the velocity of money throughout history. He mentions economist Milton Friedman and his observation that the velocity of money sharply declined from 1880 to World War I, coinciding with the collapse of various empires and economies. The narrator argues that the decline in velocity was intentional and used to consolidate power. He also points out that he noticed the Federal Reserve's influence on financial markets during his time managing hedge funds, as money creation was not leading to real economic growth but instead driving a financial bubble. He concludes by stating that crises are intentionally induced to consolidate power and that the collapse in money velocity is a recurring phenomenon.00:10:00 In this section, the speaker discusses the collapse of the economy and the confiscation of gold in 1933, the recovery during World War II, and the subsequent collapse to a low point in 1946. They argue that the current contraction of the economy is even worse than during the Great Depression or World Wars, and that printing more money will not help. The speaker suggests that the announcement of the great reset may not be motivated by global warming or the fourth Industrial Revolution, but rather by the collapse of the monetary system. They claim that dematerialization of securities was a strategic move planned decades ago, with the CIA playing a role in the project. The speaker also mentions the formation of the Depository Trust Corporation (DTC) and the transition from physical stock certificates to computerized entries. They question whether the paperwork crisis was manufactured to push for dematerialization and highlight the timeline of DTC's operations, implying that functioning stock exchanges during that period contradict the urgency of dematerialization.00:15:00 In this section, the excerpt explains how the concept of security entitlement has replaced the ownership of tradable financial instruments, such as securities. This legal concept allows certain entities to treat these instruments as their own assets and use them as collateral for borrowing money. The horror lies in the fact that these securities, which were once considered personal property, can be seized by secured creditors without judicial review in the event of insolvency. The system of hypothecation and rehypothecation further enables the reuse of the same collateral multiple times, making the derivatives complex much larger than the global economy itself. This deception has been facilitated by amending the Uniform Commercial Code in the United States, gradually subverting property rights and leaving even sophisticated investors unprotected.00:20:00 In this section, it is explained that courts and account providers have the legal authority to borrow pulled Securities without restrictions, known as self-help. This concept aims to use all Securities as collateral. The evidence for this is documented and undeniable. In 2004, the European Commission proposed the establishment of a legal certainty group to address legal uncertainty in clearing and settlement. In 2006, the Deputy General Council for the Federal Reserve Bank of New York provided detailed responses to the group, highlighting the use of US commercial law in empowering secured creditors to take client assets in the event of custodian failures. The excerpt demonstrates that legal uncertainty can lead to potential vulnerabilities for investors and the prioritization of secured creditors. It also touches on the handling of shortfalls in practice.00:25:00 In this section, the excerpt discusses the concept of security entitlements and the potential implications it has on ownership. It explains that in the US and Canada, investors are viewed as owning securities entitlements rather than securities themselves. This allows for greater availability of assets as collateral but raises concerns about the stability of the system. The use of omnibus account structures also increases the risk of unauthorized use of client assets and the potential for clients to become unsecured creditors in the event of a default. The push for legal certainty and mobility of collateral globally, driven by powerful creditors, raises questions about who truly benefits from these changes and whether citizens have been betrayed by their own governments. The excerpt suggests that financialization and the pursuit of financial profits have been used to harm nations, and that the global harmonization of legal certainty has been orchestrated to serve the interests of certain secured creditors.00:30:00 In this section, the narrator discusses the Hague Securities Convention, an international treaty aimed at providing legal certainty for cross-border securities transactions. The convention introduced a conflict of laws rule called the "place of the relevant intermediary approach," which determined the applicable law for collateral transactions. The drafting of the convention involved key individuals like James S. Rogers and Professor Egan Gutman, who had expertise in securities transfers and secured transactions. While the EU did not sign the convention due to conflicts with European law, the objective of providing legal certainty to creditors was recognized and accepted by EU authorities. This is evidenced by Directive 2002/47/EC, which aimed to improve the legal certainty of financial collateral arrangements.00:35:00 In this section, the transcript excerpt discusses the Euroclear system and its recommendations for addressing legal barriers in cross-border activity. Euroclear suggests the removal or modification of requirements that hinder the implementation of major initiatives, including recognizing the multi-layer holding structure and the rights of nominees. Additionally, they