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Stablecoin Provider Circle Eyes Public Listing in Q4 This Year: CFO

Amid concerns that USDC would fall to similar liquidity issues as Terra's stablecoin, Circle's chief financial officer Jeremy Fox-Geen sat down with Decrypt to demystify how the market's second-largest stablecoin operates.

Last week, Circle, the company behind the stablecoin, released its first monthly full breakdown of the assets backing the token.

The stablecoin provider highlighted that its USDC reserve is now held exclusively in cash and three-month U.S. Treasury bonds and is wholly separate from the firm's operations.

Per the firm's report, the total amount of USDC in circulation as of June 30 was 55,569,519,982 tokens, while reserve assets backing the U.S. dollar-pegged coin totaled $55.7 billion.

Of this amount, Circle had $13.58 billion in cash at regulated U.S. banks, such as Silvergate Bank, Bank of New York Mellon, and Silicon Valley Bank, among others. Another $42.1 billion is currently held in treasury bonds.

The disclosure came a little over a week after the firm's CEO Jeremy Allaire hit back at rumors that USDC would go the way of Terra, stating that financially the Boston-based company "is in the strongest position it has ever been."

This is what Fox-Geen affirmed with Decrypt, pointing out that Circle is a U.S. registered financial services company operating under the same regulatory framework that applies to payment companies like Apple with its Apple Pay product, PayPal, the operator of mobile payment service Venmo, or Block with its Cash App service.

"The framework we operate under is widely trusted. It is used by the largest payments companies and protects hundreds of tens if not hundreds of millions of individuals with billions of dollars of money in these systems," said Fox-Geen.

The Terra implosion and liquidity crisis
Responding to claims that Circle is losing money because the company is paying incentives to its reserve holders, with some of them using those funds to mint fresh USDC tokens, Fox-Geen said that "the crypto term for [such allegations] would be FUD (Fear, Uncertainty, Doubt), … much of which is not just speculative, but is inaccurate."

"These are absurd rumors, and the people who wrote them don't understand how banks work. Circle does not pay any banks to hold fiat currency. That's not how banks work. Banks pay their customers interest to receive that fiat currency," he said.

According to him, even if Circle had such an arrangement with a bank, that arrangement would have been thoroughly documented and disclosed in the company's public SEC filings, which can be downloaded from the regulator's website.

"If it's not there, it's because it doesn't exist, because if it existed, as a U.S. financial services company under registration with the SEC, we have to disclose it subject to penalties, including on the officers of the company personally," said Fox-Geen, adding that "literally everything material about our companies have been documented and fully disclosed."

Circle's CFO agreed, though, that people's concerns can probably be justified after the meltdown of the Terra ecosystem and the liquidity crisis many firms now face. That's because USDC is also often used by those companies in their operations.

Recent headwinds for the industry started with the dramatic collapse of sister tokens Luna and UST in May, which resulted in at least $55 billion of investors' wealth being wiped out from the market. In the ensuing weeks, crypto lending company Celsius froze withdrawals from its platform and ultimately filed for bankruptcy, with crypto brokers Three Arrows Capital and Voyager Digital dealing with similar woes.

Fox-Geen, however, denied that Circle has any exposure to those companies since the law "unambiguously requires that the USDC reserves can only be held in a certain set of instruments."

"We are not allowed to lend them, borrow against them, or use them to pay our bills. The reserve is held in segregated accounts for the benefit of USDC customers, and under money transmission laws," said Fox-Geen. "And under the U.S. Bankruptcy Code, the USDC reserve is afforded all of the protections that are available that are under those laws and regulations given to every other large mainstream payments."

When asked whether any crypto lending companies have ever approached Circle with requests to borrow from its USDC reserves, Jeremy said that although he's only been at the company for 18 months, he is not aware of anything like that happening in the history of the stablecoin.

"And [Circle] has always been clear that the USDC reserve cannot be used for any other purpose," said Fox-Geen.

He also stressed that Circle Yield, the company's short- and long-term yield interest rate product for institutional investors, would probably be the first foray into the digital asset markets for many Circle customers.

