Sunteți pe pagina 1din 48

August 2019

DOW/GOLD Ratio — 10-Year Chart

1980-2019 (arithmetic scale) “Mean Price”


1959-2019 (log scale) “Channel” 3
Recommended Investment Allocation

Gold/Silver 30.0%
TDV Stock Portfolio (below) 35.0%
TDV Crypto Portfolio 20.0%
Cash or Trading program 15.0%

TDV Premium Defensive Investors Long Term Stock Portfolio*

Company Symbol 2019 Open Last Price 2019 Return 2018 Return
Gold/Silver Majors (40%) 33.43% -20.33%
Agnico Eagle Mines AEM 40.48 64.08 58.30% -13.06%
IAMGOLD Corp NYSE:IAG 3.68 3.92 6.52% -37.84%
Yamana Gold AUY 2.37 3.69 55.70% -25.55%
Newmont Mining NEM 34.15 40.75 19.33% NA
B2Gold NYSE:BTG 2.93 3.73 27.30% -8.18%
Junior Producers (45%) 55.91% -21.00%
Alacer Gold ALIAF 1.83 4.59 150.82% 2.10%
Argonaut Gold ARNGF 1.13 1.96 73.45% -41.30%
Endeavour Mining EDVMF 16.17 20.43 26.35% -19.55%
McEwen Mining MUX 1.83 2.08 13.66% -21.89%
Fortuna Silver FSM 3.67 4.23 15.26% -31.45%
Explorers / Emerging Producers (15%) 15.37% -35.82%
Sabina Gold & Silver TSE:SBB 1.27 2.15 69.29% -46.98%
Premier Gold Mines TSE:PG 1.63 2.34 43.56% -55.40%
Cascadero Copper CVE:CCD 0.03 0.02 -33.33% -62.50%
EMX Royalty NYSE:EMX 1.15 1.39 20.87% 48.04%
Mexican Gold CVE:MEX 0.17 0.13 -23.53% -52.24%
Total Return 40.84% -22.95% 4
Cryptocurrency Allocation YTD Return
Monero (XMR) 45.00% 70.5%
Bitcoin (BTC) 45.00% 172%
Bitcoin Cash (BCH) 2.50% 104%
Bitcoin SV (BSV) 2.50% 56.8%
Decred (DCR) 2.50% 45.9%
ZCash (ZEC) 2.50% -11.2%

*​The overall crypto portfolio is a 20% allocation within the TDV Premium Allocation.


The Memory Hole

Redmond Weissenberger

The Big Picture

Jeff Berwick

TDV Economic & Investment Review & Outlook

Ed Bugos

DASH: Digital Cash or Digital Trash?

Rafael LaVerde & Mr. X

TDV Groups: Cuenca/Quito, Ecuador

Luis Fernando Mises

In Closing… ​David Koch

47 6
The Memory Hole
Redmond Weissenberger

David Koch died this week (see page 47), and people cheered. How odd in Amerika is it that all life is sacred,
unless it’s a voice we disagree with?

While the leftist media will portray Koch, and his brother Charles, as a vampirish heathen hellbent on
expediting the apocalypse, in truth Koch was a free market Libertarian who also championed human rights,
prison reform, civil liberties, LGBTQ+ rights, and was an advocate for addressing poverty as a societal, not
economic, issue.

Alas, he’ll be villainized by the likes of ​Bill Maher​. But, let’s rejoice in life and liberty in another TDV Issue!

Great stuff this month, including Jeff Berwick reflecting on our nine-year anniversary, Ed Bugos confronts
and comments on the markets, Rafael LaVerde and Mr. X get deep into DASH, is it “Digital Cash or Digital
Trash?”, and Luis Fernando Mises checks out Winnipeg, or as we call it here in Canada: ​Winterpeg​.

Get into it! 7
The Big Picture
Jeff Berwick



keeping careful watch for possible danger or difficulties.

"the burglar was spotted by vigilant neighbors"
synonyms:watchful, on the lookout, observant, sharp-eyed, keen-eyed, gimlet-eyed, eagle-eyed,
hawk-eyed, with eyes like a hawk, with one's eyes open, keeping one's eyes peeled/skinned,
attentive, paying attention, alert, on the alert, on one's toes, on the qui vive

At The Dollar Vigilante we just passed our nine year anniversary in June. And, as you know, I often stated
that the collapse would come by “the end of the decade”.

While we are only a few months away from that I would posit that it has just begun in recent weeks.

I’ll get into more on that in a moment but I wanted to first thank one of our more prolific (quite possibly
Facebook addicted) subscribers, Shaun Moore, for posting the definition of a vigilante in the ​TDV Facebook
group​ recently.

Because, with everything going on now, it is always nice to remind yourself of your original purpose. And,
that purpose at TDV is to help you survive and prosper during and after the dollar collapse.

I spent most of 2009 planning with Ed Bugos on the launch of the newsletter and trying to come up with a
name for it.

After months of coming up with nothing I had become completely frustrated. “Why couldn’t I come up with a
name?” I badgered myself.

Finally, the name “Dollar Vigilante” came to me as an epiphany when walking past the television
programming in an airport and hearing them talk about the “bond vigilantes” in the 1970s. People like
George Soros, who went from Luke Skywalker to Darth Vader in the ensuing decades used to keep
governments and central banks in check from going into too much debt or printing too much money by
selling their bonds. 8
When I heard the term “bond vigilante” I snickered out loud and under my breath said, “Bond vigilantes! You
can’t do that anymore… the banks can print as much as they want now and the governments can go into as
much debt as they want… what we need is ‘dollar vigilantes’!”

As I said the word “dollar vigilantes” a great elation and relief came over me as I said, “That’s it! The Dollar

The rest, as they say, is history.

And, what a history! When we first started TDV in 2010 many people would ask, “But, what will replace the

My reply was always, “I don’t know but I am sure the market will come up with something.”

Less than two years later I discovered bitcoin and thought to myself, “Wow, it already has!”

I was just thinking today that if you told me in 2010 where TDV would end up by 2019, I would have never
believed it.

The conversation would have went something like, “TDV will end up being one of the largest financial
newsletters in the world, you’ll be a star speaker at most major conferences, you’ll make yourself and others
fortunes on computer money that you don’t know exists yet and your dinky little Anarchast podcast will end
up spawning the largest freedom event in the world with 3,000 attending by 2020. Oh, and central banks will
be on the verge of disappearing, most interest rates will be negative and there will be uprisings against
government worldwide. ”

I would never have believed it. Especially the “computer money” part. It’d sound like some bizarre fantasy.

But, here we are!

And, the cool part is, we are just in the beginning of the end now… which means we’ll still have some of our
biggest gains ahead of us!

But, before you get too excited, I want to warn you that there will be no easy way to make fortunes in the next
few years. In fact, it will be incredibly difficult. We will be witnessing complete systemic breakdowns in
money, banking, finance and even politics.

If you get stuck holding the wrong thing in the wrong place at the wrong time you could end up losing nearly

What do I mean by “holding the wrong thing”. Well, bank accounts are the most obvious. Deutschebank, as
one example, is on death’s door. 9
At HSBC, the unexpected departure of three senior executives within a week, including its CEO and the head
of key China business, sparked a broad sell-off of its shares, which are down 13% in just three weeks amid
rumors the bank is in serious trouble. Not to mention that Hong Kong is on the verge of civil war.

In Ghana this week a third of its banks shut

down sparking an ​unprecedented bank

And, this week, even the Bank of England

Governor, Mark Carney, called for ​a global
monetary system to replace the dollar​,
saying, “The deficiencies of the
international monetary and financial
system have become increasingly potent.
Even a passing acquaintance with
monetary history suggests that this centre
won’t hold.”

The entire monetary and financial system

is so dysfunctional that there are now
about ​$15 trillion dollars worth of negative
yielding bonds worldwide​. This represents
about 30% of the government debt market
and 15% of the total bond market. 10
Even corporate bonds, that started this year with nearly $0 in negative interest rates has gone parabolic and
there is now more than $1 trillion in negative interest rate corporate debt! 11
The wheels are coming off this train even faster than I could have imagined. Remember, I’ve always said that
this collapse will appear to move slowly… until it doesn’t. Once we hit a certain threshold, which it appears we
are hitting now, the collapse will happen faster than anyone can imagine. The corporate debt chart above is
an example of how quickly things can happen.

Other examples of “holding the wrong thing in the wrong place” would be holding gold in anything backed by
a bank or a government (just fyi, we are just updating our book, free to subscribers, Getting Your Gold Out Of
Dodge for this reason). They are all bankrupt and every gold ETF is backed by a bank. When those banks go
down so does the ETF. We witnessed this with many ETFs in 2008.

Even owning things such as silver mining shares held a brokerage could be trouble. Just like the ETFs, if the
brokerage goes down, your assets are considered its assets. That’s why we wrote “Bulletproof Shares”,
available to all subscribers in the Member’s Area.

But, make no mistake, the coming 1-2 years is going to be full of risk and chaos. This is not going to be easy.

And, that is why The Dollar Vigilante is here. To give you the best analysis and advice in realtime to give you
the best chance to not only survive through this collapse but prosper… potentially massively.

The Risks In The Crypto Market

Everything has risk… especially as we enter a time of economic, monetary and financial turmoil unlike
anything ever seen in modern history (aside from modern history I don’t believe anything we are told about

Some of the risk in the crypto market is that it has certainly been one of the largest recipients of the
free-money-palooza that has been going on since 2008. In other words, crypto has definitely received benefit
from all the monetary inflation in the last 11 years.

The question is, how much of the value of crypto is real and how much is from inflation.

Warren Buffett is a complete moron when it comes to the monetary system but even he appears to
understand what happens when a recession/depression/collapse happens after a period of inflation as he
once said, “It's only when the tide goes out that you learn who has been swimming naked.”

So far it appears that nearly every crypto but bitcoin is being dragged down closer to its true valuation since
December 2017.

Bitcoin hit a low in terms of dominance vis-a-vis all other cryptocurrencies near 33% at the end of 2017.