recommend eliminating impediments to the free use of collateral across borders. The excerpt also mentions the appointment of Diego Devas as the General Counsel of the Bank for International Settlements, his warning about the undermining of property rights to securities, and the implementation of the Central Securities Depository Regulation by the EU. However, despite raising awareness about these issues, it seems that many professionals and clients were indifferent or unaware of the implications.00:40:00 In this section, the transcript excerpt discusses how the European Securities and Markets Authority (ESMA) plays a crucial role in post-trade harmonization efforts in Europe through the Central Securities Depositories Regulation (CSDR). The CSDR enables the transfer of legal title to customer collateral and the use of customer collateral through links between national and international Central Security Depositories (CSDs). The excerpt also highlights the case of Euroclear acquiring the Nordic Central Security Depository (NCSD), leading to changes in property rights to securities in Sweden and Finland. These changes resulted in the erosion of property rights, transforming the countries from having the strongest property rights to securities to having no property rights beyond an artificial appearance of ownership, as dictated by the EU directive on CSDs.00:45:00 In this section, the transcript excerpt discusses a clause in Sweden's law on Central Security depositories and accounting for financial instruments that allows for the legal control of customer assets to be passed to the International Central Securities Depository (ICSD) without the account holder's knowledge or approval. This gives the local Central Security depository (CSD) broad authority to use customer assets as collateral. The implementation of this clause has made it impossible for Swedish citizens to hold Swedish government bonds in Sweden without exposure to the insolvency of the account provider, the local CSD, or the ICSD. The excerpt also mentions how financial institutions like Handlesbanken and SEB have changed their account structures, further complicating the ownership of securities.00:50:00 In this section, the transcript discusses the concept of collateral management and its connection to regulatory reforms and central clearing of derivatives transactions. It suggests that the demand for collateral assets is not driven by true market forces, but rather by regulatory fiat. The report mentioned in the transcript indicates that while there is no evidence of scarcity of collateral in global financial markets, the demand for collateral assets is being artificially created and intensified. The objective of collateral management systems is to provide cross-border mobility of collateral, allowing the largest secured creditors behind the derivatives complex to control collateral. The transcript also mentions the implementation of a global custodial platform that aims to provide a single view of available collateral regardless of location. Overall, the transcript highlights the intentional design and execution of strategies to move control of collateral to certain entities within the financial system.00:55:00 In this section of the transcript, the author discusses the services available at ICDS (International Central Securities Depositories) and how participants in the ICD can hold securities in the ICDS via link arrangements with local CSDs (Central Securities Depositories). The report also explains the role of collateral givers and collateral takers, where both parties provide information to the ICD for collateral obligations. The ICD then runs an optimization process and may automatically generate collateral allocation instructions. If the collateral giver does not have sufficient securities in the ICD, they can transfer securities from their own account at the link CSD to their securities account in the ICD. The report then introduces the concept of collateral transformation, which is the encumbrance of client assets under swap contracts without their knowledge. This process serves no beneficial purpose for the clients and is done in times of market stress. The automation and standardization of collateral management may enable market participants to manage complex and rapid collateral demands. The ultimate objective is to utilize all securities as collateral, creating comprehensive collateral management systems.01:00:00 - 02:00:00The YouTube video titled "The Great Taking" by David Webb discusses various aspects of the global financial system, highlighting how it benefits financial firms at the expense of ordinary people. It delves into topics such as the unequal distribution of wealth and power, the concentration of risks in central counterparties, concerns about the resilience of clearinghouses, and the potential abuse of safe harbor provisions by large financial institutions. The video also explores the deliberate actions taken during the Great Depression by the Federal Reserve and banks to consolidate power and control over assets. It raises questions about the motivations and effects of these actions, as well as the ongoing efforts to seize and control assets through the banking system. The transcript further delves into the role of derivatives, the shifting collateral backing for the banking system, and the risks posed by large-scale derivatives in deposit-taking subsidiaries. It highlights concerns about the safety of deposits, adequacy of deposit protection, and potential consequences of a widespread banking crisis. The video concludes by discussing trilateral exercises and coordination between global financial sector authorities, raising questions about the motives behind