Tomorrow, the gas goes off in Finland. Well Gazprom stops pumping it into Finland and this is going to ahhh - not do too much over all. As Finnish energy doesn't use much gas, but it does use it for some industry purposes. Gasum, the Finnish state-owned gas company, will use alternate sources and has rented a "floating storage and regasification" vessel to maintain the supply required. The reason that Russia are closing the tap is, Gasum refused to pay for the gas in rubles, as demanded.
I think this is for the best.
You know, since there are meant to be sanctions and what not. It seems hypocritical to take money from private "oligarchs" but keep paying directly to the Russian government for services rendered.
The global economy is a mess.
Crypto is part of it.
While we can talk about the traditional and emerging economies as two separate systems, this is not actually try in practice, because there is a high degree of interrelatedness, since value flows both ways between and all of the participants of crypto are also entrenched in the traditional. No one is completely "crypto only" as even if they earn all of their income from crypto, it has to be translated into goods and services in the traditional economy - no matter what gateway you use.
You can't live off eating NFTs.
But, there is one thing reliable in the economy and that is, there is always money to be made by those who have the control and means, and those willing to take the risk. The global economy is deeply flawed from the average enduser perspective, which is why it crashes over and over. This is explained as "the way it has to be", but this is not true. It is this way by design and those with the control and means, have very little incentive to repair it.
The economy is numbers, impulses driving cogs and like clockwork, it crashes time and again, with each of these rises and falls being used to extract more from the bottom and push it up to the top. There is a very good reason why the rich get richer and few people are increasing the speed of their lead over the rest and that is, it is in the design.
This period will be no different.
Same as in 2008. Same as in the dotcom crash at the change of millennium, the early 90s, the energy crisis of the 70s... It goes on and on, over and over it plays out. And, corona and the conflict in Ukraine are going to be two more footnotes in history of economic turmoil.
What is happening through all of these is that the extraction through the form of "money" is created and that collected wealth is converted into assets that are not money. Money is concept only and has no value, but owning real estate, resources and companies that are producing in-demand goods isn't conceptual, as they are real, required, sought after.
We chase money - they trade it for what we own.
You don't even own the money, they do. They trade with us using something they have complete control over and can manipulate the value of, for something that they can't. They buy our business idea for a million and use it to generate 10 million more for themselves over the next 5 years. And even if the business they buy doesn't make money, the money they paid for it will eventually find its way back into their pockets where they can use it all over again for another venture.
As I write I had a thought I haven't had before:
The central banks are money laundering enterprises.
They print a currency and then wash it through the economy in order to legitimate its value by converting it into something solid. And everyone is okay with this because it is legalized by an authority - itself. It is like a drug dealer with an endless supply of heroin and the power to make its sale legal.
But, the current economy looks like it is in a cycle down, as if it is unexpected in an economy that is always in a cycle down, because it is a repetitive system of ups and downs. The people who benefit are the ones who have enough to weather the downwards action and have the resources to buy the dip to compound their holdings on the way back up the other side of the valley. At these times, countries take larger loans (future tax money) and use it to launder future money too, by buying the dip. The thing is that this isn't done on behalf of the people they take it from, it is to push more into that narrowing percentage at the top, speeding the expansion of the wealth gap.
When the others ide comes, people feel the relief of having survived, but still be worse off before it happened. It is setting a "new normal" with the normal being a degradation of living standards for the majority of people. Less opportunity, more hardship, higher rates of dissatisfaction.
Are you satisfied?
Something has to break. It always does. Normally, this economic breakage comes through wars that lead to a redistribution of wealth so that the cycle has enough energy to start again. But now, is that the case? Who is going to fight back when there is such a high degree of global alignment between the various groups with economic power?
We can't fight back with physical force, nor would most of us want to. But with economic force, it is possible. I wonder what would happen if for example, instead of people selling their startups to some conglomerate of investment firms for a billion dollars, they instead said -
A billion dollars worth of Bitcoin.
What if everyone demanded to be paid in crypto?
Sure, it isn't going to happen, but crunch the numbers.
At 44B, Twitter alone is worth 7% of the Bitcoin market cap.
If it is my company and I want to be paid in pinecones or grains of sand, that is my prerogative. It is a trade right? I should be free to receive whatever I feel is of equivalent value for what I own.
Of course, this doesn't work, does it?
How do the central banks launder their money, if no one is using their money?
Taraz
[ Gen1: Hive ]
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Yet. 😏
Edible NFTS!!! Now that’s something Michelin starred restaurants should look into!
It is all about conditioning the body!
It could happen that people demand to be paid in bitcoin. the adoption in the next 4 years is predicted to reach 1bn.
I suspect the billion might even come up faster.
are we still early enough?
I think so.
