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Der sucht ihn in Köln Brief Version: Basierend auf Denver, Colorado, BiggerPockets gemacht einen Ruf für sich selbst als Drehscheibe von wirtschaftlich info unterstützt von einem weltweiten Gebiet von Investoren, Vermietern und anderen Spezialisten. Die Website liefert Männer und Frauen die Methoden die sie brauchen verstehen Immobilien, werden bewusst eigene Ausgaben Gewohnheiten und erreichen monetäre Stabilität erreichen. Kostenlos Personen können Durchsuchen einer großen Anzahl von Inhalt zusammengestellt von erfahren Finanzexperten, während abonnierte Personen an {Konversationen|Diskussionen|in den Message Boards oder generate Rabatte von online Marktplatz. Diese benutzerfreundlichen Tools Unterstützung Anfänger studieren über sachkundige Käufer machen und trainieren gut informiert Entscheidungen über ihre finanzielle Futures. Partner können verwenden diese Sammlung des Wissens machen weise Finanzinvestitionen die helfen sie gehen früh in den Ruhestand und Geld sparen Zeit miteinander.

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Mindy Jensen, Community Manager von BiggerPockets, tatsächlich erreicht am besten Gleichgewicht zwischen Arbeit, Familienmitgliedern und Spaß. Während des letzten 10 Jahre, sie ist umgedreht zahlreich Häuser in Colorado und gegeben der Frau Anleitung als finanzieller Experte an viele Menschen über einen Blog und einen Podcast. Sie zusammen mit ihrem Partner Reisen häufig zu Sprechen Verlobungen und / oder {Ferien|Ferien Kurzurlaube im Ausland. Sie haben sowie anderen wirtschaftlich themen. Touting von sich aus einst das Planet größte Immobilien Center, Website hat erstellt globale network of people that enjoy speaking about and learning about insider economic recommendations. The community provides advice in a segmet of life many men and women do not feel effective at navigating themselves.

“no one covers cash and investing,” Mindy stated, “but it is extremely crucial. In case you are a normally cheap person, little adjustments in your life can deliver huge monetary gains, and it also all starts with being money mindful.”

Mindy shares her insights as an individual who achieved monetary stability at an early age to help other individuals determine what they could do to get on their own in which they want to be. Cash could be a tremendous supply of conflict for partners dealing with debt or living paycheck to paycheck — therefore obtaining understanding to increase your wide range and financial competence can boost your union along with your mate.

Becoming financially independent isn’t just about removing tension from your own existence — it’s about giving your self longer accomplish the things you love making use of the folks you like. Mindy informed you the woman union together with her partner has actually cashed in on advantages throughout the years. “We have longer with each other because money isn’t something,” she mentioned. “We never fight about money. We now have this type of a great union because do not have the money problems that tends to be so soul-crushing for other lovers.”

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No-cost membership on BiggerPockets includes entry to unlimited file downloads, property analysis computer software, personal texting to 1 associate at a time, forum keyword notifications, alongside benefits. It is possible to check the web log, see informative movies, and listen to the podcast. Most of these complimentary resources supply valuable insider Richtlinien von erfahrenen Steuerexperten.

100% kostenlos Personen können nicht Artikel Anzeigen während des BiggerPockets Immobilien Marktplatz ansehen, wo Benutzer Artikel Wohnimmobilien auf dem Markt, vorherige Zwangsvollstreckungen, sowie anderen Anzeigen. Dies ist ein lukrativer Methode für Immobilienprofis und Händler sein auf dem Markt ihre Dienstleistungen oder Besitztümer durch Netzwerk zusammen im Web. {Sie können|Sie können|Sie können|Es ist möglich|Sie können|Sie können|Sie können|Sie können sich als Plus Mitglied oder ein Fachmann Mitglied, um Nutzung der online Marktplatz. Außerdem können Mitglieder hochladen so viel wie dreimal pro Monat, während Pro Mitglieder zweimal täglich veröffentlichen und alle 5 Tage erneut posten können.

Nur Personen können veröffentlichen in BiggerPockets Marktplatz und Community-Foren , aber jeder kann sehen Gespräche los auf dieser Seite, und es ist oft ansprechende Studie. “viele Angebote sind verfügbar auf dieser Website “, sagte Mindy. “Aber viele kostenlos Informationen sind zur Verfügung gestellt gleichzeitig. “

BiggerPockets hilft eine Sammlung von finanziellen Details und Ressourcen zugänglich für alle im Internet. Sie können verwenden diese Elektrowerkzeuge beginnen arbeiten in Richtung Schulden Ziele, also Sie und Ihre Begleiter machen viele der Energie zusammen.

Der BiggerPockets-Podcast, vorgestellt jeden Donnerstag, tatsächlich ein bodenständiger Tipps Leitfaden für Anfänger zu Immobilien. Joshua Dorkin und Brandon Turner sprechen mit Händlern was alle effektiv und was Ratschläge {sie würden|sie|würden|sie könnten|sie werden diese nur beginnen. Sie bleiben in Kontakt mit Fachleuten von verschiedenen Hintergründen und Märkte, zusammen mit Symptomen auch haben faszinierende Imbissbuden für Publikum.

Dieser Podcast wurde so profitabel das ist gegründet ein weiterer Podcast über grundlegend Geld Themenbereiche. Geld Show beantwortet üblich Bedenken, normalerweise gezogen gerade durch Website Community-Forum, einschließlich “How do Ich schuldenfrei zu werden? ” und “nur wie mache ich auszugeben ohne Bargeld und schlechte Kredite? ” Mindy Jensen ist Co-Moderator dieser tv series zusammen mit Scott Trench.

“Menschen weiß nicht Wege zu nutzen benutze Bargeld. Sie wissen nicht wirklich sehr gut wissen was damit zu tun, “Mindy erwähnte. “Wir versuchen das viel besser zu machen indem wir Menschen die Info sie sollten Geld verwenden weise. “

Ein junger technisch versierter Gruppe hilft eine Gemeinschaft von Investoren

Während die BiggerPockets Publikum reifer verzerren (normalerweise in 35-50 Sorte), die Website ‘s Gruppe enthält größtenteils jung, technisch versiert Profis. Das Business Tradition lockt lebenslustige und fleißige Liebe BiggerPockets ‘Ziel zu coachen Menschen über finanzielle Probleme .

From the Wandraum für das Büro werden Sie werden bunte Porträts von jedem der Internetseite, kann ich zu gehen, etwas Unterstützung “, sagte sie. “wir großes Gefühl für Teamwork und Wertschätzung für den Anfang einen anderen. “

BiggerPockets zusätzlich hat häufige Geschäft Ausflüge zum Bergsteigen Turnhallen, Kochen Kurse, Go-Kart Strecken, zusammen mit andere Spaß Orte. Von den Team Anlässen zu seinen flexiblen Arbeitsumgebungen, die Organisation sicher, dass ihre Mitarbeiter fühlen zufrieden und entschlossen von täglich.

