Soon you'll be wiping your a$$ with U.S. Dollars. Or treating them equally poorly. Why?
Because only one person out of a million actually understands the financial system we're living in.
And schools (funded by government) won't explain money either, in fear of biting the hand that feeds. This means many people are unaware how their work is valued. Where their money goes. Or what happens when stimulus checks are printed. There's not enough understanding and way too much unawareness. But unawareness doesn't change reality.
And the reality is that unbacked, 'paper money' economies have always collapsed.
A quick search on 'hyperinflation' or 'fiat collapses' will give mountains of examples. Fiat (unbacked, centrally controlled) currencies always end up so worthless you can't even give them away. They end up being worth less than toilet-paper.
This is why cryptocurrency is making such a huge splash.
It's an alternative money-system that seems far less corruptible, far more fair, and far more robust than all previous money systems. Crypto is a new experiment, but it has the potential to free people from over-regulation, government greed, and banker's profiteering. And free people are the most productive.
Because any group's economy is based on the sincere creativity, productivity, and talent of its citizens, not how well its government manipulates them.
What are your thoughts?
P.S. Tagging a few who may have insights here: @nonameslefttouse , @mattclarke , @thoughts-in-time , @juanvegetarian , @finguru , @barge , @wil.metcalfe , @vikisecrets , @grampo , @pusen .
hey, tell me please, how you make red tittles ?
I know how to make big text like this. With adding ''##'' before the text.
But, how to make it red ?
And is that possible to chose other colors ?
As far as I know red is the only color possible.
It's done like this:
<div class="phishy">Write Something You Want To Be Red Here.</div>Hope that helps!🙏
😉
LeoFinance won't show "phishy red" text in either day mode or night mode. If another front end is used, though, the phishy red text will appear as intended.
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Printing money is only the first layer of inflation (taking of the value from holders without them realizing it). However, there are at least 7 main layers of inflation that allow those in power to steal value from unsuspecting public:
Bitcoin fixes much of this as long as people bypass custodial services.
I don't know if this is a layer or not, but there is also this effect:
The first people to receive the extra units of currency-- most likely The Banks and their favored partners-- can take advantage of yesterday's prices today. That's because it takes time for that money to become part of "the economy" we keep hearing about.
Once that extra money is integrated in "the economy," all other prices are affected. Same amount of goods, only now more money is out there: that's the textbook definition of inflation. Too much money chasing too few goods.
By the time those extra units of currency reach us, we're stuck having to pay higher prices and possibly higher fees.
Once again we discover the truth of of the adage, "it's expensive being poor."
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Yes, I totally agree, @grampo !
It's layers upon layers of scams and corruption, I was just aiming to keep my post short for a change, lol. Thanks so much for enumerating all these, very helpful input.
And good point about bypassing custodial services too. Thanks again for your insights here. 🙏
Good Sir, you $h!t us not, and welcome
to the #informationwar, #deepdivesЯ.
Crypto is to new for me to tell if it will
prevail over the alloy-based money,
it will be a wild ride, that's for sure.
Thank you so much! Yes, crypto is a new experiment, but it certainly has a lot going for it, and looks as if it will follow the same pattern as digitization of so many other industries.
Anyway, do you think it would be good to cross post this in #informationwar ? 🙏
Cryptocurrency will reign supreme provided 2 conditions are met:
Cryptocurrency needs to remain decentralized -- If it gets centralized either because the cryptos did it to themselves or because they were superceded by Central Bank Digital Currencies, then cryptocurrency as we know it is effectively useless;
Electricity keeps flowing -- When the electricity stops flowing and power is out for longer than a few days, cryprocurrency may as well end up in the ether or a black hole; this is why precious metals remain important in this context; even base metals such as copper and nickel would find use in a world without electricity.
As much as I like the potential of cryptocurrency and what it can offer us, we need to be ready for life wihout it.
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Yep, great points regarding decentralization and electricity dependency, and those will likely have to be maintained/solved for crypto to reign. That said, what are the chances so many other industries go digital (books, music, taxis, TV, retail, etc.), and somehow finance/cash remains analog? :)
Time will tell! 🙏
Sure, if you like! #informationwar and #deepdives are all about the news, politics, and the truth about money as if you can separate money from politics or the media, for that matter. It's more that, depending on who you ask (or what you watch), we don't always get an honest take when we turn on the news. Thus, sometimes, we need to report what it is that
WEare seeing. When you observe (or become) that kind of media where there are no ties to corporate sponsors, a lot of times, you'll notice it can be a bit more forthright, refreshing, and a change of pace! For a long time now, the mainstream news media has had a veritable monopoly on information dissemination. Hell, I remember when CNN was a somewhat trusted name. But we're living in different times today, and if you want to see more accuracy in media, you can always start showing and sharing with people your take and research on the various things and stuff. I've written to these tags for a while and avidly read some of the content people are posting. MSM will show you what to think, while critical thinking in conjunction with independent authors and reporting will teach people how.🙏
P.S. The one thing MSM hates even more than being called fake news is (decentralized) competition.