It has since more than doubled versus all other cryptos to nearly 70%. 12
Bitcoin hit a low near $3,200 near the end of 2018 and currently sits above $10,000 for a gain of over 200%
in the last 9 months.

Yet, the ​Crypto Fear and Greed Index​ hit a low near 5/100 in just the last few days.

This, in my opinion, is incredibly bullish for bitcoin. 13
Bitcoin has gone up 200% in the last nine months but because it pulled back from its brief short-covering
stint up to $14,000 in the last two months, the market went into extreme fear.

I like this a lot more than when bitcoin hit $14,000 in July and my entire social media feed was filled with
people predicting $50,000-$1m on bitcoin.

As for the other cryptos, we’ll just have to wait and see where they find a more true level and once this crisis
really gets going we could see some of them have massive gains from those levels.

Like I said, this is going to be chaotic and full of risk but the profits will be there to be made for those who are
best positioned.

If you ask me what is the safest asset to own for the next 1-2 years it is gold and silver bullion held securely in
your own physical possession. That, in my opinion, is nearly a sure thing.

If you ask me what can make bigger gains but has bigger risk, that’d be the silver stocks that Ed just recently
recommended (if you are a new Premium subscriber, you can find it in the Member’s Area).

And, if you ask me what could possibly make the largest gains but has more risk, that would be
cryptocurrencies of the type we hold in our portfolio here at TDV and TCV.

And, if you ask me what is the riskiest possible thing you can do in the next few years with zero chance of any
real reward… that would be holding fiat currencies in banks, owning non-precious metals stocks on the stock
market and holding bonds of ​ANY​ type.

Funny how that is what most people who consider themselves to be risk averse and conservative hold today…
either directly or as part of mutual funds, IRAs, 401ks or pension funds.

They’ll find out soon enough that they were holding the riskiest assets on Earth. It’ll come as a pretty big
surprise to them given that is what their financial advisors and people on CNBC tell them is the safest and
best assets to hold.

Meanwhile, the archaic monetary and financial system is forced to try to compete with the new monetary and
financial system, cryptocurrency.

The Federal Reserve got behind its closed door boardroom to approve by a 4/1 vote to begin building

FedNow will allow all banks in the United States to offer 24/7 real-time payment services every day of the
week. FedNow is expected to be available by 2023 or 2024 and will initially support transfers of up to

Wow, 24 hours per day and 7 days per week? And real-time transfers? That’s pretty high tech! 14
And, because it is a monolithic, dinosaur type institution it will take them 4-5 years to build something about
1/10th as good as crypto!

We just laughing at these banks​!

And, by the way, in order to build a lot of these things they’ll have to try to hire a lot of the anarcho-capitalist
programmers who understand fintech and blockchain. I would say that anyone who works for the fed or
government to help them build these systems is a traitor to mankind.

But, I wouldn’t be surprised at all if some accepted and then slowed things down from the inside or even
programmed in hidden backdoors.

And, if/when they do finally build things like FedNow or Mark Carney’s “global digital currency” it will be the
recipient of the biggest hack attempts in history and will likely be constantly taken down or destroyed.

It won’t be the “Russians”, the “North Koreans”, “Iranians” or “Chinese”. It’ll be the ancaps.


I’d first like to apologize for this issue being delayed. My wife wanted to do a 2.5 week ​Instagram photo trip
through Europe. I try to work during these trips but sometimes it is really hard. I don’t think Ed or I have
truly taken a “vacation” where we do no work since we’ve started TDV. And, I don’t intend to.

But, we do appreciate your understanding if we get behind every now and then due to travel and family

That said, we are working on so many things including my book on the coming collapse… which I really,
really need to rush now! And, Ed is working on updating Getting Your Gold Out Of Dodge. And the crypto
guys are working on some more in depth crypto reports.

So, even if you don’t see much activity for a few weeks it doesn’t mean we aren’t doing things.

Not to mention I’ve been heavily involved in preparing for ​Anarchapulco 2020​ (Feb 13-16) and the ​TDV
Summit​ (Feb 11-12). You can get tickets to both now.

We haven’t announced speakers yet for either event but I guarantee you that you will not only be pleased with
what we have planned… but quite possibly shocked!

And, the team has been working on the details and structure for something called the Vigilante Insiders Club
(VIC). This will be a high ticket item product in which you will get near full access to our team. This won’t be
for everyone but for those of you with a substantial portfolio who wished you could have access to our team
almost like personal consultants, you will soon get that opportunity. 15
I’m currently in Playa del Carmen at some amusement parks for my daughter’s 13th birthday. And, we just
came in from Puerto Vallarta where I did ​stem cell IVs, hair treatment and even injected stem cells into my

It’s just a few days later and already have had massive results from it all! Stem cells are literally a miracle cure
for almost anything. And, we’ll have numerous stem cell and other alternative health people at Anarchapulco
if you want to come down and try. Stay tuned to my ​Anarchast channel​ for my upcoming video with Joshua
Ketner of Dreambody Clinic on stem cells.

We now live in a world where many of my friends are invested in the cannabis industry, cryptocurrencies are
taking down banks and governments and you can inject stem cells into your dick and pay in Bitcoin Cash.

So, if you are feeling gloomy about things just remember that we live in incredible times where things we
couldn’t imagine are now all happening. And, while the monetary and financial system will be collapsing,
hurting untold millions of silly statists, most of us ancaps will be profiting from it.

Perhaps the meek will inherit the Earth.

Until next time, thanks as always for subscribing!

Jeff Berwick 16
TDV Economic & Investment
Review & Outlook
Ed Bugos, TDV Senior Analyst

“​according to the theory of the balance of trade, France has a very simple means of
doubling her capital at any moment. It is enough to pass them through the customhouse,
and then pitch them into the sea. In this case the exports will represent the amount of her
capital, the imports will be nil, and impossible as well, and we shall gain all that the sea
swallows up. This is a joke, the protectionists will say. It is impossible we could give
utterance to such absurdities. You do give utterance to them, however, and, what is more,
you act upon them and impose them on your fellow-citizens to the utmost of your power.

The truth is, it would be necessary to take the balance of trade backwards (au rebours),
and calculate the national profits from foreign trade by the excess of imports over
exports. This excess, after deducting costs, constitutes the real profit. But this theory,
which is true, leads directly to Free Trade.

I make you a present of it, gentlemen, as I do of all the theories in preceding chapters.
Exaggerate it as much as you please — it has nothing to fear from that test. Suppose, if
that amuses you, that the foreigner inundates us with all sorts of useful commodities
without asking in return — that our imports are infinite and exports nil. I defy you to
prove to me that we should be poorer on that account​.​”

— ​Frederic Bastiat, 1845, on the doctrine of the balance of trade

I told you years ago where Trump's trade strategy is headed,

and months ago why it would fail to produce a deal in China.

The stock market's surprise is just more evidence that it has

been floating on irrational hope. In recent weeks or months,
Trump has taken the center stage in investors minds about
the stock, currency and precious metals markets. The bullish
case seems to fall back on what Trump is going to make the
Fed do. And right there I have trouble coping with his whole
approach. I know he doesn’t understand why you can’t run
government like a corporation. And I’m not simply talking
about his authoritarianism. I am talking about his position
with regard to the manipulation of interest rates, money and
credit. Never mind trade. I have given up trying to show his
fans how his strategy has not led to freer trade anywhere. 17
In fact, even when he boasts about how much money the government is making on the tariffs he charges to
importers (ultimately the consumer), somehow his fans spin that into him trying to achieve a fairer deal.

But fair trade and free trade are different things. The former is wildly subjective. It harks back to the middle
ages after Rome had fallen when Emperor Justinian introduced the idea of a “just” price into the legislation,
which put the Emperor’s court in charge of what price would be fair, or “just”. This was an aberration in the
later Roman law that persisted because of some sloppiness in the work of Thomas Aquinas. I’m not sure I
have heard anyone say that Trump is seeking to establish a fairer trade arrangement but that seems to be my
interpretation of the agenda. It is based on arguments that the US’s trading partners are cheating it somehow
- whether through currency manipulation or ignoring its IP laws or because it is taking various jobs - which to
me sounds more like what a protectionist would complain about. His constant talk about the trade deficit is
an example that shows he has no idea what economics is to begin with. The balance of payments framework
is older than my great grandfather. It was used by the Kings and Queens in trying to keep all the gold in their
countries - they thought that trade was a way to lose their gold, especially if there was a trade deficit. The free
market economists of the Classical and Austrian schools, and even the Chicago school, have long abandoned
the doctrine. Only the neoclassical and Keynesian government planning frameworks continue to adopt them.

The trade deficit means nothing. It doesn’t cause anything. It doesn’t reveal whether companies are making
money off of trade or not. It is not as if there is a sum of losses from companies that trade with China. Quite
the opposite. Nowhere has Trump’s policy achieved freer trade. It has been hostile and produced nothing fair
or freer. The balance of payments does not cause fluctuations in the dollar either. It may reflect them, but it
doesn’t cause them. And finally, the balance of payments is always equal, whether we are accounting for the
individual or a nation. What the proponents of this ancient theory are doing is focusing your attention solely
on the trade in goods and services while omitting the much larger trade in capital and financial claims, which
in the US’s case, has been one of the things that has funded the deficit in the trade in goods and services.

Trump Phenomenon

The Trump is close to losing support from his fans once they realize that he does not have some secret agenda
that will save the world from big government. That he is not an outsider. That he is part of the problem.

I will get to earnings in a moment, but since that doesn’t seem to matter as much as politics these days, let’s
spend a little more time breaking down the Trump phenomenon a bit more. In my final analysis, I think of
Trump as a salesman who achieved his greatest trophy riding on the coattails of the awakening produced by
people like Ron Paul, but he is nowhere near as consistent as any of them. Not Paul. Not Bloom. Not Farage.

Heck, I can’t even figure him for a small government type, he seems like a typical conservative, not even as
consistent as Ronald Reagan in his ethos, a reformist, a progressive, and like all the Republicans before him
he has grown the government (and public debt) stupendously. He has basically exploited the hate for the
socialism of the democratic party, the hate for the establishment, or foreigners or immigrants or various
ethnicities, and for the supposed “cheaters” in trade, as though we were buying with real hard money .