Die BiggerPockets Gruppe arbeiten schwer bis etablieren benutzerfreundliche Methoden, sehr sogar Computer-Analphabeten Menschen werden {ihre|ihre|ihre|eigene|ihre einzigartige|Weg zu hilfreiche Informationen und ein unterstützendes Diskussionsforum. Das Ganze Zweck sollte erstellen finanziell information viel mehr zugänglich für Begegnungen und Informationen. “

Geld ausgeben sorgfältig Sie können einige Zeit Zusammen

BiggerPockets bietet ein Wohngebiet von Fachleuten {um|zu helfen|zu helfen|zu helfen einfach helfen, {Anfängern verstehen Feinheiten von komplizierten wirtschaftlichen Themenbereichen verstehen . Zahlreiche Fiskalexperten bieten kostenlos maßgeschneiderte Vorschlägen zu der Internet-Website ‘s Diskussionsforen, die eine dynamische Konversation zwischen Männern und Frauen in Immobilien.

{Sie können lesen suchen die Website, {hören|einstellen|hören|auf Podcasts achten|oder ein Anliegen in den Message Boards zu erreichen Fachwissen das helfen kann du wirst treffen fundiert Entscheidungen für Ihre finanzielle Zukunft. “es ist möglich viel Geld wenn Sie wissen was Sie ausführen, “Mindy erzählte uns, “und eigene Website verbindet Personen mit das Wissen sie müssen ausgeben ihr Geld vernünftig. “

“Ich geschätzt dein Beitrag. Klein und zu -the-point mit vielen gut ressourcen verwenden. “ – Ted Spencer Mcafee in einem Kommentar zu einem BiggerPockets article

BiggerPockets fördert ein dynamisches Diskussion zwischen Mitgliedern in finanziell werden getrennt getrennt. Menschen können verwenden diese Quellen ausführen ihre Forschung und fertig machen diskutieren gewichtige Bargeld sprechen Probleme mit einem Partner.

Sie müssen über Geld früh in einer Beziehung, weil inkompatible Ausgaben Gewohnheiten einige Konflikte zwischen verbitterten Liebhabern verursachen. Wenn eine Person Partner Ausgaben zu dem Haushalt in finanzielle Verpflichtung, das glückliche Paar ‘s Verpflichtung kann angespannt weil sie zu kämpfen Rechnungen zu bezahlen.

jedoch, Erreichen monetärer Stabilität kollektiv kann eine Verpflichtung stärken und kann anbieten Paare ein größeres für individuelles Vergnügen und Vergnügen.

“Niemand hatte ein Kind angegeben. “Warum arbeiten mit ein halbes Jahrhundert wenn Sie nicht müssen? wann immer Sie können machen klein Optimierungen in Richtung Leben und jetzt erreichen genießen die Anreize von zahlreichen Jahren klug Entscheidungen und scheinen Bargeld Verfahren.

{ 40s wenn du tust es richtig “, sagte Mindy. “Sie können verwenden Geld weil Werkzeug es ist das dir helfen wird erreichen wirtschaftlich Unabhängigkeit. “

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Gold silver down as crude oil drops US Treasury yields rise

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Gold, silver down as crude oil drops, U.S. Treasury yields rise

Gold and silver prices are lower in midday U.S. trading Wednesday, with gold hitting a five-week low and silver a more-than-two-year low. Gold prices were well up from their daily lows, however.

Eroding crude oil prices and rising U.S. Treasury yields at mid-week are bearish outside market elements working against the metals markets on this day. October gold futures were last down $4.10 at $1,722.70. December Comex silver futures were last down $0.307 at $17.985 an ounce.

Today’s ADP national employment report for August showed a paltry rise of 132,000 jobs, which was well below the gain of 300,000 that the marketplace expected. The marketplace showed little reaction to the report, which has a recent history of not being a good indicator of Friday morning’s more important employment situation report from the Labor Department. That report is expected to show the key non-farm payrolls growth number at up 325,000 in August versus the July report showing a gain of 528,000 non-farm jobs.

Global stock markets were mostly lower overnight. U.S. stock indexes are weaker at midday. Traders and investors remain tentative at mid-week, following the Federal Reserve’s annual Jackson Hole symposium that saw U.S. Fed officials, including Chairman Powell, lean aggressively hawkish on U.S. monetary policy. Other major central banks of the world are also tightening their monetary policies—all in an effort to tamp down problematic price inflation, even if it slows global economic growth.

Speaking of inflation, the Euro zone got more hot readings as the August consumer price index rose 9.1%, year-on-year, which was slightly above market expectations.

The markets have not reacted much, but are paying close attention to reports that Taiwan’s military fired warning shots at drones, thought to be from mainland China, that were flying close to Taiwan.

The key outside markets today see Nymex crude oil prices solidly and trading around $90.00 a barrel. Reports are now indicating OPEC-plus will not cut its collective crude oil production. The U.S. dollar index is lower in midday U.S. trading. Meantime, the yield on the 10-year U.S. Treasury note is fetching around 3.12%.

Technically,October gold futures prices hit a five-week low today. The gold futures bears have the solid overall near-term technical advantage. Prices are in a three-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $1,780.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the July low of $1,686.30. First resistance is seen at today’s high of $1,728.70 and then at Tuesday’s high of $1,743.10. First support is seen at today’s low of $1,711.70 and then at $1,700.00. Wyckoff's Market Rating: 2.0.

December silver futures prices hit a more-than-two-year low today. The silver bears have the solid overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $19.50. The next downside price objective for the bears is closing prices below solid support at $17.00. First resistance is seen at today’s high of $18.39 and then at this week’s high of $18.83. Next support is seen at today’s low of $17.80 and then at $17.50. Wyckoff's Market Rating: 1.0.

December N.Y. copper closed down 340 points at 351.70 cents today. Prices closed near mid-range today and hit a three-week low. The copper bears have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the August high of 378.35 cents. The next downside price objective for the bears is closing prices below solid technical support at the July low of 315.55 cents. First resistance is seen at today’s high of 359.90 cents and then at this week’s high of 370.10 cents. First support is seen at today’s low of 344.45 cents and then at 340.00 cents. Wyckoff's Market Rating: 4.0.

By Jim Wyckoff

For Kitco News

Time to buy Gold and Silver on the dips

 

Tim Moseley

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Gold silver pressured amid big drop in crude oil prices

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Gold, silver pressured amid big drop in crude oil prices

Gold and silver prices are lower in midday U.S. trading Tuesday, due in part to a drop of over $5.00 in Nymex crude oil futures prices (as of this writing). Bearish near-term technicals are also weighing on the precious metals. October gold futures were last down $12.10 at $1,728.40. September Comex silver futures were last down $0.36 at $18.31 an ounce.

