. . .
K “Something is up.”
J “The price.”
. . .
K “Its use as both an industrial metal and a precious metal positions it as a valuable and insightful barometer of economic events.”
J “The Chinese and the British have always liked the stuff as money. Industry also likes the metal. Semiconductors, EVs and other clean energy production require the real thing and cannot be papered over with paper deliveries.”
K “Someone with some insight believes that the supply of industrial silver metal may not meet the demand in the next year.”
. . .
K “De-dollarization is quietly moving forward. The dollar is slowly but measurably slipping as the world’s reserve currency while the U.S. Treasury Instruments are slipping as the world’s reserve asset.”
J “Everyone has reservations about the U.S. In a subtle way, the dollar as the ‘medium of exchange’ and the ‘unit of account’ and the UST as the ‘store of value’ are all threatened.”
K “The sale of gold and silver at Costco is a palpable reveal. Some fortunate little people are following the lead of the big banks and the central banks. The people realize they need something real as a store of value.”
. . .
K “The decision by the Biden Administration to steal Russian assets in contravention of every legal convention and every economic conviction was an economic and political nuclear bomb dropped on the world. The world realized what the world always suspected. The United States is the suspect. The United States cannot be trusted.”
J “Trust today is almost no longer even a theoretical construct.”
. . .
K “This thing known as the Japanese carry trade seems to be blowing up, but I do not understand all the implications.”
J “The thing known as the Repurchase trade seems to be blowing up, but I do not understand all the implications.”
. . .
K “Do you believe there was a power outage at the CME that interrupted trading?”
J “Not a chance. Things were getting out of control. So they pulled the plug. They pulled the power when they realized they were losing power.”
K “The plug may be pulled again.”
J “They are losing power.”
. . .
K “There sure are fractures and fissures in the economy.”
J “Stay tuned.”
. . .
[See“Model Collapse: The Entire Bubble Economy Is a Hallucination” By Charles Hugh Smith dated December 3, 2025 in “www.oftwominds.com.”]
[See the e-commentary at Too Much Dirt; Too Few Rugs. Repurchase Agreements (September 23, 2019) noting the trouble in the market for Repurchase Agreements in real time in September of 2019, Holographic Treasury Rates? The 500 Trillion Asset Steal? And Then The Great Taking? Oh, And Happy IRS Day! (April 14, 2025) venturing that the government could simply pretend and report that it found buyers for the Treasuries, “De-Dollarization” Is The Word Of The Week. And The Development Of the Year. (April 24, 2023) on a slow but growing transition, Not World War Tres. Again. The U.S. Declares War On Russia. Again. Oh, And Happy Thanksgiving! Again. (November 25, 2024), Portentous Developments In 2022? (January 23, 2023), Sanctions, Supply Chains And World War E (March 7, 2022) and World’s Reserve Currency War I = Cold War 2.0 = WW III (?) (September 8, 2014).]
Bumper stickers of the week:
Dragon < Eagle > Bruin; Dragon + Bruin > Eagle; Eagle + Bruin > Dragon
“To be an enemy of America can be dangerous, but to be a friend is fatal.” Henry Kissinger
Financial disclaimer. e-commentary and e-commentary llc are not engaged in rendering legal, tax, or financial advice or services via this website. Neither e-commentary nor e-commentary llc are financial planners, brokers, or tax advisors. The website is intended only to assist you in your financial education. Your personal financial situation is unique. Any information and advice obtained through this website may not be appropriate for your situation. Accordingly, before making any final decisions or implementing any financial strategy, you must and shall consider obtaining additional information and advice from your lawyer, accountant or other financial advisers who are fully aware of your individual needs and circumstances.
e-commentary 
Revisiting Cryptocurrency, Bitcoin, Etc. And Now Stablecoin (November 3, 2025)
Posted in Bitcoin, Cryptocurrency, Digital, Legal Disclaimer for e-commentary, Stablecoin on November 3, 2025 by e-commentary.org. . .
K “I have tried everything to avoid reaching a conclusion that goes against a growing orchestrated chorus of vociferous support. There is no way to avoid it. Bitcoin, Etc. is digital fiat. Fiat is fatal.”
J “No question. Bitcoin, Etc. is a great fraud and a grand scam. It is reflective of where we are as a country and as a society. Everything is mirrors and smoke and smoke and mirrors.”
. . .
K “Fifteen years ago or so, I met with some of the motley band of libertarians and anarchists who liked the shine of Bitcoin, Etc. They found a new passion and purpose in life. In our conversations at the monthly Tuesday night ‘Bitcoin Boosters’ rally, they could not really establish that it was a medium of exchange or a store of value or a unit of account, but they were tickled that it was a bold and blatant rejection of the establishment. I was intrigued. I listened.”