Nevertheless, he has lured many libertarians and right of center market types into believing that he is some
kind of messiah, “the chosen one”-who will finally take down the commies and save the world from Obama. 18
Usually these people are too young to have seen Trump’s more qualified predecessor outsiders fail.

Consider one quote from someone who fits this description,

"The paper money game is over. Trump is probably mortgaged to the hilt, banking collapses will
result in mortgage termination. The property gets transferred to the rightful owner. This is a
libertarian reset."

In this poster’s mind, Trump is betting on a dollar and banking collapse, and doesn’t care that he is piling on
the public debt because it will be gone, and somehow, property ends up in the right hands anyway.

I have been unable to avoid watching Trump's life unfold, he has always been a public figure, at least as long
as I can remember, and for much of my life I admired him. He was a role model, especially when I worked as
a stockbroker downtown, in Vancouver. I was never inclined as a salesman, and his was one of many books by
rich people that I gobbled up in order to become better at my work. I only read his first book. I lost the faith
early, because, well, he has made a lot of bad decisions. Critics have pointed out that his wealth, if that is
supposed to be a metric, has not grown much beyond what it would have if he had put his inheritance in any
old stock or real estate fund. I don't care if you discount my view because I'm not as rich as he is. I'm just
trying to give you a market outlook. And unfortunately the markets continue to be driven by rhetoric from
officials about trade deals and interest rate manipulations, or whatever (rather than actual fundamentals).

It has to be remembered first that Trump talks out of both sides of his mouth. We saw that when he and his
chief coke head economic advisor kept promoting a deal with China, and then when it looked like it was going
to fail he promoted the benefits of the tariffs, as if there was no way the US could lose from this baloney.

And yet, they can. If you understand what I have been telling you about the US dollar then you know that it
faces two problems ahead: one is a cyclical phenomenon, which is related to the reversal (at least a partial
one) of a lot of the capital flows that came into dollars over the last decade chasing Fed inflated stock returns;
and second is a structural problem as the dollar's reserve currency role is becoming obsolete.

This was the basis of my presentation in Acapulco last February, and it was also the basis of the BOE's Mark
Carney's call for accelerating the design for a replacement global reserve currency. As Jeff pointed out in his
recent vlog, attempts to replace the dollar with SDR's is not new. They've been trying to do it since Nixon first
abandoned the BW system. In fact, the euro was created by the global banking alliance (which operates
through the BIS and shares in the IMF's plunderous reign), designed by Robert Mundell, a Canadian born
American economics professor that has lobbied for the integration of the US, Mexican, and Canadian
currencies. Just another bureaucrat, a social engineer the banksters rely on. The dollar's collapse has been
long foretold and has been happening in slow motion for almost a century. And herein lies the twist.

What has slowed it down has been the continued cooperation of America's trading partners in cheapening
their own currencies and creating demand for the dollar world wide. Two things have sustained the US trade
deficit. One is real and one is inflationary. The former is its large diverse and capital friendly financial
markets (relative to most places in the world) and the latter is the Fed financed but government mandated 19
national economic policy: consumption, to be specific. Of course, there is overlap, the Fed doesn't just inflate
consumption, it inflates asset prices, and the illusion of growth. That is the vulnerability on a cyclical level.

But what I'm trying to get at is that Trump is saying that everyone else is cheating, so Trump fans are in his
corner, but they have overlooked the reality that the US has benefitted from their cheating for many years.
Wall Street, the government, and Trump himself have all benefited from this cheating insofar as it has
allowed the Fed and the dollar to exist for so long. And so has the American consumer.

Ok, so we are approaching a late stage of decline for the dollar system. It isn't yet evident in the dollar's
exchange rate in part because its trading partners are still supporting it by buying US dollar denominated
assets, and in part because they are continuing to "cheat". Many Trump fans seem to think that his policies
have produced real growth, that he is responsible for the stock market's gains over his tenure, and that his
negotiation strategy will break the cheaters down. They also cheer on his ambitions to return America to the
world's top manufacturing nation. Not all Trump fans fall into this category. Some believe he knows the
system is doomed and is gaming it in its last days to make a fortune. This group believes he is mortgaged to
the hilt and all will be forgiven when the banks collapse. In other words, he is orchestrating the dollar's final
doom. All Trump fans seem to agree that he is out to get the Fed, and that he is at war with the central banks.

Unfortunately, that seems to me like a pipe dream. And there are many inconsistencies. Bottom line though is
that Trump does not act like an outsider even though he has beat up on some of the insiders. Everything he is
doing is what anyone of the others would do, and a little worse. If he wants to trade fairly why not start on our
side and stop inflating. Firm up the dollar. Make sure that Americans are not ripping off the world by stuffing
worthless pieces of paper called dollars down their throats. Abolish the Fed outright. Of course this wouldn't
be in his self interest because it would hurt his real estate values, even if he doesn't own them directly
anymore. If he wants to explode the dollar system he is definitely making all the right moves.

But I think he is doing it because he doesn't know any better, like most American billionaires today.

Has This Happened Before?

The stock market crash of 1929 occurred in similar circumstances, i.e., a massive trade war. The Smoot
Hawley Tariff act came in after the crash, in 1930, but it originated before the crash, as even Wikipedia states:

“​When campaigning for president during 1928, one of Herbert Hoover's promises was to help
beleaguered farmers by increasing tariffs on agricultural products. Hoover won, and Republicans
maintained comfortable majorities in the House and the Senate during 1928. Hoover then asked
Congress for an increase of tariff rates for agricultural goods and a decrease of rates for industrial
goods. The House passed a version of the act in May 1929, increasing tariffs on agricultural and
industrial goods alike. The House bill passed on a vote of 264 to 147...​”

Despite opposition from thousands of economists, including Henry Ford, and others, over the next few years
the act would get increasingly vicious with “dutiable” tariffs as high as 59% in 1932. A lot of people believe it
was the Fed’s stock bubble that created the depression of the 1930’s thanks to Friedman’s account of the great
depression. But Rothbard and the Austrians corrected him by showing that while the Fed’s bubble laid the 20
groundwork for the financial crisis, if the free market were left to its own devices it would have liquidated the
bad investments quickly and business would be back to usual. What was different about the 1930’s was the
level of government intervention, beginning with Hoover’s protectionism, morphing into FDR’s new deals.

This way of looking at trade between nations is an old way, it is as defunct as GDP itself.

We are at an odd time in history when a lot of these ideas and theories have been proven fallacious but the
crowd still eats them up, largely because they aren’t taught anything of substance in their public schooling.

The stock market’s reaction to Trump’s tariffs is right because Wall Street can count.

The stock bull is done, and the US dollar is going to follow.

The King of Debt, and the Fed

But his trade policy isn’t the only policy that stinks.
He has been hard on the Fed also. His fans sop it
up because they hate the Fed. As you know, we at
the dollar vigilante are free market
fundamentalists, we are not fans of the central
banks or the governments that share their control
with the bank cabals and warmongers.

But we are not blinded by our hate for the

democratic party or the central banks into
believing that the enemy of our enemy is our
friend. If Trump were truly at war with the Fed in
the sense that we would like him to be, i.e., to
abolish it, he would be relying on a different
narrative. He would be questioning their authority
and “fatal conceit” in centrally planning the
currency and interest rate instead of
demonstrating the fatal conceit himself - a
Hayekian concept that means to hit at the core of
the errors of central planning large societies. 21
He would be screaming at them to let the market set interest rates, to get out of the business of regulating and
overseeing the banks, he would be exposing the legislation that props them up.

Instead, he is piling on the debt, particularly the short term debt, which he is using to support increasing
government expenditures and the illusion of growth, which he is taking absolute credit for, and is screaming
at the Fed to lower rates in order to boost growth, which he also presumably believes is showing signs of at
least softening. The graphs above depict US GDP without the additions to debt. Government spending makes
up over 20 percent of the total spending of the US economy calculated under the GDP framework, and
growing. The top graph above looks sort of benign but note in the second graph how GDP would fair if we
subtract what is borrowed.

Here is where the most loyal Trump fans will tell you that he is doing it all on purpose, that he wants to
destroy the dollar system, the banks, and inflate the debt away. In their view, Trump screaming at the Fed to
lower rates is not a scheme designed to prolong the boom ahead of the election, and/or to prevent the deficit
from exploding under the weight of all the debt he added to your balance sheet without your permission.

In their view he is screaming at the Fed because the Fed is an enemy of freedom and he wants it to self
destruct in a fire of hyperinflation, which they have rationalized as something that is good for the world.

In our view that’s kind of an inevitable end but the possibility that he is accelerating it -whether for his own
gain or not - at the expense of most people does not ingratiate him to us. But even if it were true, there is no
sign of any lip service to any of the premises for it. It is in my view a sign of the hope reminiscent of the last
days. First we saw it with Obama. Now with Trump. Both sides are looking for a Messiah to save them from
each other’s interventionist clutches. Trump is an interventionist. Elitist. Authoritarian. And protectionist.

Earnings and State of Economy

The state of the economic boom in

general if it wasn’t obvious from the
above graph of GDP adjusted for the
public debt expansion or from the
implications of the slow down in
money and credit expansion during
the current stretch (see graphs on pp.
3 at beginning of report) should be
plain as day in the graph below.

I don’t think we have to work too hard

to convince you the central bank
induced boom that was created to
paper over the 2008 crisis has been
dying. The evidence has been coming
in. Recall that we saw many bond 22
markets peak years ago, as far as 2012-13 for the short term end of the government securities market.

The US dollar peaked in 2016. Crypto peaked in 2017. And the broad stock markets in the US (and around the
world) peaked in the first quarter of 2018. The higher highs in the summers of both 2018 and 2019 that
occurred in the Dow and NASDAQ and other averages were pushed higher by a shrinking group of leaders.

Markets tend to like to look forward, but the government’s own data is now confirming also, which is why
Trump is jumping on the Fed - i.e., a recession now would sour his chances at reelection.