Global stock markets were mostly higher overnight. U.S. stock indexes are lower at midday. Traders and investors are still concerned about Covid lockdowns in China that are crimping the world’s second-largest economy. Last week’s hawkish speech on U.S. monetary policy by Fed Chairman Powell is also hanging over and depressing the marketplace.

The U.S. data point of the week on this unofficial last week of summer is the August U.S. employment situation report from the Labor Department on Friday. The key non-farm payrolls growth number is forecast to come it up 325,000 in August versus the July report showing a gain of 528,000 non-farm jobs.The key outside markets today see Nymex crude oil prices sharply lower and trading around $91.70 a barrel. The U.S. dollar index is a bit lower in midday U.S. trading, on a corrective pullback after hitting a 20-year high on Monday. Meantime, the yield on the 10-year U.S. Treasury note is fetching 3.08

Technically, October gold futures prices were poised to close at hit a four-week low close today. The gold futures bears have the firm overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $1,800.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the July low of $1,686.30. First resistance is seen at today’s high of $1,743.10 and then at $1,750.00. First support is seen at this week’s low of $1,722.50 and then at $1,715.00. Wyckoff's Market Rating: 2.5.

December silver futures prices hit a six-week low today. The silver bears have the solid overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $20.00. The next downside price objective for the bears is closing prices below solid support at $17.50. First resistance is seen at this week’s high of $18.70 and then at $19.00. Next support is seen at the July low of $18.175 and then at $18.00. Wyckoff's Market Rating: 2.0.

December N.Y. copper closed down 580 points at 355.25 cents today. Prices closed nearer the session low today and hit a three-week low. The copper bulls have lost the slight overall near-term technical advantage. A six-week-old uptrend on the daily bar chart has been negated. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 390.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 335.00 cents. First resistance is seen at today’s high of 363.55 cents and then at this week’s high of 370.10 cents. First support is seen at today’s low of 354.45 cents and then at 350.00 cents. Wyckoff's Market Rating: 5.0.

By Jim Wyckoff

For Kitco News

Time to buy Gold and Silver on the dips

 

Tim Moseley

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The Order Of The Knights Of Malta Under Threat

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The Order Of The Knights Of Malta Under Threat

 

A famous order of knights is fighting for survival. The Vatican tightens the noose.

One of the most famous and oldest Christian knightly orders found itself on the verge of a deep crisis. His unique independence crumbles under the pressure of the Vatican. The order was founded in the 11th century in Jerusalem; its abbreviated name refers to its later seat on the island of Malta.

From Wikipedia:

The Order of the Knights of Malta (or commonly the Order of Malta) is the general name of one of the great international spiritual orders of chivalry, which was founded in the 11th century on the territory of the Christian Kingdom of Jerusalem in the Holy Land as the Order of the Knights of the Hospital of St. John in Jerusalem (Latin Ordo Fratrum Hospitalis Sancti Ioannis Hierosolymitani), known as the Order of the Hospitallers (Fraternitas Hospitalaria).

It was headquartered in the Kingdom of Jerusalem until 1291, on the island of Rhodes from 1310 until 1522, in Malta from 1530 until 1798, and in Saint Petersburg from 1799 until 1801. Today several organizations continue the Hospitaller tradition.

 

                Bethlehem, The Holy Family Hospital of Maltese Order

Though originally was the order founded in Jerusalem, instead of waging war against the Muslim conquerors, the Order of Malta has long been concentrating on its second traditional mission, caring for the sick, the elderly, and the homeless. It employs over 40,000 people in 120 countries, including the Czech Republic, and tens of thousands more work for it as volunteers.

Now, more than 900 years after its recognition by the Pope, the order is shaking in its foundations, and there are fears of its possible disintegration. Disputes escalated within the order about its future form and, above all, about the degree of subordination to the Pope. The latter wants to reform the Order of Malta from a position of religious authority and move it towards an ordinary religious order, but in doing so, it interferes quite harshly with its unique legal autonomy.

 

   

Maltese Order around the year 1300                              Official flag

Sovereign Military Hospital Order of St. John in Jerusalem, Rhodes, and Malta, as the official full name sounds, is not just an ecclesiastical Catholic order. It is unique in that it acts as an independent, internationally recognized state department with its own government or ambassador. Authoritative interventions by the Vatican can therefore be interpreted as one state trying to dominate another.

The historical roots

Hospital brothers of St. John of Jerusalem were recognized as a religious order by Pope Paschal II. in 1113. Although they are connected to the Pope as a religious order, they also act as an independent subject of international law.

In this respect, the religious character of the Order coexists with its full sovereignty. The Grand Master is the head of the sovereign state and, at the same time, the highest superior of the religious order community. In this second mission, the Roman Catholic Church grants him the rank of cardinal.

The founder and first Grand Master of the Order, Blessed Gerard, was born around 1040, probably in Scala, a village located a few kilometers from Amalfi in southern Italy. In the second half of the 11th century, he came to Jerusalem, where he began working in a hospital next to the Church of Our Lady of Latin, built by merchants from Amalfi to receive pilgrims and care for the sick.

Legend says that in 1099, during the siege of Jerusalem by the Crusaders, Blessed Gerard threw bread at them from the walls, but when he was arrested for this, the bread miraculously turned into stones, so he escaped punishment from the Muslim rulers of the city.

The Knights of Malta, or the Johanites, were among medieval Christianity's largest and most important knightly orders. Today, it operates worldwide as an internationally recognized medical and humanitarian organization. It is also a significant player in the field of diplomacy. The order acts not only as an ordinary charitable organization and as an actual church order, which it undoubtedly is, but also as a sovereign subject of international law, authorized to negotiate with states at the governmental level.

                                   La Valletta, capital of Malta

Spirituality of the order

The Order of Malta is a religious lay order according to canon law. Some of its members are religious (Professional Knights) and have taken three monastic vows: poverty, chastity, and obedience. The second group of members of the Order took a vow of obedience (obedience knights), while most knights and ladies were laymen. 

The Grand Master of the Order is elected among professional knights with eternal vows. The eight points of the Maltese cross symbolize the eight beatitudes and thus clearly point to the spiritual mission of the Order. According to the Constitution, members of the Order of Malta are required to maintain exemplary Christian behavior in their private and public lives to permanently contribute to maintaining the legacy and traditions of the Order of Malta.