That makes a lot of sense. Finance looks to be changing, and media is one of the last industries to be changed, transformed, or evolved. I've never really been shy speaking 'my truth' but it would be nice to find more accurate media, or at least more widely varied perspectives, and I'm a huge fan of critical thinking. I'll give it a shot. I just subbed and cross-posted for the first time ever to /C/InformationWar. It'd be cool for blockchain tech to revolutionize media too. Fingers crossed, and thanks again! 🙏
In other news, it looks like HIVE has worked out the kinks on the HBD and it is stabilized to the US dollar.
Sadly, the CENT is also pegged to the USD.
Interesting, I know they've been doing a lot of work to get HBD stable. I guess we'll see how this all plays out as time goes on, thanks for sharing your input! 🙏
Many people do their calculations in USD. For example, CoinGecko reports the price of HIVE in USD. Many applications draw the price of HIVE from Coin Gecko. As the USD becomes less stable, all of the calculations that people have been doing will become unstable as well.
HIVE does its calculations in VESTS. However, it displays the rewards based on the consensus USD value of a vest. A destabilized dollar will throw these calculations off. So, as the administration replicates the Venezuelan economic model in the US, we could unexpected repercussions in HIVE.
That is an excellent observation and point. When something is as prevalent and entrenched as the US Dollar has been, it's disruption or destabilization tends to have far-reaching and unexpected results. I imagine we'll see them during our lifetime. 🙏
I only partially understand the enthusiasm regarding cryptocurrency, because each thing can also be used and valued differently. To see or look for salvation in cryptocurrency is, in my opinion, exaggerated, as well as too one-sided. As has already been mentioned here, the point of decentralisation is to shift banking control to those who program the code and run the servers. This means that control and centrality still exist, just through other actors. Currencies, as long as they are under the sovereignty of a few actors, are under their control. In my view, people becoming more independent of currencies instead of more dependent is the more attractive variant, not that they slip from paper money or fiat currency dependency into cryptocurrency dependency. In my view, that would be exchanging the devil with the Beelzebub. But alternative or cryptocurrencies could probably be seen as a bridge solution, as a kind of learning field for people who have never thought about these things before. To understand that, for example, a village can accept its own currency alongside the official euro without anyone else being involved is too little known in the mainstream. There have been attempts to implement such things in the local economy, but they have always been very small and unknown activities that have not made it into mainstream knowledge.
In order to reduce the total dependence on currencies, I don't think it is possible to simply replace them with a new digital currency.
What is the difference? Whether I depend on fiat money or cryptocurrency, both require that I maintain an account and that the electricity flows. Neither makes me active or alternative in any way other than what is currently the case. But we all know at the same time, without having any knowledge at all about crypto or money transactions, that living in an externally supplied society will not change much, no matter what currency we have.
The question would be: What things can be traded without a money transfer? Where do barter transactions take place without a common currency payment? I have more questions than answers.
I agree, and you make many great points here. Thank you for offering your insights. The only thing I can offer is a parallel to Adolf Hitler. He 'centralized' power so much in a way that the rest of the world 'woke up' and 'took notice', so other nations united and agreed this type of power centralization should 'never happen again.' Because of this strong agreement between much of the globe, they have indeed maintained a certain degree of decentralization and another Hitler has not be able to sprout up.
A similar thing appears to be happening with crypto. The world's coders have woken up, noticed the banks/govts. power-centralizations, and banded together, for the most part agreeing that this type of financial centralization should 'never happen again.' Because of their passion for a certain degree of decentralization, it may play out similarly to my earlier example.
But... even if it doesn't, as you've certainly pointed out is possible, the pattern remains that all industries are going digital (books->ebooks, records->MP3s, taxis->Uber, etc.), and it seems pretty silly for cash to turn around and revert to analog now that crypto is here. So it's easy to understand the enthusiasm simply from that perspective --all power-centralization issues aside-- as far as I can tell. Either way, only time will tell. Thanks again for your comment and wishing you a great day. 🙏
Thank you.