With such clientele in tow, the company wanted to ensure that it was supervised and regulated and "to make sure that it took as little risk as possible," he said.

"Circle Yield is issued as an unregistered security under the U.S. securities law, which is how these products need to be issued," said Fox-Geen. "And if we dig deeper, you'll see that the SEC or state regulators have sanctioned many people for issuing yield products that are not following the laws of the United States… So we had to find a regulator who was able to regulate a digital asset or any lending product."

Crypto lending companies, including Celsius and BlockFi, have been targeted by the SEC and regulators in New York, New Jersey, Texas, and other states since last year, with cease-and-desist letters issued or hefty fines paid.

Notably, the actual regulator overseeing Circle Yield is the Bermuda Monetary Authority (BMA), whom Fox-Geen described as a "forward thinking" and "one of the most respected offshore financial regulators" that helps the company "to withstand the scrutiny of the most demanding customers."

Circle Yield's core feature is that the offering is said to be fully secured with Bitcoin.

The product is also over-collateralized, stressed Fox-Geen, which "is not how most borrowing and lending businesses in crypto or in digital assets work."

But what is over-collateralization and how does it work?

"When we lend that USDC to our borrowing customer, the borrowing customer gives us 125% of the value of the loan in Bitcoin, which is held in an independent collateral agent with a fully perfected security interest," he explained.

If there were ever a default on the loan, Circle would thus be entitled to that Bitcoin.

This, in turn, begs the question what happens if the price of Bitcoin falls?

To secure the over-collateralization, Circle says it uses margin calls, which, as detailed by Fox-Geen, occur twice a day, seven days a week.

"If Bitcoin was to fall from the 125%, for example, down to 100%, or lower, we would then make a margin call to the customers to whom we have lent USDC. And they would then deposit more Bitcoin that we have to take the collateral back to 125%. Similarly, if Bitcoin goes up, they can have some of their collateral back to sustain it at 125%," he said.

Amid the latest volatility in crypto markets, Fox-Geen said that this mechanism "performed exactly as it was supposed to perform all the way through the tunnel."

Margin calls were met on time" flawlessly," Circle Yield remained over-collateralized all the time, and customers suffered no losses.

He also acknowledged that Circle Yield's current rates—which dropped from the initial 10.75% in November 2020 to a mere half a percent on both short and long fixed-income terms —are "not very attractive" and that right now, "there is very little borrowing demand for USDC."

"The reason for this is the laws of corporate finance apply to digital asset markets just the same as they apply to every other asset market," said Fox-Geen, adding that "rates will evolve" as the markets stabilize.

Circle expected to go public this year
As for the company's plans to go public via a SPAC deal signed last year with Concord Acquisition Corp., Fox-Geen expects the process will be completed at some point in the fourth quarter of this year.

Currently, the S-4 filing containing all information about the company is in a comment and review process with the SEC, with the latest amendment published last Monday.

Fox-Geen explains that if a company files for a traditional IPO, this process happens in private, and everything is disclosed at the end of the process. However, going public through a SPAC deal means that this entire process occurs in public.

"As for now, we remain under a common review process with the SEC, they have a job to do, and it's an important job," he said. "This is a novel industry. We're a novel company, and their job is to ensure that the disclosures are complete and accurate."

According to him, this process takes longer for crypto companies, as, for example, was the case with Coinbase.

"Although the timing of that is not in our hands, it is in the hands of the SEC; our current expectation is that we will emerge as a public company sometime in the fourth quarter of this year," added Fox-Geen.

https://decrypt.co/105337/stablecoin-provider-circle-eyes-public-listing-in-q4-this-year-cfo

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Denelle Dixon (Stellar CEO) On Bloomburg 🚀

'Everyone, including Mastercard and Visa, is looking at how this technology can make finance easier for their consumers and their business. I don't think there is going to be a loser, but I do think there will be shake-ups. And ultimately, the consumer is going to win.' - SDF CEO @DenelleDixon on @BloombergTV

00:05:29
We are minutes away from passing the GENIUS Act.
00:01:19
Brad Garlinghouse On Banking & The Future Of Money!
00:00:38
👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading
Nothing to see here.. 👀

Israel's Mossad spy agency was hacked just days before Netanyahu launched strikes on Iranian targets. The files uncovered? Nothing short of apocalyptic.

