Ukraine Showing The Power Of Cryptocurrency

We all know the FUD around cryptocurrency. People like Elizabeth Warren and Warren Buffett blast it, albeit for different reasons. With the former, she stands on her soapbox ignorantly proclaiming that it is used by criminals while also accusing Russia of avoiding sanctions.

Never let the facts get in the way of a good rant Senator.

The reality is that neither of these are true. In fact, during this conflict, it seems Russia is placing more havoc on the traditional banking system. They are pulling out all the punches to disable the Ukrainian financial system.

Here is where something that is borderless along with being outside the control of any government or central bank is vital. The Ukrainians are benefitting at the most basic level.

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The Opposite Of The Rhetoric

With cryptocurrency, it looks like the opposite of the rhetoric is taking place.

To start, the lack of liquidity is making it near impossible for Russia to swap fiat to crypto for movement around the world. While cryptocurrency made strides, it is still far to small to cater to national interests. The potential of swapping billions of dollars is not likely. Finding liquidity for that volume does not exist at this moment. This is especially true if trying to do it without drawing too much attention.

The other, and far more important aspect, is the Ukrainian people have access to money. Whatever the politics are, in the end it is the innocent populations that end up suffering. Here we have millions of refugees who lost everything.

Cryptocurrency is their life boat. We can only imagine what is taking place with the infrastructure of the Ukrainian banking system. It is unlikely that they are not targeting the banks and other financial institutions. Toss in DDoS attacks and we could see a system locked up.

Fortunately, cryptocurrency keeps churning along. The infrastructure exists all over the world. Thus, attacking it in a traditional sense is not possible. There is nothing inside Ukraine, or any other country, that can be taken down to stop it (collectively).

The ability to send hundreds of millions of dollars (even billions) is in place.

When the Russian invasion began in February, Twitter accounts belonging to the Ukrainian government posted pleas for crypto asset donations. Now, as more than $100 million in crypto donations have already been raised to support the Ukrainian resistance, those of us who have championed crypto as a way of giving ordinary people rather than corporations and governments control over their own money have been vindicated. While the banking financial system has been under sustained attack by Russia, using both military and cyberattacks, this life-saving money has gone directly to those in need via crypto.

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Getting Money To Where It Is Needed

We discussed how blockchain, coupled with cryptocurrency, is mirroring the Eurodollar system. That, too, is a monetary system that is outside the control of any government or central bank. This was established by the international bankers over the course of a number of decades. Basically, it allows them to create money in ways that were not imagined before.

What is so effective about this system it is designed to get money where it is needed, when it is needed, under any and all circumstances.

For this reason, there is no doubt that the Russian banks are getting the funding required. Again, regardless of the circumstances, in this instance sanctions, it is designed to operate.

The challenge is that this is for bankers. Cryptocurrency takes this to another level.

We are seeing how cryptocurrency can get to where it is needed, when needed, no matter what the circumstances. Are we starting to see the trend?

Even in the middle of a way, where the banking system is stopping cross border payments and FOREX swaps, individuals can operate with little issue. For Ukraine, this means simply a smart phone and an Internet connection. Thanks to another innovation, satellite Internet from Starlink, destroying the terrestrial communication system is not stopping things.

Here is something to consider: if cryptocurrency cannot be halted by Russian tanks and bombs, what will it take to stop it?

The reality is, like the Eurodollar system, it is designed to just keep churning along. This time, instead of feeding money to the banks, we can get it directly to individuals.

A New Model For Humanitarian Efforts

For decades we saw commercials for different humanitarian causes. This is especially true in the developed countries. There is always some organization putting together a project to help those in need.

Unfortunately, we have the epitome of an intermediary. There is always some entity putting this together. While their efforts might be noble, a portion ends up going to the operations. After all, those commercials are not free.

Then we can always add in the threat of theft. How many times have we see humanitarian efforts usurped by warlords or whomever were able to get a hold of the money or goods destined for suffering populations?

As we are seeing in Ukraine, money can be sent directly to individuals without the use of a third party. It does not matter if all of the banking infrastructure is obliterated, blockchain networks keep going.

This Is The Message We Need To Spread

For all the talk of scams, criminals, and other FUD associated with cryptocurrency, we are seeing the true value emerging. The fact we have a system that is in place, collectively, that keeps a monetary ledger outside the bankers is invaluable. Ultimately, the banking system can come under attack. With blockchains, this is not so easy to do.

Here we see how a powerful country like Russia is impotent to stop what is taking place. It can go after the banking system but is powerless against cryptocurrency.

And for the moment, that is a lifeline to millions of Ukrainians.


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While this is exactly the reason why crypto is handy and so useful to getting funds to our allies could the reverse be said about Russia and a way to in some ways avoid sanctions on money and assets and such

it a fine line and being decentralised walks that line

But still as always very well written :)

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Freedom means taking both sides. It is something that I dont think most get today with the silence, censor, and control society.

