So it's finally happening...
We've been talking about this moment in history for damn near 5 years (maybe longer for some of you). After the 2008 crisis was "fixed" everyone knew that the next one was going to be so so much worse. We are on the cusp of that moment right now, and yet the world still hangs in disbelief that it will actually happen. Believe it.
You know what the biggest difference was between the actual Titanic sinking and the current state of the legacy economy? The captain of the Titanic knew for a mathematical fact that the ship was going to sink within a couple of hours. Professional economists? Not so much.
The people in charge of our legacy system...
Yeah... they think the ship can be saved. All they need to do is order all the passengers to pick up a bucket and keep bailing out the water back into the ocean. Yeah... yep... totally... that's going to solve it.
This is totally going to work I can feel it!
This happens every time the banking sector collapses; usually within developing nations. The corrupt government cuts off all escape from the system and forces the general population to bailout their mistakes. No one goes to jail; no one is held accountable. These things happen.
Just look at Nigeria.
If you want to convert Naira to USD the premium required to do so is insane. I'm having trouble finding the exact number right now but it's got to be at least a 30% tax. That's 30% of your value you lose instantly if you convert Naira to USD as a Nigerian citizen. This is absolutely unacceptable, and this corruption is allowed to continue unabated.
The same thing is done in India as well.
Notice a pattern here? Countries that have notoriously corrupted and failed banking practices tend to HATE crypto and do everything in their power to stop their citizens from using it. This is why I chuckle when people say it will be banned in USA. Not only would that be political suicide but also we already have the blueprint from China, India, Nigeria, and more: crypto can not be banned and if you ban it it becomes even more valuable and desirable.
This Andreas Antonopoulos video is timeless.
Yeah sure he's a huge dork and the analogy might be a little cringe at times, but honestly it all adds up in the end. This video was streamed 2 years ago and it's truer now than it was back then. The fiat cruisers are tilting at 10% and the captain is telling everyone we're all good. Just keep bailing out and everything will be fine.
The real reason I wrote this post was this tweet.
My spider senses were really tingling with this one. We all know Europe is on the brink of complete systemic collapse, and they know it as well. They are looking to cut off the population from all the exits while the economy burns to the ground. Don't worry Europeans, your sacrifice will be honored by the ones who exploit it.
What happens when you ban drugs anyway?
Black markets happen. Drugs that would otherwise be sold for pennies on the dollar are suddenly jacked up to prices that people are willing to kill over. On top of this the threat of having our freedom taken away by the long dick of the law makes the population even more desperate and willing to kill or otherwise break the rules over their chosen line of work.
Lower supply: higher price
So many people in crypto seem to think if it gets banned everyone in crypto is going to exit and tank the price... it's actually the opposite. Just like with drugs. Cut off the supplier and people who want to enter the system need to pay a massive premium to get in. That's the cost of doing business. Higher risk higher reward.
Because drugs have zero utility other than coping with how fucked up the world is... this HEAVILY implies that the crypto black market would be a thousand times more insane than anything the drug mafia has to offer. Imagine unfiltered AI. Imagine communities building bombs from soap and 3D printing fully automatic weapons. Imagine encrypted communications and surveillance against the surveillance state. I really can't express how easily it is for this situation to escalate to absolutely absurd levels. Poke the bear and see what happens. Crypto is a teddy-bear today. Keep poking it and it will evolve into a grizzly.
Most people don't believe something like this can happen. Yeah, talk to me again after you've survived food-shortage riots, 15 minute cities, martial law, and the complete systemic failure of the banking system. Everyone likes to repeat things like, "you will own nothing and you will be happy," without having a clue as to what it would take to get to that moment. Take a beat to think about it. Think about how much fucked up shit has to happen from now until 2030 for you to "own nothing and be happy", then realize the things that I'm saying have a non-zero chance of happening.
I don't want to be an alarmist or anything... but truly time is speeding up and shit is getting real quite fast. Crypto has always been designed to be a lifeboat and a hedge against the exact moment that is happening right now... but I fear that governments all around the world are going to scare you out of your own lifeboat at the absolute worst possible moment. Don't let the psychic vampire get into your head. Sometimes being a deer in headlights is the correct answer for survival. That's why the deer freeze in the first place. Don't be the one that runs and lets a pack of wolves give chase. Piss or get off the pot.
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Never be a nocoiner is even more relevant today than ever.
For the same reason, I have stopped taking money out of crypto. Never taken a single penny for ages. In India, we not only have 30% tax but also 1% TDS (another tax) on every damn transaction. It sucks. Last year when they decided to do this, the exchange volumes plunged by 90% within a day.
And in the subsequent weeks, several exchanges were shut down or moved their business out of India.
Our countries are not crypto-friendly yet we & other developing countries are huge contributors to the crypto talent pool worldwide.
So what’s your long term plans with your crypto stack?
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Bro I am going to stack more than I spend for 10 years. And then spend the crypto my big ass stack makes xD
You’d leave India?
Sure. If I have to.
Ehm you missed Venezuela, https://cointelegraph.com/news/venezuelans-reportedly-hit-by-new-bitcoin-tax-of-up-to-20 20% bitcoin tax currently.
Besides, if you change crypto to USD they tax you an additional 5%, and when you change it to bolivares they tax you a 16% again. Meaning about closely to 40% complete tax. Nonsense, Right? I show you LATAM corruption xD
LOL I will never complain about <1% I pay to get crypto into my back account ever again...
