CMTLabs initially proposed industry creation of “No Whale Crypto” currencies in September of 2021. There was a lot of interest, but at the time, financial markets, including crypto, were all performing well. This resulted in the decision to wait for a major downturn in the crypto industry and financial markets before launching a “No Whale Crypto” development effort.
CMTLabs, Inc. announced despite recent gains and market improvements, major negative events in the crypto industry has re-initiated the proposal to create “No Whale Crypto.” CMTLabs has created a separate business unit, NWCLabs for facilitating the initiative and to develop an independent “No Whale Crypto” certification program.
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CMTLabs stated there are many talented and high-profile individuals in the crypto industry who continuously tweet and state support for equal crypto financial inclusiveness and participation. The “No Whale Crypto” initiative can now provide those individuals with a great opportunity to “step up to plate and participate.”
John Deters, founder of CMTLabs stated, “I am extending a personal invitation to Jackson Palmer, Dogecoin co-creator to support the “No Whale Crypto” development effort. Based on what he has written and stated, we both share the same crypto industry assessment. He has also proven to be a person of high integrity and honor by not compromising his convictions. Nor has he “sold out,” to what I would guess have been numerous lucrative offers and opportunities. That level of fortitude is definitely now rare in the crypto industry.”
CMTLabs continued by stating, despite original intent, the primary goal for all current POW (Proof of Work) and POS (Proof of Stake) crypto currencies such as bitcoin and ether is to perform as speculative high return investments for large investors (whales) both private and public. To achieve the primary goal, whales promote retail adoption and usage to create more demand for the crypto than the available circulating supply and daily amount mined or minted. By continuing to buy and hold (hodl) increasing amounts of an artificially created supply limit, whales contribute to reduce the supply amount in retail circulation. When retail demand increases, the currency price increases, simple supply vs demand and cost economics. As whales own more of the total supply, crypto equivalents of whale owned unregulated private and public fiat banks have been created. The same financial institution model crypto evangelists claim is corrupt, cannot be trusted and must be replaced to achieve global “financial freedom.”
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High visibility bitcoin whales and industry influencers like to include the expression “stack sats”, (a sat being a satoshi, 100 millionth of a bitcoin, the lowest denomination), in their tweets, interviews, and commentaries. The expression is a clever sound bite to encourage retail buyers to accumulate (hodl) more satoshis. Retail buyers may first want to consider a real-world visual physical comparison before following the advice. If a satoshi was in the physical form of a penny (thickness 0.0598 inches), the stack of satoshis would be over 94 miles high to equal the value of a bitcoin the physical form of a silver dollar. This visual analogy illustrates how unlikely the average retail buyer will even own a full bitcoin, which is irrelevant to bitcoin whales. What matters is to achieve the primary goal by increasing the currency lowest denomination value by any means possible, good, bad, or ugly. The value of a currency lowest denomination cascades up to the highest denomination. If a bitcoin satoshi increased in value to one penny (USD $.01), the value of a bitcoin would increase to a million dollars (USD $1,000,000). That is why biggest high profile whales keep encouraging everyone to “stack sats” by using exchanges and Bitcoin ATM machines. The more retail “sat stacks”, the wealthier whales become and more powerful their private banks will be. Bitcoin whales feed on satoshi sardines, “No Whale Crypto” can provide a crypto currency supply distribution and ownership alternative.
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