Daran rice retweeted
🇵🇾 Paraguay’s Ueno Bank has been shut down after regulators discovered its capital had fallen below half the legal minimum.
Nearly 3 million customers affected.
Hundreds of millions in public funds, including pension money, exposed.
Now watch how the losses are distributed.
They can socialise the losses through deposit insurance, a taxpayer-funded bailout, or a bail-in imposed on creditors and uninsured depositors.
Then transfer the viable assets and customer deposits to a larger bank.
The losses can be absorbed by depositors, creditors, insurance funds or taxpayers.
The surviving Financial Industrial Complex (FIC) players can acquire the assets and customers.
Socialise the losses.
Privatise the gains.
Consolidate the banking system.
Wash.
Rinse.
Repeat.
Remember.
When you deposit money in a bank, you generally become an unsecured creditor of that bank.
You have effectively lent the bank your money.
The bank becomes the legal owner of those funds.
In return, you hold an IOU, a legal claim against the bank, protected only to the extent applicable deposit guarantees and recovery rights allow.
Your bank balance is the bank’s liability.
Not your money sitting in a vault.
🇵🇾 Chaos on the streets as Paraguay’s largest digital bank collapses
Nearly 3 million customers affected as the country faces a major political and financial crisis.
Paraguay’s Central Bank (BCP) seized Ueno Bank, the country's largest digital lender, after its solvency ratio collapsed to less than half the legal limit.
Central Bank President Carlos Carvallo resigned at the request of President Santiago Peña. Carvallo previously chaired the finance company that evolved into Ueno Bank, drawing heavy criticism over regulatory blind spots and conflicts of interest.
The Specialized Unit for Economic Crimes and Anti-Corruption ordered the detention of eight high-level executives and figures tied to the bank, including founder and majority shareholder Miguel Vázquez and Ueno Bank President Juan Manuel Gustale.
The intervention completely froze Ueno Bank’s digital app, credit cards, and transfer capabilities. This has locked out roughly 3 million users, an estimated 60% of Paraguay's adult population, leaving many with no immediate way to access their money.
The state health and pension fund (IPS) has an estimated $380 million in public retirement funds invested in Ueno Bank.
Angry citizens, savers, and pensioners flooded the streets of the capital and gathered outside closed branches, demanding their cash and chanting for political accountability.
Daran rice retweeted
Israeli bulldozers are demolishing and destroying what's left of Palestinian homes east of Khan Younis
Daran rice retweeted
What does LitVM (@LitecoinVM) do for Litecoin? Anything?
It doesn't finally give Litecoin utility.
Litecoin is already is multiples ahead of all other altcoins combined in usage with > 170k trx's and 250k active addresses per day on average.
It doesn't give it identity.
Litecoin's been digital silver since 2011 and even most OG's admit to holding & using it even until today as the silver to Bitcoin's gold.
It doesn't give it relevance.
Litecoin's already been in the top 20 MCAP out of millions of digital assets for almost 15 years and is the most used cryptocurrency for payments globally the past few years.
It doesn't give it innovation on the base chain.
Litecoin's been the 'go to' for most innovations done on the oldest and most admired blockchain in the world in Bitcoin.
It doesn't even give it resiliency or stronger security.
Litecoin has never been down, done over 430 million transactions totaling trillions of $$, and is the parent to over 21 other cryptos through merge mining because of its strength.
So what does LitVM even do for Litecoin?
It brings a new set of untapped utility through smart contracts.
It allows for token creation, RWA's, stablecoins, and zero knowledge development without ever comporomising the base code.
It brings institutional interest and fresh funds to the Litecoin ecosystem, and the interest of many still under the age of 35 that might not otherwise initially understand or care solely about financial freedom.
It enables what other chains brag about because they don't already have the history, reputation, and strength of service that Litecoin has had for nearly 1.5 decades.
It kills the competition because the competition's foundation is built on marketing first, and hopefully relevancy and usage later.
LitVM is the silver cutlery that eats the competition's breakfast, lunch, and dinner. No one is ready for what comes next.
Except Litecoin.
Daran rice retweeted
The oldest coin in the game is up to something.
$LTC is pushing privacy and smart contracts at the same time.
Litecoin, the digital silver, has been around forever, doing its thing in the background. But $LTC is reinventing itself right now, on two completely different fronts, and both popped up at the same time.
First, privacy. Litecoin’s got MWEB, a privacy layer it added a few years back. You move your Litecoin into a hidden side-ledger where the amounts aren’t visible, then move it back out whenever you want. It just hit an all-time high. Around 563,000 Litecoin sitting in there, worth roughly $29 million. The clever bit is it’s optional, on purpose, so exchanges wouldn’t delist them like they have with the fully private coins.
To be fair, that’s coins parked in there. Not quite the same as people actually spending privately. The real private spending is still pretty small. But the interest is clearly growing.
Second thing, and this one surprised me. Litecoin’s getting smart contracts. LitVM bolts DeFi and Web3 apps onto Litecoin, stuff it never used to do. Its test network just passed 300 million transactions. Mainnet and a token are coming after testing.
So yeah. Looks like Litecoin is having a proper go at becoming something new.
Daran rice retweeted
Thatcher created mass unemployment, destroyed whole communities and quadrupled debt. Sold off public assets to pay people to be unemployed. Then the poll tax riots. If this is the 'Golden Age' you yearn for you belong in an asylum #FollowBackFriday I follow back
Daran rice retweeted
According to an article published by @Tangem back in April of this year, there were already well over 120,000,000 tokens and coins in the crypto space.
> 85 million of those reside on Solana
> 35 million of those reside on Ethereum & similar chains
Only 9-17k of those 120 million are actively traded, which is already a miniscule 0.0142% of the total supply.
Of those actively traded, the top 25 by MCAP make up only 0.147% of that.
Of those 25, only Bitcoin, Litecoin, Dogecoin, and Monero are fairly launched through a genesis block, no pre-mine, no contentious hard fork free coins, fully decentralized Proof-of-Work cryptocurrencies. This means these four cryptos, built upon the ethos and original definition of what a cryptocurrency is, make up only 0.00000333% of the total 'crypto' market.
That, my friends, shows you just how special Litecoin is. Not just as a crypto with the second strongest use case by transactions only to Bitcoin, but as digital silver.
Daran rice retweeted
The CIA, wishful thinking, and imperial blindness: How the US engineered its own failure in Cuba rt.com/news/639048-cia-wishf…
Daran rice retweeted
Argh! We don’t need any more private partnerships like this for the NHS!🚨🚨🚨
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