Immanuel Wallerstein: The Global Systemic Crisis and the Struggle for a Post-Capitalist World

 

I might be getting somewhat old. But I go with Bill Gates on this one, referring to his recent comments. But my outlook is even easier. If someone needs to tell me a story about why what they want in trade for my money is even valuable in the first place; it's not going to happen. I might need some serious assistance telling you the difference between a 1million and a 50 million Picasso. But I don't need such a trained eye to tell there is clearly some talent there on a level beyond your Baby Ape NFT. Or your magic plugin that I only need to buy without trying it; so it can fix something which only it can detect. Or your 80 million dollar sealed Video Game Cartridge. It's all bullshit.

 

I wrote you guys earlier or like months ago I'm deep into crypto I tried various DeFi projects and I lost about 3000 GBP.
I was in node projects as well a lot of people doesn't understand NFTs so an NFT is not just a picture if it has real value behind it.
To make it clear a lot of NFTs are 'just a picture' and that's it and 98% of these are worthless BUT there are NFTs which have real projects-ecosystem behind them so when I was in one the NFT projects the ecosystem was the following:
1st you had to buy the specific NFT and after that when you owned it you were able to grow it's value by buying a specific crypto token and you could build into your NFT so the bigger amount (in value USD value) your NFT had the bigger amount of money was generated by the NFT
So basically you owned the NFT it had a certain USD value and it was generating more and more crypto token day by day and you could take your rewards and cash out daily weekly as you wished so I was in such a project it went for about 4 months and they dissappeared and all of the unclaimed rewards the NFT I bought at some point it was worth about $800 disappeared. So that's a NFT DeFi project which depends on the amount of people holding and buying more and more at some point the whole project collapsed it was unregulated etc etc there are nobody to blame etc so any DeFi is high risk and high reward.
At the other end in "normal" crypto currency buying-accumulating I would suggest everyone to buy a hardware wallet first.
I know nobody wants to do this hardware wallet, why?
Here's why: when you buy anything on any of the exchanges (Binance, Crypto.com app, Coinbase, Gemini..etc) the crypto you buy there is NOT YOURS until you withdraw it or them.
One of the youtubers ahd an account with Celsius and she can not withdraw her $123k worth of ETH and BTC account.
Ok anyone can say man that's simple just don't use Celsius than. No that's not the right answer.
Any exchanges can hold your funds or money back freeze-block your account it's not a joke.
So what everybody should do is to buy a hardware wallet and anytime you buy let's say you decide to buy this dip and you only want to buy Bitcoin and for example you are using Coinbase for buying so the most important thing is DO NOT BUY at once let's say you feelin' like OK, I have $4000 USD which I definitely buy Bitcoin right now.
The first mistake you would have is you put the whole amount in at once first of all your bank (in real life Barclays, LLoyds etc...) is going to ask you what are you doing or is your bank account safe is someone stolen your account details and trying to spend your money?
So your real life bank will flag it as a "suspicious activity" no joke it happened to me before you have to tell your bank that you will be buying and investing in crypto.
SO what you should do is: so you decided to put $4k in so you spread this into 8 buys!!!!
Very important because spending 500 USD let's say weekly or monthly is an "alright" category for your bank they ain't gonna care it's not a huge amount which could be red flagged.
So what you should do is: you make your first buy $500 worth of BTC on Coinbase, ok, you press buy alright it shows up on your balance in your coinbase account alright than you should withdraw (send it to your hardware wallet) it immediately because that Bitcoin balance on Coinbase is NOT YOUR Bitcoin still Coinbase owns it it's just showing you "your share".
So this is the best and safest way to play with any crypto (ETH, SOL, AVAX anything) buy a hardware wallet which supports the tokens you want to buy and that's it.
Yes and in the end how would you cash out?
Let's say you start buying today BTC is $19,600 alright you buy at this point for $500 and send the BTC to your hardware wallet
Ok next week you buy another for $500 let's hope BTC goes down so f.e. you buy next at $18,840 for $500 USD very good send it to your hardware wallet
So you make your all payments in weekly 8 times and you have a better position instead of buying with all the money you want to spend on BTC
So you just decide to hold it on your hardware wallet very good let's say it's 2025 now BTC is at $97,430 and you want to cash out amazing:
Again DO NOT send all at once back to coinbase so you send it to coinbase than your convert it to USD and you send the real USD money to your bank account again in smaller amounts because your bank or coinbase can red flag you and hold back your money I'm not joking it happened to me and others so you take your profits slowly weekly or every 10 days so it's not going to be suspicious.
Please take these advices seriously I'm almost 40 years old I'm dead serious I had sleepless nights I already burnt myself very bad losing 3k British Pounds it is not funny.
Stay safe.

