Category: Business & Society

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Business & Society

Crypto and the Fourth Industrial Revolution: What to Expect

I’ve been watching the growth and development of cryptocurrencies, and it’s truly been awe-inspiring to witness its rapid evolution. However, the crypto world, like any technological shift, is far from perfect and has to numerous challenges to overcome.

For example, the Bitcoin network is often struggling with scalability issues, resulting in slow confirmation times and high fees during periods of great network demand. Additionally, the crypto space is vulnerable to bad actors who take advantage of weaknesses for their own financial gain. In 2022, North Korean-linked hackers made off with $3.8 billion in crypto, while two nerds created a Ponzi-scheme and defrauded investors and laughed all the way to the bank.

For crypto currencies to reach their full potential and be widely adopted, they need a robust infrastructure to support them. This includes secure and reliable exchanges, user-friendly and safe wallets, and efficient payment systems. Clear regulations are clearly necessary to protect customers and prevent illegal activities.

I understand that the crypto space can be confusing and intimidating for many people, but it’s crucial that we educate ourselves about the benefits and potential of crypto currencies. By being proactive and taking measures to prevent problems, we can be more efficient and less prone to making costly mistakes.

The crypto world is still in its early stages of development, and there are many challenges and risks that need to be addressed. However, with proper security measures and regulations in place, the potential for crypto currencies to transform the financial landscape is enormous. Investors should be proactive and well-informed when making investment decisions in this space and prioritize the protection of their assets.

There are also societal consequences of disrupting technologies that are important to consider.

For example, the fourth industrial revolution, with its focus on automation, artificial intelligence, and blockchain technology, will likely result in changes to the job market. While it’s impossible to predict the extent of these changes, it’s crucial for workers to be proactive and prepare for a rapidly evolving job market.

In conclusion, the crypto revolution presents both challenges and opportunities. However, I think we need the shitstorm of difficulties before we can expect to have a solid product. Remember, crypto currencies are not a final product and hundreds and thousands of developers are working on each blockchain. The blockchain business is a process affected by the vision of the coin, laws, regulation, crime, customer needs and dreams of profit. I consider it a space to learn from.

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Business & Society

Maximizing Returns in the Crypto World: A Guide to Navigating Volatility, Risk, and Opportunity

Old-timers in the crypto space will tell you that they love the volatility. Brutal dips, trips to the moon, and crypto winters offer opportunities, but they are not for the faint of heart. The volatility in the price of cryptocurrencies makes it a great trading asset, but be warned – the word in the crypto community is that 90% of traders are unsuccessful.

I avoid trading and instead believe in the long-term potential of cryptocurrencies. Over time, I’ve learned vital lessons about investing in crypto. The volatility is both a blessing and a curse, providing opportunities for traders but also being nerve-wracking for those not comfortable with risk. A long-term perspective on owning crypto requires the ability to tolerate dramatic price swings.

Many in the crypto community believe that the price of Bitcoin follows a four-year cycle, as history has shown repeatedly. It’s debatable whether we’re in a bear market right now. If Bitcoin has hit bottom, then we are in the early stages of a bull market. However, some might refer to this phase as an accumulation phase, as prices are expected to rise slowly for almost a year. The next major uptrend is predicted for mid-2024, but history may not repeat itself. To increase your market stamina, I suggest taking a long-term view and not tracking market prices daily. Holding crypto costs nothing, and some coins even offer interest through staking rewards. 

Staying informed about news and events in the crypto world is also valuable, keeping an eye out for regulatory changes, investor sentiment, and technological developments that could impact your investment.

However, it’s important to remember that crypto is risky. But it has taught me to consider and value my retirement. Some say the crypto boom is a once-in-a-lifetime chance to change our financial future, and that’s the key word – future. Crypto is a lesson in valuing your future self, hopefully.

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Business & Society

Pay Yourself First: The Most Impactful Lesson from the World of Crypto

Exploring the world of cryptocurrency can be an enlightening experience, providing valuable insights into the world of investing and money management. One of the most valuable lessons I’ve learned is the concept of “Pay Yourself First”. Though simple, this idea is often overlooked.

