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BITCOIN CRYPTOCURRENCIES - BANKING PYRAMIDS
In your redemptive quest use our A - Z or steer a righteous course HOME toward enlightenment praise the Lord
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FOOL'S GOLD - A complete waste of time, except for the people dreaming up such scheme, in the hope of duping the more gullible members of society. Sadly, there are millions of susceptible humans who are only too willing to believe that they will be given $millions in return for investing a few hundred, or thousand dollars. They don't stop to think, Hey, how is that possible. It is an extension of stock market trading ethos, where a person can gamble digital funds, and make a digital fortune - all based on gambling - rather than investing. Granted, that all commercial enterprise, involves a certain amount of risk taking.
THE PROBLEM
Bitcoins and cryptocurrencies are examples of get rich quick (gambling) schemes that are totally unsupported by anything tangible. It is Monopoly money. A plaything. Might as well use Monopoly money for all it is worth. And some have tried to lend it credibility, by allowing Monopoly money to buy real things like cars.
Great, put us down for some of that. We have an old board game, we'd like to gamble with that play money! And buy a real house. But do you think the people selling their houses will be that dim-witted? Might they not stop to think; hey, this is monopoly play money!
Can you believe that there are so many gullible investors on that basis? Of course, they are believing the hype, not realising the basic law of physics: that for every action, there is an equal and opposite reaction. And, the other well worn axiom: there is no such thing as a free lunch.
You cannot make something, out of nothing. Someone, somewhere has to lose, for the owners/executives to make money from the flocks of investors. Akin to bovine dairy cows, about to be milked, in return for a mouthful of grass.
COULD THIS BE A CURE TO OVERLENDING/BORROWING
Strangely, the basic 'crypto' concept could be the cure for international debts and currencies that are just paper promises. For that is what our present system is. Nothing but promises, printed on paper. Just you try and collect. This includes the €euro, $dollar, £pound, and all other government issued paper money.
There is nothing tangible to back them up.
In this fictional series, the British Prime Minister, Edward Thomas, advocates natural growth, and sustainability. That is how he got elected. He simply told the truth, while all other politicians promised the earth, but just increased national debts, so that they could get rich while in a position of trust - abusing that position for as long as they can, until they are rumbled. A bit like pyramid selling of cryptocurrencies.
Honest John, decided that enough was enough. When elected PM, he inherited a national debt approaching £3.0 trillion pounds. The pound sterling was pitifully devalued as a result. His electorate, especially the young starting out in life, and the pensioners, at the other end of the scale, were struggling. Because, they had no control over their savings/investments. The value of which just kept going down with inflation. Whereas, food and energy prices kept on going up. In line with the real world.
Edward Thomas introduced an agriculturally and raw materials backed system of money, linked to sustainable energy production, called the £AgriPound, (or $AgriDollar in the rest of the developed world). In this way, growth was linked to what the planet could sustainably produce. In effect, he created a Circular Economy, that was inflation proof.
Because the AgriDollar was based on real produce, real minerals and actual energy output. It was solid. A new law was introduced to prohibit lending, outside that the planet could produce. The same statute, prevented a country borrowing above the level of its gross national product, again, based on the AgriDollar.
So preventing politicians from defrauding the nation, and racking up debts that could not be repaid.
High value goods like cars, ships and aircraft, and creative exports, like films and music, allowed those nations without natural resources to make up for not having vast tracts of land to generate energy. One such high-tech country, is Japan.
Private citizens could invest in $AgriDollars. Farmers and mining companies gave up their produce to an international pool, that constituted the total available money supply. As the investors from all nations abandoned their government issued currency, stability began to creep back to a world of enlightened citizens, taking back control from corrupt administrations. Financial institutions that did not heed the trend, and continued to over-borrow and lend, were closed down, their assets, and those of the responsible directors (any real ones) seized.
It is a sobering thought, that in order to make money, energy is used. Hence, the act of making money generates a larger carbon footprint, where a responsible attitude to increasing greenhouse gases, would and should be to offset the CO2, as far as is practical.
One way of doing this would be to provide community electricity generation, or community electric transport (buses and taxis) to those who might not afford mobility. Another way would be to provide free healthcare, or genuinely affordable homes for the vulnerable and those starting out in life.
You must be joking. Have you seen anything like this?
At COP27 the idea of climate reparations was floated, and accepted in the round, save for the level of contributions. Why not then, apply the same principle to the richest people in the world?
Equally, when a bank goes under, governments should not seek to bail them out at the taxpayers expense, just because they are mates with the present administration. Banks and bankers must be forced to operate within the limitations of planet earth. Governments prohibited from rescues, that would upset the natural laws of evolution: Survival of the fittest. A bail-out, is like saving a zebra from a hungry lion. Just how many zebras should one save, and why should we allow the lions to starve?
EXPRESS 11 NOVEMBER 2022 - CRYPTOCURRENCY TRADER FTX COLLAPSES INTO BANKRUPTCY AMID 'CONFIDENCE CRISIS'
He yesterday told his online followers: “I’m sorry. I… should have done better.”
COMMENTS
Garibaldi
- Ive always resisted the temptation to buy stuff which doesn't actually exist.
Seems it is a good policy.
We live in a bubble that should be cozy, but in tune with nature. It is a delicate balancing act, where politicians are anything by delicate. Cryptocurrencies generate greenhouse gasses, where the effort to create a digital currency based on nothing, represents wasted energy. That is one reason China has banned bitcoin mining.
1.
ELON MUSK
JOHN STORM & THE CURE FOR NATIONAL DEBT
In this work of fiction, John Storm believes in sustainable practices, in tune with planet earth, as the unique blue provider of a home for millions of species. He is of the opinion that uncontrolled human interference in the natural order, that results in warming of the planet, and associated climate change, should be tackled retrospectively with more efficient factories, homes and vehicles. But also, that such anthropogenic exploitation, should be controlled proactively, with policies and statute, to force industrial, banking, and financial mavericks into behaving themselves.
Our conservationist hero, is of the view that irresponsible lending, to irresponsible borrowers should be outlawed. He is searching for a way to lobby to make that more than just a possibility. For example, the wealthy extreme, who are simply profiteering, without good cause, and without ploughing back, what they do not need for themselves, or to function efficiently as an entrepreneur in a transparent and accountable fashion. Should have their wings clipped. But not in such a way as taxes are simply collected by a corrupt government. Since, governments have shown themselves to be just as uncaring about their electorate, and the planet; to wit the current climate crisis. That said, John has no aspirations to being a politician or civil servant. John is a fan of British Prime Minister, Edward Thomas, known to the Media as: Honest John. Our hero would like to see more decent politicians, telling it like it is, devoid of spin.
REFERENCE
https://www.express.co.uk/finance/personalfinance/1704452/ftx-collapse-crypto-future-forecast-exclusive https://www.express.co.uk/finance/personalfinance/1704452/ftx-collapse-crypto-future-forecast-exclusive
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In your redemptive quest use our A - Z or steer a righteous course HOME toward enlightenment praise the Lord
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