Buh bye stablecoin, gold rallies to a fresh record high on Thursday lol

 

 Gold extended its rally to a fresh record high on Thursday ... Earlier in the session, bullion touched a record high of $4,241.77, climbing for a fifth consecutive session. ... 

More. 

ROFLMAO: Paxos, blockchain partner of PayPal, mistakenly mints $300 TRILLION PYUSD, world's sixth largest so-called stablecoin pegged 1:1 to the U.S. Dollar with market capitalization of only $2.6 BILLION

 J. P. Morgan explains gold's rise as having something to do, in part, with "waning confidence in fiat currencies."  😏 

Why should anything pegged to fiat be more confidence inspiring, especially involving PayPal?

People who've been permanently banned by PayPal this morning are probably saying, "Couldn't have happened to a finer company".

This event should be good for fiat, and really good for gold, which won't suddenly be minted by anyone to the tune of $300 trillion, at least not until Elon Musk lassoes one of them thar asteroids. 

 

PayPal’s crypto partner mints a whopping $300 trillion worth of stablecoins in ‘technical error’

Paxos, the blockchain partner of PayPal, mistakenly minted $300 trillion worth of the online payment giant’s stablecoin on Wednesday in what the company called a “technical error.” ... 

Transactions on Etherscan showed that the mistake had been fixed after about 20 minutes. 

PYUSD is advertised as a dollar-pegged stablecoin that is fully backed by U.S. dollar deposits, U.S. treasuries and similar cash equivalents. Therefore, PayPal says the tokens are always redeemable for U.S. dollars on a 1:1 basis. 

However, the technical error highlights that the dollar peg is guaranteed by PayPal and its independent third-party attestation reports, rather than intrinsically tied to the minting of a stablecoin. ...

 

 

Feds bust document forgery operation active for more than a decade in "primarily Hispanic town" . . . in Oregon

Feds: Forgery Operation Produced Over 10,000 Fake Documents:

"The fraud ring operated in Woodburn for more than a decade and produced over 10,000 fraudulent documents that they distributed in Woodburn or mailed to customers around the United States," U.S. Attorney Billy Williams and Assistant U.S. Attorney Peter Sax said in the plea agreement posted Tuesday in court documents. Previous detailed court documents remain under seal.

The Fraud Doc Ring communicated with customers using Facebook, email, Snapchat and in person, the plea deal states. Customers emailed, texted or mailed the ring digital passport-style photos for insertion into the fake ID cards, or visited a clandestine photography lab in Woodburn where their photos were taken, the plea agreement says. Customers paid electronically through PayPal, through the mail or in person.

In the apartment, agents found dozens of security images and seals used in legitimate identification documents. They also found stored digital photos of more than 4,000 customers. The Fraud Doc Ring produced a wide array of documents, including drivers' licenses for over 25 different states, Social Security cards, lawful permanent resident cards, U.S. and Mexican birth certificates and marriage licenses.

 

Obama is using the Justice Dept. and FDIC member banking system to choke the gun industry

Just like he has used the IRS to stop his political opposition in the Tea Party.

From the top of the story here:

Gun retailers say the Obama administration is trying to put them out of business with regulations and investigations that bypass Congress and choke off their lines of credit, freeze their assets and prohibit online sales.

Since 2011, regulators have increased scrutiny on banks’ customers. The Federal Deposit Insurance Corp. in 2011 urged banks to better manage the risks of their merchant customers who employ payment processors, such as PayPal, for credit card transactions. The FDIC listed gun retailers as “high risk” along with porn stores and drug paraphernalia shops.

Meanwhile, the Justice Department has launched Operation Choke Point, a credit card fraud probe focusing on banks and payment processors. The threat of enforcement has prompted some banks to cut ties with online gun retailers, even if those companies have valid licenses and good credit histories.