J “And now Bitcoin, Etc. has been co-opted by the Kleptocrats and the Plutocrats who have no interest in co-ops or cooperation. Bitcoin, Etc. is a story laced with irony and absurdity and surreality.”
K “A currency must be backed by a bayonet. The stateless nature of Bitcoin, Etc. lacks a bayonet to compel others to accept it.”
. . .
K “Money on some level is a store of energy. However, the very act of ‘mining’ Bitcoin, Etc. requires one to undertake a futile and useless waste of energy. No good is produced and no service is performed.”
J “There is something ironic and absurd and surreal about the process. The ‘proof of work’ is really a proof of stupidity and futility. The mandatory mathematical machinations are mindless manipulations.”
. . .
K “What was once thought to be a private exchange is now on the radar. The IRS requires a taxpayer to disclose merely owning Bitcoin, Etc. on one’s annual tax return. No other asset must be disclosed. Those in power know.”
J “Yet the ordinary citizen who tries to sell a Bitcoin, Etc. has no idea how the sale process unfurls and unfolds. Everyone on the inside creates more arcane steps and stops along the way before a Bitcoin, Etc. can be converted into . . . drum roll . . . filthy fiat currency.”
. . .
K “The zealots believe that the number of ‘coins’ will be capped at 21 million. Human experience teaches differently. Caps are always exceeded; a temporary measure always becomes a permanent fixture. When 21 million ‘coins’ are concocted, more ‘coins’ will be ‘mined’ by ‘forking’ or some other shenanigans.”
J “And an individual who is not satisfied has no rights and no remedies and no recourse against anyone or any entity or anything. Someone can only punch into the darkness.”
. . .
K “Some old ‘sound money advocates’ have decided there is profit in Bitcoin, Etc. and now treat it and tout it as the new sound money. Call me immediately skeptical of anyone who alleges that Bitcoin, Etc. is sound money. I maintain a list of its zealots because one’s attitude toward Bitcoin, Etc. is a very stark candid reveal.”
J “I am not skeptical. It is unsound money in a world of unsound money.”
. . .
J “And when the lights go out, the lights go out and Bitcoin, Etc. goes dark.”
K “The zealots state that it makes the transfer of money across borders easier. Some of the transfers appear to be for illegal activity.”
. . .
K “The big players behind Bitcoin, Etc. know that they have enough political stroke to bail out the big players when the cards collapse.”
J “The digital game is no different than the analog game. We cannot even claim to have a functioning capitalist system when all the losses of the big players are socialized and all the consequences for the little people are ruthlessly capitalized.”
. . .
K “So Stablecoin is some mysterious miasmi that weds Bitcoin, Etc. and Treasuries in a way that satisfies those in power who must maintain the relevance of Treasuries in the economic and political system. Those behind Stablecoin have allied with the government and thereby fixed their bayonet. The government gets almost absolute control out of what is effectively a Non-Central Bank Digital Currency (N-CBDC) with the big players still running and controlling the economy.”
J “Is it really ‘stable’ and is it a ‘coin’? Who knows what it really is. More smoke. More mirrors.”
. . .
K “I do not dispute that the blockchain technology is one of the major building blocks of the future.”
. . .
J “The big players will make great fortunes. Once again and without fail, the little people will pay to fund the casino and will lose in the end.”
. . .
[See the e-commentary at “Bitcoin”, “Ethereum” . . . “Blockchain Technology” Say What? (July 3, 2017) and Monkeying Around With Cryptocurrency: Pumping And Dumping And Monkey Hammering The Villagers (February 27, 2023).]
Bumper stickers of the week:
Use of e-commentary is at your own risk. In no event is e-commentary or any affiliated party liable for any direct or indirect economic, trading or financial losses caused by any information on this site. You agree to do your own research and due diligence and consult your own financial, legal and tax advisors before making any investment decision with respect to transacting in any securities or other possible investments. This is not an offer to sell or a solicitation of an offer to buy any security or investment. Nor is or shall any security or investment be offered or sold to any person in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. e-commentary is not registered as an investment advisor in the United States nor does it have similar registration in any other jurisdiction. To the best of e-commentator’s ability and belief, all information contained herein is accurate and reliable and has been obtained from public sources believed to be accurate and reliable. The public sources are not insiders or connected persons of the stock or investments covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. However, the information and e-commentary is presented “as is,” without warranty of any kind whether express or implied. e-commentary makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. All expressions of opinion are subject to change without notice. e-commentary does not undertake to update or supplement this site or any of the information contained herein.
In sum, please DO your own research, MAKE UP your own mind and OWN your own bloody consequences! Thanks. Do enjoy.
1 Comment »