Thursday, February 8, 2018

Berkeley to launch its own cryptocurrency over fear Federal government will cut funding to its University over freedom of speech and Trump rebellion

There is an old saying which goes, never bite the hand that feeds you.  And for many Universities that rely upon direct Federal funding, and for sheeple (err... students) to borrow massive amounts of cash from Uncle Sam just to receive a properly indoctrinated education, the current revolution on campuses that include the restricting of speech, social justice discrimination against conservatives and whites, and a resistance movement against President Trump is threatening the large flow of money they receive from Washington.

So with this in mind, one city in the Sanctuary State of California is trying to get out ahead of any Executive Orders or Congressional legislation that might force them to abide by equality on their campuses in order to receive Federal funds by becoming perhaps the first municipality to issue a cryptocurrency in lieu of municipal bonds for capital.

Graphic courtesy of Cointelegraph
The city of Berkeley, California is considering launching an initial coin offering (ICO) in a stated effort to reduce its dependence on federal funding. The ICO would raise funds by selling digital coins that would be backed by government municipal bonds, according to Business Insiderwhich spoke to a Berkeley city council member who described the plan. 
Governments ordinarily sell municipal bonds to finance new projects, and some in Berkeley’s government hope the addition of blockchain technology will make the venture more appealing to residents who might already be bitcoin investors. In theory, coin holders might also use the cryptocurrency within the local economy. 
Introducing a viable cryptocurrency for real-world transactions is ambitious, to say the least: only select businesses in the US currently accept cryptocurrency as a form of payment, and several platforms that previously accepted bitcoin now no longer support it due to its price volatility and high transaction fees. 
The initiative was launched in response to the Trump administration’s recent tax cuts — the administration has made repeated threats to cut funding to “sanctuary cities” such as Berkeley. “Berkeley is the center of the resistance, and for the resistance to work, it must have a coin,” council member Ben Bartlett said to BI. - Verge


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