Among them: 👉 blueprints for cyber warfare, targeted assassinations, blackmail material, and even the unthinkable - the Samson Option - Israel's doomsday doctrine to blow up the entire world with a nuclear holocaust if their own survival is ever threatened.

Op: https://x.com/BarronTNews_/status/1935871791169159188?s=19

🚨 XRP Ledger Welcomes XAO DAO for On-Chain Governance 🚨

The XRP Ledger has integrated XAO DAO, introducing a new era of on-chain governance for the network. This move aims to enhance community-driven decision-making and transparency by allowing stakeholders to participate directly in protocol upgrades and ecosystem proposals through decentralized, blockchain-based voting mechanisms.

Key Highlights:

  • On-Chain Governance:
    XAO DAO brings a decentralized governance framework to the XRP Ledger, enabling holders and ecosystem participants to vote on proposals, upgrades, and other critical decisions in a transparent and secure manner.

  • Community Empowerment:
    The integration is designed to give the XRP community a more active role in shaping the network’s future, fostering greater collaboration and innovation among developers, validators, and users.

  • Ecosystem Growth:
    This development is expected to drive further adoption of the XRP Ledger, attract new projects, and strengthen the network’s position as a leading blockchain for ...

Persisters, Liquid Staking $XPRT is now live on Persistence DEX.

With stkXPRT built into the DEX, you can:

  • Liquid stake XPRT directly on 👉 app.persistence.one/stake

  • Superfluid LP into the stkXPRT/XPRT pool

Best part? It takes less than a minute

Here’s how you can do it 📒👇

https://x.com/PersistenceOne/status/1934954313480065426

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🎬Proof the Deep State Planned This War for Years🎬
Nation First outlines how the Israeli attack on Iran was planned by the Deep State and the Military Industrial Complex over 15 years ago.

Prepare to have your mind blown

~Namasté 🙏 Crypto Michael ⚡ The Dinarian

Dear friend,

What just happened in Iran wasn’t a surprise attack. It wasn’t a last-minute decision. It wasn’t even Israel acting alone.

It was a war plan written years ago — by men in suits, sitting in think tanks in Washington and New York. And yesterday, that plan was finally put into action.

Here’s the truth they don’t want you to know: this war was cooked up long before Trump ever became President — and it was designed to happen exactly this way.

Let’s start with what just happened.

Israel launched a massive, unexpected strike on Iran. They hit nuclear facilities. They killed military generals. They struck deep inside Iranian territory — and now the whole region is on edge, ready to explode into full-blown war.

The media is acting shocked. But I’m not. You shouldn’t be either.

Why?

Because we have the documents. They told us this was coming. Years ago.

Exhibit A: The Brookings Institution.

The Brooking Institution is a fancy name for what’s basically a war-planning factory dressed up as a research centre. Back in 2009, Brookings published a report called Which Path to Persia?

It laid out exactly how to get the U.S. into a war with Iran — without looking like the bad guy.

Here’s the sickest part:

“The United States would encourage — and perhaps even assist — the Israelis in conducting the strikes… in the expectation that both international criticism and Iranian retaliation would be deflected away from the United States and onto Israel.”

Let that sink in.

They literally suggested using Israel to start the war, so America could stand back and say, “Wasn’t us!”

They even titled a chapter of this report: “Leave It to Bibi” — naming Netanyahu as the guy to light the match.

Exhibit B: The Council on Foreign Relations (CFR).

The Council on Foreign Relations is an another Deep State operation. Also in 2009, CFR published a “contingency memothat laid out the whole military plan for an Israeli strike on Iran — step by step.

  • What routes the jets would fly (over Jordan and Iraq).

  • What bombs they’d use (the biggest bunker-busters in the U.S. arsenal).

  • Which Iranian sites to hit (Natanz, Arak, Esfahan).

  • And how Iran might respond (missiles, drones, threats to U.S. bases).