 

                            Maltese Order coat of arms in Florence

Maltese order in the history of the Czech Kingdom and the Czech Republic

In the Czech Kingdom, the first command was established in the 12th century and continues to exist today. During the time of the Habsburg Monarchy, the Czech priory was the most important base of the Johannites (Knights of Malta) in this area.

During communist Czechoslovakia, the activity of the order was crippled, and its activity was fully restored only after 1989. The order is inextricably linked with the so-called Maltese Aid, a voluntary and non-governmental non-profit organization providing social services to the suffering and the needy in the spirit of Christian love for one's neighbor.

The Maltese order is shaking at its foundations, and there are fears of its collapse. Disputes about the degree of subordination to the Pope escalated within the order.

Johannes Lobkowicz, the former chancellor of the Czech Grand Priory, was one of those recalled who did not hide his reservations against the procedure and proposals of the papal legate.

"I sincerely hope that the Vatican is not interested in liquidating the order. But, as in previous decades, some prelates may cast longing glances at the order's property," he said in an interview with Seznam Zprávy.

Johannes Lobkowicz warns of the consequences of the reform proposals of the papal legate Cardinal Tomasi. In an interview for Seznam Zprávy, this descendant of an ancient family explains why, in his opinion, the powers of a narrow group of knights from the highest class should not be strengthened in the order.

In an interview, the journalist asks the former chancellor of the Czech Grand Priory:

“Let's assume that the papal legate implements his idea of reform, and decision-making powers in the order are concentrated in the hands of a small group of knights of the first class. What would that mean for the Order?”

Lobkowicz answers:

“Such a change would have several consequences. The Order would lose its sovereignty and become an entity visibly controlled by the Holy See (Sancta Sedes). Contrary to current developments in the Catholic Church, there would be a massive transfer of responsibility from the lay sphere to the hands of the clergy, the governing authority and responsibility of 13,400 people, mostly lay people, would be placed in the hands of 36 men of the first order. And not because of their abilities or even piety, but simply because they took religious vows. Obviously, members of the first class must fail. This would give the Vatican a pretext to take direct control of the order and all its assets.”

The activity of Maltese Order worldwide

The Czech Grand Priory is one of the six. The others are based in Rome, Naples, Venice, England, and Austria and also have grand priories. In addition to them, order associations operate in 46 states.

Treating neglected diseases across five continents

Malteser International supports long-term and future-oriented development by combining short-term relief measures with a holistic and sustainable approach in the following areas:

 

  • Providing emergency relief after disasters, helping communities rebuild and recover;
  • Establishing and promoting primary health care services and nutrition programs;
  • Ensuring access to drinking water, sanitation, and hygiene (WASH);
  • Helping people secure their livelihoods through social programs that reduce vulnerability and poverty;
  • Reducing the risks of disaster, especially at the community level.

Here is more information on international help.

                                                   Mobile clinic

The Sovereign Order of the Knights of Malta has permanent observers at the United Nations and its specialized agencies:

United Nations in New York, Geneve and Vienna, ESCAP, FAO, IAEA, IFAD, UNHCR, WHO, and many others.

In these words, 8. January 1940 turned Pius XII. to the Knights of the Sovereign Order of St. John of Jerusalem, called first Rhodian and then Maltese. Thus, he summed up the characteristics of the oldest knightly order, the only sovereign state whose banner fluttered on the field of the crusades. An order whose mission has always been to "defend the faith and serve the poor":

"Long before nations arrived at a stable international law, long before they could realize their dream – still unrealized – of a common force for the protection of healthy human freedom, the independence of nations, peace and equality in mutual relations, the Order of St. John united in religious brotherhood and under military discipline people of eight different languages, called to protect the spiritual values that constitute the general prerogative of Christianity: faith, justice, social order, and peace."

In the last years, the situation changed. In the name of papal authority, Francis has already expressed his intention to reform the order. We will see if the Maltese knights have preserved their fighting spirit from the old days and if the Vatican's plan will succeed.

 

Sources:

orderofmalta.int

seznamzpravy.cz

wikipedia.org

Malteser-international

 

About: Markéta Hálová. (Czech Republic) A crypto enthusiast, keen online marketer and passion for photography. I love interacting with the community of Entrepreneurs at Markethive. I believe in free speech, liberty, sovereignty for all. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.

 

 

 

 

 

 

Tim Moseley

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Modest gains for gold on short covering mild safe-haven demand

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Modest gains for gold on short covering, mild safe-haven demand

Gold prices are slightly up at midday Monday, on some short covering in the futures market and some tepid safe-haven demand in cash and futures, after hitting a four-week low overnight. However, bearish elements that include negative charts, a strong U.S. dollar, rising U.S. Treasury bond yields and a hawkish Federal Reserve still have the bears firmly controlling the precious metals markets. October gold futures were last up $3.20 at $1,743.70. September Comex silver futures were last down $0.07 at $18.755 an ounce.

U.S. stock indexes are lower at midday, on follow-through selling pressure after Friday’s big losses. Risk aversion is keener early this week, in the aftermath of the Federal Reserve’s highly anticipated Jackson Hole annual symposium that ended late last week. Fed Chairman Powell in a speech at the confab on Friday kept on script for an aggressively hawkish U.S. monetary policy, which ended some previous market talk of a more dovish “Fed pivot.” The CME’s FedWatch tool shows there is a 70% chance the Fed raises its Fed funds rate by 0.75% at its Sept. 20-21 FOMC meeting.

The U.S. data point of the week on this unofficial last week of summer is the August U.S. employment situation report from the Labor Department on Friday. The key non-farm payrolls growth number is forecast to come it up 325,000 in August versus the July report showing a gain of 528,000 non-farm jobs.

The key outside markets today see Nymex crude oil prices solidly higher and trading around $95.80 a barrel. The U.S. dollar index is a bit weaker in midday U.S. trading. Meantime, the yield on the 10-year U.S. Treasury note is fetching 3.121%. The 2-year U.S. T-Note is yielding 3.47%, keeping the yield curve inverted and hinting of an impending U.S. and or global economic recession.

Technically, October gold futures prices hit a four-week low early on today. The gold futures bears still have the firm overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $1,800.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the July low of $1,686.30. First resistance is seen at $1,750.00 and then at last Friday’s high of 1,762.30. First support is seen at $1,730.00 and then at today’s low of $1,722.50. Wyckoff's Market Rating: 2.5.

December silver futures bears have the firm overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the August high of $21.02. The next downside price objective for the bears is closing prices below solid support at the July low of $18.175. First resistance is seen at $19.00 and then at last week’s high of $19.385. Next support is seen at today’s low of $18.40 and then at $18.175. Wyckoff's Market Rating: 2.0.