 

Crypto is clearly a scam and I have no sympathy for anyone who loses money from 'investing' in it.

 

And what are you going to do with your savings if you don't have enough to invest in real estate? Are you going to pile them under your mattress and thus lose 2 to 3% per year (today almost 9%!!!)? Oh, and don't tell me about gold (or any other commodity) which is also subject to market fluctuations.
That said, I have no confidence at all in any virtual objects whatsoever (cryptos, ntf,...). Only tangible and necessary goods has some value for me as objects of investment. And it's not Warren Buffett who will contradict me on this...

 

Last edited: Jun 19, 2022

max kaiser says state issued money is going to zero. but since crypto is valued relative to state issued money, if state issued money goes to zero then how much will crypto be worth?

that said, this is all about cashless society where every single purchase is trackable, taxable, etc.

 

If you have too much paper money buy a gold or silver coin.
From gold you can make many things, tooth seals for example or jewelry.
Even 12 year old whiskey doesn't go bad and is popular as a medium of exchange, 1 sack of potatoes for a bottle of whiskey.

 

That's not necessarily true at all. He just dumped all his holdings of Wells Fargo, to the tune of however many billions. Because a lot of that company's "value" is actually many bad debt accounts it is holding for bad loans; like those they made while signing those same "customers" up for extra accounts they were unaware of. Risky stuff they may end up writing off. Among other reasons. He certainly had money into that little venture.

 

The moon boys will call me paper paws but the game has just begun and hopefully I won't be the one left holding the bag.

 

Last edited: Jun 20, 2022

you srsly gonna fall right into the next scam here

 

What is there to back it up other than the computers it runs on? If it was for whatever reason, to plummet to zero.

 

We might say that Fiat would plummet to zero if anything happens to the computers that it runs on, according to this page 92% of money is held on computers.

https://timesofindia.indiatimes.com...s-currency-is-digital/photostory/51422304.cms

 

Okay, maybe not on this one (WFC), but in the long term he's an increadibly winner who mostly invested on solid and necessary stuff.

 

No way for me: I would drink all my investment...

 

Last edited: Jun 19, 2022

What is cryptocurrency and NFT's ACTUALLY used for atm?
Gambling and - money laundring.

If you put your money into ACTUAL things like buying parts/stocks in a company you believe in or borrow your money to inventors, it will create new real things like jobs, inventions, new things that people and society can gain benefit from.

Buying cryptocurrency is a waste of time. Been there done that. Some people, incl myself, did buy early. I sold them before the meltdown and after looking the cyrptocurrency scene ACTUALLY does with all the transactions and who benefits from it's virtual wroth/value... it's mostly money laundring and used for criminal activity. Withdrawing my money to my VISA was a real hassle and took about several weeks where I had to spread the coins around different to exchanges to be able to do it.

Everyone deeply involved in the scene knows this, but they don't care. They want people to keep buying to keep the virtual value up.

So many people have been screwed and scammed even by the large exchange sites, but they are mocked and ridiculed by the Bitcoin-crowd.

Again, take a good look at the ones who uses cryptocurrency for anything else than buying/selling currency. It is used for money laundring. Period. I don't want to be a part of that anymore. The vision, if it ever was genuine, was lost a long time ago.

 

Go deeper : The biggest scam in the history of the world is to be paid for your work with money instead of goods or services.
Barter is the only way to guarantee your autonomy, security and freedom.

 

The facts:
It was the biggest bankruptcy in U.S. history: the bankruptcy of the investment bank Lehman Brothers on September 15, 2008. And it was the culmination of a financial crisis that had been brewing for many years. This crisis triggered a deep recession in many industrialized countries and was ultimately also partly responsible for the euro crisis.

Bank run:
In Germany, disaster almost struck when people withdrew too much money from the bank because they were afraid for their savings. The Bundesbank drove for 24 hours to supply the banks with cash. Then quickly reassured the people that their funds would be safe.

 

Bailing out the banks was a huge mistake, they should have bailed out the people and let the banks close.

 

Yes and no.
Yes, because it's always a real pleasure to see a banker who seized your house jumping through the window from the 40th floor.
No, because if the bank goes bankrupt, the depositors' money disappears with it, and it's not a single red stain on the asphalt that you will have to clean, but thousands...