Reacting to the U.S. Federal Reserve Bank of Minneapolis president’s assurance that the Fed has “an infinite amount of cash,” Cardano founder and IOHK Foundation CEO Charles Hoskinson likened the U.S. dollar to the Ponzi scheme OneCoin.
With COVID-19 causing havoc worldwide, gravely impacting the world economy, countries around the world are working towards combating and preparing for setbacks of the economic slump.
Keeping the U.S. economy afloat – by any means necessary
Discussing the ways the Federal Reserve can combat the consequences of Coronavirus on the U.S. economy, Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, in an interview with CBS News, said:
“….Your ATM is safe. Your banks are safe. There’s enough cash in the financial system. And there’s an infinite amount of cash at the Federal Reserve. We will do whatever we need to do to make sure that there’s enough cash in the banking system.”
When asked to confirm this, Kashkari said that Congress had given them the authority to “print money and provide liquidity into the financial system.”
In the current situation, he said, big businesses are reducing their credit limits, which, in turn, is putting pressure on banks. These measures, according to him, will ensure that banks can help their customers if/when the need arises.
Infinite Dollars – Pump and dump?
Charles Hoskinson, CEO of IOHK Foundation and founder of Cardano, referring to US Dollar having unlimited supply, tweeted on March 23 that he was not sure he liked “this coin,” and compared it to OneCoin, a Ponzi scheme.
I'm not sure I like this coin. Getting a real onecoin vibe from it…. https://t.co/ZXKDbtFMgd
— Charles Hoskinson (@IOHK_Charles) March 23, 2020
Bigwigs including Binance CEO, CZ and Morgan Creek Digital co-founder, Anthony Pompliano, were not for this decision of improving liquidity in the country. While CZ questioned the effect of infinite currency supply on the price, Pompliano said that the decision “is not sustainable long-term for a currency.”
OneCoin: Bitcoin rival
OneCoin was a Ponzi scheme that defrauded its investors of roughly $5 billion. OneCoin sold educational material on cryptocurrencies, trading, investments, financial analysis. Its official video alleged that OneCoin was “the first cryptocurrency with a monthly audit of its blockchain.”
Ruja Ignatova, OneCoin’s co-founded called it the “Bitcoin killer.” She is in hiding since October 2017 and has been charged with securities fraud, wire fraud, and money laundering.
OneCoins were obtained by mining. However, they were actually mined. The prices of the coins were “programmed” to increase from $0.56 to $33.68.
“The Missing Cryptoqueen” is a BBC Radio podcast that tells her story, “a story of greed, deceit and herd madness.” On February 4, New Regency Television International won screen rights for the podcast and reached number one on the UK iTunes charts.