People are paying attention and are concerned. A recent Gallop poll shows half of Americans worry their money is not safe in banks. This will only increase the odds that further bank runs and bank collapses will occur.
2. The money supply has decreased the largest amount since the Great Depression
The lead up to the Great Depression, the money supply fell by 12 percent, today we are seeing a 10.2% drop. This drop is the largest amount since the lead up to the Great Depression. The reason we are not in complete collapse is the money supply also grew in the past 3 years not seen ever in U.S. history.
The US economy still has large excesses created during the COVID era. This is partly why we are not yet seeing a sizable slowdown in the labor market. But with all the other factors listed here, we are in for a serious rough ride.
3. Inflation is still high despite the decrease in Money Supply
Despite the 2nd largest decline in the money supply in US history, inflation is still persisting. Unlike the Great Depression, the decrease in the money supply led to an inflation free fall.
This time is different and means the FED will likely continue to keep interest rates higher thus fueling the increasing credit crunch and ongoing bank collapses. Higher interest rates decrease the cash available for businesses and regular people to pay off loans. It also decreases the available cash needed to buy goods in the general economy reducing revenues for most business, but even more so for businesses selling goods not considered basic needs.
4. Silver prices are soaring and are positioned to continue to rise
Silver prices soared during the 2008 crisis. People were worried that the full collapse was coming. But the global bankers were able to “kick the can down the road” until later, maybe until today.
The two charts below give you some great insight. The first one shows how American Silver Eagles have been soaring and shows the spot price from the end of 2013 to today, 5-14-2023.
Analysts have stated that the U.S. Mint has had difficulty maintaining its supply of blanks as it competes with growing overseas demand. This is why American Eagles are increasing more than generic silver coins.
The next chart shows the price of silver at it’s peak after the 2008 crisis. People were pulling out of the economy en masse. Then, when people realized the global bankers had managed to stall the collapse, silver prices came back down although still settled higher.
If 2008 is an indication of where silver prices will go, imagine where prices will ultimately land.
5. Credit Crunch
The credit crunch happens when there is a significant tightening of lending standards among banks. The recent surge of bank collapses caused by an increase of bad existing loans fueled by a weaker overall economy fueled by higher interest rates, is causing banks to shore up their balance sheets. This means new loans are harder to get and more costly.
Many economists, including Bank of America strategists, are warning that this could lead to over 1 trillion worth of corporate debt defaults.
Last 20 years Bank Prime Loan Rates
With growing interest rates, loans are harder to come by and existing loans with floating rates (not set with a fixed rate loan) become impossible to pay for cash strapped businesses and homeowners. This will fuel even more collapses, foreclosures and bankruptcies going forward.
"Vietnam has closed 86 million bank accounts... because they refused... the digital ID."
"You had to register a digital ID with biometric data... And if you don't do it, we'll take your money, whether you like it or not."
"It's coming here. They're pushing for digital IDs."
"We had it during Covid. Oh, just get one vaccination and you'll be fine. And then they took away your permissions... and said, no, actually, you need another one. And then another one."
"The more we give away our freedom, our power, the more they'll take."
"We are on the edge of a cliff... We have to show that we are not going to allow this or accept this. Because if we all stopped going to work, or we all stopped using our cards, they'd... listen to us rather quickly."
"And that's a choice we still have at the moment. If cash disappears, that choice is gone forever."
"And I wouldn't like to think of the world where we are controlled—where we can drive, where we can fly, what food we can eat—and the bank can choose ...
It's All About The Bloodlines Retaining Control 👁 THEY Are Targeting The Children
Chelsea Clinton has launched a new podcast aimed at “debunking misinformation” on health topics like vaccines and fluoride, featuring a lineup of so-called experts.
The show, That Can’t Be True!, will cover topics like childhood vaccines, fluoride, and raw milk, with Clinton and guests aiming to dismiss “misleading” claims.
Clinton has previously admitted to working with the World Health Organization and the Gates Foundation on a massive childhood immunization campaign 👉 to catch as many kids up as possible. 👩👧👧
👉 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
👉 Coinbase just launched an AI agent for Crypto Trading
🚨 JAPAN TOURS ENABLED ON XRP LEDGER & STABLECOIN PAYMENTS VIA GRAB 🚨
Japan’s tourism industry is gearing up for an upgrade, as SBI Ripple Asia partners with travel agency Tobu Top Tours to roll out blockchain-powered payments on the XRP Ledger, while USDC and USDT payments launch for everyday use via the Grab super-app as part of Asia Express.
🔑 Key Points:
🔹 XRP Ledger Tourism Payments: SBI Ripple Asia and Tobu Top Tours will issue custom tokens and NFTs on the XRP Ledger, enabling visitors to pay for accommodation, dining, shopping, and experiences in Japan through instantaneous and cost-effective digital transactions.
