JACK DORSEY AND HIS $2.9 MILLION NFT SALE : SUPPOSE BUYER DEFAULTS?

YESTERDAY TWITTER'S FOUNDER JACK DORSEY SOLD HIS NFT FOR $2.9 MILLION. WHAT HAPPENS IF THE BUYER DEFAULTS? IS THERE RECOURSE IN CIVIL COURTS? OR IS THE TRANSACTION LIKE A CHILD'S GAME AND CIVIL COURTS HAVE MORE IMPORTATNT CASES TO ADJUDICATE?

BITCOIN VERSUS MODERN MONETARY THEORY

Bitcoin is up $1,000.00 this morning. It's trading approximately at $12,850.00 . Some months ago bitcoin was trading in the $3,000-$4,000 range . So what's up? I think the implicit embrace of Modern Monetary Theory by Trump and his poodles at the Federal Reserve were the catalyst. When was the embrace? About a month ago-approximately May 8. Trump publicly dog whistled, so to speak, his companion dogs at the Fed kennel and told them that interest rates were too high. That was revolutionary.Ten years into an expansion, 3.6% unemployment and near trillion dollars deficits at federal level for this year and maybe into the future as long as we have a future and Trump wants more stimulus.Our fiat money is already laughable. We we give it away gratis to illegals just for showing up. We give it to homeless who don't buy toilet paper with it. We also start wars of choice with it.The theory behind Modern Monetary Theory is the governments monopoly on fiat currency is justified and by extension it's spending because it's confined to our democracy and all in our democracy deserve to participate in government spending. The only caveat is when inflation shows up the Fed must tighten. But what about all that debt at the federal, state, local, corporate and personal level that was created during the easy money stimulus? How will it be paid off with a tightening fed policy? All of these moving parts don't bother the technocrats at the Fed nor does it bother the Philistine Trump who worships at the liquidity altar.Investors are not buying it.And so goes bitcoin up in a ballistic trajectory. There's a social dividend to bitcoin. Bitcoin won't pay illegals, won't give assistance to homeless and bitcoin won't fund wars.

Cryptocurrencies Vs Quantitative Tightening

The Federal Reserve is implementing its well advertised shrinking of its $ 4.5 trillion balance sheet.At the moment the fed's drain amounts to approximately $ 20 billion per month.At the same time cryptocurrencies of all possible descriptions and functions are expanding their market cap at a faster rate. Lately a new normal month shows crypto's growing $ 100 billion in a month!Looks like a high noon event is shaping up. Will inflation result? Will the demise of the federal reserve and by extension other central banks result? Or will both learn how to coexist? Cryptocurrencies definitely have the appeal of potentially obviating government as we know it. For instance why pay taxes and fund wars if crypto's can subtract one's monetary footprint from tabulation?So what do we do individually? Buy gold? Buy guns? Buy puts on the S&P? Buy calls on the S&P first?

Bitcoin, Ethereum & Federal Reserve

Cryptocurrencies Bitcoin and Ethereum are up 280% since the beginning of this year.As of today approximately $49 billion of Bitcoin and $36 billion of Ether are the outstanding valuations.Those figures are dwarfed by the approximately $ 4 trillion amount outstanding of the worlds currencies. That would be the folding stuff in our pockets. But my folding stuff is not up 5000% since the start of 2017.My twenties and tens are still at face value but a little more wrinkled. So going forward should crypto currency be included in my wallet? I can have leisure in making a decision. But one person is thinking harder about what crypto currency might do to her job. That would be Federal Reserve Chair Janet Yellen. She 's determined not to go back to that kosher deli in Manhattan. She and the whole house of cards that support human civilization through the tool money is being threatened.Right now crypto currency makes up about 2% of the traditional currencies issued by the Fed, Japan, Eurozone, China et all. Small? Yes. But that 2% didn't exist 6 months ago. Crpto didn't move the needle.What's the Fed going to if anything about the upstart? I would think that Yellen has to make the dollar a better store of value. To that purpose interest rates will have to go up probably more than people expect. Also the Fed has to shrink the balance sheet. At the moment the balance sheet is at $ 4 trillion.Number coincidence with current world wide outstanding paper? That will definitely get rates higher.According to a news blurb last night on the Nightly Business Report the Fed has moved up the start its balance sheet shrinking to September 2017. That's a ninth month speed up.Bitcoin and Ether are once in a lifetime or many lifetimes game changer.Fiat money as per central banks game plan has finally met its match. The complacency of gold and investor sentiment and volatility can be somewhat better understood by judging the performance of cryptocurrencies and concluding that chaos might be around the corner and its foil may be Bitcoin and Ether. Here's a question. All the debt in the world is based on central bank currencies. So how will those obligations be met?