Crypto industry depends on scams for survival

Ten thousand different tokens offer no value except being marketed as cheap so that you may either luckily sell them expensive, or just hodl them forever. Gambling at crypto industry syphons liquidity from financing relevant offline needs anywhere on Planet Earth.

Blockchains may have recorded evidence of all scams occurred in the last few years. However no one cares to dig on that. No one takes responsibility. Consumers are expected to forfeit their litigation rights and buy scam crypto again to maintain cycle of hope.

Binance warns customers that anything off the exchange is subject to loss. That includes anything transacted on binance smart chain, which is one of its subsidiaries. Recurrent scams on binance smart chain are laundered until they look legit at binance or elsewhere.

Crypto companies encourage double digit interest rates for their staking, they bitterly complain about Federal Reserve for increasing benchmark interest rates to meager 3%. Reverting to near zero interest rates in the future is unfeasible in this war of fiat agsinst crypto.

Fashionable crypto may be attractive; however, those unregistered securities require you to give up on your legal rights to ownership of your funds. You provide a license to unidentified hackers, more experienced than you, for taking your savings away with no path for complaints.

The United States of America deserves to remain the world's policeman. It seems the only country determined to maintain financial consumer protections earned during the last century. Securities Exchange Commission and Federal Reserve must fill void elsewhere in the world.

Central Bank Digital Currencies address urgent need to adequate international trade to current technological advances. They must provide adequate procedures so that any crypto consumer who is robbed can get their money back. Fraudulent blockchain transactions must be reversed.

If global markets do crash because Federal Reserve fulfills its commitment of providing long term positive real interest rates, that will just mean that previous stimuli artificially bubbled economies to produce irrelevant goods and services. Priorities must be reassessed.

Legal profession is often dismissed as bureacratic and corrupt. This is a great opportunity to reaffirm the importance of protecting the rule of law. Justice may be slow and cumbersome, but is sorely needed when all else fails. International law must become next boom industry.

Fine tuning sanctions to rogue regimes imposes challenges. Sanctioning governments for human rights violations, should ensure ways for ordinary citizens to still benefit by using the United States led international monetary system. Currently that is mostly not the case.

A digital dollar could be a step in solving this paradox. Facilitating economic activity for citizens of Latin American countries, who trust United States dollar more than our local currencies, may strengthen both monetary policy and considerations of adequate money supply.

China enjoys a First Mover Advantage; however, given to Venezuelan population alternative choices on competing CBDCs (eCNY or eUSD), we would overwhelmingly choose digital dollar as rule of law has been an outstanding feature of Western culture since Roman Empire.

Our regime increasingly depends on China and Russia. Continued US sanctions on the Venezuelan government have the unintended effect of affecting citizens, who might eventually choose convenience over readily available Chinese solutions, at the expense of our liberty or privacy.

Humanitarian aid approved by United States Federal Government is often diverted and seldom reaches its intended beneficiaries within Venezuela. Our population is well versed in smartphone applications and would easily make appropriate use of digital dollar transfer payments.

Latin America and Caribbean may be considered as a domestic American market, with common hemispheric interest. New Federal Reserve branches may be associated with existing national Central Banks. Our Central Bank Digital Currency would thus increase exposure, in sheer advantage to either Europe or China.

James Monroe, Fifth President of the United States, spoke in 1823 about doctrine of America to be for Americans. Next year 2023, our continent will conmemorate bicentennial of intended hemispheric union. Removing interference from China, Iran or Russia requires explicit common digital currency.

Rubén Rivero

Caracas, Venezuela

Maracaibo Larga Exposición. Fotografía Wilfredo Rafael. 40 Grados Bajo el Sol