Not sure what the question is. I don't seek to undermine any government currency. I like my government's money and want to use it to have a better life. That includes owning a stake in the financial networks of the future. I also trade my government's money for food and foreign goods, including food and goods from China. I trade my gover…
Not sure what the question is. I don't seek to undermine any government currency. I like my government's money and want to use it to have a better life. That includes owning a stake in the financial networks of the future. I also trade my government's money for food and foreign goods, including food and goods from China. I trade my government's money for a lot of things.
"Our goal? Trade our government’s money for a stake in the financial networks of the future."
True, it doesn't state that the project is to "undermine USD, EU, etc". But I have to assume you are an informed denizen of the space and are familiar with the more explicit versions of moving to "the financial networks of the future": undermine the dollar reserve system the world runs on. Never mind it has resulted in more people lifting themselves out of poverty and underdevelopment than in any other era of history.
Maybe you could be more explicit of about your view of the future/future networks. Does it envision the (however imperfect) capabilities of the World Bank, IMF, WTO, BIS, SWIFT, etc.? Will it largely be driven by the Western Liberal Democracies and their views and principles?
Money is not just money. Money is power. If you propose creating power (money) that is beyond the reach of control by the liberal democratic order, where will the power shift?
I can't believe you have not given any thought to this, I hope.
I thought about it but it’s just too many variables to consider. There are so many nuances that are beyond my capacity to explore in a thoughtful way. It’s also way beyond the scope of this article. There’s no reason any of those institutions can’t adapt, survive, and flourish. I guess it’s really up to them to decide how they want to navigate this new world, where protocols move money and communities can build all the instruments of finance without depending on any government or international organization.
So many nuances beyond your capacity? It is frankly astonishing that someone with your background to make such a step back yet be so otherwise “unimpaired” to write this piece. Oh well. The money’s good and that’s what really matters in this space and time.
I still don’t understand the question or the promise. This is an article about traders. I didn’t step forward or back, I didn’t step at all. You’re asking about a different topic and one that I am not writing about, haven’t wrote about, and probably won’t write about. Can you write an article about the impact of cryptocurrency on international financial institutions and the modern Western monetary system? Then we can have a conversation about it.
Or...you could read Matt Levine... He has great stuff on the nonsense world of crypto. But also the somewhat less nefarious ordinary world of investing.
I have a lot of writing on almost every facet of the crypto world that makes clear what is happening. But here’s a quickie intro:
Until China suppressed mining on its territory, it accounted for almost 70% of the hash rates for both BTC and ETH. China still has 97% of the ASIC, rig and mining operations technology production and sales. Before China pulled out of controlling mining, I pointed out what might happen if the private and institutional holdings in the USA grew much more the Chinese could just pull the plug on all this supply and create havoc in our financial system.
But that changed. China finally enforced the laws that were on their books for the last 5 years and suppressed all crypto transaction for Chinese citizens and then suppressed the mining. The latter largely was done because it was a wasteful drain on their electrical supply which was more needed for the leverage on more essential goods for export. Now China has the Digital Renminbi and is moving all the Belt and Road debt and payments to it and exiting use of the USD.
Russia, as we all know, is the world’s center for Ransomware and Kompromat. This is all entirely driven off of crypto. Similarly, every transaction on the DarkWeb (I can help you visit and navigate if you like) and larger and larger transactions for “blood” resources are moving entirely to crypto. Large illegal transactions for oil in Africa are now almost entirely transacted in crypto.
There are a handful of “whales’ that have somewhere between 15% and 20% of BTC. ETH is another interesting can of worms, but that is for another learning session. This is an acute tail-wag-of-dog that if you really are a numerate crypto trader, you can observe the effects.
As for crypto’s impact on international financial institutions, etc…. I am certainly hoping you understand what the World Bank, IMF, BIS, SWIFT, and the individual regulatory agencies in the western liberal democracies do. I also have to hope that you have some sense of what your fellow crypto-fans give as a reason for promoting crypto and the similar ones that were advanced by the CypherPunks and “Satoshi” him/her-self: It is all about disintermediating the aforementioned infrastructure.
Both Russia and China are at the head of a movement of kleptocrats, oligarchs, authoritarian and other such to undermine the control of the dollar and the aforementioned financial and regulatory infrastructure. China has it “digital renmin bi” DRMB and Belt and Road. Russia is less sophisticated, but is also moving to de-couple from the dollar, etc. There is interesting chatter out on corners of the darknet about what it is planning to do next in the light of Ukraine.
