If you are not a subscriber of The Pomp Letter, join 215,000 other investors who read my personal opinion on finance, technology, and bitcoin each morning. To investors, Russia’s invasion of Ukraine has led to a flurry of financial sanctions from the United States and their allies over the last week. These actions include cutting Russian banks off from SWIFT, seizing the assets of various Russian oligarchs, outlawing US citizens and companies from transacting with Russia’s central bank, and much more.
i am really frustrated with the idea "hey you hurting ordinary people in russia". Pump you probably are not aware of the context very well. For a long time since 2014 all sanctions and preventive measures were very targeted on Russian politicians, their interests and their friends. It simply didn't work. They always find a way around and keep doing what they are doing. Now the sanctions applied very broadly specifically to hurt everyone in russia so nobody can say "hey i am out of politics dont touch me" anymore, because the situation is much more severe than you probably think. Now the whole world is saying "hey russians, we tried hard to influence your madman president there, but we can't, so now its your job to calm him down, get rid of him or kill him, do whatever, its your problem now". And its fair. You can stay out of politics only for so long, not taking an action is also an action. Too many Russians were not taking any action for too long, so that became the passive supportive action by itself. Now they need to deal with consequences. Yes, i am ukrainian and i am biased, but tell me where i am wrong.
Wrong. The only way to stop a dictator, especially one with nukes, is from within. Putin will only respond to lack of support from within Russia. Not fair to Russian citizens, but necessary to restore order to the world.
This is such a trash take, I'm also unsubscribing.
"Bitcoin is now the only global payment system that won’t discriminate against anyone, regardless of their race, nationality, religion, politics, or actions." <-- this is an actual joke, yes? Considering how many forms of digital currency there are?
Also, since when has any payment system discriminated based on race or religion? If you want to get around sanctions just say so.
Pomp, I understand your point and agree it has merit. However, we all know too well that there is an equal and potentially higher reaction for every action.
If Russian oligarchs can move their $/Euro/Yuan/Yen assets to Crypto (BTC/ETH), the exchanges would allow them to continue to empower Putin in the persistent bombing of Ukraine and be aggressive globally.
I don't know how you decouple the financial freedom crypto provides from having a stable and peaceful world that doesn't have unhinged actors (Putin/Kim) who see the world and power as a zero-sum game.
You have no right to write about Russian matters! What is your competence in this field? Have you ever been in Russia? This is an instant unsubscribe for me, sorry...
The interesting play in all of this is that Exchanges know if they decide to cut us off, we can get around it. The current financial system has you locked in because it's more difficult to move physical, and even digital, money around without their system.
But with crypto, it's different. The entire defi space is full of options that, if you do your homework, can provide not only the ability to transfer and spend money, but also create a sizable portfolio, on a completely distributed platform. When you have a DEX that's not much more than a smart contract, you understand the power behind this and why tradfi is scared.
Target that and find some way to shut it down? Fine. We'll recreate another even better and stronger elsewhere. To quote from one of my favorite movies/ TV shows: "You can't stop the signal, Mal" -- Mr. Universe
Putin's approval rating usually hovers in the 70% and its lowest has been 59%. For far too long Russian people have not given a flying f*ck about what Putin gets up to. Now it's time they do.
Well put Pomp. But the establishment in the US has already been waging economic war on conservatives. How many have had their bank accounts canceled, their PayPal accounts canceled, their payment processing service canceled? Gab.com can only accept checks and ACH transfers. Economic war is already here.
Cancel culture has become international and instant. Orwell warned of the unpersoning and Black Mirror's "Nosedive" episode captured this phenomenon well. In this war as any other before it, ordinary people suffer while the elites grow more powerful.
Very good and enlightening..
i am really frustrated with the idea "hey you hurting ordinary people in russia". Pump you probably are not aware of the context very well. For a long time since 2014 all sanctions and preventive measures were very targeted on Russian politicians, their interests and their friends. It simply didn't work. They always find a way around and keep doing what they are doing. Now the sanctions applied very broadly specifically to hurt everyone in russia so nobody can say "hey i am out of politics dont touch me" anymore, because the situation is much more severe than you probably think. Now the whole world is saying "hey russians, we tried hard to influence your madman president there, but we can't, so now its your job to calm him down, get rid of him or kill him, do whatever, its your problem now". And its fair. You can stay out of politics only for so long, not taking an action is also an action. Too many Russians were not taking any action for too long, so that became the passive supportive action by itself. Now they need to deal with consequences. Yes, i am ukrainian and i am biased, but tell me where i am wrong.
Shutting people out of their accounts is becoming common practice it seems. Not good.
Bitcoin is finally relevant to the point when nobody on God's green and blue earth can deny the use-case and value.
Wrong. The only way to stop a dictator, especially one with nukes, is from within. Putin will only respond to lack of support from within Russia. Not fair to Russian citizens, but necessary to restore order to the world.
This is such a trash take, I'm also unsubscribing.
"Bitcoin is now the only global payment system that won’t discriminate against anyone, regardless of their race, nationality, religion, politics, or actions." <-- this is an actual joke, yes? Considering how many forms of digital currency there are?
Also, since when has any payment system discriminated based on race or religion? If you want to get around sanctions just say so.
Marvin Gaye masterpiece is more relevant today than ever. https://youtu.be/r6jKE6YIxmc
Pomp, I understand your point and agree it has merit. However, we all know too well that there is an equal and potentially higher reaction for every action.
If Russian oligarchs can move their $/Euro/Yuan/Yen assets to Crypto (BTC/ETH), the exchanges would allow them to continue to empower Putin in the persistent bombing of Ukraine and be aggressive globally.
I don't know how you decouple the financial freedom crypto provides from having a stable and peaceful world that doesn't have unhinged actors (Putin/Kim) who see the world and power as a zero-sum game.
You have no right to write about Russian matters! What is your competence in this field? Have you ever been in Russia? This is an instant unsubscribe for me, sorry...
Well, they did (collectively) vote for him (Putin).
The interesting play in all of this is that Exchanges know if they decide to cut us off, we can get around it. The current financial system has you locked in because it's more difficult to move physical, and even digital, money around without their system.
But with crypto, it's different. The entire defi space is full of options that, if you do your homework, can provide not only the ability to transfer and spend money, but also create a sizable portfolio, on a completely distributed platform. When you have a DEX that's not much more than a smart contract, you understand the power behind this and why tradfi is scared.
Target that and find some way to shut it down? Fine. We'll recreate another even better and stronger elsewhere. To quote from one of my favorite movies/ TV shows: "You can't stop the signal, Mal" -- Mr. Universe
Putin's approval rating usually hovers in the 70% and its lowest has been 59%. For far too long Russian people have not given a flying f*ck about what Putin gets up to. Now it's time they do.
Well put Pomp. But the establishment in the US has already been waging economic war on conservatives. How many have had their bank accounts canceled, their PayPal accounts canceled, their payment processing service canceled? Gab.com can only accept checks and ACH transfers. Economic war is already here.
Cancel culture has become international and instant. Orwell warned of the unpersoning and Black Mirror's "Nosedive" episode captured this phenomenon well. In this war as any other before it, ordinary people suffer while the elites grow more powerful.
Because the alternative is worse!
Doing nothing is worse!