December N.Y. copper closed down 800 points at 361.80 cents today. Prices closed nearer the session low today. The copper bulls have the slight overall near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart but now just barely. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 400.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 335.00 cents. First resistance is seen at today’s high of 370.10 cents and then at the August high of 378.35 cents. First support is seen at today’s low of 356.30 cents and then at 350.00 cents. Wyckoff's Market Rating: 5.5.

By Jim Wyckoff

For Kitco News

Time to buy Gold and Silver on the dips

 

Tim Moseley

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Gold price tumbles after Powell 1600 a riskbuyers step in to buy the dip according to analysts

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Gold price tumbles after Powell, $1,600 a riskbuyers step in to buy the dip, according to analysts.

Gold is ending the week down 0.8%, with December Comex gold futures last trading at $1,748, down 1.32% on the day.

A pivot from the Federal Reserve is not coming, and interest rates will remain elevated for longer than markets expect, said Federal Reserve Chair Jerome Powell at the Jackson Hole symposium.

"Restoring price stability will likely require maintaining a restrictive policy stance for some time," Powell said Friday. "The historical record cautions strongly against prematurely loosening policy."

Powell also did not rule out another 75-basis-point hike at the upcoming September meeting, reiterating that a lot will depend on the macro data released in the next three weeks.

"Another unusually large increase could be appropriate at our next meeting," Powell said. "Our decision at the September meeting will depend on the totality of the incoming data and the evolving outlook."

The Fed chair wants to avoid the mistakes of the 1970s, which is why he plans to act aggressively now. "The successful Volcker disinflation in the early 1980s followed multiple failed attempts to lower inflation over the previous 15 years. A lengthy period of very restrictive monetary policy was ultimately needed to stem the high inflation," Powell noted. "Our aim is to avoid that outcome by acting with resolve now."

There was weakness across the precious metals sector because of Powell's wording, RJO Futures senior markets strategist Peter Mooses told Kitco News Friday. "Gold was down after Powell said the Fed will continue to do what it can. It seems they will do what's necessary to fight inflation," Mooses said.

Powell's priorities are clear going into the September meeting — proceed with aggressive moves to avoid the mistakes of the past, said TD Securities global head of commodity strategy Bart Melek.

"The Fed is looking at history and at what happened in the 1970s and early 1980s. Looks like they want to get restrictive and keep rates higher for longer. They don't want a situation where they le inflation get entrenched," Melek told Kitco News. "Many people thought that the Fed would relent as the economy slowed down a bit. Now it looks like it won't."

And gold responded to the promise of higher real interest rates, particularly on the front end of the curve. "The 2-year Treasuries spiked after Powell's speech, and inflationary expectations dropped slightly. When you combine high nominal rates with lower inflation expectations, real rates should move higher. Traditionally, that is quite negative for gold and propels prices lower," Melek said.

However, Powell's message is getting repetitive, which could end up helping gold, added Mooses.

"I have concerns about U.S. growth in the fourth quarter. It will be telling how the Fed adjusts," he said. "We see a lot of the same talk and patterns. Gold could straighten out in a day or two. But if equities gain strength, gold could weaken. Longer term, I'm still bullish on gold."

 

Gold price levels to watch

It is very likely to see gold sub-$1,700 an ounce next week, according to Melek. "There is no big price pivot to the upside for gold until we are sure the Fed will reverse course. And that's unlikely until later in 2023," he said.

There is strong support at around $1,690-$1,700. But if that is breached, "a drop to $1,600 won't be a surprise," Melek added.

Mooses is also watching the $1,690 an ounce level, expecting buyers to come in around that level. "The $1,880 level is a realistic price to go back to for gold in the next few weeks," he said.

Next week's data

With the Fed so focused on macro data, the upcoming inflation and employment reports from August will be the key market drivers to watch before the September meeting, Melek added.

"Right now, market projections for payrolls are still pretty decent for August, with the unemployment rate projected to remain at 3.5% and the economy adding nearly 300,000 payrolls," he said.

Tuesday: U.S. CB consumer confidence

Wednesday: U.S. ADP nonfarm employment change

Thursday: U.S. jobless claims, ISM manufacturing PMI

Friday: U.S. nonfarm payrolls
 

By Anna Golubova

For Kitco News

Time to buy Gold and Silver on the dips

Tim Moseley

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Jump Crypto Promulgate Plans to Develop a New Validator Client for Solana

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Jump Crypto Promulgate Plans to Develop a New Validator Client for Solana

The Solana network has been haunted by outages and slowdowns this year, especially during periods of congestion due to high demand. Still, the Solana Foundation is now trying to revamp the network to make it more stable, with a new open-source validator client to be developed by Jump Crypto.

Creating a new validator client for Solana is long overdue, as the protocol is now out of favor with users due to the attacks and outages it has experienced recently. Jump Crypto's joint venture is being conducted in partnership with the Solana Foundation. Both entities are working to reposition Solana as one of the fastest and most resilient smart contract networks.

The new development is expected to improve the accuracy with which Solana receives blocks and makes the network more resistant to attacks. The new features are designed to provide greater security to Phantom Wallet. It gives users control over reporting spam, which helps block contract addresses and domains. Investors can likewise earn SOL tokens as "rent" by reporting spam NFTs. Given the high risks involved with cryptocurrencies, users should exercise caution when transacting with third-party websites.

The process of building the new validator client will be overseen by Jump Trading's Chief Scientific Officer, Kevin Bowers, who leads a proven team of scientists and engineers developing complex algorithms, software, and Trading systems in the hardware and network space.

The move is significant because Jump Crypto, the Chicago-based subsidiary of Jump Trading, is a major player in the cryptocurrency world with substantial investments across the industry, including some Solana-related projects. Validators play a vital role in proof-of-stake blockchains like Solana by confirming the legitimacy of transactions sent to the chain. Anyone can act as a validator, provided they hold the desired amount of Solana's native currency, SOL, and transact in a way that benefits the network.


Image Source: Jump Crypto

Many Solana validators, including Coinbase Cloud and Jump Crypto itself, also offer "staking" services – allowing smaller users to add their own SOL to the validator pool and receive a portion of the rewards validators receive for providing their services. In response to questions about the relationship between new Validator clients and existing clients, a Solana spokesperson provided the following statement:

“In plain language, Solana Labs has an engineering team that is solely focused on building what has been the only software in the world that is capable of running the Solana network. Now there will be a second entire initiative that will be able to coexist and run the Solana network as well.”

In announcing the new validator client, Jump Crypto said the project would help accelerate Solana adoption, drive further technical improvements, and increase its network's decentralization.

Jump Crypto's assertion that its new project will improve Solana's technical performance will likely prove true, given the company's profound reputation for innovation. His contribution is also likely to be welcomed as the network suffered a series of embarrassing crashes and outages earlier this year.

