All it takes for an economy to fail is for the belief in it to falter, for people to lose faith and go from users to those who abandon the narrative, perhaps to begin their journey in a new direction, start a new story. When it comes to moving direction on mass, social proofing goes a very long way and when the companies that people know and use, the ones that they believe are successful, the leaders intelligent and competent business leaders start to abandon the economies that that they have benefited from...
I wonder how fast the global paradigm can shift?
The companies are starting to "take a chance" on Bitcoin and it won't be long until the virus spreads. More will follow the lead after sitting on the fence and even more will FOMO so as not to miss out. The visionaries and early adopters will set the pace and the chasm will close and the majorities will follow until the final holdouts will either get in, or miss out completely - but by that point, it won't matter. There will be so much wealth flowing through the new economy and so little on what was left behind - that it will be, business as usual.
The difference of this economy and this business, is that the economic borders have all but disappeared and rather than users having their capital held hostage by sanctioned institutions, they will be the freest they have ever been to decide what and where they spend their wealth.
It all sounds very idealistic and perhaps for many, impossible, but if the past informs the future, then economic collapse is exactly how things change, every empire has fallen and wealth has changed hands, changed flow, changed direction - it doesn't matter what token signifies that wealth, dollar or satoshi, the wealth is in the activity. An economy with reducing activity contracts, one with increasing activity expands.
"Consumer sentiment" tracks the attitude of households and their propensity to spend, which points to the demand and the supply mechanisms - but when the businesses themselves begin to lose faith in the very currency consumers are using, they no longer want to be paid in it - they will look to find another vehicle to transfer wealth and track their progress.
But, for it to have value, they also have to be able to trade what they collect from their clients for what they want from other businesses. We are all in the game of consumption in some way, it is what makes the business world go round. It is a complicated process of good and services that are produced by other good and services and managed by other goods and services - the supply chain is a production line of goods and services that each take a small slice of the pie along the way, while employing the very people that are getting sliced.
Economies are an interesting animal that affect every factor of our lives in some way, they take up our thoughts when we feel we have too little with which to take part, take up our thoughts when we have more than enough too - fear in both directions - one wanting more, one scared of losing all that is gained. I wonder if there is a more pervasive influence on our thoughts than our position in the economy - what we can buy, sell, trade and how all of these things affect us and the people we care about - can we afford good enough food for our children, the right education, does the car we drive give the right message or do we have enough coins for a packet of cigarettes?
How often does money enter your thoughts? What would it take to change your mind?
Taraz
[ Gen1: Hive ]
Posted Using LeoFinance Beta
I believe it is only a matter of time until everyone is "economic" free from the boundaries of the States. We will be linked to borders just for property and production of physical stuff, but our income and expenses will be free to flow in and out without having to declare profits or losses to "Oncle Sam". Opportunities will pop all over as we will be able to access the whole world to offer our services and get paid, and most importantly, we will get paid for our time. Just as we do in Hive.
I think that the opportunities might actually be welcomed, especially as so many jobs are going to be lost in traditional industries due to automation.
!ENGAGE 20
ENGAGEtokens.That all actually sounds pretty horrifying for people with delusions of security in the current system.
Only time money enters my thoughts is when I need to do something with it, otherwise it's J's invisible workload.
It is a little scary. Governments play games with currencies all the time that affect us - I think this is the first time in history the people can play a few games of their own. :)
I've spoken to people (and I'm sure you have too as you speak to more people in a day than I do in weeks) who simply can't understand why anyone would risk blowing money on crypto because it's unsecured and if something goes wrong you're stuffed with no recourse whatsoever to do anything at all.
But when governments bail banks out (but not their customers) and superannuation funds can go belly up severely decreasing and in some cases completely destroying people's retirement funds, oh well that happens sometimes can't be helped? o_O
It's all a game and this one is kind of fun so far XD
People have a weird conflict, as they think that the supported traditional vehicles are more fair....
Better the devil you know and all that crap? :D
Loss aversion is part of it too I guess - people don't understand the potential gain, but concentrate on the chance of loss - without realizing that perhaps the biggest risk to their assets is staying in the same place
!ENGAGE 20
ENGAGEtokens.Money is a tool, well generally speaking. To define money isn't as easy as most would think. I think about the tool when i need to utilize it in the participation of the current world economy.
I look forward to the day when the transition is made to the crypto-currency realms permanently and sustainably. It's my hope that the collapse could be a controlled demolition or some hybrid system for a time. Total collapse would throw the world into a tailspin in more ways than one.
