Cryptocurrency has been controversial from the outset, with most people either confused about how it works or suspicious about its real value.
As virtual currencies plumbed new depths on Wednesday, the MVIS CryptoCompare Digital Assets 10 Index extended its collapse from a January high to 80%. The tumble has now surpassed the Nasdaq Composite Index’s 78% peak-to-trough decline after the dot-com bubble burst in 2000.
The financial news site went on to report that just a year ago, “virtual-currency mania” was all the rage, “fueled by hopes that Bitcoin would become ‘digital gold’” while blockchain-powered tokens rose in value and popularity that entire industries would be transformed and reshaped.
It hasn’t happened. But all the news isn’t bad, especially for gun owners. As reported by Ammoland, Original Crypto Coin (OCC) is in the process of re-launching as a new “gun-friendly” digital currency called TUSC (The Universal Settlement Coin).
“As gun owners, and ardent defenders of the right to self-defense, we know that the gun industry is constantly under attack. We wanted to create a gun-centric crypto to act as a ‘continuity of business’ payment system for gun retailers,” said OCC founder Rob McNealy.
“Due to their decentralized nature, blockchain technology and cryptocurrencies simply can’t be shut down by ‘activist’ banks,” he continued.
“We are in the dial-up modem stage of cryptocurrency; however, a recent poll showed that half of all Millennials are interested in cryptocurrency, and up to 18 percent already own them. Cryptocurrency and blockchain technology are the future.”
Over the past two years – since POTUS Trump’s election – big-chain retailers and several large financial corporations have begun punishing gun owners by refusing to sell certain weapons (retailers like Dick’s Sporting Goods) or handling financial transactions from gun dealers.
As NewsTarget reported in April, Bank of America adopted a new policy stating it would no longer loan money to makers of “military-style” firearms including Vista Outdoors, Remington and Sturm Ruger, and blackball all other manufacturers of ‘assault weapons.’
During an appearance on Bloomberg TV, Bank of America Vice Chairman Anne Finucane said at the time “it’s not our intent to underwrite or finance military-style firearms.”
“We have had intense conversations over the last few months,” she told Bloomberg. “And it’s not our intention to finance these military-style firearms for civilian use.”
Never mind that these guns are perfectly legal to both sell and own in most states, and never mind that such weapons are very rarely used to commit criminal acts. What’s more, the fact that Bank of America and other financial institutions are picking and choosing whom to do business with is discriminatory.
These moves by Leftist-run corporations came after the gun industry was targeted by the Obama administration. For years, the Obama Justice Department conducted “Operation Choke Point,” which the administration claimed was designed to target dishonest business practices but which was really aimed at punishing gun makers and gun sellers.
“Under President Obama’s reign, the DOJ has abandoned its longstanding tradition of staying out of politics and has instead become a partisan arm of the White House,” Sen. Ted Cruz, R-Texas said in April 2016 as he introduced legislation with Sen. Mike Lee, R-Utah, to make the program illegal.
“The Obama administration initiated Operation Choke Point to punish law-abiding small businesses that don’t align with the president’s political leanings. The DoJ should not be abusing its power by trying to bankrupt American citizens for exercising their constitutional rights.”
Now, it seems, there will be a financial transaction alternative for the gun industry. It’s about time.
Read more about the Left’s assault on guns at Guns.news.