However, the company's claim that its Validator client will increase decentralization may be causing a stir in some circles. That's because Jump Crypto has invested heavily in Solana and has made several rescues; most notably, it spent $320 million to rescue Solana-related projects from catastrophic hacks. Meanwhile, Solana's founders and executives appear to be working closely at Jump Crypto and its parent company.

Solana's close ties to the Chicago-based trading giant could irritate critics who argue Solana lacks the decentralization of Bitcoin or its rival Ethereum.

“Through Jump’s decades of work in solving some of the most complex networking challenges across traditional financial markets, we have seen firsthand the impact that improving a network’s speed and efficiency can have on an entire financial system,” said Jump Crypto executive and former UC Berkeley researcher Kevin Bowers, who leads the Validator project.

But for now, the infusion of technical know-how from Jump Crypto and the potential of the new validator client to bring more people into the network should prove to be an overall boon for Solana. This will outweigh the criticism of the project's governance structure.

 

 

 

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GoldSilver – Next week’s probable ranges

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Gold/Silver – Next week's probable ranges

The day we have been waiting for has finally arrived and passed as markets put significant weight on each of Jerome Powell's words. He hit on all the "hawkish" bullet points and even discredited the softer July PCE data. The message was a blow to investors, triggering a rise in the U.S. Dollar and Treasury yields which weighed in on Precious Metals. As you can see from our correlation matrix below how it is crucial to monitor rolling correlations as the 10-day Gold/Dollar correlation was -58%, and now the 5-day correlation is -97%, meaning "if the Dollar goes up, Gold is heading lower.

Rolling Correlation Matrix

Daily Gold Chart

Given the rally from the July lows, we suspected some pullback would happen before determining the next trending direction. Gold must regain $1800 and Silver $20 to keep the bullish momentum alive for the remainder of the year. The first level of support comes at $1750, $1700, and $1685. While Gold and Silver ETF holdings continue to decline, the market is less impacted by supply and demand and more focused on the U.S. Dollar, Treasury yields, economic data, and speculation on the duration of Fed rate hikes. Unfortunately for the bull camp today, Jerome Powell could not field questions after the Jackson Hole symposium. In the past three hawkish meetings, he has used the Q&A platform to help support the market by hinting that a possible "Dovish pivot" could occur depending on the data. Therefore, we believe the path of least resistance is lower for the time being for Precious Metals. If the trend flips back to bullish, we will inform our clients through our daily Tactical Insights report.

To help you identify different technical analysis formations, I went back through 20 years of my trading strategies to create a Free New "5-Step Technical Analysis Guide to Gold but can easily apply to Silver." The guide will provide you with all the Technical analysis steps to create an actionable plan used as a foundation for entering and exiting the market. You can request yours here: 5-Step Technical Analysis Guide to Gold.

Next week's probable ranges

Looking ahead into next week, we will continue to see inflationary pressures build. We believe that rising energy costs and agricultural prices will keep inflation elevated well into the September CPI report leaving the Fed with no choice but to raise another 75 bps at the next meeting. Without a Fed pivot, remain defensive. If you need additional info or want to see our daily Buy/Sell levels for all your favorite commodities, please register for a free two-week trial of our daily Tactical Insights report by clicking here. Get Tactical Insights

By Phillip Streible

Contributing to kitco.com

Time to buy Gold and Silver on the dips

 

Tim Moseley

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Gold prices back near session lows as Powell strikes hawkish tone saying the central bank will maintain restrictive policy stance for some time

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Gold prices back near session lows as Powell strikes hawkish tone, saying the central bank will maintain restrictive policy stance for some time

Gold prices have fallen to session lows as Federal Reserve Chair Jerome Powell strikes an expected hawkish tone in his much-anticipated speech at Jackson Hole, Wyoming.

In his speech, Powell reiterated that inflation remains the biggest threat to the economy and the central bank is committed to bringing consumer prices back down to its target of 2%.

"Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy," he said in his remarks during the central bank symposium.

The gold market continues to hold support above $1,750 an ounce; however, it is struggling to attract new bullish momentum as markets expect to see further rate hikes.

Powell noted that rising interest rates continue to slow growth; he added that those risks are outweighed by inflation.

"While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain," he said. "Without price stability, the economy does not work for anyone."

Although the U.S. economy is starting to feel the effects of rising interest rates, Powell said he continues to see pockets of strength.

"While the latest economic data have been mixed, in my view, our economy continues to show strong underlying momentum. The labor market is particularly strong, but it is clearly out of balance," he said.

Powell also recognized that while the central bank's monetary policy is slowing the economy, it is also bringing down inflation; but he added that more work needs to be done.

Although Powell has signed that the central bank will maintain its current aggressive tightening path, some analysts have said that his comments haven't provided much forward guidance for markets.

The CME FedWatch Tool shows markets are still evenly split over whether the central bank will raise the Fed Funds rate by 50 or 75 basis points next month.

Adam Button, chief currency strategist at Forexlive.com, said that Powell was not as hawkish as he expected.

"I don't see the hawkish bent. It's what I was looking for, no signal on September and a warning that the Fed won't U-turn next year. That's exactly what other Fed officials have been saying. The talk about pain and whatnot is a bit frightening, but there's a lot of nuance there," he said.

Avery Shenfeld, senior economist at CIBC, also said that Powell's speech didn't reveal anything new.

"The speech was extremely short, with nothing really new from our perspective," he said.

By Neils Christensen

For Kitco News

Time to buy Gold and Silver on the dips

 

Tim Moseley

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Does OFAC Really Know What They’re Doing? A War On Crypto And Privacy

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Does OFAC Really Know What They’re Doing? A War On Crypto And Privacy

This month, we witnessed one of the most significant attacks on crypto privacy in the form of the US Treasury’s Office of Foreign Assets Control (OFAC) sanctioning Tornado Cash. This led to protocols blocking addresses, funds being seized, and one of the Tornado Cash developers being arrested. The action was unprecedented, given that it was the first time we have effectively had sanctions placed on a piece of open-source software – essentially, restrictions on lines of code. 

For those unfamiliar with Tornado Cash, it has long been one of the most well-known mixing protocols on Ethereum. What it would essentially do is obfuscate or camouflage transaction history. This means it would anonymize transactions and remove all traces of where funds originated. Thousands of people used this privacy tool in the Defi space.

Unfortunately, it was also used for laundering the proceeds of cybercrime, which is the use case the Treasury focused on, stating that Tornado was a favorite tool of North Korean hackers and had been used to launder more than $7 billion. 

The moment Tornado was sanctioned, its website was taken down, and the code disappeared from GitHub. Not only that, but one of the contributors had his GitHub account banned. Circle blacklisted any USDC in the affected wallets, and RPC providers such as Infuror and Alchemy started blocking requests to Tornado Cash Smart contracts. 