That is just absurd.
The worse part is that they refuse to up the salary of the teachers and there is a nationwide strike on it, teachers in my country are currently earning about 500 bolos, something like $20 usd, for a month payment, and a bus ride cost 0.5 usd. They literally can't afford to get to work, so they are either quitting or telling the gov to go fuck themselves. Btw, the opposition is the one that handles the public fund for the teaching :X so they are both dirty as Duck. Dont complain over a 1% tax, that is nothing.
That brings a whole new meaning to what a Hive post's rewards could do...
Why do you think that so many venezolains and cubans are on hive? I earn more on hive that what I do on my day job :P At the same time it also motivates me to do the best posts I can, making every post the very best I can.
I hope it also motivates you to save, invest, and build your Hive account :) It's a real chance at something huge 🙌
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Banks have been aggressively FUDing crypto for so long they have psy-op'd the public into being suspect of anything blockchain related.
Granted, there have been many scams and failures in the last 14 years but which business realm doesn't have massive failures in order to see a few successes? Crypto is no different with only a very few projects actually creating value.
Absolutely brilliant post. I hope everyone on Hive reads it and beyond.
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I'm not running! I just hope things wait at least a couple more years to collapse...
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Great post !! I also watched the video and found it brilliant !
Like i said to a previous one of your posts: (i think)
I am waiting for shady guys on street corners selling satoshis for $1 a pop.
But, this time it IS different.
We never had an escape ship before.
That is going to change everything.
It is going to be like bugs cutting off a branch that he is standing on, and the tree crashes down.
But oh yes, T.H.E.Y. are going to try the same playback again.
The fact is that the corruption in my country Nigeria is not just the unimaginable exchange rate between the naira and the US dollar, the government redesigned our naira notes to reduce corruption and it was sabotaged we have to buy our local currency in our country. If I need 1000 naira note I need to pay additional 500 naira for the 1k naira which madness this in dollar term is if you want to withdraw $1 you have a pay a $0.5 charge. Imagine what then the naira to dollar conversion or exchange rate will look like.
I'm not too sure this sinking ship could be salvaged.
Really good thoughts. I mean there has been the prediction of some sort of "cataclysm" the whole time.. And I for myself was at the point where I thought shit is gonna happen now several times and nothing in that magnitude came.
But yeah, things are speeding up in environment, social justice and ecologically. I wonder for how long this sick system manages to survive.
But your words do remind me if I want to convert more of my fiat into crypto. Sadly there are so many black sheep's and curses are very volatile so no security there either.
Thank you for your article, it is well written indeed.
Have a good day
It's going to be interesting, I know that much. I'm doing what I can, without getting freaked out about it, to move into a different way of living on this planet. I;ve diversified my portfolio (don't laugh) by adding several non-fiat asset classes, I'm growing as much of my own food as I can, I'm outfitting my home to be livable in without electricity or gas, and I'm remaining calm and on my toes.
I deer in headlights takes a moment to be very very still. We could all do with a bit more of that.
The system keeps trying to cripple us in getting stuck in the highly failed traditional banking system. But it it clearly evident that is a failing miserably. The only escape is crypto and l hope everyone joins this vehicle.
What do you think is going to happen to USD?
Probably galloping inflation... like 20% a year.
Sounds about right to me.
I don't think other fiat will do much better either.
Many will do much worse.
20% a year?!? Oh man... what kind of time frame are you thinking? Like, this year?
No I think we are in a deflationary environment which is even worse...
Many will lose their jobs.
If you remember back to COVID 2020 we printed all that money and nothing happened for years.
I expect the same type of situation to play out.
The bailouts we use to get out of this situation will hit us years down the road.
Yeah totally... the stimulus checks were given out, regional banks took those deposits and bought long term treasury bonds... but then Fed rates went up and squeezed them hard.
So... deflationary in the short term... and then galloping 20% inflation in the next couple of years? Is that what you're thinking?
Please address how crypto can trade without internet access, as do black market drugs.
How long is the internet down?
How many physical crypto communities have been built?
This thought experiment lacks all necessary detail.
We will react in the way that we need to react to survive.
Count on it.
Me buy bitcoin…
I bought sats with @v4vapp today.
$28 = 100k sats
Pretty cool service.
Some crazy shit going down. Is it the apocalypse we’ve all been waiting for? Time will tell. I hope I can keep buying my bitcoin with fiat for at least a while more! If not I’m glad ive got what I’ve got.
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It is just so true. Not letting those psychic vampires in will do us a lot of good. They can't ban crypto from our lives. We desire to be in it.
Also, I do have to confess that the exchange rate in Nigeria is just out of it.
Maybe we should examine managment systems that don't involve forced compliance?
As long as most folks accept that these folks get to force those folks because reasons, we will always be ruled by those most willing to be the most violent elements in the 'society'.
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Now even Powell is saying the same shit.
Exit the banking sector.
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This is so true, and I am so depressed after reading it.
Perhaps there is hope, but I am not sure what.
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Oh my, how this resonates with me! I did jump out of the lifeboat a few years back because I believed all the media shite that was spewed about crypto. Now I take a step back and look at the reality of the situation and know in my heart that that time you mention, is coming and soon! I need to get my head around everything and get my ducks lines up… 🦆🦆🦆
I already got a lot of knowledge from your post. It is really nice and interesting.🙂
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