Coinbase Miracle/Debacle by Fraud 210416
April 16, 2021
Emailed to United Nations, Fed Chair Jay Powell, Minneapolis Fed President Neel Kashkari, Dallas Fed President Robert Kaplan, Congressman Van Taylor, Congressman Colin Allred, Senator John Cornyn, Senator Ted Cruz, The U.S. SEC, NYT/WSJ/WP/CNBC/DMN on 4/16/21
Coinbase, the largest U.S. cyptocurrency exchange, became a publicly traded company on April 14, 2021 with a valuation on the order of $100 Billion!
I find it quite ironic that Bernie Madoff ($65 Billion Ponzi scheme) died the same day that Coinbase went public since Coinbase is a fake company that was created to provide for the secure exchange of the $162.6 Trillion of imaginary-counterfeit money produced by the corrupt U.S. Government's $162.6 Trillion Ponzi scheme that I call USAPonzi!
It is quite likely that Bernie Madoff knew about USAPonzi when he started Madoff Ponzi three decades ago! The “real smart money” has known about USAPonzi for a very long time since it has been operating since 1969!
The Wall Street Journal
Coinbase: Stock Price, Valuation and Everything Else You Need to Know
The largest exchange for bitcoin and other cryptocurrencies became the first major crypto company to go public
By Paul Vigna
Updated April 14, 2021 6:14 pm ET
Shares of Coinbase Global Inc., the largest U.S. cryptocurrency exchange, started trading Wednesday under the ticker symbol COIN. The company, founded in 2012, provides a variety of financial services focused on bitcoin and about 50 other cryptocurrencies. It is the first major crypto company to go public and did so through a direct listing.
a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority. "decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation"
Coinbase appears to be a miracle since it was started in 2012 and now has a valuation on the order of $100 Billion!
Coinbase will prove to a debacle since it is based on trading a virtual currency that does not even exist, I call it the imaginary-counterfeit dollar, that the corrupt U.S. Government has fraudulently borrowed from the future Americans and given to the U.S. upper class! The imaginary-counterfeit dollar does not exist (imaginary) and has no value (counterfeit).
The entire developed world is now operating on a fabricated virtual currency, I call it imaginary-counterfeit money, that the corrupt U.S. Government is fraudulently borrowing from future Americans with GAAP basis deficit spending and giving to the U.S. upper class by undertaxing them!
The corrupt U.S. Government is pretending like the money that it is borrowing money from the future Americans, money the future Americans do not have, is as good as the money earned by providing a valued service or producing a valued product! The imaginary-counterfeit dollar is not a real dollar, it is a promise to pay a real dollar at some future date!
So far, the corrupt U.S. Government has printed $162.6 Trillion of imaginary-counterfeit money and is printing about $40 Billion more imaginary-counterfeit money every day (GAAP Deficit in FY2021 = $14.82T/365 days = $40.6B/day)!
The imaginary-counterfeit dollar is not worth the virtual paper it is not printed on!
Americans have been buying stuff with imaginary-counterfeit money (monopoly money) for the last 52 years!
Coinbase is now a $100 Billion (imaginary-counterfeit dollars) company created to charge large fees to exchange $162.6 Trillion (imaginary-counterfeit dollars) of money that does not exist!
The corrupt U.S. Government is running a classic Ponzi scheme (just like Madoff), I call it USAPonzi, that is fraudulently borrowing money, I call it imaginary-counterfeit money, from the future Americans and giving it to the U.S. upper class by undertaxing them!
When USAPonzi implodes, the imaginary-counterfeit money will evaporate!
When USAPonzi implodes, the bitcoins will evaporate!
When USAPonzi implodes, Coinbase will evaporate!
When USAPonzi implodes, Planet Earth will fall into The Greatest Depression!
Coinbase now appears to be a very valuable company that provides for the secure exchange, beyond restriction and confiscation, of $162.6 Trillion worth of nothing!
The following chart shows how the corrupt U.S. Government could print a quadrillion dollars (a thousand trillion dollars) of imaginary-counterfeit money by 2040 if this accounting fraud that I call USAPonzi is allowed to continue! The corrupt U.S. Government prints this imaginary-counterfeit money by deferring public liabilities to the future Americans with GAAP basis deficit spending and gives it to the U.S. upper class by undertaxing them!
The corrupt U.S. Government started fraudulently borrowing money from the future Americans in FY1969 when LBJ proposed. and the U.S. Congress approved the Unified Budget and stopped accruing for future U.S. Government benefit promises!
The U.S. upper class is getting filthy rich because the corrupt U.S. Government is fraudulently borrowing imaginary-counterfeit money, so far $162.6 Trillion, from the future Americans and giving it to the U.S. upper class by undertaxing them!
If $162.6 Trillion does not yet qualify as filthy rich, then I think a quadrillion dollars should just about do it!
The elite are getting rich and the unelite are getting screwed!
And the corrupt U.S. Government pretends like it does not know this is happening!
And Fed Chair Jay Powell apparently does not know this is happening!
|US National Debt
|Cash Deficit in FY2021
|GAAP Deficit in FY2021
|US Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|US Total National Assets
Source: www.usdebtclock.org April 15, 2021
I have written two websites (www.usaponzi.net and www.usaponzi.com) and eight books that explain USAPonzi and the impact it is having on Planet Earth. My latest book (USAPonziE) is available on Amazon and can also be downloaded from my www.usaponzi.net website.
John W. White