This idea is not just about changing our perspective on debt and bills, but it’s also about valuing ourselves. For too long, we have been taught to pay others before ourselves, accepting the norm of taking on debt in the fiat monetary system. David Graeber the author of the book Debt argues that debt has been a fundamental aspect of human interaction for thousands of years and has shaped political, economic, and social relationships. He is clear about the fact that debt has been used both as a tool of oppression and as a means of creating moral obligations and social ties. Without paying ourselves, we’ll never escape the debt trap.

Buying things we don’t need with borrowed money is like building a tall tower on sand. Instead of making a strong financial foundation, we keep adding things that cost money, and end up paying more in the future because of interest. It’s a vicious cycle that makes it hard to be financially secure.

By paying ourselves first, we build a strong financial foundation that provides us with financial stability and the means to reach our goals.

The beauty of this concept is that it’s not just about saving money, but it’s about investing in something that increases in value. For example, if you receive a raise of $500 a month, instead of using it for leisure, you can invest a portion of it in cryptocurrency, like Bitcoin. Over time, that small investment can grow into a substantial sum, giving you financial freedom.

Another advantage of paying yourself first is the power of compound interest. By investing in a promising crypto asset, you tap into the power of compounding and watch your investment grow over time. The earlier you start, the greater the potential for growth. Investing in yourself is one of the best investments you’ll ever make.

“Experience is the teacher of all things.” – Julius Caesar

Draw on the valuable experiences of the crypto community and use them to build a more stable financial future. So, break free from the cycle of only paying others, and start investing in your financial future. Pay Yourself First.

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Business & Society

Are You Living in the Fourth Industrial Revolution and Not Even Realizing It?

The Fourth Industrial Revolution is here, and it’s bringing with it a wave of change that will fundamentally alter how we live, work, and interact. But are you aware of it? The truth is, many of us are still in the dark about the revolutionary technologies driving this change – technologies like artificial intelligence, the Internet of Things, and cryptocurrency and blockchain technology.

People do not realize that we are amid a revolution. I am not using the word revolution to sound dramatic. Each industrial revolution is disruptive and brings with it a transformation that is difficult to adapt to. As a healthcare professional in Sweden, I have seen firsthand how difficult it can be for some people to adapt to new technology and the changes it brings. But the truth is, we can’t afford to be left behind.

ChatGPT, which is a prime example of a fourth industrial revolution technology, has taken the world by storm. But we have only had the starter meal. AI-technologies such as ChatGPT and Midjourney are disrupting the way we write, create images and videos, and the way we make websites and much more. Microsoft purchased the hugely popular AI company OpenAI, and the public will soon be able to use AI as a core component of office. This means that one billion people will have ChatGPT on their computer. Things move exponentially fast within the fourth industrial revolution, and it will feel like we are constantly running behind the developments of society. There is so much information created and freely available that it has become disposable. We need to understand that information is only the starting point if we would like to be a person who contributes value to business and the developments of society. A person who can use critical thinking and add human thinking and feeling to the available information will take a step forward in their professional and personal lives.

The Fourth Industrial Revolution is still in its early stages, and its full impact is yet to be seen. I predict that in the next 10-15 years, our working and personal lives will be very different.

It’s clear that it will bring about significant changes in our daily lives and across a wide range of industries and sectors, including education, healthcare, finance, transportation and more. In education, the integration of advanced technologies such as artificial intelligence and virtual reality is expected to revolutionize the way students learn. In healthcare, the integration of technologies such as telemedicine, wearables, and the Internet of Things is expected to improve patient outcomes and increase access to healthcare for people in remote or underserved areas. In finance, blockchain and crypto technology is expected to enable faster, cheaper, and more secure financial transactions. And in transportation, the integration of advanced technologies such as autonomous vehicles and drones is expected to improve safety, reduce congestion, and increase efficiency. Our online existence will increase, and we will have a personal avatar to care for. Jesus! Our mirrors will talk to us, and our fridges will order our food. These changes may feel overwhelming.