Additionally, some decentralized applications also began to restrict access to their front ends for wallets that had interacted with the Tornado Cash Smart contract. For example, both Aave and dYdx reported blocking access from wallets that had interacted with Tornado Cash and even those that had received funds from it. Regarding dYdx, users who had insignificant amounts but were associated with Tornado Cash in the past were also blocked.

Dusting Celebrity Wallets Gag

Things were further complicated because someone in the community started dusting several public ETH addresses of celebrities in the space. In other words, they sent many small transactions to hundreds of known wallets associated with ETH addresses and their .ens official addresses. 

The likes of Brian Armstrong, Jimmy Fallon, and Steve Aoki were potentially committing sanctions violations by appearing to be doing business with a sanctioned protocol. What's even crazier than that is that some of those users who were subjected to the dusting found that they could not interact with Aave’s front end. These included the likes of Anthony Cesano and Justin Sun. 

The gag effectively points out the absurdity of such sanctions for users receiving funds from blacklisted addresses that they have no power to decline. The open nature of crypto is designed to cut out intermediaries, unlike the traditional financial sector that would use banks and other financial institutions to act as gatekeepers against such transactions.


Image source: eff.org

Is Code Fundamentally Free Speech? 

Perhaps the most chilling development, at least so far, was the arrest by Dutch police of one of Tornado Cash’s developers. Alexey Pertsev was picked up by the Dutch Fiscal Information and Investigation Service (FIOD) two days after Tornado Cash was sanctioned. The Dutch police have yet to clarify which exact rules Pertsev broke, but if it's just because he wrote some code, this is a dangerous precedent for several reasons. Furthermore, he is still detained and forbidden from communicating with his wife.  

The first thing we need to ask ourselves, however, is whether these actions by the treasury were legal. It is the first time that the treasury has effectively sanctioned a tool, a piece of Open Source Code that exists on the Ethereum Blockchain and which can be used by anyone for any purpose, albeit good or bad. Given that it is open source, that means it is akin to the likes of a public good. 

So that could be comparable to a road or a park; it would be as if OFAC were to sanction the use of an interstate highway because drug dealers drive on it. Or a more relevant example would be the treasury sanctioning the TCP IP protocol because hackers use the internet for hacking: It's impractical.

Moreover, just because a tool is sanctioned does not mean that the criminals will not use it. That's because criminals, by definition, have zero consideration for the law; they're likely to continue using the Smart contract as they see fit. Then there is the fundamental question of whether sanctioning a piece of code violates the First Amendment. 

To put it in perspective, thanks to a 1996 case Bernstein versus the DOJ, it's been established that code should be considered as speech, and if it is indeed speech, then it should be protected by the First Amendment. By sanctioning this tool, the treasury effectively says that speech itself is illegal. 

Now there is a real possibility that should someone want to challenge these sanctions, they could have a strong case in court. The Coin Center lobbying group is doing just that and believes the Treasury has overstepped its legal authority. The group wants to engage with OFAC to share their thoughts and will be exploring with counsel a court challenge. Additionally, they have had inquiries from members of Congress about the situation and are keeping the interested parties briefed on the matter. 

Furthermore, if, indeed, the only thing the developer did was write code, then that could also be seen as a violation of free speech. But if any legal challenges are mounted, they will take a long time to settle. Until then, the sanctions will have to be enforced, which means that specific Defi projects and protocols will continue blacklisting the Smart contract for fear of arrest. 

 

What Are The Practical Issues? 

Apart from the legal aspect, there is a practical consideration for how this will be enforced.  Remember, criminals will be criminals, and they will continue to use it. The code is open source and free to fork. Should that happen, the treasury will ultimately be playing whack-a-mole with a bunch of newly deployed Smart contracts. 

Not only that but those other crypto projects and protocols will also have to monitor not only the funds coming from the original Tornado Cash Smart contract but also from all the forked ones. This could quickly become a logistical impossibility, and projects will always have to worry whether any ETH they handle has gone through a forked version of the original Tornado Cash.

And speaking of which, there's also the broader question around who could technically find themselves violating OFAC rules due to these sanctions. 

If someone sends ETH from the Tornado contract to you, does that mean you are in violation? I mean, it's not like you can refuse to receive it. As we saw with those dusting attacks, protocols themselves have started blocking some of these dusted addresses. Could the Feds start going after any of those wallets that have received Tornado-tainted ETH? Could we soon see Jimmy Fallon dragged away in handcuffs? 

It's not even about addresses that have received funds. What about liquidity providers on a DEX? What happens if they unknowingly convert ETH that has been through Tornado Cash into some other cryptocurrency? Are they thus engaging with sanctioned entities? 

What about Ethereum miners? What liability did they have if they were to propagate a block that included a Tornado Cash transaction? Does that mean that they could also be flirting with illegality? Or how about that ETH that is sent to the ETH2.0 staking contract? What would that mean for Ethereum’s Proof-of-Stake? 

What happens once the transition to proof of stake is complete? Will validators have to decide to censor certain transactions that their jurisdiction deems illegal? Could they get censored? So you can see how quickly this grows out of control. The crypto space has just seen a massive can of worms open up right in front of it. 

Now, of course, there will be some who claim that these actions are justified. Swiped funds from some of the most high-profile crypto hacks of the past two years have gone through Tornado. This was seen in the wake of the $100 million Harmony hack a few weeks ago. 

Why Do We Want Privacy?

Many people have been asking whether there are any legitimate use cases for Tornado Cash, a tool designed specifically for privacy. Essentially this all comes down to the broader question of why someone would want to have financial privacy in the first place. As the old saying goes, “why do you worry if you have nothing to hide?” 

Well, for plenty of reasons; firstly, because blockchains are public and transparent, everyone can see exactly what your wallets are doing and what you could be buying or investing. This is not the case with traditional finance, where your bank account balances and spending habits aren't public. The moment they are public, and someone can attach them to your IRL identity, it opens you up to potential physical harm if criminals ever want access to your crypto. 

Or perhaps you wanted to donate crypto to a cause that may get you into serious trouble in your country. For example, what happens if you were a citizen of Iran or Venezuela who wanted to donate to a journalist or newspaper that the government didn't like? Blockchain is immutable; you’d live in constant fear of being placed on a list of some kind. 

Or how about if you were a Russian who wanted to donate to Ukraine, not something you would like the FSB to know about? On the flip side, you could be a Ukrainian refugee wishing to hide where you are getting your donations from. This is something that Vitalik Buterin himself highlighted earlier this year when he donated to the country. 

Beyond such high stakes implications, it could also just be a situation where you don't want people you interact with on-chain to know what you do with your money. For example, let's assume that you get paid in crypto. That means your employer can see exactly what you do with that money and what you're buying. 

