xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Defi Review #4: AAVE The Defi Lending Services
AAVE is a decentralized finance lending service before decentralized finance even existed. It is an innovation lending service in crypto and one of the first kind. However, the lending service may only restrict to the crypto community and it may expand into the traditional financial field later. TL;DR AAVE is a crypto lending financial service which to provides lending services to the crypto community. They focus on security and smart contract lending may be the future of financial services. ...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Defi Review #4: AAVE The Defi Lending Services
AAVE is a decentralized finance lending service before decentralized finance even existed. It is an innovation lending service in crypto and one of the first kind. However, the lending service may only restrict to the crypto community and it may expand into the traditional financial field later. TL;DR AAVE is a crypto lending financial service which to provides lending services to the crypto community. They focus on security and smart contract lending may be the future of financial services. ...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
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El Salvador just bought the dipped on Friday flash crash, or should I say the president bought the dipped when Bitcoin crashed 20%. Who is really owning Bitcoin in El Salvador?
Here is 1 min summary of the article if you want to skip the reading.
Celebrity President
The El Salvador president is a celebrity president. He constantly Twitters his Bitcoin beliefs and bashing fiat currency. The crypto community loves it. However, even if the country makes Bitcoin legal tender, who controls the private key of the wallet?
Multi-Signature Wallet
Perhaps the country assigned multiple people with signatures of private keys to control the Bitcoin funds. If one wants to take away Bitcoin, others may prevent such action.
Bitcoin Does Not Cure Economy
Yet the country still has a bigger problem than it faced before. The economy does not recover and the social issues are persistent. The president spent too much time on the phone and tried to buy the dip. Their citizens may still live under the same influence over the financial system but only with a more valuable currency to use.
The Test Trial
El Salvador is a Bitcoin legal tender trial. However, it does not truly reflect a decentralized financial system but a centralized system to provide guidance for citizens to follow. It does not create a Bitcoin standard but rather one or few to control the power of funds and determine what to use. Bitcoin becomes just another fiat tool for countries to use without utilizing it fully.
In Conclusion
It is good for Bitcoin to use as legal tender and people see the hope of new currency potential to use in the future. To be fully using Bitcoin, the country needs to adopt the nature of such currency which few can achieve and fully utilize to evolve its financial system.
El Salvador just bought the dipped on Friday flash crash, or should I say the president bought the dipped when Bitcoin crashed 20%. Who is really owning Bitcoin in El Salvador?
Here is 1 min summary of the article if you want to skip the reading.
Celebrity President
The El Salvador president is a celebrity president. He constantly Twitters his Bitcoin beliefs and bashing fiat currency. The crypto community loves it. However, even if the country makes Bitcoin legal tender, who controls the private key of the wallet?
Multi-Signature Wallet
Perhaps the country assigned multiple people with signatures of private keys to control the Bitcoin funds. If one wants to take away Bitcoin, others may prevent such action.
Bitcoin Does Not Cure Economy
Yet the country still has a bigger problem than it faced before. The economy does not recover and the social issues are persistent. The president spent too much time on the phone and tried to buy the dip. Their citizens may still live under the same influence over the financial system but only with a more valuable currency to use.
The Test Trial
El Salvador is a Bitcoin legal tender trial. However, it does not truly reflect a decentralized financial system but a centralized system to provide guidance for citizens to follow. It does not create a Bitcoin standard but rather one or few to control the power of funds and determine what to use. Bitcoin becomes just another fiat tool for countries to use without utilizing it fully.
In Conclusion
It is good for Bitcoin to use as legal tender and people see the hope of new currency potential to use in the future. To be fully using Bitcoin, the country needs to adopt the nature of such currency which few can achieve and fully utilize to evolve its financial system.
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