It’s like they had a time machine. Because those exact strikes just happened following the routes, likely using the bombs and hitting the sites that the CFR outlined.

Exhibit C: The Plot to Attack Iran by Dan Kovalik.

This one really blows the lid off.

US human rights lawyer and journalist Dan Kovalik, in his book The Plot to Attack Iran: How the CIA and the Deep State Have Conspired to Vilify Iran, shows how the CIA and Israel’s Mossad have been working together for decades — not just watching Iran, but actively sabotaging it. Killing scientists. Running cyberattacks. Feeding lies to the media to make Iran look like it’s always “six months away” from building a nuke.

He even reveals how they discussed false flag attacks — faking an Iranian strike to justify going to war. That’s not a conspiracy theory. That’s documented strategy.

And here’s where President Trump comes in.

Unlike the warmongers who wrote these plans, Trump wasn’t looking to bomb Iran. He wanted to talk. Negotiate. Make a deal — like he did with North Korea.

In fact, peace talks with Iran were just days away.

But someone didn’t want peace. Someone wanted war.

So Israel went in — just like the Brookings script said — and lit the fuse.

Trump didn’t authorise it. He didn’t want it. But they gazumped him. They went around him. And now, the peace he was trying to build has been blown to bits.

This was never about Iran being a threat. It was about keeping the war machine fed.

Think tanks, defence contractors, foreign lobbies — they don’t profit from peace. They thrive on tension. On fear. On war.

And now, thanks to them, the world’s one step closer to the edge.

If you’ve never trusted the mainstream media, you’re right not to.

If you’ve ever suspected there’s a shadowy agenda behind every war, you’re not paranoid.

You’re paying attention.

Because the documents are real. The war was planned. And the bombs are falling — right on schedule.

Pray for Iran’s civilians.

Pray for the Israelis caught in the crossfire.

Pray for a President who still wants peace.

And pray that we wake up before it’s too late.

Because the war has started.

But the truth has just begun to spread.

Until next time, God bless you, your family and nation.

Take care,

George Christensen

Source:

George Christensen is a former Australian politician, a Christian, freedom lover, conservative, blogger, podcaster, journalist and theologian. He has been feted by the Epoch Times as a “champion of human rights” and his writings have been praised by Infowars’ Alex Jones as “excellent and informative”.

George believes Nation First will be an essential part of the ongoing fight for freedom:

The time is now for every proud patriot to step to the fore and fight for our freedom, sovereignty and way of life. Information is a key tool in any battle and the Nation First newsletter will be a valuable tool in the battle for the future of the West.

— George Christensen.

Find more about George at his www.georgechristensen.com.au website.

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The Possible Impact Of USDC On The XRP Ledger And RLUSD
Key Points
  • It seems likely that USDC on the XRP Ledger (XRPL) boosts liquidity, benefiting XRP, though some see it as competition for RLUSD.
  • Research suggests both stablecoins can coexist, enhancing the XRPL ecosystem.
  • The evidence leans toward increased network activity being good for XRP, despite potential competition.

The recent launch of USDC on the XRP Ledger has sparked discussions about its impact on the ecosystem, particularly in relation to RLUSD, Ripple's own stablecoin. This response explores whether this development is more about competition for RLUSD or if it enhances liquidity on the XRPL, ultimately benefiting XRP.
 

Impact on Liquidity and XRP

The introduction of USDC, a major stablecoin with a $61 billion market cap, likely increases liquidity on the XRPL by attracting more users, developers, and institutions. This boost can enhance DeFi applications and enterprise payments, potentially driving demand for XRP, the native token used for transaction fees. While some may view it as competition for RLUSD, the overall effect seems positive for the XRPL's growth.
 

Competition vs. Coexistence with RLUSD

USDC and RLUSD cater to different needs: USDC appeals to those valuing regulatory compliance, while RLUSD, backed by Ripple, may attract users preferring ecosystem integration. Research suggests both can coexist, increasing options and fostering innovation, rather than purely competing.
 