What we live and see today is what began before our times, is, what I think. Power centralization seems to be something people at all times were very involved with and will continue to do so. Hitler was not alone, as far as my common sense has developed, I guess he hit the right people under the right circumstances, means, he met an openness to his ideas, not only in Germany but got supported through other regimes at that time. War in this dimension would be impossible, were there not also powerful other actors on the field. Before Germany was "saved" from dictatorship those foreign nations and their leaders had sympathy towards Hitler.
I think you cannot put centralization aside :) It plays always a role, in one way or the other. But I don't want to misunderstand you deliberately, So I guess, what you may mean is to live ones life and try to not copying the power game. It's very hard though to see ones owns flaws and tendencies when it comes to dominate others without noticing it.
With all that said, I am convinced there is no "one" solution and seeing it that way, like I often observe it with people, I find wrong. It's the differences, the variety in how people trade and treat each other, the differences in mental and material means which keep a sphere alive and abundant.
You too, have a good day. Sincere greetings.
Yes, you are correct. I explain power centralization in-depth in my Power & Censorship article, if you're interested.
I'm not sure if my comment above was understood clearly by you, because I most definitely was not putting centralization aside, in fact, in my Power & Censorship article I explain why it will always exist. I was saying that when centralization gets to be too much, or reaches a critical mass, as was the case with Hitler, everyone else stands up and puts a stop to it, which may happen in the financial world due to crypto, achieving a certain degree of decentralization of the United States long-held financial power.
I also never suggested there was "one" solution. I'm wondering if I'm expressing myself poorly or unclearly? Is there some misunderstanding? Have I communicated incorrectly? I apologize if so.
I totally agree. Wishing you a great day and sincere greetings as well!🙏
I was referring to your answer here:
That's why I said you cannot put it aside, really :)
When I said "one solution", I named my observations with people who do that. I didn't mean you in particular.
In your text about Bitcoin you wrote
How is it meant? It's confusing me, for it sounds that if somehow you may welcome a worlds leading currency? I stumble in almost all articles about the "world"-term which make use of it and admit that I detest it.
I think people tend to welcome union more than differences. I find that to one sided. Differences are the salt of our existence and planet Earth's.
Can you name anything which is hundred percent similar to something else? I can't. I thought long of it but I cannot pick anything which is equally alike to some thing other. Which is why it's "other". lol.
That dictatorship was hindered to continue ... I think of it as self-destructive. Those oppressions cannot last too long of a time, totalitarian and oppressive regimes destroy what they claim to fix. I heard an interesting speech about totalitarianism - which does not appear cruel and brutal but benevolent and nice. At least, with a dictator he and his buddies can be seen in full light. With totalitarian regimes it's less easy, is what was talked about in this conversation. I agree with that.
So the financial power you talk about and which you also refer in your bitcoin article is not that obvious for the average working people. I agree on that. To put an end to the current financial system does not occur to people, for they think that's without alternatives. I welcome alternatives, that's why I came here.
So far, it seems, we are having the same problems inside like outside. It's interesting to read the debates on that topic and I like the engagement people put into it. Hopefully one can take something back into his offline-life.
Greetings!
Thank you for explaining! :)
"All (blank) aside" doesn't literally mean 'put (blank) aside', it's a figure of speech that means 'regardless of' or 'despite.'
So, "all centralization issues aside" actually means... "despite centralization issues," the enthusiasm is understandable due the reasons I outlined...
The meaning is that throughout history, there has always been one currency that is 'leading.' There's always one currency that is more popular than the others. All currencies are never 'equal' across the board. There must always be a 'leader', and crypto has the potential to become such a leading currency. Time will tell.
Everything has similarites. Everything has differences. Our focus decides which aspects we focus on, commonalities or differences.
I agree, and thank you for contributing to it with your input and engagement. Wishing you a great day, greetings! 🙏
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I'm very grateful, voted! 🙏
Well the US dollar won't fall until the rest of the fiat systems crashes. I do agree that its not looking well right now due to the circumstances and how the government is acting.
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Ayyy thanks for commenting (your engagement is so impressive, tbh).
And yeah, it'll probably be a longer timeframe than 'soon', but there are massive parallels to the other fiat collapses of the past and the government hasn't made any inspiring or revolutionary decisions that would alter this course. 🙏
I LOVE being free. I love the feeling of being free. And I'd love to see crypto explode and replace fiat currency for sure. Great post. And I learned quite a bit these last few days helping You edit (not this one well this one too but the big one You wrote for The Bitcoin Manual) ❤️❤️❤️
Totally agreed. Freedom is an incredible feeling, and evolving towards a better financial system is likely to create a lot of that feeling. And yes, I may post that full article here as well, ty! 🙏
I hope you're going to post that full article, it's so good! I learned so much. 🙏🙏🙏
I'm considering it. Was trying to give TBM a chance to run with it first. :)
Fair play. Well either way I loved it. Thank You ❤️❤️❤️
🙌😁🙏
NO FIAT, NO PROBLEM.