Or perhaps you're buying something from an online Merchant, and you don't want them to know what else you've been spending the money on or how much you have; just imagine the targeted advertising coming your way. Ironically this would be much easier to achieve when paying with a wholly open and permissionless form of money. 

These are reasons why someone would want to anonymize their transaction history. Some might say you could just use a centralized exchange; however, the whole point of the decentralized and censorship-resistant currency is that you don't have to rely on a centralized gatekeeper. Moreover, some people are just not comfortable having others holding their private keys, and can you blame them? 

OFAC’s False Press Release

In its press release, it was also pretty disingenuous for the Treasury to claim that $7 billion was laundered through Tornado Cash. That was the total volume of transactions, many of which would have been for such perfectly legitimate reasons. 

In fact, according to stats from Chain Analysis, only about 17% of the funds that flow through the protocol were tied to sanctioned activity. The vast majority, 50%, was related to DefI activities. That means that these users were thrown into the laundering bucket by the Treasury when all they were really doing was trying to anonymize their funds. 


Image Source: Chain Analysis

First Crypto War Had Net Positive Result

So this raises the question of what all this means for crypto privacy and also privacy in general. It's pretty clear that privacy is under attack, albeit this move by the treasury was prompted by concerns around the North Korean hacking. Still, this radical approach by the Treasury is so nonspecific for what it's trying to achieve that you have to wonder whether the folks at OFAC gave any thought to collateral damage. 

Many have drawn parallels with the early Crypto Wars, for example. For unfamiliar people, this was when the US government arrested Phil Zimmerman, a developer who distributed PGP cryptography online. They accused him of “munitions export, without a license.” 

They contended that his PGP encryption system was a weapon that adversaries could use. Really? It would seem they don’t consider that any citizen wants and has a right to privacy. Only criminals and enemy governments would want to encrypt their communications. 

Well, it turned out that there were many practical uses for encryption online, and various encryption standards have helped power the multibillion-dollar e-commerce revolution we've experienced over the last 20 years. What was initially considered a way to hide state secrets has allowed legal commerce to thrive. 

Many have also wondered why Tornado Cash got hit and not other well-known crypto projects, like Monero. Virtual mixers seem to be viewed with much more suspicion than privacy-by-default currencies. People could see on-chain how the Lazarus group was laundering its funds through the tool. This isn't something that you can easily observe with Monero. 

Moreover, the sheer volume of funds running through Tornado Cash made it a prime target, but this doesn't mean Monero isn't being studied and tracked. There may well be a robust state-backed effort to crack the ring signature technology for which Monero is famous. This is perhaps one of the reasons why the Monero developers pushed through some new upgrades to the protocol only recently. 

Crypto And Congress Take A Stand

There has been a genuine outcry from the crypto industry arguing that the Treasury Department’s actions to shut the Tornado Cash could be “unconstitutional” as people have a right to privacy. 

Abraham Piha, co-founder, and CEO of Web3-focused firm Tomi, told Cointelegraph, 

“Tornado existed only because most blockchains were not private enough. If successive updates of Ethereum or Bitcoin include protocol integrations like Mimblewimble, will the next step be to block them as well? This act is yet another reason to push for Web3, a free web, controlled by users and not by some big brother governments.”

Kenny Li, co-founder and core developer for Manta Network, a privacy-preservation protocol, said that the Treasury’s decision to sanction Tornado Cash is far-fetched and extreme, even though, in the past, specific individual crypto wallet addresses have been subject to the same treatment. But in most cases, he said, there was a clear case of fraud, hacks, or a Ponzi scheme:

“In this case, smart contract addresses are being blacklisted. Smart contracts aren’t people. Not only that, but people forget that Tornado Cash is a protocol, not a person or an entity, which means it will continue to run regardless of the sanctions. It is time that we realize privacy and anonymity aren’t the same, and Web3 is all about privacy.”

Additionally, some Congress members are standing up, demanding an explanation from OFAC. Specifically, United States Congressman Tom Emmer sent a four-page letter to Treasury Secretary Janet Yellen regarding the unprecedented sanctioning of Tornado Cash. 

He posed a series of questions that sought to clarify the position of the Treasury Department’s OFAC. They were practical questions noting that Tornado Cash is a collection of several Ethereum Smart contract addresses that are not controlled by an individual or entity. 

Emmer asked what persons could be associated with those addresses and:

“Given that the Tornado Cash back-end will operate unchanged […] as long as the Ethereum network continues to operate, who or what entity did OFAC believe was reasonably responsible for imposing controls on the Tornado Cash blockchain contracts?”

Emmer posted the full letter on Twitter, stating that the growing adoption of decentralized technology would certainly raise new challenges for OFAC. Nonetheless, technology is neutral, and the expectation of privacy is normal.

Closing Thoughts

Firstly, I dare say we can all agree that those who engage in criminality should be brought down. The laundering of ill-gotten gains, be it through a bank account or a Defi protocol, should be prosecuted to the full extent of the law. 

Those wallets linked to criminal activity should also be sanctioned and flagged. This is precisely what the treasury did before the Tornado Cash sanctions were imposed. And it's not as though this approach wasn't enjoying some success. Thanks to some pretty advanced tools and tracking services, law enforcement can catch such miscreants more effectively than they could in the past. 

They also have the power of subpoenas and search warrants. They simply didn't need to take this action against Tornado Cash. The collateral damage resulted in a loss of privacy for some and a massive disruption for all in the Defi space. 

As for those North Korean hackers, they'll switch to one of the other 100 or so laundering techniques they were using long before Tornado started operating. Moreover, given that tornado cash is nothing but code, it'll be hard to outlaw permanently; it'll be a game of whack-a-mole. It won't have the desired effect. And the collateral damage is already permeating the crypto industry. 

These actions also raise legal questions. Is this a breach of the First Amendment, and what happens to any citizens who have used it in the past? Or anyone that interacts with it? It's a legal quandary, to say the least. 

With legal challenges brewing, this could turn into a new crypto war. One, with a positive long-term impact, as we saw with the first crypto war. Or maybe the large centralized institutions will conform, and we’ll have a more amenable but less free crypto space. It does demonstrate how some developers will continue to embrace decentralization, and many of us as individuals will fight for our right to freedom and privacy. 

Reference:
Coin Bureau
Cointelegraph

 

 

 

Editor and Chief Markethive: Deb Williams. (Australia) I thrive on progress and champion freedom of speech. I embrace "Change" with a passion, and my purpose in life is to enlighten people to accept and move forward with enthusiasm. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.

 

 

 

 

 

Also published @ BeforeIt’sNews.com; Steemit.com

 

Tim Moseley

The Artist that came out of the Winter