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Rick Santorum Is a Cryptocurrency Man Now, Apparently

Rick Santorum ready to catch an elevator at Trump Tower in December 2016.
Photograph: Seth Wenig (Internet)

In what’s both an unbelievable blockchain-enabled monetization alternative or an indication that maybe the gears are lastly beginning to fall out of this factor, Republican politician, failed presidential candidate, and former Pennsylvania Senator Rick Santorum is a cryptocurrency man now.

Sure, per the Monetary Instances’ Alphaville weblog, Santorum—who you could bear in mind for his virulent homophobia and the ensuing marketing campaign to make use of his identify as slang for a byproduct of anal intercourse—is on the advisory board of religious-themed firm Cathio, which is planning on launching quite a lot of cryptocurrency known as a stablecoin. Cathio payments itself as offering “Catholic organizations with a payments platform that aligns with Catholic values, provides the tools necessary to increase donations and connect with both local and global Catholic communities.” It’s additionally a “turnkey solution for Catholic organizations to bring their financial transactions into alignment with their beliefs,” apparently.

As Alphaville famous, Santorum’s son-in-law, Matthew Marcolini, is the corporate’s CEO, which maybe explains a few of this. A former U.S. ambassador to the Vatican, Jim Nicholson, former U.S. Mint chief turned “bitcoin IRA” man Ed Moy, and ICOx Improvements chairman Cameron Chell (architect of the notorious “Kodakcoin” state of affairs) have all signed on with Cathio as nicely.

Based on Alphaville, Cathio is billing itself as a brand new method for the Catholic Church and affiliated establishments to simply accept donations; when Alphaville identified that it seems like Venmo, Marcolini acknowledged to the weblog that comparability, however stated these establishments don’t take Venmo.

OK.

Past that, Marcolini touted that Cathio’s use of blockchain know-how might carry “permissioned visibility” to the church “so the faithful can begin to ask where the money’s come from.” As Alphaville famous, this is only one of a number of methods wherein Cathio seems to contradict biblical teachings:

Cathio is a for-profit firm that plans to cost a transaction payment for donations — a “very minimal fee” of near 2 per cent — and its advisory-board-members all personal shares within the firm (we weren’t advised what number of shares every adviser was allotted, however Santorum is being given a “few more shares” than others as a result of he was serving to with the corporate’s fundraising).

Aside from the contradictions between holding donations nameless—as per the teachings of the New Testomony—and with the ability to “ask where the money’s come from”, there’s additionally the problem of usury (ie the lender making curiosity, which is successfully what charging a payment on a stablecoin transaction quantities to).

Appears like that is all going swell, and isn’t in any respect one other thinly veiled try to invoke “blockchain” as a magical incantation to conjure up piles of money or one thing. Anyhow, better of luck to Santorum in his continued efforts to seek out one thing, something that may push “The frothy mix of lube and fecal matter that is sometimes the byproduct of anal sex” additional down the primary web page of Google outcomes for his identify.

[Alphaville]

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