The situation is not that great for earnings. Second quarter ‘as reported’ earnings for the S&P 500 companies
grew just 1% quarter over quarter and 4% year over year while ‘operating income’ grew 6.5% q-q and 4.7%
yoy. On a trailing 12 month basis the numbers look slightly better on the year over year comparison, growing
10-11 percent, but on a quarter to quarter basis this figure only grew 1%. I don’t care what they say about how
many beat earnings, I keep seeing S&P lower those estimates, and the reported earnings were below my prior
estimates, which came from them. While the growth estimate for S&P 500 profits ​per share​ in 2020 is still up
at 13-17 percent, the outlook for 2019 has contracted sharply with earnings expected to grow at less than 5%.

That is crazy for a market priced at over 20 times those earnings on average, which in the Peter Lynch days
would mean that investors expected earnings growth (including the dividend yield) to come in at over 20%.

But that was before near zero interest rates and economic strangulation by debt.

The 5 year average compounded annual growth rate in those earnings also sucks at 6-7 percent annually.

Nevertheless, these are all nonsense figures to begin with. I have pointed out before that after adjusting for
the one off tax credits by the Trump administration in 2017 and 2018 profit growth really stalled out in 2014.

I also underlined the ​per share​ term in the paragraph above to emphasize the fact that share buybacks have
distorted those numbers. And they have also worsened many balance sheets. But even before we get to that it
is worthwhile to point out that Dow earnings have fallen quarter/quarter on average, and year over year like
the S&P 500 figures, except the trailing year over year figures show a bit of growth thanks to huge increases
in the bottom line for a few names. However, if we eliminate the effect of share buybacks the record worsens.

Only 16 out of the 27 names in the Dow that have announced their results for the quarter have seen profits
grow over the last quarter, and only 14 of them have seen those quarterly results improve year over year.

That is, most Dow companies are reporting earnings declines in the quarterly data. 23
The only thing keeping this stock market up is hope about a trade deal with China, further interest rate cuts,
and the fact that sentiment tends to get bearish fast these days (which pushes down long term bond yields).

Market Outlook

We saw stocks, and the currency, take a hit when it looked as though a trade war would erupt with China, and
I think that is where we are headed. Gold prices have moved up strongly ahead of the event, along with silver.

I believe that the US dollar will fail when it is clear that there is going to be a bear market in stocks whether or
not the Fed cuts rates. And ya, it’s too late. There is a chance they could listen to my cynical advice and lower
the Fed Funds rate dramatically to jump start something new, but, boy, is it ever hard to justify with stock
prices still up at record highs, except to blame it on Trump’s pressure. If they cut rates more and the stock
market rolls over on them they will panic, thinking that they have run out of ammunition to make it go up.

For now, gold and silver prices are a bit too far out in front of the commodity complex and the turnover in the
dollar index. I know some people expect the US dollar to continue to rise on safehaven demand because that’s
what they saw in 2008 but I urge them to look further into the historical account. The US dollar faces a two
fold threat. One is from the cyclical capital flows that came in during the boom chasing yield and fleeing the
riskier overseas markets that were growing slower because they weren’t inflating as much as the Fed was, but
the second threat is structural. It is related to the dollar’s dying role as an international reserve currency. 24
I have mentioned this already, many times. My opinion flies in the face of fears about the euro crisis or the
alleged emerging markets crisis. But I’ve explained before that break up in the EU does not necessarily lead to
a collapse in the euro, and if the countries that leave float their own currencies again you can rest assured that
the demand for euros and dollars will increase at the margin. The market has been in a state of heightened
anxiety about the EU since 2011. It has also been worried about Japan. In both cases capital has been moving
from there to the US for a decade in search of higher yields. The value of the dollar vis a vis emerging market
currencies doesn’t even matter. What matters is the value of the dollar in instances where it is actually traded.

In other words, I only care about the fiat representing the US’s biggest trading partners, and the gold price.

The Pound, the Euro, and other fiat is largely oversold against the dollar, and that will change. The US dollar
will have a normal bear market before the whole system explodes. But the other commodities have to catch
up before gold can move too much higher. The gold and silver price have lift off now but they can’t keep rising
relative to all the other commodity prices without confirmation from them or from the US dollar index now.

I will try to have a trade update out soon with

some new trade ideas. One will be out right after
this newsletter is sent to you. For the long term
buy and hold portfolio, I continue to suggest
dollar cost averaging into your positions and
avoid second trying to fine tune your timing too
much. I have a slight preference for silver at
current prices but usually I prefer more gold to
silver. So buy both. If you haven’t already built
your stock portfolio, slow down some of the
purchases of our gold miners for now until you
see what the stock market and Fed does. I would
not be surprised to see a gold price correction of
up to $100 while the US dollar and stock market tank because gold tends to anticipate those things ahead.

That’s why I believe it has been rising, along with bitcoin to be sure.

We would still continue to add to the silver miners from our summer report.

Why Buy Gold Stocks Before the Recession

I have been getting a lot of questions asking why I am recommending buying gold mining shares before a
recession, and before Wall Street collapses. Another question I get is why the exploration stocks aren’t rising. 25
I am also being asked about buying ETF’s like the NUGT. Let me deal with them in reverse.

Regarding the NUGT ETF, I have developed a swing trading model for it, both long and short.

The Premium subscription is not a trading service and a lot of our subscribers don’t understand the short
side, or why they would short something they were fundamentally bullish on. For traders and our most elite
subscribers we are planning to launch an exclusive service that will include trading guidance. In this letter,
for both basic and premium subscribers, we suggest putting aside 15-20 percent of your capital either to be
held in idle cash awaiting a buying opportunity from the crisis or to use as trading capital. But our trades are
occasional, and are not part of the promise in the service as far as I’m concerned. I’ve been developing that
side of what we do with an eye to rolling out a more hands on trading service, which will be announced soon.

But as far as the trading ideas go for the above 15-20 percent allocation, we have some trades already
outstanding, including a short against the Treasury market, USD/GBP, NASDAQ 100, Google, Microsoft, and
Tesla. I would continue to buy -or short- those shares. For premium subscribers, we also have several option
strategies outstanding, most of them expire in a month, including calls on the Canadian dollar ETF (FXC),
and puts on blue chips JNJ, Netflix, and Facebook. And I like those, still (update coming in the next week). 26
On May 31st, I put out a trade alert recommending many of those trades including the purchase of September
$15 NUGT calls, which were trading at around $2 that week (before I made the recommendation), so I put an
upper buy limit of $2.50 on the option contracts. The ETF was still trading below the $15 strike price. But my
timing was one day late. They opened at $3 the next morning and never looked back. If anyone reached up to
those levels they are sitting on 10 fold gains but we missed it. My model will probably trigger an intermediate
sell signal soon, so this is a good time to take profits on those or the NUGT ETF. But I won’t guarantee that I
will publish a recommendation on every turn on this one. Moreover, if you are not trading it, don’t buy it, the
transaction costs to administer a leveraged ETF can eat into your long term returns. It is better to buy an
unleveraged ETF if you want to hold it for a while, or, best, is to buy our portfolio. I designed it to outperform
the fund managers, indexes and the unleveraged ETF’s, and for minimum rotations/changes to it over time.

On exploration stocks and shares in any companies that are not self funding entities (by which I mean if they
don’t have revenues, profits or operating cash flow) the reason we currently recommend only a 15% weighting
in the portfolio is because they do well in the later stage of the mining boom when speculative capital builds
up, after the actual miners’ shares rise in value, and trickles down to the venture capital segments… or if there
is some massive resource discovery that draws speculative capital in from all other areas of the equity market.

Right now the speculative capital is in technology and elsewhere, the bull market in the miner has only
begun, and it will take a few years of gains before investors are bold enough to throw money at the pennies.

Also, it will take a far more easy monetary policy.

The gold price and gold shares are not rising because of how much the Fed is inflating at the moment. These
assets are temporarily drawing from liquidity fleeing the stock market. When the Fed steps up out of fear to
announce a new inflationary effort it will provide new liquidity for investors to choose whether to put into the
stock market or into the precious metals or elsewhere. What I have found historically is that when the gold
and silver sectors participate with or lead the general bull market then they will go down with it, but when
they sit it out, then they will buck the trend and become countercyclical weights (safehavens) in a meltdown.

You can see this in the difference

between 2000-02 and 2007-08 in
the chart on the left. The top line is
the S&P 500 share index. The
bottom line is the HUI gold stock
average. Note that during the
2000-02 bear market on Wall
Street the gold stocks rose while in
the latter bear market period they
fell with the broad market. It is no
coincidence that I was bullish on
gold stocks going into the 2000
bear market, which I forecasted, 27
and that I was bearish on them in the latter period during 2007-08.

In the former situation they were left for dead going into the recession, in the latter situation there were part
of the bull market before the crisis. Another factor that plays into this is the gold price.

The miners will follow the gold price regardless of whether they are expensive or not. In the former case
above, the gold price rose as the 2000-02 bear market in the Dow got underway, and in the latter case the
gold price caved because it had been rising for 8 years in a row and got caught up in a liquidity crunch.

So the gold stocks fell temporarily too that year, but they continued afterwards right away because the 2008
crisis in subprime interrupted a commodity cycle that had been built on top of the global real estate boom,
and continued until the Chinee and Russian central banks stopped inflating their money and credit
aggregates in 2011-12. The same situation would occur in the sixties and seventies. When the gold stocks
participated in the boom they went down with it, but when they sat it out with gold, they would buck it.

Those are the historical facts, and they have worked for me well over time. 28
DASH: Digital Cash or Digital Trash?

Rafael LaVerde & Mr. X

At TDV and TCV we have had to occasionally make some hard decisions.

Taking DASH out of our portfolio was by far one of the hardest decisions we have had to make - yet, also one
of the easiest, after performing a thorough analysis of the facts!

We knew that some members within our community had an appreciation for DASH, which made the decision
more difficult.

We took into account various factors in evaluating this decision. The factor that stood out to us as ​the
definitive non-negotiable factor​ was that of the security of our subscribers.

The fact that DASH has falsely marketed itself as a privacy coin is a non-negotiable factor for us, and has
damaged its trustworthiness.

It is important for us to provide a complete explanation so that you can understand the way we think
regarding the evaluation of these non-negotiable decisions.

