John Paul Koning
@jp_koningmonetary economics|history of money|central banking|financial privacy|payments|gold|financial inclusion|cryptocurrency|monetary law|financial crime
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Cypherpunks wanted to change the world. We ended up with memecoins. 👉 jpkoning.blogspot.com/2024/10/memeco…
FDIC's 4.8% crypto ownership rate only further undermines the credibility of Coinbase's infamous crypto survey, which claimed an ownership rate of 22% in 2023. 4.8% is also lower than the rates found in three Federal Reserve surveys: the SHED (7%), SCPC (8.6%) and LIFE (14.7%).
👉 4.8% of U.S. households owned or used cryptocurrency in 2023. This is the latest data on American crypto adoption, and comes via @FDICgov, which for the first time asked crypto questions in its Survey of Unbanked Households: fdic.gov/household-surv…
The Ruble is now worth just 1 US cent again, as Russia's currency continues a monthslong slide, coupled with skyrocketing internal inflation.
I find it odd that Ilya Lichtenstein and Heather Morgan weren't charged with the obvious crime—stealing from Bitfinex and its customers—but with money laundering and "conspiracy to defraud the United States" instead. Any theories from lawyers about why?
Bitfinex Hacker Sentenced in Money Laundering Conspiracy Involving Billions in Stolen Cryptocurrency justice.gov/usao-dc/pr/bit… @DOJCrimDiv @IRS_CI @FBIChicago @HSINewYork
We’re at this stage of the cycle
To end the Russia-Ukraine war, Trump needs leverage over Putin. But our key leverage—sanctions—has eroded over the past 18 months. Biden can do Trump a favor by shoring up the sanctions on his way out the door. I explain how in @washingtonpost 🧵washingtonpost.com/opinions/2024/…
Strange. The feeling of relief that we're further away from hitting the zero-lower bound doesn't seem to be in the mix.
We economists don’t usually study emotions, but with inflation, they’re impossible to ignore. Check out this word cloud of responses to: ‘What feelings do you usually have when hearing news about rising inflation?’ Spoiler alert: it’s intense and negative.
👉 4.8% of U.S. households owned or used cryptocurrency in 2023. This is the latest data on American crypto adoption, and comes via @FDICgov, which for the first time asked crypto questions in its Survey of Unbanked Households: fdic.gov/household-surv…
Fearing political pushback from a draft, Putin relies mainly on contract soldiers to feed his meatgrinder in Ukraine. That means big sign-up bonuses and generous benefits for wounded vets. Unintended consequence: Severe cuts in civilian welfare benefits. meduza.io/en/feature/202…
The term CBDC, or central bank digital currency, was coined 9 years ago by @gendal He reflects on what he was thinking of when he came up the term, and how history took a different path. gendal.me/2024/10/29/dig…
Iran's intricate shadow-banking network allows it to skirt U.S. sanctions — but it is costly to run, slashing Iran's export revenue by 30-50% compared to a no-sanctions scenario. via economist.com/finance-and-ec…
Prediction: the meme budget commission is not going to magically make services behave like goods
Making gambling legal is one thing but making it extremely easy and frictionless is proving to be a bad idea
Incredible read about how mobile gambling apps are ravaging Brazil. 20% of a recent social assistance program have been spent on gambling, with some bettors taking out credit at rates exceeding 400% bloomberg.com/news/features/…
Deathonomics in Russia: 'Russian economist Vladislav Inozemtsev calculates that the family of a 35-year-old man who fights for a year and is then killed on the battlefield would receive around 14.5 million rubles, equivalent to $150,000, from his soldier’s salary and death…
American voters hate inflation more than they hate unemployment, so politicians are rewarded for harming a few people a lot with unemployment rather than harming a lot of people a little bit with inflation. via @Noahpinion noahpinion.blog/p/americans-ha…
Not a surprise, but still a striking chart: Consumer sentiment among Republicans has soared since Election Day. (Data from @MorningConsult) More details in story: nytimes.com/2024/11/13/bus…
"Extending U.S. dollar dominance" was also a byproduct of Liberty Reserve, thanks to a no-KYC policy similar to stablecoins — and we all know how that ended.
🚨 NEW REPORT: “How Stablecoins are Extending U.S. Dollar Dominance: A Policymaker’s Guide to Action.” #Stablecoins are no longer just for crypto—98% are USD-linked, presenting a powerful opportunity to expand U.S. financial influence globally. Read more: digitalchamber.org/stablecoinrepo…
NEW: Emails & chats from Swedbank Estonia reveal an office culture where money laundering was openly discussed & even joked about as staff assisted high-flying Russian clients, some of them oligarchs. The compliance officer who expressed concern? Fired. occrp.org/en/feature/mon…
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