The impact of the Fourth Industrial Revolution will be gradual and will take different time to reach different sectors, but the greatest impact is likely to be felt in the next 10-15 years as more and more industries adopt these technologies.

Being aware of what is happening is the first step in keeping pace with change.

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Business & Society

How Digital Currency is Changing the Game for People in Dire Straits

Crypto is fulfilling its most important purpose. People with no chance to do their banking turn to crypto for help. People in most need are benefiting from the blockchain developments of the fourth industrial revolution.

People badly need a bank account to live. There are approximately 1.7 billion unbanked people in the world and crypto companies have potential to provide banking services for the unbanked and help to solve the problem with financial inequality. Seven countries represent about half of all unbanked people on the globe. These countries are Nigeria, China, India, Pakistan, Bangladesh, Indonesia, and Egypt.

Folks, this is where it gets interesting!

People who are struggling the most in finding banking services find rescue in crypto. The countries that have the highest combined rates of unbanked and underbanked are Vietnam (79%), the Philippines (78%), and Indonesia (77%). In fact, the countries with half of the world’s unbanked people are all in the top 20 list of countries in the world with the highest rate of crypto adoption. Lack of banks equals increased crypto adoption.

For the second year running, Vietnam has topped the charts for cryptocurrency adoption according to the 2022 Geography of Crypto Report by Chainanalysis. Vietnam is crushing it in crypto. They are playing blockchain based games and using crypto when there are no ATMs. It has been estimated that 21% of Vietnamese consumers use or own cryptocurrency. These statistics are jaw-dropping in comparison to Europe and the USA. Only 8% in Europe and 7% in the USA have bought or own crypto currencies.

Ordinary people as well as shady people use crypto. This is no different than ordinary money. Crypto adoption is predicted to continue to increase in Russia as long as international sanctions are in place. Under Russian artillery shelling, 16 percent of the Ukranian population turn to crypto to store their wealth and to make financial transactions. We need crypto when the world is struggling to keep peace.

Cryptocurrency adoption is growing around the world. The global crypto ownership rates are estimated at about 4.2%, with over 420 million crypto users worldwide according to TripleA.

Crypto is crushing it!

Bitcoin and the biggest crypto currencies are going mainstream and reaching economies where the national currency is weak and assisting people in sending or receiving currency across national borders. The highest-ranking crypto currencies, foremost Bitcoin and Ethereum are also seen as a store of value when fiat currencies are struggling with inflation. Sure, one can argue that Bitcoin and Ethereum have taken a sucker-punch in the last year but looking long-term they are seen as a hedge against inflation. There is no other traditional asset that beat Bitcoin in value increase in the last 10 years.

Crypto is not here to replace the traditional financial system. Rather to provide an alternative when the traditional system is failing or neglecting the needs of the people.

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Business & Society

Crypto Rescues Bored Swamped Professors and Shows Big Pharma How Research is Done

Key takeaways: Crypto breaks through traditional borders in research and offers a helping hand to professors in dire need of funding and innovative solutions. Decentralized Science, is a revolutionary concept that democratize the scientific process where unconventional ideas can blossom.

Traditionally, scientific research has been the domain of large institutions such as universities and corporations. In many ways, traditional central institutions of knowledge have a monopoly on research and knowledge. Research is largely conducted and kept within the academic space and important reports and articles are hidden behind paid walls of academic journals.

Anyone involved in health research knows how difficult it may be to find funding for a research project about rare diseases and mental health conditions. Interdisciplinary research that often requires a long-term study is also hard to finance. The academic space can be brutally tedious and boring. Research is suffering from a sad case of stiffness and bureaucratic structures, formal guidelines, and time-consuming proposal processes. Professors feel stuck in a swamp of paperwork.

Here’s the solution!

Decentralized Science, or DeSci for short, is a revolutionary concept that aims to democratize the scientific process.

Think of DeSci as a form of crowdfunding and sharing research data in a secure, collaborative and accessible way, with or without the use of traditional research institutions.