The goal behind our decision making is based on the compass as seen within our tag-line:


We know what is planned ahead for humanity​, or at the very least we understand that humanity is severely
under threat. Recently, ​Jeff Berwick reported​ on how this plan is well underway with the Governor of the
Bank of England calling for a “global monetary system” to replace the US dollar.

The situation that is building up around the dollar collapse is one that demands that we must be more critical
than ever. All of the options that come forth as alternatives to the dollar ought to be examined with as much
scrutiny as possible.

In order for a network to truly be censorship resistant and secure, it must abide by the ​free and open source
software (FOSS) ethos​. This process of verifying open source software is NOT one oriented towards the
marketing of a given protocol or software, it is rather the process of critically and constantly auditing,
improving, and upgrading software - the base protocol of a cryptocurrency.

The auditing process of a protocol is of utmost importance; hence why the FOSS ethos is a moral imperative
that must be respected and upheld.

The importance of the FOSS ethos to cryptocurrencies is one that cannot be half-assed! We must make sure
that the cryptocurrency projects we belong to are ones that are oriented towards serving humanity as best as
possible ​through and out of the dollar collapse​, and are always striving to improve their networks’ security
and robustness.

Orienting crypto development in the direction of freedom is a process that requires rigorous research and
skepticism. Research and skepticism are arguably more important than mere adoption or marketing in
pursuit of a greater network effect.

Rigorous skepticism should permeate any P2P protocol whose goal is to be the future replacement of the
dollar. The FOSS ethos provides us a healthy culture of skepticism, peer review, and impartial results to
advance crypto development in a positively meaningful way.

Throughout the process evaluating cryptocurrencies, we must constantly measure these protocol networks up
on to the FOSS standard.

DASH Marketing

The mere fact that the ​DASH community​ has ​a marketing team​ to promote its open source software has been
enough cause for alarm among many in the cypherpunk community. An open source protocol - like DASH -
that has a marketing arm raises concern; this is due to the natural contrary incentives found in marketing a
protocol while at the same time being critical of it. Additionally, DASH Evolution is being developed in
private repositories rather than fully publicly on Github “​for competitive reasons​” which contradicts the FOSS

The aggressive marketing initiative of DASH is concerning because it automatically sets the DASH
proponent, involved in marketing, to defend DASH ​no matter what​, rather than encouraging healthy
skepticism, open dialogue, peer review, and development in order to improve the protocol. We believe DASH 30
is forced to take this defensive stance because of its fundamental failures and shortcomings, which requires a
PR team to attempt to “change the narrative” in order to distract from the criticisms, many of which are
actually valid. This defensive stance comes forth from the innate desire of upholding DASH’s image above all
else. Those who criticize DASH in its subreddit are often banned, which actually resulted in the creation of
another subreddit, called ​DashUncensored​.

Marketing is oriented towards the polishing of an image. We'd like to clarify that we aren't saying that all
marketing is bad. However, when marketing is emphasized over the FOSS ethos, this is problematic, and a
cause for concern. Catering to the cryptocurrency image above all else, while censoring any kind of criticism,
as DASH does, is to stand in complete contradiction to the FOSS cypherpunk ethos.

In other words, marketing has become ​apologetics​ within DASH. To value marketing above the FOSS ethos is
counterproductive to having a cypherpunk environment of peer-reviewed FOSS, where skepticism is king.

Let’s analyze this a little further for the sake of thoroughness.

The DASH community would retort that their marketing team comes forth from a grassroots community
initiative, funded by their community masternode fund. The DASH community calls the community
organization around masternodes their decentralized autonomous organization (DAO). In this DAO
structure, 90% of the mining reward is split between miners and masternodes. The treasury gets the
remaining 10% to pay off developers. Funds for marketing come forth from the 45% that goes to the

DASH makes the excuse that the marketing initiatives are for ​the purpose of spreading the monetary values
of DASH as currency​, essentially​ the promotion of its network as a currency.

Sure, that’s fine! That sounds great! However, this is the starting point where the contention begins. By
marketing the network effect of a currency, DASH marketing proponents are incentivized to oppose any
strong criticism. However this aversion to criticism directly conflicts with the FOSS ethos which is based on
cryptographic peer review and healthy skepticism.

DASH has attempted to offer lip service to the FOSS ethos by creating a ​bounty program​ for programmers to
detect any ​issues within the DASH protocol​.

DASH’s bounty program claims to reward security researchers and programmers who find any problems with
DASH. This bounty program was set in place in order to counter the criticism above. However, this bounty
initiative itself shows that the peer review is NOT organic as it would happen within a FOSS ethos respecting

When a community of skilled cypherpunks is eager to improve a project, quality development occurs
naturally via spontaneous order. The FOSS ethos and ideology is all that is needed for skilled peers to be
motivated to review and improve the code. There is no innate need to pay programmers to review the code -
many will review it out of curiosity and fascination in order to verify its security for themselves. 31
The value of a FOSS respecting network effect is enough for cypherpunks to improve upon. This reality
becomes even more evident with cryptocurrencies - where the health of the network security is proportional
to the value of the overall investment.

Wherever the FOSS ethos is truly respected, everyone knows that their criticism is respected and honored by
the wider community. Skepticism is championed. However, when marketing is overemphasized, it often
results in discouraging healthy skepticism. If FOSS development,open review, and contributions are not
encouraged and valued in a cryptocurrency community, then the developers can end up in their own
segregated silo, which itself can lead to a form of centralization.

When marketing is championed first and foremost within an open source project, the peer reviewed
environment becomes ​odd​ to the very core from what peer review motivation and meritocracy should be.
That is, the buy-in of the peer community of reviewers changes. The overemphasis on marketing becomes a
disincentive to proper constructive feedback.

Think of guerilla warfare for example, where the guerilla fighter is akin to the cypherpunk peer reviewer. If
you need marketing to convince people to fight for your cause, then you know you will not get the smartest of
people fighting for your revolutionary cause. True guerrilla warriors spark up organically from voluntary
grassroots, often due to ideological motivations, through spontaneous order.

You can’t convince or pay someone to become a guerilla warrior or cypherpunk; this is something that
happens spontaneously wherever the environment is fertile - as in wherever the FOSS ethos is respected, and
quality work is being accomplished and recognized. Furthermore, if you promise payment for their service,
you will end up with mercenaries doing it for money - at best. This doesn’t mean that developers can never
work and receive payment, but it does mean that their work should be vetted and open to scrutiny as seen in
the FOSS ethos.

Marketing only works only after the FOSS ethos is respected above all else. You must
champion the FOSS ethos above your own image as a cryptocurrency network; only then will
your marketing not be counterproductive.

Unfortunately for DASH, marketing is held in much higher esteem than the FOSS ethos. Unfortunately, many
do not see the problem with DASH’s marketing apologetics. DASH’s flawed engineering and cultish
marketing has resulted in it being far removed from the contingencies necessary to entice true cypherpunks
from participating freely within their protocol development.

Many within the libertarian community make the argument that ​“DASH is Bitcoin with better marketing.​”
Unfortunately, these same people fail to realize that it is this exact marketing emphasis of DASH that is in
itself one of the greatest sources of its perpetuated problems.

DASH is NOT a Privacy Coin, and it NEVER WAS! 32
DASH marketed itself as a privacy coin to our Libertarian community, when it actually wasn’t! DASH put a
lot of people in danger throughout various years of its erroneous marketing campaign, and instead of fixing
the problems, they tried to deny them and made misleading excuses, as explained further below.

Out of all of the issues that came forth from DASH’s developmental history, none stood out as grave to us as
the erroneous marketing of DASH being a privacy coin. Again, DASH was never a privacy coin! Marketing the
project as if it were a privacy coin put a lot of libertarians in danger of blockchain analysis.

DASH was never private by default. DASH has optional privacy that is​ arguably worse than the privacy
offered within Bitcoin​. Furthermore, the ​Blocksci study by Princeton University​ showed us clearly how
PrivateSend is not private.

The DASH community ​brushed off these claims​ as just mere FUD that would only be possible to recreate
within a lab environment:

This attack vector, while useful for research purposes and of interest for potential future applications, is
nonetheless experimental and not applicable in practice at the present time.

What the DASH apologists failed to read in detail was that the same Princeton study went on to show us how
the masternode system actually makes transactions more transparent within DASH. Masternodes actually
make DASH PrivateSend extremely transparent, for the metadata that was not collected within the study
could further reveal the transparency of DASH PrivateSend transactions:

Of course, auxiliary information can make this attack more powerful. Beyond the risks posed by tracking
cookies in, the Masternodes learn the input-output linkage for the mixing rounds that they facilitate. The
privileged status of Masternodes in the Dash p2p network raises other potential privacy vulnerabilities, but
that is not our focus...

Recently, DASH was once again found to have its PrivateSend transparent. ​Around 13% of DASH’s
PrivateSends were traceable to their origin​.

After years of the DASH marketing team claiming that DASH was a privacy coin, the tune more recently
began to change. All of a sudden the proponents of DASH stopped calling DASH a privacy coin. During an
interview, ​Joel Valenzuela of Dash Force News said the following​ - after years of falsely claiming that DASH
was a privacy coin:

“Monero and Darkcoin were in competition in the space for ​The Privacy Coin​, not Monero and DASH.
Eventually DASH went on to be much more than that… but not the darknet coin. ...Monero moved into that

DASH and Darkcoin are the same coin. Over the years, DASH has changed its name at least two times as you
will see below - as part of its marketing scheme. 33
This interview revealed what we have known all along - that DASH has progressively changed its tune from
claiming to be a privacy coin, to being an optional privacy coin, and finally to having privacy as an
afterthought. DASH still falsely claims that it is fungible, but this is incorrect, since a cryptocurrency can only
be truly fungible if it is private and untraceable by default. DASH’s progression of thought is best understood
by looking back at its suspicious history.