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lmao, so good dude, lol! 🙏
Fiat nowadays only seems as good as the food, weed/cigs and dogfood it can get me in the moment. I have no fiat savings and feel sorry for those that have nothing but. My assets are what I have in crypto and my own, personal and practical skills. I have faith in both providing for my needs in the medium to long term.
As for fiat - it seems to be heading for that time again when a wheelbarrow fulla dolla is gona be required to buy a loaf of bread. I have my museum exhibits :)
Understandable, as it certainly seems to be approaching such a level, lol. And even though my skills aren't primarily 'survive-in-the-wild' ones, I also have immense faith in my own personal and practical skills to carry me through whatever comes. I also love that post about mental & emotional 'financial security.' This is a hugely overlooked super-power that could help many were they to discover and practice it.
Indeed, I'm not positive, but I believe Egypt is raising bread prices already. 🙏
There are 2 ways students will learn the necessary lessons about money:
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Interesting points @magnacarta !
Interestingly there's been a significant increase in #1 (and not only due to covid, I'd wager.)
And #2 has sort of been an option too, not that many parents choose to have their child apprentice or learn a trade or start a side hustle.
I guess we'll see how things play out in the future! :) 🙏
Well I gotta say! I liked looking at all of those failed fiat currencies you had laid out there so nicely Jay.
Why? Because it's a good reminder of where we came from and quite obviously where we are headed.
Your finishing statement though... Well that was the one that stuck!
This current form of "money" is so convoluted that it is quite clearly meant to take advantage of the unsuspecting.
Money should free the individual. It should make society better. It should flourish innovation and new ways to solve problems...
And so when it does none to little of those things... When it is really an infrastructure to keep the status quo the status quo...
It can be seen as nothing more than a system of slavery.
And slaves can do little to nothing to construct a sincere creative, productive, and talented response to the UPcoming problems that will need to be solved in the near future.
No... When money itself becomes the biggest problem... Then you know that you have problems indeed.
@wil.metcalfe
Glad you appreciate it, Wil.
Yep, past direction, current direction, and future direction of our journey isn't too tricky to see.
And yes, money was initially created to empower people to create a better world. But like many things, we have allowed it to be corrupted and bloated and degraded.
But all it takes is one person, a Gandhi, an MLK, perhaps even a 'Satoshi Nakamoto', to change the world. 🙏
I think bad times with bad leaders naturally produces these sorts of enlightened people don’t you? Necessity makes meaningful things happen to those who want to be relevant.
Yep, I believe the pattern usually goes like this:
Weak Men create Bad Times.
Bad Times create Strong Men.
Strong Men create Good Times.
Good Times create Weak Men.
*repeat :) 🙏
I wonder if there ever going to be a way for humanity to get off this oscillating ride of human madness? If not then our society’s and infrastructures need to be more resilient. Another reason for adopting Bitcoin and other blockchain use cases.
Well, it's an interesting question, and anything's possible.
That said, the universe is setup for these kinds of cycles. And looking at dualities in particular (dark/light, fear/love, weak/strong), these are things humanity adores, whether they admit it or not. So efforts to abolish something that everyone* secretly loves (dualities) rarely works. :) 🙏
*(literally every single human, you won't find a human who really, truly wants to get rid of light/dark or weak/strong)
💛 Best response ever.
I read it twice... and then decided to screen capture it.
This is a very sound answer and I believe your are right Jay.
You certainly have done your soul searching... ☯️
I probably won't be using dollars to wipe my a$$ but appreciate the hyperbole. Economics isn't my strongest subject but I know enough about it to understand how impactful the rise of cryptocurrency will have in our country once it gets going and more people get into it.
And that boom-bust cycle is how long, every 10 years or so? With the help of extraordinary circumstances, hyperinflation sets in and overpowers the safety nets set in place by central banks to maintain a certain balance, which of course favors segments of the economy.
That said, I think it is still a long way to go before crypto goes mainstream and overtakes fiat. But, then again, what do I know. I'm just riding the early bird discounts of investing in crypto. :)
!LUV the "short" post. I got to finish reading making a comment in a few minutes. lol
@ryzeonline, you've been given LUV from @juanvegetarian.