central bank digital currency development and its potential role in a global hybrid war. Overall, the video presents a critical analysis of the financial system and its impacts on individuals and society.01:00:00 In this section, the transcript explains how the global financial system is set up to benefit financial firms and secured creditors at the expense of ordinary people. When a crash occurs and prices plummet, collateral management systems will automatically sweep all collateral to central clearing counterparties and central banks, leaving no pockets of resilience in any country. The deliberate strategy of inflating the global bubble, driven by financialization, will ultimately lead to disastrous consequences for many. The revised Safe Harbor provisions in the US bankruptcy code ensure that secured creditors can take client assets without challenge, further exacerbating the unequal distribution of wealth and power.01:05:00 In this section, the concept of protected contracts, particularly swap agreements, and the safe harbor provisions in bankruptcy law are discussed. The safe harbors were implemented to mitigate systemic risk in the derivatives market by allowing for the closeout of derivative positions during a bankruptcy. However, the rush to closeout positions and demand collateral from distressed firms can have negative consequences on the markets. The safe harbor regime was solidified in case law during the bankruptcy of Lehman Brothers when JP Morgan, as both a secured creditor and custodian, took client assets. This set a precedent that protected class secured creditors have priority claims to client assets. The safe harbor provisions, although intended to promote stability, have raised concerns about the potential abuse of these protections by large financial institutions.01:10:00 In this section, the transcript discusses the role of CCPs (central counterparties) in managing counterparty risk and clearing and settling trades in various financial instruments. It highlights the concerns surrounding the concentration of risks in CCPs and the lack of alignment in financial regulations across jurisdictions. The transcript also mentions the tension between clearing houses, clearing banks, and asset managers regarding who should bear the cost in the event of a CCP collapse. Furthermore, it points out the potential risks associated with the small capital base of CCPs and the need for scenario planning to prevent future CCP crises.01:15:00 In this section, the excerpt highlights some limitations in the analysis provided by the Financial Stability Board of the Bank for International Settlements (BIS) regarding the potential impact of a global financial crisis. The analysis did not consider underlying economic circumstances, the likelihood of simultaneous defaults of clearing members, or second and later order effects that could lead to wider market stress. Additionally, the analysis assumed that all non-defaulting participants would continue to perform as committed. The article from the Depository Trust and Clearing Corporation (DTCC) discusses efforts to update recovery and wind-down plans for clearing corporations and the need to be prepared for potential disruptions. The DTCC emphasizes the importance of capitalization and resilience in clearinghouses, but the total shareholders' equity of DTCC is around $3.5 billion, which may raise concerns about whether it is sufficiently capitalized considering its role in the US securities market and derivatives complex.01:20:00 In this section, the transcript excerpt highlights some key points from the exchange between the legal certainty group and lawyers for the Federal Reserve. It discusses the vulnerability of investors to the insolvency of intermediaries and the priority of secured creditors over entitlement holders. The collapse of clearing subsidiaries and the taking of assets by secured creditors is seen as a deliberate and planned event. The excerpt also mentions the opposition of DTCC to prefunding the default loss waterfall and its support for prefunding operating capital for a new CCP. The transcript emphasizes the importance of the rule of law and the potential chaos if it is not upheld. Additionally, it includes an excerpt from the Wikipedia article on DTCC, explaining the structure of the organization. The section ends with a quote from William Blake and a personal anecdote about the Great Depression.01:25:00 In this section, the excerpt discusses the aftermath of the bank reopening during the Great Depression. Only the Federal Reserve Banks and the banks approved by the Federal Reserve were allowed to reopen, causing many people with money in banks not selected to lose all of their funds. Their debts were not cancelled and were taken over by the chosen banks, leading to the loss of everything financed with debt, including homes, cars, and businesses. Cleveland Trust Company, one of the selected banks, consolidated debts and foreclosed upon thousands of families' homes, offering them the opportunity to rent their former houses. While some perceived the bank holiday and reopening as a successful solution to the Panic, it ultimately benefited the banks and consolidated their power. The excerpt questions the true intentions and effects of the bank holiday during this time.01:30:00 In this section of the video, the narrator discusses the role of the Federal Reserve in the transformation of the normal recession into the Great Depression. The Federal Reserve's passive approach, such as not lowering interest rates or injecting liquidity into the banking system, allowed for large bank failures and widespread panic. Although the Fed later admitted its mistakes and promised not to repeat them, the