Not long ago I received an email from Wirex, saying that funds are safe and services are operating as usual as no current Wirex cards in the EEA are issued by Wirecard, which has filed for insolvency in Germany and had its operations shutdown in the UK, as almost 2 billion euros is "missing" in what appears to be an accounting fraud, with the Financial Conduct Authority investigating. It is because of these incidents that DeFi projects and services are going to become ever more important and popular and hopefully at some point, more accessible across the globe for users at every level.
After holding a Wirex card without using it once, mine got cancelled and I had to reapply to get a new one. I have this as a just in case scenario to spread a little of the risk of local bank reliance. While I haven't used crypto myself, I should probably start using it for something in order to support the shift away from firstly the centralized middlemen services and then from the centralized currencies themselves.
While many will argue about whether something is decentralized now or not, it is a silly argument, as it is such a large move that it isn't like flicking a switch and the changeover happens, it is a progression through incremental change that will be facilitated over time by all kinds of events and communities. I see it like cleaning up the environment, there is no instant remedy, it is a process of a bit at a time, where many people have to pull some of the weight.
The key to making the shift is participation and this has to happen at all levels from all kinds of perspectives. A lot of us are waiting for big players to lead the way, but in order for crypto to be an economy of the people rather than one designed to extract all it can from the people, it has to be driven and owned by us. That means that our participation isn't as enduser consumers, it is as leaders of industry itself.
This is where the value of the decentralized ownership model of Hive is apparent in my opinion, as it not only lowers the barriers of entry into investing to own enormously, it encourages active participation in the space that drives learning and financial literacy for every user plus, it provides a space for almost anyone to build solutions suited to local conditions and serve them directly to customers. Even at the base layer, the relationship between content and curation is a direct relationship and when transferring HIVE tokens, there is not only no middleman processor other than the blockchain itself, there are zero fees. Applications that can leverage and handle transfers at the payment layer so that purchases can be made without ever having access to funds are needed. For example, a proximity pay app that transfers directly from a Hive account into that of a vendor.
I think that crypto can revolutionize the way funds are distributed around the world as it leverages infrastructure that already exists through apps, while keeping funds safe, costs down and allowing even the smallest amounts of value to be transacted free of charge. The "free transactions" on Hive are a massive benefit for the infrastructure and should be talked about and innovated upon far more than they are.
What we can see in the tumultuous world today is that massive variances in economic outcomes causes conflicts - what a surprise. The system has been designed and refined to create these vast differences and then they leverage the conflict to drive the value ever upward to a decreasing amount of pockets. The system is very much broken and no matter what country one finds themselves in, it is only a matter of time until the weakness spreads.
The problem isn't the economics of the system, it works as intended - the problem is in the distribution conduits that work like a corkscrew water pump that draws value from the lower reaches continually upward, with the problem being that the system is so refined and effective that there is very little "trickle down" and eventually the well runs dry and the screw ceases to function. Everyone loses.
Distribution of resource matters and especially when it comes to "money" of any useful kind, as money is a marker of value that can be used to trade for goods and services that have real value. If the supply demands value for the trade and the those who demand hold no value, the economy doesn't function. In the past we would trade our own goods and service directly for those of others to fulfill our needs, then we would trade our skills for a monetary salary so we can buy goods and services of others - but due to technology, this is breaking too. It was always broken however, because we would trade our skills for a salary that was less than what our skills were actually earning - it is just that now with the continual drive of technology to create an ever more efficient and therefore profitable business model, the cracks are forming and widening ever faster.
So, the next step as I see it in the evolution of value is to create a hybrid approach where we return back to the direct trading model of goods and services for our needs, with currencies that we own. Not only that, we are able to pullback on the ownership of business models in a way that means that we are all owners of some kind and while there will still be differences in outcomes, there will be far more trickle and splash to many more economic participants. Not only that, due to a highly distributed ownership model, it will be nearly impossible for individual outcomes to get as imbalanced as they are now, as the entire community are owners and will self-regulate and challenge the distribution, without any being able to have a large amount of control over the distribution conduits.
While the system is broken, there is no clear solution and whatever is attempted will take a very long time to have a lasting affect, the future of the economy isn't bleak, it is exciting and for the first time in the history of our species, has the potential to start working for us to empower our creativity and secure a higher standard of life experience for most. However, it requires participation and support, not the reliance on a few to provide for the rest.
The economy isn't broken, the system is. Economy is like diet, it isn't something you go on and off, it is the everyday behaviors that affect our condition and depending on how we eat, it can support the improvement of our health or the degradation into illness. Currently, we are economically very sick - we can do better.
You have your keys - turn them and unlock the door to the future.
Taraz
[ Gen1: Hive ]
Posted Using LeoFinance
Imagine how easily that $2bn had been found if they had used a blockchain backend. Now it’s all literally in a black hole, mostly dependent on international transfers being registered and tracked.
Oh the simplicity and beauty of immutable ledgers.
This is why no large centralized organization will choose to do it. Governments should be forced by us to keep all accounting on a blockchain and, it should always balance to zero.
!ENGAGE 25
ENGAGEtokens.Nice text, @tarazkp.
I think that with each new day in the cryptocurrency world, I am more convinced that this special key is with me.
I don't know exactly what till take it all forward, but I do think that the more trying something, the better.
You are absolutely right, everything is in our hands. :)
Let's not drop the ball.