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Exactly! You have put down a wonderful piece. Indeed they have attacked other sectors but are powerless when it comes to attacking the cryptocurrency. This is indeed a wake up call to everyone, country seeing this to accept cryptocurrency and make it legalized worldwide. Thank you for this sir.

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I would say the Eurodollar system being recreated is ideal. We just need to separate the money creators from the intermediaries.

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Crypto potential can't be underestimated and what is happening between Russia and Ukraine is a perfect example of the crypto but this is just part of it potential

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I saw a news story the other day where they were talking about Afghanistan and how bad the poverty is getting there. They showed people sitting outside a bakery waiting to see if there was leftover bread. They said ad the end of the day someone from the neighborhood came and bought the rest of the bread to give to the people who were waiting. I immediately wondered if that neighborhood person was holding crypto and that is why they could afford it while no one else could.

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Could be. The cryptocurrency millionaires are going to be the responsible ones for ushering in a new realm. At the top of the list is the communication. Each of us can post about these types of events, on social media and here on Hive.

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The fact we have a system that is in place, collectively, that keeps a monetary ledger outside the bankers is invaluable.

This highlights how much of a marvel is blockchain technology. Arguably the greatest invention of the century. Power is being returned back to the hands of the people. Peer to peer, no intermediaries.

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Without a doubt. Blockchain is offering us a brand new means to open up our future. This is how we can take down the entire banking system.

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What things happening in Ukraine proves that the democracy around the entire world can gather with cryptocurrency and support a cause for everybody. Even if linked to the worse thing that humanity can do, crypto still prevails.

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Democratizing money is an important step. After all, money is power these days.

Taking it out of the hands of the bankers is vital. Then we can move onto other innovations.

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We are witnessing the power of cryptocurrency at play, the internet and a smartphone is all that's needed. We just have to keep sharing cryptocurrency to everyone as possible, most don't see the freedom side of cryptocurrency.

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Many technologies are playing into this. While the smartphone and internet realm is still highly centralized, there are options opening up. Starlink adds another layer to the choices many have.

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Cryptocurrencies are a lifeline for many countries, but in a war environment such as that of Russia and Ukraine, they are not yet ready to take control of traditional banking, but they will surely succeed very soon.

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Very interesting two Warrens. The first one is unbecoming of a Senator. I wonder what her researchers are doing. Is she really aware that she looks like a clown by confidently asserting her ignorance about crypto?

As for the latter Warren, the billionaire though a genius in the field of securities trading, his ignorance of economic theory and the political philosophy of capitalism has been carried through to cryptocurrency.

It's good to know that cryptocurrency is providing common citizens in Ukraine a "lifeboat" and that no political or military power no matter how strong they are can stop this technology from helping people.

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Ironic the second Warren doesnt understand money (or pretends to now know) since he bashed crypto.

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He failed to follow in his father's footsteps. This reminds me of a letter written by his father in 1962 expressing a wish for his son to be acquainted with Murray Rothbard’s books.

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I think it's nice to see the crypto donations go through but I really wish there was more transparency because I have seen quite a few scams out there. I believe there were quite a few scam videos on youtube and I wouldn't be surprised to see a lot of it go to waste.

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That is true, there are a lot of scams out there.

However, how can you have transparency when the people you are giving to might be targets?

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It is really a sorry fact to for the war affected Ukrainians, really despite being innocent ; they had to undergo serious pain for the folly of president and the other officials collaborated the deterioration of the human rights and the conflict that surged so much.

Its nice to see that the crypto technology is helping them in the period of such crisis, even the foreign grants and support increase, then they would get a chance of improving their conditions. Thanks to those extending helps..

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I wonder why it's so difficult to persuade people that cryptocurrency is here to stay, and I wonder why some still oppose the new normal. It is obvious that crypto is the future and that early adoption would tremendously benefit the majority of the world's economies. It's always nice when you take us into the world of crypto to help us explore. Thank you sir. I discovered that today happens to be your 5th year on the blockchain 🥂 . Happy 5th Hive anniversary. Hive will always be great with you here.

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(Edited)

Just to let you know, you are being selectively downvoted to normalize rewards. You have 2 accounts which constantly post. 2/Day from this account.

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Source: Dalz's article

Your two accounts combined earns well more than the next highest author rewards. So we have decided to adjust the rewards a bit.

Here are your choices. You can post less frequently, maybe 1post/day. Or stop the alt all together. Your choice.

It is not about your content but just about the lopsided rewards. I don't want to do a lengthy discussion, but I have discussed this with multiple key hive authors and they generally agree with me.

Reward adjustment will be minor. Please take this as a positive feedback.

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