🔹 Stablecoins Go Mainstream: In Singapore, OKX and Grab introduce USDC and USDT payments for rides, food delivery, and local commerce, making stablecoin spending part of daily habits across millions of consumers.
🔹 NFT-Driven Engagement: Tourism transactions on the XRP Ledger will also feature NFT-based incentives, digital keepsakes, and loyalty rewards, expanding use...
🚨 RIPPLE PARTNERS WITH UC BERKELEY TO LAUNCH DIGITAL ASSETS CENTER 🚨
Ripple has partnered with the University of California, Berkeley’s College of Engineering to establish a new Center for Digital Assets (CDA), backed by $1.3 million in funding denominated in Ripple’s USD-backed stablecoin, $RLUSD. The center aims to advance pioneering research at the intersection of blockchain technology and digital twin innovations to revolutionize how physical assets are captured, valued, and exchanged in the digital realm.
🔑 Key Points:
🔹 Funding & Mission: Ripple’s $1.3 million $RLUSD donation funds collaborative research designed to develop trusted methods for defining and measuring digital asset value—spanning blockchain-based assets such as NFTs, cryptocurrencies, and tokenized real-world assets, including digital replicas of physical items (digital twins).
🔹 Partnership & Impact: The center combines UC Berkeley’s academic expertise with Ripple’s technical resources, building on a ...
The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network
For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.
The U.S. Department of Commerce has officially partnered with leading blockchain oracle providers, Pyth Network and Chainlink, to distribute critical official economic data directly on-chain. This initiative marks a historic shift, bringing immutable, transparent, and auditable data from the federal government itself onto decentralized networks. This is not just a technological upgrade; it's a strategic move to enhance data accuracy, transparency, and accessibility for a global audience.
Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.
This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.
The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.
This is the cycle of the great onboarding. The distinction between "Web2" and "Web3" is rapidly becoming obsolete. When government data, institutional flows, and grassroots builders all operate on the same decentralized rails, we are simply talking about the internet—a new iteration, yes, but the internet nonetheless: an immutable internet where data is not only published but also verified and distributed in real-time.
Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.
This is not merely a fleeting trend; it's a crowning moment in global adoption.The U.S. government has just validated what many in the Web3 space have been building towards for years: that Web3 is not a sideshow, but a foundational layer for the future. The current cycle will be remembered as the moment the world definitively crossed this threshold, marking the last great opportunity to truly say, "we were early."
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US Dept of Commerce to publish GDP data on blockchain
On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.
Lutnick said, “The Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.”
The data includes Real GDP and the PCE Price Index, which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data 👉will become increasingly important for generative AI.
While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.
Note that in case of issues, usually only queries relating to official wallets can be answered in Cardano groups across telegram/forum. You may need to consult with specific wallet support teams for third party wallets.
Tips
Its is important to ensure that you're in sole control of your wallet keys, and that the keys used can be restored via alternate wallet providers if a particular one is non-functional. Hence, put extra attention to Non-Custodial and Compatibility fields.
The score column below is strictly a count of checks against each feature listed, the impact of specific feature (and thus, score) is up to reader's descretion.
The table represents current state on mainnet network, any future roadmap activities are out-of-scope.
Info on individual fields can be found towards the end of the page.
Any field that shows partial support (eg: open-source field) does not score the point for that field.
Brief info on fields above
Non-Custodial: are wallets where payment as well as stake keys are not shared/reused by wallet provider, and funds can be transparently verified on explorer
Compatibility: If the wallet mnemonics/keys can easily (for non-technical user) be used outside of specific wallet provider in major other wallets
Stake Control: Freedom to elect stake pool for user to delegate to (in user-friendly way)
Transparent Support: Easy approachability of a public interactive - eg: discord/telegram - group (with non-anonymous users) who can help out with support. Twitter/Email supports do not count for a check
Voting: Ability to participate in Catalyst voting process
Hardware Wallet: Integration with atleast Ledger Nano device
Native Assets: Ability to view native assets that belong to wallet
dApp Integration: Ability to interact with dApps
Stability: represents whether there have been large number of users reporting missing tokens/balance due to wallet backend being out of sync
Testnets Support: Ability to easily (for end-user) open wallets in atleast one of the cardano testnet networks
Custom Backend Support: Ability to elect a custom backend URL for selecting alternate way to submit transactions transactions created on client machines
Single/Multi Address Mode: Ability to use/import Single as well as Multiple Address modes for a wallet
Mobile App: Availability on atleast one of the popular mobile platforms
Desktop (app,extension,web): Ways to open wallet app on desktop PCs
Open Source: Whether the complete wallet (all components) are open source and can be run independently.
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Welcome to the Dinarian on Locals, where we discuss everything blockchain and digital asset related. We are here to learn from one another as this is a new and ever evolving space. Please post and share what you like, but be respectful to others as they are here to learn as well.
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