The Controversial History of DASH

In the past, DASH was known as Dashpay, and before that, it was known as DarkCoin. Before it was
rebranded to DarkCoin, it was called XCoin. All of the controversy and red flags surrounding DASH have
resulted in numerous rebrandings. For almost everything about which DASH is criticised, its proponents
attempt to view those same factors as cause for praise. We find this pattern throughout our exposition of

DASH is a divisive coin, as many self-proclaimed privacy coins often are. It is important that the community
be critical of every single privacy project.

DASH has been criticized for ripping off code from various projects - beginning with Bitcoin. DASH is also
accused of doing the same with its X11 algorithm (11 hashing algorithms bundled). The DASH community
sees these as positive attributes, where in which they appropriated already peer-reviewed code that they
argue provides DASH with compatibility with all existing merchants, exchanges, and wallet software that has
already been written for Bitcoin.

DASH claims that its distinguishing privacy feature is its mixing service called PrivateSend, which they claim
is trustless - but this is arguably incorrect since it actually requires trusting masternodes. Essentially,
PrivateSend functions similarly to Bitcoin’s CoinJoin. DASH coins are mixed within the masternodes, each of
which has a requirement to hold a minimum of 1000 coins. DASH also features InstantSend which offers
confirmations within an average of 1.3 seconds to users who choose to pay a fee.

InstantSend transactions are not final until they are confirmed by the blockchain; this is done in order to
prevent double spending. That is, once an InstantSend input has been locked, the network will not allow for
another destination. An InstantSend transaction is not considered final until it is confirmed on the

The features of InstantSend, PrivateSend, governance/treasury, and Dash Evolution all rely on masternodes.
For supporters of DASH, they claim that masternodes are one of their most glorified achievements.
Masternodes are what the DASH community considered to be the first DAO (Decentralized Autonomous
Organization). However, we would argue that masternodes are a flawed model which essentially inherits
some of the security risks in a Proof of Stake network (since masternodes are required to hold a minimum of
1,000 DASH at stake).

Supporters of DASH claim that it is not only a currency, but also a global organization. DASH’s DAO, which is
made up of masternodes, sponsor events, tech development, works of charity, and marketing initiatives for
the cryptocurrency. 34
Masternodes have been critiqued in two main areas: that of organizational centralization - stemming from
DASH’s infamous instamine, and from the technical arguments made against weaknesses in its PrivateSend
mixing and InstantSend features. All of these exist within DASH’s infrastructure which is based on its

According to DASH’s marketing team, there will never be more than about 18 million DASH coins mined into
existence. DASH’s block time is 2.5 minutes and its mining difficulty is able to be adjusted up to every single
block via the Dark Gravity Wave difficulty adjustment algorithm.

DASH’s block reward is paid out 45% to miners for security, 45% to masternodes for InstantSend and
PrivateSend functions, and the remaining 10% - what is referred to as the treasury (about one million USD
worth per year) - is paid out to developers, marketers, charity events, auditors, and anyone else that is
approved for a project. There has been concern regarding the possibility of attacks on the masternodes via
DDOS attacks. The DASH community states that DDOS attacks can be easily diverted by changing IP

The DASH community has grown tired of trying to answer questions from newcomers regarding what
occurred during the launch of the currency where 1.6 million coins were instamined in 8 hours. This is likely
because the premeditated scam by DASH founder Evan Duffield has been ​very well documented​.

The evidence of the DASH instamine scam is so prevalent throughout the crypto space, that the DASH
instamine scam story is often quoted as a bad example that other cryptocurrencies should not follow. The
crypto community has significantly gone out of its way to ​preserve all of the evidence of the DASH instamine

Duffield decided to begin mining DASH before any other miner was alerted. This allowed him to mine around
2 million DASH coins on his own computers in his closet. This scandal set the tone for the rest of DASH’s
history. Given the opportunity to relaunch, Duffield decided to carry on with his instamine under the
pretense that the community told him to do so.

It is now increasingly well known that DASH did not have a fair launch, although the DASH community tries
to make excuses for this and pretend that it was an “accident.” The instamine served the sole purpose of
making the creator and his friends very rich.

Furthermore, the implementation of masternodes created another veil of centralization based on the
instamined coins. Knowing that Duffield scammed his way into retaining around 2 million DASH coins, no
one who is healthily skeptical will trust that he is not using those coins to control the masternode setup.
Remember, it only takes 1000 DASH to run a masternode.

Furthermore, anyone critical of DASH questions whether the core devs of the project own most of the
masternodes, given the instamined scam that took place in DASH during its first 24 hours. ​Foul play​ ​is
alleged by many​ respected ​developers​​ ​throughout the crypto space. 35
Miners of Proof of Work (PoW) cryptocurrencies ought to be incentivized fairly. Miners of PoW blockchains
ought to receive a fair emission schedule. This fair emission schedule runs the entirety of the trust within a
blockchain network. Miners are supposed to have an incentive to protect the network. How can a network be
protected by a proven nefarious founder and core team?

Furthermore, fair emission schedules allow miners to deposit coins on exchanges so that ordinary users that
aren’t miners can get their hands on some coins. When an unfair premine or instamine happens, the entirety
of the incentive structure of the blockchain is completely disrupted for the entirety of that blockchain’s
history. In DASH’s case, the dishonesty and excuses regarding the instamine add further damage to its trust
and reputation.

Even though these events took place several years ago, the reality of DASH’s instamine continues to be a
scammy stain upon the coin itself no matter how many times it attempts to rebrand itself and distance itself
from these realities. In fact, the DASH community will rightfully have to deal with these facts for the rest of
its life. As long as there is doubt regarding a fair emission occurring during DASH’s instamine, people will
feel a strong sense of caution about participating in its platform. The instamine has been proven to be true.
DASH will forever be rightfully haunted by the fact that the entirety of its blockchain history holds warped
incentives that color all of the decisions of the community.

This instamine scandal will forever have people ​questioning (also watch this video with sound off to better
read their body language)​ ​DASH’s decentralization, or lack thereof: ​“How many of those masternodes
actually belong to the initial miners?”​ Ironically, the DASH community does not deny that the instamine
occurred. The DASH community claims that their lead developer Evan Duffield did alert the community 2
hours and 10 minutes before he started mining.

According to ​Evan Duffield​:

The instamine happened, there is no one disputing that fact. The crypto-community at large has no
problem with this except a few who think it’s trying to be hidden in some way. In fact, I posted multiple
times about the instamine, first in “The Birth Of Darkcoin” (DASH’s original name) which is an account of
the first few weeks of the launch and the mistakes that were made. Recently I also posted spoke about the
Instamine in the video “Virtual Corporation”, which considers the concept that it might have been key to
Dash’s success, which I believe now. It’s also important to note, I was working a very challenging day job
while working on Dash in the first couple weeks. So I was putting out fires every night, keeping tabs on
Dash during the day (while getting yelled at by my boss when he caught me a couple times). Eventually I
quit when I got Dash stable enough to work on full time and decided I really wanted to explore what I could
do with it.

However, all the evidence points to the fact that the DASH launch was actually a ​planned instamine​ which
makes it all the more suspiciously fraudulent when the insiders claim otherwise.

“If you see fraud and don't say fraud, you are a fraud” — ​Nassim Taleb 36
There is simply no way of knowing what Duffield actually did with the funds after the instamine. As far as we
know he could have continued to manipulate the DASH market. What is known for sure is that he is not
someone you should trust.

Even if the DASH instamine was ​circumstantial ​and not premeditated in its existence - as DASH proponents
claim - it is still advisable to stay away from such an environment.

Some DASH proponents have had the gall to say that “Satoshi did it too.” This is completely false. The rate of
Bitcoin mining followed the published schedule. There were no extra coins mined at the beginning. It took
Bitcoin 2-3 months to mine 500k coins, not ​2 hours ​- as in the case of DASH. It took Bitcoin around a year
to mine 1.5 million coins, but it took DASH 8 hours - and its supply is smaller, so this actually constitutes a
greater percentage of the outstanding coin supply. These figures alone can show you how disproportionate
the DASH instamine was; with all of those coins going straight to Duffield himself.

The Bitcoin launch was announced well ahead of time, the code was reviewed by several people who helped
write it and mine it, and it happened on schedule. No misleading statements were made about the time of the

Furthermore, DASH founder Evan Duffield ​allegedly possesses a master private key​ that has the power to
turn many of Dash's features and functions off and on, including the option to revalidate the past 24 hours of
blocks, essentially ​reverting back the last 24 hours of transactions​. This screams “centralization!” and should
be a major red flag for anyone involved in the DASH network.

The DASH network started off as a suspicious instamine/premine. Since then, DASH has been riddled ​with
various controversies, scandals, and embarrassments​. For example, DASH’s claims of mass adoption in
Venezuela were ​actually found to be incorrect​.

Some within the space claim that we should all forgive DASH for its past. Would you trust a coin that started
off like DASH? These same apologists would state that in spite of its past, DASH is still performing as a good
cryptocurrency for mass adoption. Would you consider DASH to be a good project in spite of its numerous
past failures and design flaws, and dishonest people in its community who are still in leadership roles?

We knew about DASH’s past. We did not like it. But in spite of this, we went along with the libertarian
following that DASH had. Now, during the times of the altcoin bear market, the altcoins are getting crushed,
with many of the scams gradually imploding, which requires a more thorough examination of each coin’s
fundamentals. Eventually the quality coins will rise to the top, and the flawed coins will fail.

Again, what completely pushed us over the edge was DASH’s incessant propaganda that it was a privacy coin.
This kind of deception, along with DASH’s failed promises and flawed engineering, contributed to the
dismissal of DASH from our portfolio. We could not, in good conscience ignore the lies about DASH’s
“privacy” any longer and decided to drop it from the portfolio. 37
We also believe that many people have been misled regarding this coin through its misleading “marketing,”
which also influenced our decision to write this article and bring to light some of the red flags facing DASH
from an investor perspective, so that you, our valued subscribers, can make informed decisions.

Invest wisely,

Rafael LaVerde & Mr. X 38
TDV Groups: Winnipeg, Canada

Luis Fernando Mises

Luis​: Dear Subscribers of

The Dollar Vigilante we are
with a friend, John. He's in a
really cool place, Winnipeg
and we're going to explore
quite a bit of that. Thank you
sir for having us here, and
letting us see through your

John​: Thank you very

much. I really appreciate the
opportunity to speak to your
great Dollar Vigilante
audience. I've had the great
pleasure of meeting a lot of
the guys. Of course, I met
the contributors as well who
are fantastic people so it's
really an honor.