narrator questions whether they can be trusted. The deliberate actions of the Federal Reserve and the banks in taking property and assets during the Great Depression are seen as evidence that their motivations were not solely driven by greed or the desire to help, but rather part of a larger plan.01:35:00 In this section, the focus is on the deliberate hurting of humanity through strategies that aim to eliminate centers of resistance and impose subjugation. The Federal Reserve Act of 1913 set the stage for the Federal Reserve System to eventually confiscate the gold of the public in times of crisis, under the justification that credit could not be expanded otherwise. This was evident in the Executive Order 6102, which aimed to remove the constraint on the Federal Reserve, allowing it to increase the money supply during the Depression. The order criminalized those who hoarded gold and confiscated all gold owned by the public. This pattern of deprivation and control continued with severe penalties for non-compliance. The purpose behind constructing the largest bank vault in the world in Cleveland in 1923 becomes apparent, as it served as a means to store the confiscated gold.01:40:00 In this section, the speaker discusses how the collateral backing for the banking system has shifted from essential holdings like gold to global securities and derivatives. This could potentially allow big banks to suppress the price of gold and accumulate physical gold for themselves while selling paper gold to the public. However, this doesn't guarantee that individuals will be able to keep their gold if the banks continue on their current path. The Federal Reserve System has been designed to survive and take over all assets and banking activities, leaving cash holders in banks as unsecured creditors with no enforceable claim to their money. The regime shift aims to nationalize all deposits and assets, with the protected class of secured creditors taking control. The big banks have organized themselves as holding companies with subsidiaries to legally separate risks, allowing deposit-taking subsidiaries to be separately bankrupted. The Federal Reserve has the power to grant exemptions to move derivatives into these subsidiaries, as seen in the case of Bank of America. Overall, the speaker warns that the banking system is designed to ultimately seize all deposits and assets, leaving individuals vulnerable, regardless of where they hold their money.01:45:00 In this section, the transcript discusses the alarming scale of potentially toxic obligations, known as derivatives, that major banks house within their insured retail units. With the approval of the Federal Reserve, banks like Merrill Lynch, Bank of America, and JP Morgan Chase have moved massive amounts of derivatives into their deposit-taking subsidiaries. The sheer size of these derivative positions, which rival the entire global economy, raises concerns about the safety of deposit-taking subsidiaries. The intention behind this large-scale endeavor remains unclear, but it appears that the collapse of these subsidiaries could lead to a comprehensive "Taking" of money, including from depositors, while the protected class of bank holding companies and their subsidiaries survive and thrive. This raises questions about the adequacy of deposit protection, as the Deposit Insurance Fund may only offer a fraction of insured deposits in the event of a widespread banking crisis.01:50:00 In this section, the transcript discusses the objections of the Single Resolution Board (SRB) to the super priority of legacy national deposit guarantee schemes (DGS). The SRB argues that super priority claims undermine the use of DGS funds in resolution processes and instead supports adopting a general depositor preference. However, this preference would place DGS funds behind secured creditors but ahead of unsecured creditors, essentially wiping out the funds in the event of a major failure. The SRB is also directing the largest banks to prepare for a solvent wind-down, which hints at certain portions of these banks remaining solvent while the bubble bursts. Excerpts from the SRB memo indicate that banks are expected to work on solvent wind-down planning, especially for their trading books. The SRB's 2023 work program acknowledges the challenges posed by the pandemic, Russian aggression in Ukraine, and rising energy costs. It emphasizes the need to finalize banking resolvability and ensure that resolution plans and strategies are implementable. The transcript suggests that the seriousness of the powers that be indicates that an important turning point is approaching.01:55:00 In this section, it is revealed that the United States, the United Kingdom, and the European banking Union are participating in a trilateral exercise to enhance understanding and coordination on cross-border resolution for global systemically important banks. This exercise is part of a series of regular events and exchange among the financial sector authorities. The significant attention given to this exercise from the US side is highly unusual and suggests that something serious is being planned. Additionally, the Atlantic Council, a military strategy think tank, is focused on central bank digital currency (CBDC), which is being developed by central banks around the world. The focus on CBDC raises questions about the motives behind its development, particularly in the context of a global hybrid war where the collapse of banking and payment systems is seen as a war aim by those who control central banks.02:00:00 - 02:20:00In this YouTube video titled "The Great Taking (Audio Book) by David Webb," the speaker discusses the concept of deflation and its historical impact, highlighting