Detailed Analysis of USDC on XRPL and Its Implications

The integration of USDC on the XRP Ledger (XRPL), announced on June 12, 2025, by Circle, has significant implications for the ecosystem, particularly in relation to RLUSD, Ripple's stablecoin launched in 2024. This section provides a comprehensive analysis, exploring whether this development is more about competition for RLUSD or if it enhances liquidity on the XRPL, ultimately benefiting XRP.
 

Understanding RLUSD and Its Role

RLUSD, Ripple's stablecoin, received approval from the New York Department of Financial Services (NYDFS) in 2024 and is designed to be fully backed by cash and cash equivalents, ensuring stability. It is available on both the Ethereum and XRP Ledger blockchains, aiming to enhance liquidity, reduce volatility, and serve cross-border payments. With a current market cap of $413 million, RLUSD is smaller than USDC's $61 billion but has regulatory credibility, particularly appealing to institutions.
 

Impact of USDC on the XRPL

The launch of USDC on the XRPL is a significant development, given its status as the second-largest stablecoin by market cap.
 
Key impacts include:
  • Liquidity Boost: USDC's integration can attract more users, developers, and institutions, increasing overall liquidity. This is crucial for DeFi applications, as Circle's announcement emphasizes its use in liquidity provisioning for token pairs and FX flows.
  • Increased Utility: USDC enhances the XRPL's utility for enterprise payments, financial infrastructure, and DeFi, potentially making it more attractive for global money movement and transparent settlements.
  • Regulatory and Institutional Appeal: As a regulated stablecoin issued by Circle, USDC can bring institutional users to the XRPL, aligning with Ripple's goals for regulated financial activities.
  • Network Growth: Supporting a widely recognized stablecoin like USDC on 22 blockchains, including the XRPL, increases the network's visibility and adoption, potentially driving more activity.

Competition vs. Complementarity with RLUSD

While USDC's launch could be seen as competition for RLUSD, the evidence suggests a more nuanced relationship:
  • Competition: Both are stablecoins on the XRPL, and USDC's larger market presence ($61 billion vs. RLUSD's $413 million) might attract users and developers away from RLUSD. However, competition can drive innovation, such as lower fees or better services, benefiting the ecosystem
  • Complementarity: Different stablecoins cater to different needs. USDC appeals to users valuing regulatory compliance and widespread adoption across multiple blockchains, while RLUSD, backed by Ripple, may attract those preferring ecosystem integration and regulatory approval from NYDFS. The XRPL can benefit from having multiple options, increasing liquidity and fostering a diverse ecosystem.
  • Coexistence Benefits: Research suggests that having multiple stablecoins enhances liquidity and provides users with more choices, potentially leading to higher network activity. For example, institutions might use USDC for global payments and RLUSD for specific XRPL-integrated applications, creating a symbiotic relationships.

Impact on XRP

The introduction of USDC, alongside RLUSD, is likely beneficial for XRP, the native token of the XRPL, for several reasons:
  • Increased Liquidity and Activity: Higher liquidity on the XRPL, driven by both stablecoins, can increase transaction volumes. XRP is used for transaction fees, with some fees burned, potentially reducing supply over time and increasing demand.
  • DeFi and Enterprise Use Cases: Both USDC and RLUSD enhance DeFi and enterprise applications, such as liquidity pools and cross-border payments, which can drive demand for XRP as a settlement token.
  • Network Growth: A more liquid and active XRPL is more attractive to developers and users, potentially leading to long-term growth for XRP, as increased utility can drive its value.
Expert analyses, such as those from u.today and ledgerinsights.com, suggest the launch is a "massive boost" for liquidity and adoption, with RLUSD also playing a significant role.
 

Comparative Analysis: USDC vs. RLUSD

To further illustrate, consider the following table comparing key attributes:
 
Given the evidence, it is more accurate to view the introduction of USDC on the XRPL as beneficial for liquidity, which is ultimately good for XRP, rather than solely as competition for RLUSD. The XRPL benefits from increased options, with both stablecoins enhancing liquidity, utility, and network growth. While some competition exists, the overall impact is positive, fostering a robust ecosystem that can drive demand for XRP. This conclusion aligns with expert analyses and community discussions, acknowledging the complexity of the stablecoin market within the XRPL.
 

