This song comes to my mind: "The Wanderer" by Johnny Cash Truly worth contemplating in "crazy times" like this. Suppose the war in Ukraine ends. What is next? Social credit score after the Chinese model coupled with a CBDC? 100 million African migrants invade Europe? They introduce insect-based "soylent green"? Fake alien invasion staged on TV?
Cash IS KING. Hookers take cash, migrant smugglers take cash, bartenders take cash... when the banks are locked down, everybody wants to take their cash. All roads lead to cash. Even gold and crypto. Cash is king. Don't believe Kiyosaki when he says "cash is trash".
yeah, usdc stable is the crypto cash equivalent. the blockfi saga has more to play out https://www.coindesk.com/business/2...unter-ftxs-blockfi-bailout-leaked-call-shows/ https://www.sec.gov/news/press-release/2022-26 3 arrows fraud https://twitter.com/OnTheBrinkCIV/status/1540535275927048196
How well can you trust the digital wallets (let them be software wallets or hardware wallets) like: Ledger, Atomic Wallet, Trezor. Can its infrastructure die down or could they somehow "bail in" your money if they want or if some dictatorship forces them to?
Probably will be alot more false flags, school shootings, fake diseases, orchestrated riots with cities burning and other scare tactics used in the near future. After scamvid and the lockdowns they know the sheeple are pretty easy to control through those means.
^ Za shipal are getting miseducated by fakestream media, Netflix, anti-social media. Politicians in the political reality shows (EU-US tandem) are pretty much alike: it's a huge Big Brother show. The show has been going on for a while, now it's ape-flix (monkeypox) and the WW 3.0 edition running in the introduction now. We're living on the planet of the apes. Proof enough that apes came from humans.
Matt Levine might be onto something here: " Mostly what I think is interesting here is that there is a story about crypto that says it is a reaction to the 2008 financial crisis. In this story, people lost confidence in the traditional banking system because it was opaque and overlevered; people thought their money was safe but then it turned out that their banks were putting their deposits into scary hedge funds and losing their money. People draw a line between Occupy Wall Street and crypto: Crypto, the theory goes, is a financial system that (1) does not rely on the evil legacy banks and (2) addresses some of the worst tendencies of those banks. For instance, crypto avoids fractional reserve banking: A Bitcoin is a Bitcoin, not the debt of some bank, so there is no buildup of leverage in the system as investors hunt for safe assets. Crypto avoids the opacity of traditional banks: Crypto transactions occur on an open transparent blockchain; there are no hidden obligations that can bring the system down. Crypto is decentralized and open; “code is law”; mistakes lead to failures, not bailouts. “The basic philosophical difference between the traditional financial system and the cryptocurrency system is that traditional finance is about the extension of credit, and crypto is not,” I wrote earlier this month. But the current crypto winter shows that this is amazingly untrue in practice. There is a ton of leverage and interconnection, and who owes what to whom is surprisingly opaque, and when it causes problems it is addressed by negotiated bailouts from large crypto players. Crypto has recreated the opaque, highly leveraged, bailout-prone traditional financial system of 2008. I don’t know what to make of that. Mostly I just want to say: What an accomplishment! Rebuilding the pre-2008 financial system is a weird achievement, but certainly a difficult one, and they went and did it. One other possible conclusion is that that system was somehow … “good” might not be the word, but “natural”? Like, something in the nature of finance, or in the nature of humans, tends toward embedding opaque leverage in financial systems? Crypto was a reaction against that tendency, but as time went on, that tendency crept into crypto too. "
matt levine is a traditional finance journalist that knows nothing about crypto. bitcoin creates a new block every ten minutes, it doesnt care about your traditional or new finance systems.
Yet, if it looks walks like a duck, looks like a duck and sounds like a duck... the point was not bitcoin, it's the current opaque and leveraged nature of defi where bitcoin, too, is used.
centralised finance bails out centralised finance, has nothing to do with crypto except that the centralised finance compaines held crypto assests, but why let the facts get in the way of taking cheap shots.
will 200 mil be enough? https://www.coindesk.com/business/2...-down-75m-of-alameda-revolver/?outputType=amp
The financial system wasnt rebuilt in 2008. It died and has been on life support since then and Bitcoin isn't the answer.
The banking sector of the financial system has been largely rebuilt with the introduction and wide scale adoption of the Basel III recommendations and is in a strong position. The investment side of the financial system has undergone quite radical changes as far as investor behaviour goes at an institutional level as fund managers have been forced to adopt different strategies to those that may have been the norm pre-GFC, but the profit motive remains and capitalists are like any other - lazy if they can get away with it. The economic system ie the monopoly over the issuance of currency hasn't changed, though the theory guiding monetary policy may have from what I've read. Fiscal policy is still a sham, but that's politics for you. Cryptocurrencies offer an alternative to both systems. If by life-support you are referring to monetary policy then you won't get any argument from me.
It died and has been on life support since then and Gold isn't the answer. Elaborate on why it would be.