I think that's why all of the cryptos was bleeding last week. If they had been integrated into the economy somehow, if people had used them much more in daily life, they would have not fallen this much. This can't be done only with El Salvador, Honduras, etc.
I think cryptos have lost some trust in the world as many people lost their lifetime savings. However, I believe cryptos have future, buy the road is long...
Every cycle some people lose trust and their life savings, because they are the ones that probably shouldn't be in early adoption of an investment asset - any one can get involved, doesn't mean everyone should, especially with their life savings.
The whole idea is to make people more and more dependent on the government, and then the government scares the masses into keeping them in power, all the while stealing from the people who are actually productive in society so they can redistribute that wealth to the unproductive, who then must line the pockets of the ultra-rich with their monopolies on the essentials people need to live.
Thomas Jefferson predicted it and Woodrow Wilson bemoaned it when he put it in play. It's going to take a grass-roots uprising from within the United States to have any chance of moving the needle back in the direction of the people.
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I feel that the US is already lost to this in many ways, as the average American doesn't seem to realize that they are part of a much larger world. The US is far from independent from a resource perspective and the only way they could ensure it without cooperation from others, is through force. That doesn't really help people.
Money laundering is a huge problem and some banks have acknowledged this to be the case even within their own ranks. You are right though, all financial systems are engineered by someone and there has to be a gain to be made.
Just imagine what would happen if a company paid their staff in Crypto?
Terrified of losing gas! We’ve got a gas hob in our kitchen but if it came to the crunch we would swap it for an induction hob.
The largest volume of money laundering was from a US bank to the tune of 350 billion dollars worth.
Pretty much everyone is on electricity at home here -I don't know anyone on gas except for barbecues and occasionally at a summer place.
You are way more advanced than us then!!! lol
That’s a staggering volume of money. Especially when you think how laundering works, with multiple layers of transactions to try an conceal the criminal activity. Just goes to show how sophisticated it has become and every one of us could easily get caught up in it without having any idea.
The banks contribute to a lot of money laundering and it's far more than crypto. On crypto, everything can be traced so I think it's kind of dumb to use crypto to do the transactions.
If BTC or crypto was paid for work, I think things would change fast because companies would be willing to accept crypto. Then in this case, it means there is a way out of the current financial system.
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The US dollar is by far the most common currency for laundering - perhaps it should be banned ;D
Shifting to crypto payments does just that. Yes, upward pressure on demand, but also forcing companies into accepting it for their goods. Changes everything.
Yea and that is why I am interested in seeing how BTC evolves in El Salvador because they made BTC legal tender.
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IMO, The Finnish authorities should pay for whatever service they received from Russia, it is like a house using gas and paying for its bill to be cut out of the services.
Like internet took 20 years to emerge and found its way to be used by billions, blockchain market is slowly paving its economical influence into traditional market, yes it might take 20 more years, but this technology will emerge worlds demanding technology specially in FinTech sector.
There are contracts in place. If your gas company says we want money in euros, that is the contract. If they then say we want to be paid in sex with your wife - that breaks the contract. Changing the currency used needs to be renegotiated.
And yeah, the internet still hasn't made its full impact yet. Decentralization of currencies and economies is part of the potential still to be realized. A long way to go for sure.
It is an compliance issue rather what you call it a contract, another reason Finland also broke nonalignment agreement. But, I see it would bring a lot of economical pressure on Finland, Bulgaria, and Poland, not now but in winters, if they don't come into agreement with Russia on gas supply.
Dear @tarazkp , Finland's economic situation may worsen as China is backing Russia.
Countries with more resources, populations, and territories usually win wars.
https://en.wikipedia.org/wiki/Winter_War
In the case of the winter war, Finland won - it never became part of the USSR.
Dear @tarazkp, I remember that the territories containing Finland's most important ports became Soviet possession.
Oh, and regards to the ports, Finland builds the largest cruise ships in the world out of Turku, on the West coast.
Dear @tarazkp , You seem to be speaking like a Finnish now.😄
My family is here. I pay my taxes here.
Yeah, I agree with you!
Two areas. One contained a goldmine, the other some farming area.
Finland was an agricultural economy at the time, but post-war, it became a tertiary economy through education development and is now almost entirely filled with knowledge workers. The value of Finland is not in the land, trees or water - although these are valuable - it is in the people. Not so easy to hold that value after killing all the people.
I understand!
I was amazed at the fortitude of the Finns!
That may end up being the least of his worries, hopefully not, time will tell, we're etching closer to the truth.
I agree with you!
people in power always manipulate things to their favorite,that why they keep on getting Richer.
And the poor get stupider it seems.
crypto needs to do more and for it to be adopted by more people we need more stability. what happen with luna is unacceptable and we all felt the on the market but i know it is our saving grace from this bad system
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