Check the LUV in your H-E wallet. (1/3)
🙏
Totally understandable, and I'm glad the impact of crypto's rise is clear to you.
I'm not sure, but I believe the boom-bust cycle relates to the current average human life-span, since these things and systems seem to change 'generationally.' I could be wrong though. There may be some nuances worth discussing there, but your overall summary has the gist of it.
It may be a long way to go, but these things often have an exponential curve, meaning it appears slow for a time, then suddenly ramps up massively in speed. Similar to how smartphones were adopted. It seemed slow... until it wasn't. Anyway, regardless off adoption-speed, yes, may we all benefit from the early-bird discounts.
(P.S. Thanks for the LUV and the encouragement of my 'short' post, it was an experiment, perhaps I'll keep it up, lol.) 🙏
While I went to college for Construction Management, one of the required courses was a basic economics course. I still remember the aging professor (who is almost certainly not alive anymore) and how he would on an almost daily basis attack the Federal Reserve's meddling in currency values and how it is all very predictable what they are going to do. I know that they say that a lot of college professors are trying to indoctrinate their students, but this particular "indoctrination" was very welcome in my educational experience.
Digital currency is not going anywhere, no matter how much they try to regulate it. I'm happy to be on board.
Thank you for sharing this inspiring story!
I don't believe the majority of today's teachers are ill-intention or aiming to indoctrinate, I simply think they grew up in a system of indoctrination, and inadvertently pass that doctrine on to students.
Sounds like a blessing that you had such a sincere, understanding teacher. Hopefully we'll have more of that going forward.
And yeah, digital currency is only going to grow, just as digitization of other industries has done, and I'm happy to be on board too. Thanks again for your insights! 🙏
One of the sources cited of a book I'm reading called "The Economics of Inflation" states: "Experience seems to show that the unit of currency falls to zero long before the supply of the currency reaches infinity.”
Thanks so much for sharing this, that's a great line and makes me interested in the book, lol. 🙏
you, as everyone else on this planet, depend on electricity. before relying blindly on cryptocurrency, you should be sure to:
If you don't have these things, your cryptocurrency is hanging by a very thin thread that can break at any time without you being able to do anything.
All it takes is a political deal, an environmental disaster, a terrorist/hacker attack on energy facilities, to devalue your cryptocurrency so much that its market will be worthless.
More importantly, you'll pay sky-high fees for exchanging it into fiat, assuming governments don't ban it altogether.
Either you control the decisions of banking institutions or you can't do much.
MY OPINION.
EDIT:
the last Overshoot Day (July 29) showed us that we are running out of resources. it would take 5 planet Earth to restore the order of things for all inhabitants with current consumption.
we are losing out to nature.
I believe that cryptocurrency is the very last of the games we can rely on.
Yes! I agree for the most part, this post isn't to say that crypto will magically solve human nature or anything, merely to point out that it's the newest and most unique financial system in a long time, and that like all other industries, finance will likely 'go digital.'
Thanks for adding your insights and clarity here. 🙏
yes, I also think that the movement towards digital is more "handy" for everyone, but its fragility is no longer limited to small circumscribed events.
nowadays an attack or a decision can have a thousand repercussions and affect a large part of the population.
I think that to "uniform" everything, to "standardize" everything... is more dangerous if a "problem" happens.
I agree, and that 'handiness' is almost inevitable to be embraced, as with other industries. There are upsides and downsides to everything, including uniform standardization, so I agree with you regarding that as well. Thanks again for bringing all this up. 🙏
I'd say I'm glad the past is behind us and people are wising up. But only some people; I won't say much more.
Agreed. And lol... how ominous. :) 🙏
Dude. When it comes to crypto, I've seen some shit in my day.
People are wising up. Others are still doing the same moves. Those moves; they only help the people moving.
Heh, I believe it man. And I totally agree. Some are wising up, some are repeating narrow-minded moves. Guess we'll see how it all plays out in time. :) 🙏
2035 is my prediction!
Crypto will prevail!
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Interesting prediction, I like it! :) 🙏
Always appreciated, thank you kindly! 🙏
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I never thought that a currency could ever fail before entering the crypto world.
Sure, crypto does teach you a lot of financial lessons. Inflation, investing, trading, holding.
Getting involved in crypto is like doing a mini MBA with a bit of technology.😀
Crypto is a major eye-opener for a lot of people, me included, and it inspired me to dig a lot deeper into financial education. Mini-MBA is a great description, thanks for sharing! 🙏