Luis​: Thank you. I think that there was something interesting because you have a Bitcoin conference coming
up and I really don't know much about Winnipeg when you invited me to speak. When you invited me to
speak, I assumed there are a lot of places in Canada that are really, really expensive to live in. But you said
Winnipeg is not like that, so can you tell us a little bit of the difference for somebody that may say, "Hey, you
know I want to go maybe check it out?", like maybe go on a vacation and see what it's all about? What would
that look like?

John​: Yes. Winnipeg is an interesting place for a city. For me, it's not one of my favorite cities but for things
to do in the province itself and experiences in the province when you look at the surrounding areas of
Winnipeg, I love being outdoors. There are a lot of fantastic opportunities if you love traveling and you love
nature's experiences, there's a ton of opportunities to travel to places like Whiteshell, which is a beautiful
place close to Ontario. You could actually experience almost everything in Manitoba.

I find so many little gems everywhere in Manitoba where I go that I didn't know was there. We have deserts
in Manitoba. We have big valleys, we even have little mountains here in Manitoba. I keep on discovering 39
these things. I've been here for ten years now but there's always a little gem that is hidden away that I wasn't
aware of where you can go and really relax.

The thing with Winnipeg is we have a tough winter but summer is beautiful. I think that's the reason why
people stay here in Winnipeg is that they'll survive through the five months or whatever we have for winter,
maybe six at the worst, but then the six next months is basically going from winter to summer. We have
temperatures all the way up to 40C and sometimes, it can even be quite hot to be outside almost worse than
being in Las Vegas in the dry heat. I think that's one of the major factors that you see that keeps people here
is that we have such a beautiful summer. People are able to travel quite easily from Winnipeg. I know a lot of
successful investors and business owners that just love living in Winnipeg because the cost of living is a lot
less than a lot of other major cities in Canada.

Of course, Winnipeg is very close in

the next couple of years to actually
cross a million people living there.
We're not a small city anymore. We're
becoming a little bit of a metropolitan
city. What you're seeing is a draw of
more and more people because of the
opportunity, the cost of living, as I
said, is quite low compared to if you
look at, for example, Toronto versus
Winnipeg. Winnipeg has about 30.5 %
of your income that would go to
housing expenses so that's your taxes,
your mortgage, your utilities and
Toronto is about 75%, and Vancouver
which is another major city, it's 79%.
So, we're highly competitive.

I see a lot more people coming from other places now back to Winnipeg as a reason for that. The bubble that
the central bank has created by pushing interest rates super-low in Canada has been substantially a good
factor for Winnipeg because we're still quite affordable compared to most other major cities in Canada. It's an
opportunity that way of course, when it comes to life and live entertainment, I was recently in Toronto there's
unfortunately, nothing that compares to Toronto, the city that lives 24 -7 basically, compared to Winnipeg
where it's a slower pace. That's another thing too, it's not that extreme push and pace of growth and trying to
push a Ponzi scheme to an even greater level. It's a low key, robust belief that we're going to slowly make
Winnipeg greater and greater. I think that mentality of not pushing it to such an extreme where you see in
Toronto and Vancouver it's just like always got to grow, grow, grow super fast. Everything's got to happen so
fast instead of doing it in a little bit of a slower pace. That's one of the major reasons why I like Winnipeg. It's
very nice to have it as a base and to be able to travel to other places around the world. There are so many
beautiful places, but summertime here I could spend all summer long here in Manitoba just traveling around.

I do camping so I travel around a lot seeing just beautiful places. 40
Luis​: That's pretty amazing to hear and everything that you said sounds pretty incredible and fun. One thing
that blew my mind you go from 30 % to 70 %, that's a massive difference. A few points percentage is
significant, but you're talking about more than double. That's totally crazy.

John​: That's quite substantial. Another thing, if I could just get into it, a little bit more about the economy.
Manitoba's economy is actually quite diverse. We have a great reliance upon the agricultural sector. We have
a major agricultural sector in Manitoba including green farming. Cattle farming is a huge part of our
economy. Where I live I don't see too much of that, but you see it more to the west in the province. You see a
lot of farming which is kind of the backbone and the reason why I like to live here.

If you can ever live through a crisis, you want

to make sure that you have access to food and
things that your body needs to survive. I live
in the countryside, I don't exactly live in
Winnipeg but I believe that by living in a
province that has such a great amount of
resources here in Canada has a huge benefit
for the individual that actually lives here in an
economic crisis because Canada is moving
towards a crisis. I actually wrote a book called
"Canada: The Greatest Economy in the
World?" I wrote it back in 2015, talking about
the coming debt crisis that we see here in

What I was talking about there is the western

provinces, Manitoba, Saskatchewan, and Alberta specifically are the bread and commodity `baskets of
Canada where we see the most of the commodities from the agricultural sector but also from oil and mining
coming out of. Those are very important provinces where we actually have, I see the importance because what
we see more and more in the big, gigantic cities like Vancouver and Toronto there is more of a reliance on
finance and commerce, so you're not seeing the actual backbone that we really need which is coming into a
food basket and the commodity basket that every person needs to live is coming out of provinces like
Manitoba, and the three others that I mentioned.

I think it's a good place to be. In the political scheme of things, we do see on the provincial well for us, living
out in the countryside, it's quite okay. We still pay substantially. Taxation is theft. You see a lot fewer taxes
here than in the city for example where you pay through your teeth in property taxes, and other taxes that are
added on. Living in the countryside in any place where you have the community around you, where I could at
any given time I could get beef, I could get all the vegetables, most of the vegetables I want and milk, and so,
there's a lot of things that I need around me. Luckily, in Manitoba we see that the sector is doing really well,
we also produce all of our provinces are running on hydro energy.

I came from Norway so I've seen that in Norway as well, where we run on clean energy coming up from the
Nelson River, mostly which is in the northern parts of Manitoba, about 1,400 kilometers from north of
Winnipeg. We have the clean energy sector. unfortunately, we do have some secondary sectors where we do 41
have the banking industry and the finance industry is quite big and becoming bigger in Manitoba as well as
everywhere else. We also have a big secondary sector which is the automotive sector and aerospace, so we
build a lot of parts for airplanes and cars here in Manitoba.

There's a lot of manufacturing still going on in Manitoba, but the major sectors are our fishing, our
agriculture, and our energy production industries. People can say all they want about these big cities that
have fantastic growth and mass construction, and in the finance sector but I think the importance that we're
forgetting at any time is the actual humanity looking at, "What do we really need?" Do we really need all of
these fake assets flowing around and making money with money? Or do we need things to actually feed

It's just the foresight of looking at that because constantly the forgetfulness of how important agriculture is to
our society tends to disappear and this not a modern-day thing. This is not like a new thing, this has always
happened throughout society. Society centralizes around massive cities. They tend to forget about the people
who actually feed them and they have a huge struggle with actually getting the infrastructure to feed
themselves. You'll see more and more of that over time as the farmers are getting older and they're
disappearing from our lives without us even understanding the huge ramifications happening over the next
twenty to thirty years.

Luis​: That's actually quite remarkable too because a lot of people don't think about those things. I certainly
don't. It seems the agricultural part is a little bit like maybe 18th century kind of stuff, but you make some
really good points on what you're saying.

I have a question. The progressive, conservative party, does that not seem like a contradiction in terms?

John​: Let me tell you about that. I started a political party here in Manitoba in the last provincial election
that we had because the progressive, conservatives is just socialism. That's all that they're about and you
know it's really funny I was just looking at their budget over the last couple of years and they were blaming
what's called the NDP, the national democratic party of spending too much money and saying that they had
an issue with their spending. Because of all of the programs and everything that the NDP implemented, they
have a problem cutting their deficit. Their deficit is actually increasing, it's at $840,000,000 right now at the
provincial level. On the city level, I think it's pretty close to a billion dollars. The city level is way more
socialized than the provincial level which is all over Manitoba.

But you see in that move with the PC party,

what I see is the PCs will just continue to be
forced to spend more and more money
because the problem is we have a lot of
programs. We have some welfare programs.
They're not the biggest ones, but actually,
here in Manitoba as I see, the biggest
problem for the future is going to be the
government spending mass amounts of
money on healthcare. An interesting part
that I tried to get across to Manitobans when
I put together my party in 2015 - 2016 is that 42
Manitobans actually get transfers from the federal government of almost six billion dollars. If the actual
federal government would falter and not pay their debt because of Trudeau promised he would be at a
surplus right now meanwhile he went from a billion-dollar surplus to a 19 billion dollar deficit. You're seeing
this massive spending and blatant disregard for the everyday person that's going to have to pay all of this
money because they are the ones. The government basically borrows money without your consent and
stealing your money that way, then you're forced to pay back through taxation. You just saw the federal
government increase their personal tax rates from 29 to 33. Then they're pushing forward the carbon taxes
now because Manitoba said, "We don't want to implement carbon taxes the way that you guys want." But still,
they wanted to implement carbon taxes, unfortunately.

The federal government wasn't happy enough

with that so they're forcing us to pay a lot
more money through hidden taxes that will be
on gasoline and other carbon driven products.
The carbon tax, we've had that in Norway
since 1992. My point of view, CO2 is not the
driver of whatever climate change. I believe
it's the big bull up in the air, glowing and
burning us every day. our weather station
tells me at the top, it could be as much as 900
watts per square meter. That thing has a lot
more to do with climate change than the
everyday person putting out a little bit of

Taxation doesn't work at all to try to enforce anything and it's a major failure. Here in Manitoba, they're
trying to cut taxes. This is really funny so that they cut tax rates one percent, but right before they have their
election that's coming up, right now. They push to try to get re-elected again. I quit my party because I just
don't get (unintelligible) tax. You're in a shark tank with a whole bunch of people that are just eating each
other, mass corruption, trying to manipulate you, trying to steal from you. There's just too much in politics
that is, in my point of view, politics should be dead by now. One thing that was a fright though when I was
walking around and campaigning for my political party about four years ago, was that people were fed up
with politicians. They told me that they were fed up with the government too, especially the older population.
Where I live it's a retirement community. The older people that I was talking to, almost everybody agreed
with me in an instant, that the government is the problem. It's actually bright to see that but on the other
side, you know you have the problem where they're trying to indoctrinate our young population in the
schooling system. Marxists believe that we need the government to take care of us and we need to all be
equal. If you have more effort that you put into your life that you shouldn't be more successful than the guy
that just sits on his couch all day.

