An early morning meeting GOOD MORNING!!! to you all! Yup, early meeting has an early writing and an early on the road to meet with an Amazon Delivery Business Owner. Great start to the day as it has been a while since having a legit face-to-face meeting.
Talkin Tech Tuesday Ed-vise today. Cause it’s TUESDAY! Time for some Tech!
Lot of rumblings about cryptocurrency and Putin having access to it.
Traditional finance has sanctions going on the different Russian banks and on Putin along with his Band of Merry Men. Putting the clamps on their money in hopes of financially ruining them in response to Ukraine. Not a bad plan. Can’t pay troops means troops won’t fight…at least very long. In a foreign land.
Crypto, on the other hand, has it so there are no banks. A digital currency that is held in digital wallets. Increases (and decreases) in value over time. Governments can ban it’s use in day to day trade. However, not all governments do. Especially the US.
It would go like this. Putin would buy crypto. Whichever one. Then, store that crypto in his digital wallet. If he wants cash in the local currency, he sells it for that currency. So, if he were in the US or in a US ally country, he could sell the crypto for Euros or Yen or Dollars and keep on living happily ever after.
Which, at face value, would bypass the sanctions.
Ahhh, but the beauty of crypto lays in those wallets.
See, each wallet has an “address.” A series of numbers and letters that does not change. AND…it is traceable. Transactions are tracked on the blockchain. Every single wallet to wallet transaction is tracked and documented on the blockchain. I cannot recall the website where you can look at it but I will have it next week.
Because it is tracked and everyone would know it was him changing crypto to fiat, then the different countries would know who to not take money from. Further, because he would be on the run basically, everyone would know where he was at.
The point it, Putin’s assets are frozen. He can convert his current cash to crypto. However, he cannot exchange it for fiat (local) currency. It simply goes to crypto.
Now, there is something the “Crypto Geeks” can do. Those are the blockchain programmers.
They can program the blockchain to do what is called a “Hard Fork.” That is when the blockchain creates something of an offramp to go a different direction. I’ll explain next week. ANYWAY…the Geeks can create a Hard Fork that sends Putin’s crypto into “Never Never Land.” They can set it up so his crypto has ZERO value. ZERO value means nobody will buy it for the fiat currency. THAT would be cool! GO GEEKS!
I’m just saying
That’s it for today. Take care of yourselves. Check in on each other and remember when a rooster sees a pile of lettuce it’s called a CHICKEN SEES A SALAD! BWAHAHAHAHAHHAHA
Peace
Ed-vise 