One of the key benefits of DeSci is that it allows for a more democratic distribution of funding. Rather than relying on a small group of centralized institutions to provide funding, DeSci uses a token-based system where anyone can contribute and invest in scientific projects. This not only provides researchers with more funding options, but also allows for a more diverse group of people to contribute to scientific research.

Another benefit of DeSci is that it enables researchers to share data and collaborate on projects in a more efficient manner. Using blockchain technology, researchers can easily and securely share data with other members of the network, without the need for intermediaries. This allows for faster, more efficient data sharing and collaboration, ultimately leading to better and more impactful research.

For the reader who wants to dive deeper in DeSci, Molecule Protocol is an innovative solution worth taking a look at.

More reliable research with Desci

Cherry-picking results, hypothesizing results after the results are found, and adjusting the analysis after the results as well as outright fraudulent practices in research are a major problem. DeSci may be a solution as the research data that is stored on a blockchain is immutable. This is achieved using smart contracts, which automate the process of recording and verifying research data on the blockchain.

In a world where centralized institutions have long held a monopoly on knowledge, DeSci offers a new paradigm for conducting and sharing research that is more open, transparent, and inclusive. Sharing knowledge is beneficial for society and DeSci research is not hidden behind a paid wall of a fancy journal.

Decentralized Science has the potential to make the research setting happier and more community friendly. Stiff competition between research institutions can be turned into a collaborative environment.

Trust in big-pharma is not peaking after the covid-19 vaccine saga, and a token-based solution along with blockchain technology can even increase trust in big pharma as its a tamper-proof way of conducting research. Whatever! Who cares about the trust of big pharma?

Most of all, a public infrastructure for funding will lead to important findings that do not (always) follow the infamous money trail.

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Business & Society

4 Industries that Must Use Blockchain Technology – or Suffer the Consequences

Where blockchain technology is most disruptive is the industry that can benefit the most by this emerging technology. The global financial services sector is worth approximately 20-25% of the world economy and traditional financial businesses are winners when they are using blockchain technology. This technology which is a key component of the fourth industrial revolution can facilitate cross-border payments and an entire decentralized, bank free, financial system is being built. But even the biggest traditional banks regard blockchain technology to be a key component to improve their business.

The enormous global supply chain management industry (worth USD 16.64 billion in 2021) will blossom by using blockchain technology. Blockchain technology can improve the transparency and security of the transportation process and increase efficiency of services. In fact, the entire production process including details about the product and its delivery can be tracked, traced, and validated by a blockchain. This technology ensures that data is not tampered with which increase trustworthiness of the goods and of the cargo company.

A clear winner by using blockchain technology is the medical sector that can use blockchain technology to create secure systems for storing and sharing medical records. To improve public health, medical establishments and governments should seriously consider using blockchain technology to improve the efficiency of healthcare delivery. Any medical staff would argue that one system for the entire medical sector will increase efficiency of treatment and decrease administrational costs. 

Moreover, governments and authorities are using blockchain technology to store and verify digital identification information and to deliver a digital monetary system. This is the biggest area in which blockchain technology may be a severe cause of concern as digital identifications and digital money may infringe on privacy if not properly constructed and managed. But using blockchain technology for digital identification and e-money will be inevitable components of the future and doing it right will be crucial.

Businesses that do not embrace blockchain technology will suffer from less effective, more costly, and less secure services. Traditional cargo companies will be less effective and therefore lose market share to competitors who are evolving and up to date with technology. Public health will suffer due to ineffective healthcare, and problems of lack of financial inclusion will continue. Moving away from paper fiat money and into e-money is a must to function in modern society and blockchain technology is the solution. Businesses will go bust for not following the trend of digitalization of society.

The digital future is already here and only the tech-savvy actor will enjoy the fruits of keeping up with the fourth industrial revolution.

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Business & Society

Why Big Money Get Crypto Mostly Wrong

Things are not as they seem in the investment world. We have a false image of the greatness of venture capital. What is behind all the failing crypto projects and why can’t even venture capital get it right?

