Wednesday, February 07, 2018

Berkeley is trying to go full Venezuela.

"The City of Berkeley, one of the epicenters of liberal California, is considering a turn to cryptocurrency to reduce its reliance on federal funding in the Trump administration. 

Berkeley would become the first city in the US to hold an initial coin offering (ICO) — a type of crowdfunding campaign that's become popular in the past year. The city would raise funds by selling digital assets called "tokens" that are backed by municipal bonds, a type of security issued by the local government. Buyers might spend these tokens at shops and restaurants or even pay rent at apartment rentals that participate in Berkeley's cryptocurrency ecosystem. 

The goal is to raise funding for vital city projects like affordable housing and support services for the city's growing homeless population. Someday, homeless people might receive tokens to buy goods and services from local businesses that accept the currency, according to city leaders."

Are they telling me that they can't sell bonds based on the idea you are going to give the money to the homeless. But if you disguise it as something else..... profit.

I guess anyone can make up their own fake money now.


  1. I have a name for Berzerkeley's new BitToken: the Berkeley Replaceable Asset Token, or the BRAT.

    Only brats will want it, only brats will use it, and when they go to zero value, you can add the word Zero to the end to describe your worthless BRATZ. :-)

  2. They should call it bitruptsy. Which I would love to see. That place is like a world of its' own. Bitrot is always good too.