Tribe Vibe - The Banker Edition
Hello Tribe Vibers!
Bankers are in the hall of shame this week, especially the central bankers. We take a look at the commentary surrounding the ECB’s recent paper, provide you with a little reminder about the criminal history of the lady at the ECB helm. If you don’t know what the petrodollar is, you probably should - check out our petrodollar 101 below. In addition this week we celebrate women running for office as bitcoin candidates and highlight upcoming events on at Access Tribe. Enjoy and have a wonderful week!
Editorial Note
Welcome to another exciting week in Bitcoin! Coming up:
👩🎓 Bitcoin 101: Your go-to resource for Bitcoin basics
🗞 News: Trending News in Bitcoin
👩💼 Women in Business: Where the Bitcoin “Femergy” is happening
📆 Events: Bitcoin events online and across the globe
🐣 Moms: Tips on how to teach your kids about Bitcoin
🎧 & 🎥Vibe of the Week: Our content recommendations
🎓 Bitcoin 101: What is the Petrodollar?
Alex Gladstein wrote a piece a couple of years ago titled "The Hidden Costs of the Petrodollar". The article explores the significant yet often overlooked drawbacks of the global economic system that relies on the U.S. dollar being tied to oil through the petrodollar arrangement. This system, established in the 1970s, gave the U.S. immense economic power but has also had negative consequences for both the U.S. and the world. Gladstein argues that moving toward a Bitcoin standard could eliminate these downsides and create a more decentralised and equitable financial system.
Key Points:
Creation of the Petrodollar System: Established in the 1970s through a U.S.-Saudi agreement, the petrodollar system tied global oil prices to the U.S. dollar, boosting demand for the currency and reinforcing American economic dominance.
Consequences for Global Economics: The petrodollar system has supported authoritarian regimes, compromised U.S. national security, and fueled military conflicts, all to maintain the dollar’s global reserve status.
U.S. Economic Power and Inequality: The system has created an uneven playing field, enabling the U.S. to dominate global markets and increasing wealth inequality both domestically and internationally.
Environmental Impact: By propping up the fossil fuel industry, the petrodollar system has delayed the transition to cleaner energy sources, exacerbating global environmental challenges.
A Bitcoin Alternative: Gladstein suggests that transitioning to a Bitcoin standard could decentralise global financial systems, promote fairness, and reduce the need for militaristic and politically motivated actions to uphold dollar dominance.
📚 This is a topic worth your time. You can read Gladstein’s full article here: https://bitcoinmagazine.com/culture/the-hidden-costs-of-the-petrodollar
📈 Trending News
1. Then they fight you…
The Scoop🕵️♂️: While the below quote is often misattributed to Mahatma Ghandi, its content stands the test of time and is often quoted by Bitcoiners for its relevance to the journey towards mass bitcoin adoption, or “Hyperbitcoinisation”:
“First, they will ignore you, then they will laugh at you, then they will fight you, then you will win”.
The ECB recently put out a paper which levelled heavy criticism towards bitcoin. The paper is littered with mistakes (its unclear if these are intentional or due to ignorance) and it suggests that individuals who adopted bitcoin early are “stealing” wealth from no-coiners or late comers. No ECB, YOU are stealing people’s very life force by demanding they use your currency through force, and then debasing it such that the fruits of their labour become increasingly worthless.
The ECB suggested that legislation should be enacted against bitcoiners:
“In any case current non-holders should realise that they have compelling reasons to oppose Bitcoin and advocate for legislation against it, aiming to prevent Bitcoin prices from rising or to see Bitcoin disappear altogether. Latecomers and non-holders and their political representatives should emphasize that the idea of Bitcoin as an investment relies on redistribution at their expense. Failing to do so could skew election results in favour of politicians who advocate pro-Bitcoin policies, implying wealth redistribution and fuelling the division of society.”
Not to be outdone, the Minneapolis Fed put out a paper this month as well, which suggested that “A legal prohibition against bitcoin can restore unique implementation of permanent primary deficits”. Let us translate: “we don’t want you to use sound money that cannot be debased, because we want the ability to maintain a state of permanent debt and overspending at your expense”.Why You Should Care🚨: These statements are akin to a burglar complaining and demanding legal action against you because you have put an alarm system and locks on your house.
What This Means for Bitcoin ✨: Bitcoin doesn’t care. But for the rest of us, if you have any sense, you will be investing in bitcoin and most of all, and most importantly, holding it in self-custody. This means NOT storing it on an exchange, and not holding it in an ETF (Exchange Traded Fund). If you’d like to learn more about collaborative custody you can book a free consultation with our founder using the link at the bottom of this newsletter.
🧵 Bitcoiner Tuur Demeester put out a comprehensive thread on X regarding the ECB paper which you can read here
Tom Honzik also shared an appropriate response to the ECB here:
2. Reminder: the ECB is headed up by a convicted criminal
The Scoop🕵️♂️: Old news, but lest you had forgotten, the European Central Bank is headed up by Christine Lagarde. In 2016 when Lagarde headed up the IMF, she was convicted over criminal charges relating to government payouts. The epitome of failing upwards.
Why You Should Care🚨: Try to avoid dealing with criminals. The European Central Bank is run by a convicted criminal.
What This Means for Bitcoin ✨: Very likely this results in greater bitcoin adoption as it starts to dawn on people that many of these institutions are criminal organisations. See last week’s news on TD Bank and their $3 bn fine for facilitating money laundering by drug cartels….yes, you read that right.
💼 Women in Bitcoin - Maya Parbhoe, Suriname
Maya Parbhoe is running for office in Suriname as a Bitcoin candidate and she is raising campaign funds on Geyser, an innovative crowd-funding platform created by Mick Morucci. Incredible. You can watch our interview with Mick last year here. View Maya’s campaign page here.
📆 Events
We kicked off our 4-week course last week exploring how existing industries are integrating Bitcoin into their operations. Industry experts from the energy market, healthcare, content creation and more, will share their insights.
Coming this week October 24th is a session with Professor Emma Apatu, looking at how bitcoin can improve healthcare outcomes.
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💼 Coming up next week is our monthly member networking session
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👩👧👦 Bitcoin for Kids - When Money is Controlled, Money is Corrupted with the Tuttle Twins
🎧 & 🎥 Vibe of the Week - Caitlyn Long, Founder at Custodia Bank
How Elizabeth Warren kicked off the biggest bank run in decades in an effort to stifle the crypto industry, with TFTC.
Meme of the Week - Remember to put the trash out 🚮
Source: https://x.com/TheBitcoinConf/status/1848004000861261968
📆 Book a free 1 to 1 session with our founder to learn how to Buy and Custody Bitcoin safely:
📺 &🎧 check out our conversations with Women in Bitcoin:
https://accesstribe.com/podcast
👋 See you all next week for more Tribe Vibes!