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Die Glocke: The Nazi Bell That Bent Time, Vanished, and Was Never Seen Again

In the darkest corners of the Third Reich, behind the veil of conventional warfare, Nazi scientists were racing toward something that defied explanation. They weren’t just building rockets or jet planes, they were chasing a technology that pushed the boundaries of physics itself. One of the most mysterious and controversial projects to emerge from this era was called Die Glocke, German for "The Bell." But this wasn’t a bomb. It wasn’t even a weapon in the traditional sense. It was something else entirely.

What Was Die Glocke?

Die Glocke was reportedly a bell-shaped device, approximately 9 feet in diameter and 12 to 15 feet tall, encased in a thick ceramic-like shell. Internally, it housed two counter-rotating cylinders filled with a strange, metallic, violet-colored liquid referred to as Xerum 525, a highly radioactive and unknown compound. According to Polish researcher Igor Witkowski, who first brought the story to global attention in his book "The Truth About the Wunderwaffe," Die Glocke emitted intense electromagnetic radiation and killed many of the scientists who worked on it.

But the real claim that set the world alight? That it had the potential to manipulate gravity, disrupt time, and possibly even pierce dimensional barriers. Some descriptions sound like science fiction. Others sound eerily like technologies rumored in today’s black projects or even UAP propulsion systems.

Where Was It Built?

Most reports place the Bell project deep beneath the Wenceslas Mine in Ludwikowice, Poland. There, nestled in a reinforced underground facility known as Der Riese (The Giant), the Nazis hid many of their advanced weapons programs. Adjacent to the suspected test site is a strange concrete structure referred to today as The Henge, a ring of reinforced pillars that some researchers believe was part of an anti-gravity testing rig or cooling tower for Die Glocke. To this day, its true purpose remains unexplained.

Hans Kammler: The Man Who Vanished SS General Hans Kammler oversaw Nazi Germany’s most advanced technological programs, including the V-2 rocket and rumored exotic weapons like Die Glocke. He was a man with top-tier clearance and deep ties to the Reich’s secret projects. When the war ended, Kammler disappeared. No confirmed death, no trial, or capture. He was never heard from again. Some believe he brokered his safety with U.S. forces during Operation Paperclip, offering knowledge of Die Glocke in exchange for asylum. Others suggest he escaped to South America with the Bell. Whatever the truth, the timing of his disappearance and the vanishing of Die Glocke are hard to ignore.

Did It Actually Work?

That’s the million-dollar question. Accounts claim that when operational, Die Glocke emitted powerful gravitational and temporal anomalies. Test subjects reportedly experienced cellular breakdown, time displacement, and hallucinations. Some witnesses alleged that the device caused freezing of time, or at least a distortion in how time passed in its proximity. Others suggested the Bell may have even "jumped dimensions" or teleported entirely. Skeptics say it was nothing more than a high-energy centrifuge with tragic side effects. Still, CIA documents later referenced Die Glocke, and even modern physicists admit that some of the descriptions line up with theoretical frameworks for gravity manipulation and field-based propulsion.

Connection to Modern Black Projects

If Die Glocke truly existed and worked, it would make sense that it never saw public light. Instead, it would’ve been buried, repurposed, and integrated into deep black programs. Anti-gravity research, electromagnetic propulsion, even certain descriptions of UAPs, all have eerie parallels to the Bell’s characteristics. Was Die Glocke an early testbed for what would later become known as field propulsion or even quantum mirroring? Or was it a dangerous dead-end in the pursuit of Nazi technological superiority?

Last Thoughts To Summarize

Die Glocke remains one of the most tantalizing mysteries of WWII, part weapon, part experiment, part occult machine. A device said to manipulate gravity and time. A Nazi general who vanished without a trace. A concrete ring still standing in the Polish forest. Whether it was a real breakthrough in exotic physics or an elaborate myth built on whispers, Die Glocke has become a symbol, of lost knowledge, buried technology, and the thin line between science and the supernatural. If it was real, it’s likely not lost, just... relocated!

Source

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