Luis​: On that, I think the work that you've done is actually really important and especially with the crypto
conference that you will be doing there. Is this what inspired part of it? Or how did you get to the idea of
creating a conference over there? 43
John​: Actually, I had the idea of creating a conference in a similar way of almost like anarchy, like what we
had in AnarchoVegas and the upcoming one, AnarchoDelphia. It's funny I'm starting to put Anarcho in front
of places, which is good the idea is coming up. It kind of started that way, with a mixture of that and G.
Edward Griffin that I worked with on a regular basis. I was also talking to him about potentially having a
crypto conference in Winnipeg.

I always wanted to drive something here, to expose people to the same beliefs that I have and drive them in
the right direction for the future. It kind of started as I was going to have a conference here but I ended up
having a crypto and blockchain because what crypto and blockchain provides is we actually provide the
infrastructure to basically remove all the current structure, like governments, banks, all of these corrupt
structures that we created over time in the monetary system of course. It gives us an opportunity to actually
rebuild society in the way we want it. The blockchain amazes me how incorruptible the blockchain is.

A friend of mine, Josh Sigurdson, and I'm pretty sure a lot of our viewers might be familiar with that name,
he was saying something that really stuck with me at the conference that I was at in Toronto recently. He was
talking about gold and crypto together basically being freedom. That's freedom from the banks, governments,
and everybody that controls those. Then, he said, "Blockchain is truth." I totally agree with that because in
the blockchain it becomes an irrefutable truth that an event has taken place. So that is what has been really
inspiring me which is trying to get those ideas out there with people who are building these things and are
taking action and rebuilding society from the bottom up without a lot of people understanding. I met with
Josh when I was in Vegas and he said it perfectly. He said, "We are trying to be alter and constantly
rebuilding society at the bottom with all of these new technologies and new functions so we at one time. We
don't even need a war. We just make government obsolete. And bang, central banking system, and the
terrible fiat monetary system that we're enslaved to, we make that obsolete by building these infrastructures
without the need of a violent revolution."

I'm very peaceful. I'm a guy that lives by the non-aggression principle. Of course, I have my guns and
everything, protecting myself if
somebody were to attack me but I
would never aggress against anybody
else on this planet unless they tried
to do something to me. I think that's
important to teach those lessons in as
well with the message of blockchain
and crypto and to be able to drive
society and that's what I really want
Manitobans to really start to
understand better. Because people
call Manitobans state business, then
they move away and then they're,
"Oh I hate Manitoba. I hate
Winnipeg." But it's all about trying to
educate the population. For me, it's
never losing faith in humanity. We're 44
all humans on this planet together. It's so important that we actually have compassion for everyone. I want to
put this together. I want to educate people. I will continue to do so until enough people have the knowledge
and understanding, percentage-wise to be one to three percent that is highly motivated to change it and will
change it without the need of the general population.

Luis​: That was so profound, so many things that you just said and you know that's one of the main things
why I think the ideology of voluntaryism is going to win in the end is because we are going through and
actually moving with ethics, with peace, and ultimately, compassion towards everything so it seems like the
high route. I'm super excited that you covered all of these things. On the last couple of minutes of this, I'm
curious. Tell us more details about the conference, when is it going to be, where exactly and where can we
find you.

John​: A hundred percent. So the conference is going to be in Winnipeg, Manitoba at the Victorian Inn
Convention Centre. It's going to be on October 11th to 13th. It's going to start mid- Friday and go until about
4:30 on Sunday. We're going to have about 30 speakers in total. That might be the actual total when
everything is said and done. We're going to have keynote speakers, like David Morgan, which your audience is
very familiar with. We're going to have Anthem Blanchard speaking on which really excites me is the supply
chain that he built. He's built a functioning blockchain that businesses can use to track and irrefutably, have
proof in their system without corruption, without loss of merchandise and all this stuff. That's really exciting.
Of course, we're bringing in more and more speakers so of course, we're going to stay tuned. Then, of course,
Luis Fernando Mises is going to speak at our conference which is very exciting to have you out. We all know
the great work that you've done for society and of course with The Dollar Vigilante and your understanding of
money, economics, and business.

We intend to bring this conference to

people and to excite people about what
Winnipeg really should be standing for
which is if we don't do anything with
this, with the technology and
everything that we have at our hands
here, first of all, we're going to fall
behind and we're going to wind up
where Manitoba usually have ended up
because people are not believing in
Manitoba, which is behind everybody
else. I think it's time to take a step
forward and actually, say that we are
going to make a change here in
Manitoba. I believe that's what this
conference is all about, educating
people about what's happening in
Manitoba. Plus, educating everybody in the general population, in the business population, in the general
employees, and everybody that's out there about these ideas so that we can really change Manitoba for the
better, for the future because what we've got to remember, we're kind of at a crossroads here where we see the
blockchain and crypto is going to come in and enslave us through centralization with Project Jasper here in 45
Canada that central banks are using the ripple blockchain or we could choose to go with the decentralized
way where we have blockchains like BitCoin and others that are building and making the current centralized
infrastructure obsolete and be decentralized.

We're going to move throughout Canada, but we need to decentralize and create these voluntary enclaves
around the world and not force our democracy or whatever you want to call it, collectivism upon every single
person because it's all about the individual. With this conference, we're building that backbone for the person
to understand that the individual is the most important in the world and that we're going to put forward some
really groundbreaking speakers who have high expertise in their fields. We want to bring that out to you and
everyone, so they could listen to them and then make business decisions and life decisions to where they're
going to point their way in the future to make sure that we're positioned in a way that we could protect our
wealth, our life and our liberty for the future.

Luis​: John, that was amazing, a standing ovation for that. I really appreciate you for taking the time to do
this interview and for enlightening us with all of the information you just shared. I'm really looking forward
to seeing you in a couple of months and for everybody that's reading this, thank you for reading the
newsletter. I hope that I can see a lot of you in Winnipeg in October. Thank you so much sir, John.

John​: Fantastic, my pleasure and thank you so much for having me on, Luis.

If you want to join the main TDV subscribers only Facebook group click​ ​HERE​.
Join the Winnipeg group ​HERE​
To see a list of all worldwide TDV Groups click ​HERE​.
If you have any questions about the groups or if you’d like to start one in your area contact Luis Fernando
Mises at l​ fernando@dollarvigilante. com​. 46
In Closing…​ David Koch
After I pass on to another life, I would like the people to think of David
Koch and my brother Charles as people who did everything they could to
make the world a better place to live.

I was taught from a young age that involvement in the public discourse is
a civic duty. Each of us has a right.. indeed, a responsibility, at times.. to
make his or her views known to the larger community in order to better
form it as a whole. While we may not always get what we want, the
exchange of ideas betters the nation in the process.

I’m more interested in economic issues than how much military we need.
But I think we should gradually withdraw from the Middle East, you
know, from Afghanistan and Iraq, so I believe in that. But I’m not an
expert in that, so my opinion probably doesn’t count for very much.

We’re headed toward a two-tiered society — a society that’s destroying

opportunities for the disadvantaged and creating welfare for the rich.

The way I look at it is, cancer research is absolutely nonpartisan. Cancer is very democratic in the sense that it
attacks people regardless of their race, their gender, their national background, or their political persuasions.
You know, once you’ve stood up to cancer, everything else feels like a pretty easy fight.

David Koch​ (May 3, 1940 – August 23, 2019) was an American businessman, philanthropist, political
activist, and chemical engineer. Koch was a libertarian and the 1980 Libertarian candidate for Vice
President of the United States and helped finance the campaign. He founded Citizens for a Sound Economy
and donated to political advocacy groups, political campaigns, and causes.

Disclaimer: ​The Dollar Vigilante needs no disclaimer. Everything we say here is what we believe. Furthermore we need no disclaimer because we believe that all nation states, governments, securities
agencies or other legislative bodies are illegitimate and we do not recognize them nor believe we need their permission to say what we feel about any topic and frankly think it is hilarious that people
think a government body should be there to protect them.

However, because we know that all manner of Government agencies will come after us just for showing such disdain for them we are going to include a standard, cookie-cutter disclaimer below just to
keep them off our backs. Enjoy reading it, bureaucrats at the SEC.

Information contained in The Dollar Vigilante Emails or on The Dollar Vigilante website ( is obtained from sources believed to be reliable, but its accuracy cannot be
guaranteed. The information contained in such publications is not intended to constitute individual investment advice and is not designed to meet your personal financial situation. The opinions
expressed in such publications are those of the publisher and are subject to change without notice. The information in such publications may become outdated and there is no obligation to update any
such information, such as cryptographic advice.

Jeff Berwick, Ed Bugos and other analysts or employees of The Dollar Vigilante may from time to time have positions in the securities or commodities covered in these publications or web site. Any
Dollar Vigilante publication or web site and its content and images, as well as all copyright, trademark and other rights therein, are owned by The Dollar Vigilante (TDV). No portion of any TDV
publication or web site may be extracted or reproduced without permission of The Dollar Vigilante. Unauthorized use, reproduction or rebroadcast of any content of any TDV publication or web site,
including communicating investment recommendations in such publication or web site to non-subscribers in any manner, is prohibited and shall be considered an infringement and/or
misappropriation of the proprietary rights of TDV.

TDV reserves the right to cancel any subscription at any time, and if it does so it will promptly refund to the subscriber the amount of the subscription payment previously received relating to the
remaining subscription period. Cancellation of a subscription may result from any unauthorized use or reproduction or rebroadcast of any TDV publication or website, any infringement or
misappropriation of TDV proprietary rights, or any other reason determined in the sole discretion of TDV. 47