The "True" Inflation Rate Is 13.2%
Apr 10, 2022 16:09:33 GMT -5
Post by J.J.Gibbs on Apr 10, 2022 16:09:33 GMT -5
The "True" Inflation Rate Is 13.2% - Censorship-Resistant Price-Tracker Built On Blockchain
BY TYLER DURDEN
SUNDAY, APR 10, 2022 - 01:00 PM
With the official inflation (CPI) rate at +7.9% year-over-year - a 40-year-high - one could be forgiven for believing that the government's statistics are to be trusted this time (or why would they have 'allowed' it to reach such a high level?).
However, with 'hedonic adjustments' and such 'unobservable' prices as 'owners equivalent rent' who can really "know" what the real number is for the average family in America. Worse still, who can trust - given the government's recent track record which has sent 'trust' to multi-decade lows - that a Fed desperate to show its policies are working and a Washington establishment desperate to show some progress ahead of the Midterms will not 'adjust' the CPI measure going forward ("see it was transitory after all") and historically "revise" the worst inflation since Volcker to ensure the public doesn't lose faith in The Fed's ability to save the world.
What we need is a censorship-resistant, un-manipulatable inflation feed - an decentralized un-deletable history of real prices indexed and available to all.
As former Coinbase CTO, Balaji Srinivasan, details in a brief Twitter thread:
If inflation censorship occurs the on-chain inflation feed would be the crypto flippening in several respects.
decentralized cryptographic truth would be more trusted than centralized emanations of press & state
an on-chain app would be one of the world's most popular apps
what BTC people were saying about digital gold would be proven right
what ETH people were saying about dapps would be proven right
what human rights people were saying about censorship-resistance would be proven right
Every piece of the crypto stack could come into play: decentralized file storage, crypto oracles, etc.
Unlike previous efforts, inflation censorship would be much more transparently in service of the dollar regime. Hard to spin. And everyone gets bitten by inflation.
An on-chain inflation feed may be the crypto turning point.
We'd all just be trying to get decentralized consensus on a number, but that consensus is *outside* the centralized establishment.
Public blockchains provide that gathering point: the new hub that can't be taken down.
Decentralized finance (DeFi) firm Truflation is building a new gauge that does just that.
Continued at link
BY TYLER DURDEN
SUNDAY, APR 10, 2022 - 01:00 PM
With the official inflation (CPI) rate at +7.9% year-over-year - a 40-year-high - one could be forgiven for believing that the government's statistics are to be trusted this time (or why would they have 'allowed' it to reach such a high level?).
However, with 'hedonic adjustments' and such 'unobservable' prices as 'owners equivalent rent' who can really "know" what the real number is for the average family in America. Worse still, who can trust - given the government's recent track record which has sent 'trust' to multi-decade lows - that a Fed desperate to show its policies are working and a Washington establishment desperate to show some progress ahead of the Midterms will not 'adjust' the CPI measure going forward ("see it was transitory after all") and historically "revise" the worst inflation since Volcker to ensure the public doesn't lose faith in The Fed's ability to save the world.
What we need is a censorship-resistant, un-manipulatable inflation feed - an decentralized un-deletable history of real prices indexed and available to all.
As former Coinbase CTO, Balaji Srinivasan, details in a brief Twitter thread:
If inflation censorship occurs the on-chain inflation feed would be the crypto flippening in several respects.
decentralized cryptographic truth would be more trusted than centralized emanations of press & state
an on-chain app would be one of the world's most popular apps
what BTC people were saying about digital gold would be proven right
what ETH people were saying about dapps would be proven right
what human rights people were saying about censorship-resistance would be proven right
Every piece of the crypto stack could come into play: decentralized file storage, crypto oracles, etc.
Unlike previous efforts, inflation censorship would be much more transparently in service of the dollar regime. Hard to spin. And everyone gets bitten by inflation.
An on-chain inflation feed may be the crypto turning point.
We'd all just be trying to get decentralized consensus on a number, but that consensus is *outside* the centralized establishment.
Public blockchains provide that gathering point: the new hub that can't be taken down.
Decentralized finance (DeFi) firm Truflation is building a new gauge that does just that.
Continued at link
