Crypto Week in Review: The Declaration of Financial Independence
For the last month, Bitcoin (BTC) has shown very little volatility. After a critical rejection at $10,440 in May, BTC has traded consistently in the low $9,000s.
The flat line seen above is not something crypto traders are accustomed to, but luckily, altcoins have been keeping things interesting while BTC takes a breather.
- Compound (COMP), which saw a parabolic spike to a high of $347 following its launch, has fallen 30% this week and is currently trading at $186.
- Verge (XVG) is up 64% this month and nearly 13% this week alone.
- Kyber Network (KNC) and Synthetix (SNX) are up 59% and 50% this week, respectively.
- Privacy coin Cardano (ADA) increased nearly 28% this week following the announcement of Project Catalyst, an experimental fund and toolset designed to enable ADA holders to propose and vote for funding proposals in the Cardano ecosystem.
The Declaration of Financial Independence
The unanimous Declaration of the Bitcoin and Cryptocurrency communities of the earth:
When in the Course of human events, it becomes necessary for one people to dissolve the financial bands which have connected them with another, and to assume among the powers of the earth, the separate and equal means of exchange to which the Laws of Nature and of Economics entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.
We hold these truths to be self-evident, that all humans are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Economic Security & Prosperity.
That to help secure these rights, currency exchange systems have been instituted among humans, deriving their just value originally by the backing of physical commodities and then by the full faith and credit of the governing bodies instituting said currencies.
That whenever any Form of Currency becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Currency, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to affect their Financial Security and Economic Freedom
Prudence, indeed, will dictate that Currencies long established should not be changed for light and transient causes; and accordingly, all experience hath shewn, that mankind is more disposed to suffer, while evils are sufferable than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Economic Despotism, it is their right, it is their duty, to throw off such Government-backed Fiat Currencies, and to provide new Guards for their future security.
Such has been the patient sufferance of these Cryptocurrency communities, and such is now the necessity which constrains them to alter their former Systems of Currency. The history of the present system of Government-backed Fiat Currencies and the Multinational Banks and Institutions that support them is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute Economic Tyranny over these Communities.
To prove this, let Facts be submitted to a candid world…
Read the full Declaration of Financial Independence here.
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