It's nice to have an early entry point into the true digital currency aspect of things far in advance of the adoption of the masses. While they enjoy their Bread and Circus oblivious to the impending doom of debt a reset will not correct... we are over here like the band playing on.... except we are in the lifeboats before the Titanic has shipped out!
Is that a mushroom in your picture? hahaha
Yes it is a tool, like a car. But if you have to travel a long distance, having the tool helps :)
controlled demolition would be ideal, but I don't think it is possible as once wealth start to move from new to old, there will be increasing volatility, but still a lot of wealth unwilling to make the transfer.
I wish more people would make a step into the new economy world - otherwise it is going to be painful for so many in a very short time frame.
Yes :D
Dude... that's awesome i called it. In Sweden we call the Chantrell Mushrooms 'Forrest Gold.' It's what caught my eye on this post.
Getting in before the old money makes the lion's share move would be helpful in easing that transition. I fear you are right though.
Some may not have any tools here in the not so distant future and end up walking like back in the old days! Uphill both ways....
!ENGAGE 20
ENGAGEtokens.Up until now, banks have been the most vocal of the critics of 'digital currency' while trying desperately to figure out the way to lead the parade to it rather than stamp it completely out.
I think it will happen at some point, and probably on a piecemeal basis at least to begin. Venezuela would be a great place to start but the government is so awful as to preclude their possibility. One of the 'stan republics that were part of the USSR? Maybe.
Greece? Their financial position is perilous at best, and the EU has really got them in a stranglehold.
I more or less think of money everyday. How can I not. I think of things I desperately want routinely. Speaking of which, isn't it about time for a review of your camera? Just sayin'
I reckon the banks have been quietly stacking and they will make their intentions known once they have collected enough - it will be a race to service.
I think it might be places like New Zealand - relatively small but healthy economies - Scandinavia maybe too. They don't have the pressure they must, but have already been experimenting with NZ passing a law to make getting paid in "Bitcoin like" currencies legal.
I have barely picked it up... Time is not currently on my side. :/
Holy Cow! Is that a Rolling Stones reference? Nicely done.
I've mentioned before that Arizona is a prickly place. Sometimes, as a State we do some contrary things, like the time we voted to NOT make MLK day a state holiday. Actually, we voted to make the day Cesar Chavez day :) Anyway, in the state of Arizona you can pay your personal income tax with BTC or 'other approved currencies' which is just ETH at this time.
An inadvertent Stones reference :)
Would be great to see more countries experimenting with ways they can actually help citizens.
Of all things, the Democrats in Arizona completely lost their minds over this bill. It made me think about how the rest of the world and population sees Crypto. I'd have actually guessed it the other way round, a Dem proposal and the Repubs losing their minds.
!ENGAGE 20
ENGAGEtokens.Excellent spotted! I think that only passion can be stronger than the influence of money.
It is interesting to imagine what the world would be like without economic relations?
I think that in many ways, society has always functioned on trade of some kind - we have just ben able to scale it out to include the entire world.
Ever seen money used in StarTrek?
Perhaps even then they used cryptocurrency, because no one saw them :)
How does money get out of our thoughts? Focusing on any activity does help but can we live a day of adult life without thinking about money — both cases you described — not enough for what we think we need or enough so that we are afraid of losing it...
Finding the balance and peace of mind seems like a very important skill. Something related to confidence, acceptance, a mindset of abundance...
At least in the current conditions, I do not think that we can excise the thoughts completely.
This is the right direction though - confidence is a big one if we consider having the skills/belief that whatever happens, we'll be okay.
Usually everything falls apart when there is no more faith. Faith in the economy, in one's powers, in the other. Faith is important for things to go down smoothly. That's why building trust is so important in any activity. For sure things are changing and it will make people think long term about what they want to do with their lives and for money.
!ENGAGE 20
Faith is a huge part of our life, we act on it regardless of its accuracy - we trust even if we haven't done our due diligence - it is interesting how far faith can take us - up and down :)
Hope you are well!
Faith is very important for sure. I'm doing great thank you! I wish you a lovely weekend!
Glad to hear that you are well :*
Economy can be improved if business is run internationally and this is possible if most merchants accept bitcoin as payment. Through https://nowpayments.io/ they can even accept over 50 cryptocurrencies as payment with an API that is simple to use.
businesses are run internationally now, it is how they avoid paying the majority of their tax :D
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