In essence venture capital (VC) is a company or investment firm that provide financial support to small, emerging companies with the potential for significant growth. Usually, a venture capital firm get a stake in the company, and they provide additional resources like management expertise and industry connections to help the company succeed. At first glance it sounds like it’s a given success for a small company when they get support from a venture capital firm. It’s a Dragons Den scenario in many ways. However, the success rate of venture capital investments is notoriously low. In fact, 63% of startup failures occur in the tech industry, and 75% of venture capital-backed startups fail. Being successful in business is difficult even with capital and know-how. Blockchain companies face an even tougher road to success.

Since Bitcoin was released the staggering amount of 80,000 blockchain projects have launched. However according to the China Academy of Information and Communications Technology only 8% of them are still active and the average lifespan is only 1.22 years. Gartner estimates that only 5% of blockchain projects make it to production, and 90% of those will need to be replaced within two years to remain competitive. The statistics give us a sobering view of the crypto industry. We can easily conclude that it’s smart to invest in the biggest crypto projects that have been around for multiple years.

But what are the reasons why blockchain companies struggle?

Firstly, the industry is in an early-stage and lack of adoption is a problem. Many crypto companies are struggling to guide themselves in an unclear regulatory setting. In the US, crypto companies can suddenly be dragged into court by authorities for unclear reasons because the regulatory landscape is still being created. Intense competition between crypto companies is another reason for projects failing. The crypto space is difficult to predict as its still in many ways hype driven and not only the most sound and useful coins win the market race. Funding issues and technological difficulties are also a significant contributor to the fail rate of crypto companies. Few companies survive the freezing cold crypto winter that we are in the middle of. They are forced to cut spending when markets are down, and venture capital is in many ways the only way to succeed. Another likely reason for the huge fail rate in the crypto space is that its surprisingly easy to launch your own crypto token and many unserious people are eager to get their hands on some crypto cash. There are thousands of poop coins that really stink. However, building a solid crypto project that stand the test of time requires a high level of skill and knowledge and is a time-consuming process. No wonder that most crypto projects fail.

It may seem crazy, but venture capital firms continue to pour billions into the space and clear regulatory guidelines are being created. Most money will clearly be lost but some companies will win big time. Clearly even big money gets it wrong when it comes to crypto investments.

No wonder it’s a high-risk and high-reward game.

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Business & Society

Should We Cancel 2023?

We will likely continue to experience a decline in consumer spending for at least another year. The entire eurozone and the US is heading into a full-on recession.  Sweden’s recession will last until 2025 according to the Swedish Ministry of Finance. Bitcoin is down by at least 70 percent since 2021 and altcoins about 90 percent. The crazy thing is that it may seem like the bottom but it’s probably not. Doom and gloom.

Should we just cancel 2023?

Yes, let’s just stay home and cook pasta and enjoy a juicy steak… or serve a bowl of beans. Eat whatever. The wine will probably be more important anyway…

Seriously, what can we say about crypto in a significant period of economic downturn?

Unfortunately, crypto hasn’t been around long enough for us to get an idea on how it behaves in a recession. So, it’s anyone’s guess.

Normally, cash is king in a recession.

When we look back to previous crypto downturns in 2015 and 2018, we learn that they where brilliant investment opportunities. Especially for those who held their digital assets for 2-3 years. It’s important that you consider your own financial circumstances and follow your own belief in investing. However, I am guessing and working under the notion that the next considerable up-trend in crypto prices will be in the end of 2023 or in the beginning of 2024. But I am also expecting the unexpected.

Who will be the winner in 2023?

The patient investor is destined to be the winner.

I know it sounds boring. But since you are staying up to date you are doing things differently than most people.   The crypto industry is eventful, fast, and keeping pace is key to be successful. Remember, the public is still ignorant about crypto and always too late to the party.

I suggest beginning the year by appreciating what we already have instead of cancelling 2023 by sticking our head in the sand because it may not be a year with financial growth, Now, it’s time to be curious, study and learn. Expect the unexpected. Afterall, growth is not only in numbers.