Follow the money. That is not easily done in today's economy. Which is a great advantage for some who used the system to cash in and get lost. The change will have to come from the people, the pressure on the governments from the people too. Question : how many people actually know what they want for their financial future, besides the old line "give me my retirement money"...
The system has been "refined" for this.
Exactly. Most people put so little thought into it, expecting someone else to provide in a system that incentivizes maximizing the individual.
I still see the biggest source of problem in the educational system. The mentality builds up from there. With major lacks in the brick wall. Like... Financial education. Well... That explains a lot happening now. Plant the right seeds and you'll get the world with the people of today.
I agree to the extent that they can do a better job, but as a parent myself, I take much more responsibility for the learning path of my daughter, than any teacher or institution. An institution wants to increase the average, not the skills of the individual.
I agree. As a parent the responsibility is yours mostly. And this is the way all the parents should think. It would be better long term, for themselves and for their kid(s).
"So, the next step as I see it in the evolution of value is to create a hybrid approach where we return back to the direct trading model of goods and services for our needs, with currencies that we own"
Oh how I long back for the bartering system of old. No middlemen and direct transfers.
Bartering with immutable accountability. Just think if a blockchain is applied for governmental transactions ;)
Surely it will come methinks?
Unless of course if they are corrupt and avoiding accountability.
They all are at some level, it is part of the institution. What we have to remember is that they work for us. While we work toward a better way, we should be voting in people who support that better way - officials who will drive transparency at least at the financial level. I find it incredible that we have a system that demands the government know exactly what I have and how I use it, but it is not reciprocated by the government that represents the people.
I cannot agree more with you.
But and there's always a but. Over here they go to the masses befofore the voting periods and they buy their votes by suddenly supplying them with food and other needs in the name of their political party.
Wonderful empty future promises are also made to the electorate.
Once in they then spend millions to buy votes from each other for key positions in the run of things!
This is exactly why we have to have a viable way to provide for ourselves - a hungry man can be bought cheap.
True. I don't know if you noticed that Papillon is apolitcal, areligious and totally independent. We have had overtures from the soothsayers to partner with them and at one time a party tried to have me removed. Luckily the community at the time had ears and some tongues reached my ears. Obviously the plan floundered and the main culprit avoids me like the plague to this day.
We can provide for ourselves and the plan should include the hungry masses.
2 billion euros is too much. A lot of complexities but i definiyrly agree with one thing
This is something i totally agree with. @chekohler rants about how faulty the system is everytime.. I must say the fate of developing country is questionable.
This is my goal on hive
It was 50% of what they should have had.
Apply your goal at the local level to increase participation and financial literacy :)
tarazkp, You act as a poet, but you actually look like a cold businessman. An Australian man who has lived in Europe for 20 years will always have to be a cold businessman to keep his family happy.
Australian handsome guy tarazkp has a warm heart but a cold brain. So, I like him. hahaha
You have a strange obsession with nationalities - personally, I don't cae much - just more imposed labels used to divide and conquer.
Friendly tarazkp, I've tried to talk to Europeans so far, but failed. Only one Australian, four Americans, and one Norwegian became my friends.
So, I thought you were my friend because you are not European.
I thought Europeans were exclusive to foreigners.
Europe is probably the most inclusive place in the world on average.
The handsome white male tarazkp would have been popular with European women, but i was ignored by Europeans.
Australians and Americans were kinder to Koreans.
On the hive blog, I made only one European friend. Hahaha
In general, a lot of crypto people don't care much about nationality, so focusing on it might be seen as a negative.
In my experience, personality matters more than nationality when it comes to human relationships. I have faced plenty of racism in my life, nearly always from people who "love their country". Nationalism breeds exclusion, so focusing on the nationalities of people will likely lead to exclusion.
tarazkp, you are right! Europeans who believe foreigners are stealing their jobs become racists.
I remember that Europeans slaughtered Jews who were white like Europeans.
European whites are racist with each other, and Mongolians like me will be more discriminated against.
My friend tarazkp, I hope you understand if I made a mistake because of language and cultural barriers.
I'm not good at English so you might have misunderstood my writing. I nicknamed my foreign friends, and I decided to call you a handsome Australian guy.
I'm calling you a handsome Australian guy to remember you better than to cling to your nationality.
I have to study English a lot.
You use it as a memory tool?
I remember being a handsome Australian guy with sunglasses and a warm smile.
I'm poor at English, so I hope you understand.
I would ideologically support using crypto as a means of payment for good or services, but I am too attached to my bitcoin as a long term investment rather than a means of exchange. However, I will happily work for crypto, write posts like here on Hive or anywhere my writing skills are appreciated. Or offer my skills as an astrologer, one of my numerous sources of income. Once it's in bitcoin I struggle to part with it. Maybe in two years at the peak of the current bull cycle, I will sell as near to the top as I can figure. However, if systems can be put in place where I can trade crypto directly for goods etc, then I can bypass the bank and fiat system altogether. Crypto debit cards are apparently available already, so that may be an option, as long as vendors and merchants accept them. With Paypal onboarding crypto now, that may be a way to use our bitcoin directly too.
What's your guess there, spectacular collapse or will we be able to salvage or will we be able to set something in time to avoid? :D
A series of collapses. There is so much power invested in that they will keep "recovering" it to milk us for all we are worth. What we should be doing is building a side by side economy owned by us that replaces the current system - each collapse, ours grows in usage and stability.
Are we not doing that already?
Yep :)