how commodities, public companies, and real estate prices have suffered from persistent deflation over several decades. They argue that the current inflationary trends are a result of massive devaluation of money and artificial scarcity, with the underlying problem being deflation. The impact of interest rate changes on financial instruments, the role of debt in dispossessing individuals, and the need for a system that serves the people instead of perpetuating deprivation and fear are also discussed. The video further emphasizes the dangers of pseudoevents and the escalating hybrid war, media control, censorship, and erosion of human rights. It concludes by advocating for the non-violent dismantling of the power structure through documenting actions and criminal prosecution.02:00:00 In this section, the speaker discusses the concept of deflation and provides historical examples to support their argument. They highlight how in the 1930s, during the Great Depression, commodities and public companies experienced significant declines, with price levels taking decades to recover. The speaker also shares personal anecdotes and research on real estate prices, showing how properties suffered from persistent deflation over several decades. They suggest that the current inflationary trends are merely a result of massive devaluation of money and artificial scarcity, while the underlying problem of our time is deflation. Additionally, they point out that the lack of significant demand drivers, coupled with advancements in technology that promote automation and efficiency, further contribute to deflationary pressures.02:05:00 In this section, the speaker discusses the impact of interest rate changes on the value of financial instruments, particularly perpetuities. The Fed's decision to lower interest rates results in an increase in the value of the perpetuity, while an increase in market rates leads to a decline in its value. The speaker argues that the global financial complex operates on the same principles, with the prices of fixed income instruments, equity markets, and commercial real estate all being influenced by interest rates. The Fed's actions in creating the everything bubble by lowering rates during the global financial crisis and subsequently increasing rates now are seen as setting the stage for a massive decline in financial and real estate markets, which will result in a deflationary depression. The speaker suggests that the architects of this system are positioned to take everything from the populace, leaving them enslaved and destroyed. With deep debt and prolonged deflation, people will be unable to make debt payments, leading to the loss of property and businesses. The speaker emphasizes that debt is a construct designed to take real things, and its historical function has been to dispossess and take away property from individuals.02:10:00 In this section, the audio book highlights the importance of human welfare and questions the purpose of societal constructs and institutions. It criticizes the powers that be for prioritizing the interests of private banks over the well-being of depositors and emphasizes the need for a system that serves the people instead of perpetuating deprivation and fear. The audio book argues that the protectors in society often become the oppressors, causing harm to innocent civilians. It urges individuals to be aware of the existence and operation of evil and emphasizes the interconnectedness of all things. The audio book concludes by stating that stopping the hybrid war begins with changing one's mindset and being aware of the systematic psychological manipulation that has been ongoing since the Great War.02:15:00 In this section, the excerpt discusses the danger of pseudo events and how they can redefine reality by the parameters set by their creators. The people behind wars and control of central banks are described as lying, thieving killers who have deliberately caused deaths, and their criminality has reached an unprecedented scale with the aim of subjugating the entire globe. The binding power of shared guilt among the perpetrators is suggested as a reason for how they are held together. The excerpt also highlights the escalating hybrid war, media control, censorship, lockdowns, and the erosion of fundamental human rights that have taken place under the guise of preventing the spread of infectious diseases. It is asserted that this is not about increasing control, but rather a response to the collapsing power of deception-based control systems.02:20:00 In this section, the excerpt discusses the desperation of those who hold all the assets and have caused immense damage to humanity. Despite promoting the belief that they are all-powerful, they have only been able to exert control through the power to print money. However, this system of benefiting a few at the expense of many is inherently unstable and unsustainable. The excerpt argues that physical control requires enormous energy and cannot be sustained while destroying economies and abusing people. Furthermore, it highlights that war is not the natural state of humanity and that survival is based on cooperation and not killing one another. The people orchestrating chaos in countries are seen as criminals, while those following their orders are not heroes but criminals as well. The section concludes with the assertion that the power structure of these individuals and organizations must be dismantled non-violently by documenting their actions and subjecting them to criminal prosecution.

the new phoenix update for iOS let me down receiving a payment bigger than my inbound liquidity. would normally seamlessly open a new channel. @bumi getalby there to save the day!