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Business & Society

Two Nerds Stole 2022 and Laughed All the Way to the Crypto Bank

Two nerds made a fool of media and high-stake venture capitalists and the average Joe. They created a modern-day Ponzi scheme and committed fraud and manipulated the crypto market, embezzled billions, and bought real estate with customer funds. They laughed all the way to the bank. 2022 has been a crazy year. What can we learn from the story of the two nerds?

KEY TAKEAWAYS

  • Reality beats fiction in crypto. Two guys in crypto played us perfectly and crypto investors are left to pick up the bill. The biggest scams of 2022 will go down in history and its philosophical lessons are important. Deceit sleeps with greed.

The cocky nerd, Do Kwon, created the yield-bearing decentralized stablecoin UST. Basically, UST was a stablecoin that is designed to always be worth 1 dollar. The value of UST was supported by another digital coin called Terra Luna that Do Kwon also invented. What attracted people to buy and hold UST was the chance to get 20 percent yield each year from staking it. Imagine getting 20 percent interest from the bank… The financial world was at awe and Terra Luna increased by 135 percent in the first two months alone. Average Joe jumped on board and initially made some serious dough. Do Kwon laughed all the way to the bank.

The problem was that UST was not fully backed by fiat money, gold or Bitcoin and was in essence a Ponzi scheme. When $2 billion worth of UST was taken off the protocol in May 2022 the stable coin was not able to keep its 1-dollar value. The value dropped quickly, and people got spooked and started selling their UST. Both UST and Luna crashed and $60 billion were wiped-out in a matter of days.

The cocky nerd eluded regulators with a run-of-the-mill attempt to salvage the situation. Then disastrous stories of thousands of people who lost their life-time savings started to emerge and he fled. That’s when the dominos of 2022 started to fall in the crypto currency space. Voyager and Celsius as well as Three Arrows Capital filed for bankruptcy because they were large holders of Terra Luna and UST.

“I am here. Come get me…” said Do Kwon and laughed while being on the run.

To this day he is wanted by Interpol and continues to make fun of police by saying that he is not on the run. Rumor has it that he cashed out US$2.7 billion before the crash and is hiding in summer paradise Croatia. I bet he has a cocktail in one hand and Margaritha in the other…

The harsh crypto winter continued, and more people lost their life savings.

Meanwhile a nerd with a funny hairdo, took center stage. Sam Bankman-Fried was the wonderkid who started his own crypto exchange FTX as well as the FTT token. He invested heavily in different crypto businesses. He portrayed himself as a genuine soft-hearted billionaire who wasn’t in it for the money.

“I do not want a yacht or luxury…” said Sam to media.

On photos he wore a simple T-shirt and said that he slept on a bean bag at the office. He even pledged to give away 99 percent of his money to philanthropic initiatives. Sam was one of the biggest donors to the Democratic Party and things seemed kosher.

However, when the curtain closed, he lived in a luxury estate in the Bahamas and have been claimed to have orgies and enjoyed recreational drugs. He secretly also donated to the Republican Party to make sure he had powerful friends on both side of the aisle. Hell, he also had close ties with the chair of the Securities and Exchange Commission that regulate the crypto market.

One day big-time investors started to question his business as they realized that $1 billion in customer funds had disappeared. People called his bluff and his empire collapsed in one day.

In the eye of the public, he lost approximately 15 billion USD and his net worth decreased by 94 percent. But, in fact he funneled billions of customer funds to different shell companies and bought real estate for his supporters, himself, and his family. The only good part of this story is that he is spending his days and nights in a rat-infested jail in the Bahamas and is charged with 8 criminal charges including fraud and by conspiracy by misusing customer funds.

History tells us that greed never gets old. If greed was to bare a child, it would be a Ponzi-scheme and Do Kwon created a modern-day version to satisfy this cardinal sin.

When it comes to Sam Bankman-Fried he gave us a clue how he had been thinking. In an interview he said, “I wasn’t even trying to manage risk”. He was clearly consumed by greed.

The moral of the story is important. There is no end in greed. The feeling of greed is sly and powerful, and we fall easy prey for its feelings of inadequacy. To avoid the feeling of lack we reach for more, instead of finding acceptance and gratitude in what is.