You can read what I have written on Medium to better understand what is going on. Scott Galloway’s writings, among others, too: https://medium.com/@profgalloway
Not sure what the question is. I don't seek to undermine any government currency. I like my government's money and want to use it to have a better life. That includes owning a stake in the financial networks of the future. I also trade my government's money for food and foreign goods, including food and goods from China. I trade my government's money for a lot of things.
Can you explain your response a little more?
Maybe you missed this quote in your writing:
"Our goal? Trade our government’s money for a stake in the financial networks of the future."
True, it doesn't state that the project is to "undermine USD, EU, etc". But I have to assume you are an informed denizen of the space and are familiar with the more explicit versions of moving to "the financial networks of the future": undermine the dollar reserve system the world runs on. Never mind it has resulted in more people lifting themselves out of poverty and underdevelopment than in any other era of history.
Maybe you could be more explicit of about your view of the future/future networks. Does it envision the (however imperfect) capabilities of the World Bank, IMF, WTO, BIS, SWIFT, etc.? Will it largely be driven by the Western Liberal Democracies and their views and principles?
Money is not just money. Money is power. If you propose creating power (money) that is beyond the reach of control by the liberal democratic order, where will the power shift?
I can't believe you have not given any thought to this, I hope.
I thought about it but it’s just too many variables to consider. There are so many nuances that are beyond my capacity to explore in a thoughtful way. It’s also way beyond the scope of this article. There’s no reason any of those institutions can’t adapt, survive, and flourish. I guess it’s really up to them to decide how they want to navigate this new world, where protocols move money and communities can build all the instruments of finance without depending on any government or international organization.
So many nuances beyond your capacity? It is frankly astonishing that someone with your background to make such a step back yet be so otherwise “unimpaired” to write this piece. Oh well. The money’s good and that’s what really matters in this space and time.
I still don’t understand the question or the promise. This is an article about traders. I didn’t step forward or back, I didn’t step at all. You’re asking about a different topic and one that I am not writing about, haven’t wrote about, and probably won’t write about. Can you write an article about the impact of cryptocurrency on international financial institutions and the modern Western monetary system? Then we can have a conversation about it.
Or...you could read Matt Levine... He has great stuff on the nonsense world of crypto. But also the somewhat less nefarious ordinary world of investing.
I have a lot of writing on almost every facet of the crypto world that makes clear what is happening. But here’s a quickie intro:
Until China suppressed mining on its territory, it accounted for almost 70% of the hash rates for both BTC and ETH. China still has 97% of the ASIC, rig and mining operations technology production and sales. Before China pulled out of controlling mining, I pointed out what might happen if the private and institutional holdings in the USA grew much more the Chinese could just pull the plug on all this supply and create havoc in our financial system.
But that changed. China finally enforced the laws that were on their books for the last 5 years and suppressed all crypto transaction for Chinese citizens and then suppressed the mining. The latter largely was done because it was a wasteful drain on their electrical supply which was more needed for the leverage on more essential goods for export. Now China has the Digital Renminbi and is moving all the Belt and Road debt and payments to it and exiting use of the USD.
Russia, as we all know, is the world’s center for Ransomware and Kompromat. This is all entirely driven off of crypto. Similarly, every transaction on the DarkWeb (I can help you visit and navigate if you like) and larger and larger transactions for “blood” resources are moving entirely to crypto. Large illegal transactions for oil in Africa are now almost entirely transacted in crypto.
There are a handful of “whales’ that have somewhere between 15% and 20% of BTC. ETH is another interesting can of worms, but that is for another learning session. This is an acute tail-wag-of-dog that if you really are a numerate crypto trader, you can observe the effects.
As for crypto’s impact on international financial institutions, etc…. I am certainly hoping you understand what the World Bank, IMF, BIS, SWIFT, and the individual regulatory agencies in the western liberal democracies do. I also have to hope that you have some sense of what your fellow crypto-fans give as a reason for promoting crypto and the similar ones that were advanced by the CypherPunks and “Satoshi” him/her-self: It is all about disintermediating the aforementioned infrastructure.
Both Russia and China are at the head of a movement of kleptocrats, oligarchs, authoritarian and other such to undermine the control of the dollar and the aforementioned financial and regulatory infrastructure. China has it “digital renmin bi” DRMB and Belt and Road. Russia is less sophisticated, but is also moving to de-couple from the dollar, etc. There is interesting chatter out on corners of the darknet about what it is planning to do next in the light of Ukraine.
You can read what I have written on Medium to better understand what is going on. Scott Galloway’s writings, among others, too: https://medium.com/@profgalloway