#DAOs, Price Gouging and #Bitcoin – (Chris Coney) WCSS:039

Curated Content by Dan - Coin Cerberus

June 11, 2023


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Have you ever noticed that when you point the finger to blame someone for something (finger 2) there are three times as many fingers pointing back at you? (fingers 3, 4 and 5).
Now consider this tweet I just read by a U.S. Senator:
"Giant grocery store chains force high food prices onto American families while rewarding executives & investors with lavish bonuses and stock buybacks. I'm demanding they answer for putting corporate profits over consumers and workers during the pandemic."
Sen. Warren on Twitter
When I read this I applied my finger pointing model.
Instead of looking in the direction that they were pointing finger 2, I looked the other way in the direction that fingers 3, 4 and 5 were pointing.
https://twitter.com/ChrisConeyInt/status/1476572816380207109 As I pointed out in this tweet quoting Sen. Warren; price is nothing but the relationship between the value of the money and the value of an item.
Due to the laws of supply and demand, if demand for bread suddenly doubled, bread has suddenly become twice as valuable, people are willing to exchange twice as many dollars for it and the 'price' is simply a reflection of that.
But notice that 'price' does not really exist as a concept on its own. Price is the relationship between two items of value that are exchanged for one another. And so, back to my tweet in reply to Sen. Warren. It is the unprecedented printing of new dollars that has dramatically increased the supply of dollars. And it is changing that side of the equation that naturally and automatically changes the thing that measures the relationship between dollars and food… 'the price'.
So we saw that ‘giant grocery retailers’ are to blame for the price gouging.
My question is why blame the retailer? What if they had to raise their prices because their wholesalers raised their prices?
And what if the wholesalers raised their prices because the transportation companies raised their prices?
And what if the transportation companies raised their prices because the price of fuel increased?
And what if the fuel companies raised prices because their labour cost rose in line with a rise in the minimum wage laws imposed by the government?
Now to be clear, this is not a commentary or a judgement on whether the government should or should not do any of these things.
All I’m doing here is tying together the logical daisy chain of cause and effect so the real source of the problem can be identified.
If you apply a solution to something that is not the real cause of your problem, don’t be surprised if it doesn’t get solved.
Going back to the Tweet I quoted at the start, the "greedy corporations" argument actually has a very specific belief at the base of it.
It's the belief that businesses should turn themselves into a public service in a crisis.
That is, if there is a crisis and their costs of doing business rise, they should simply eat that by taking it out of their own profits.
Well firstly, there are private companies that do that, they are called insurance companies…
Second, there always seems to be one crisis or another…
And third, the problem with food retailing in particular (according to the research that I've seen) operates on a profit margin of just 2.5%.
That doesn't leave much room for absorbing any shocks to their cost of doing business. But the politicians don't seem to care about that. That is one of those inconvenient truths.
So should private companies turn themselves into a public service in a crisis? Well no, because it's the government's job to provide public services, that's what the huge tax revenues are for. So for them to say that's not enough is really to betray a lack of resourcefulness.
Misallocation of capital is one thing governments are famous for and why so many people begrudge paying taxes, they feel like they are not getting value for money when they pay taxes.
The reason everything original comes out of the private sector is because of the entrepreneurial spirit. The raw creativity that figures out how to do a lot with a little, whether that be starting a business with $1,000 and turning it into $1b, or whether it's starting to tinker with electronics in the garage and then building Apple computers.
So I've said the private sector should not become the public sector, so should the public sector become the private sector?
Well no, neither extreme is good.
But perhaps the whole debate itself is on too low a level because it all exists within the meta problem that everything seems to come back to, the lack of sound money.
A sound money system makes it far easier to draw lines of responsibility and accountability. And I suspect that is why governments don't want a sound money system, because then they would be accountable to a force higher than themselves.
And that ultimately brings us to Bitcoin. The Cryptoverse features reading the news from various sources. Each episode lasts approximately 15 minutes and includes my moral, ethical and philosophical interpretation of current events. If you’d like to be kept up to date on Bitcoin, cryptocurrencies and blockchains by someone who believes in the free market, equality of opportunity and the value of education then subscribe to The Cryptoverse today. Video Source https://www.youtube.com/watch?v=xY6FaLKgW5A

Crypto Currency Resources & Recommended Products

The following lists are tools and resources that I put together to help anyone that is interested in crypto get a head start. It can be quite daunting when you first get into cryptocurrencies. There is some much information out there and some much uncertainty.

Disclaimer This new crypto movement is an economic revolution. While it may be an exciting time to get started with crypto currencies, this digital gold rush has a plethora of bad information out there. The recommended products below are based on my own experience with my own personal use of these products.

Disclaimer: I am not a finical advisory. I do earn a small commission if you choose to purchase any of the recommended products below. Please make sure that you do your research before you purchase any Cryptocurrencies related products or services.


Crypto Currency Wallet & Coin Exchange

Coinbase is one of the worlds leading cryptocurrency wallets. It also gives people the option to purchase and trade digital currencies like that of Bitcoin, Bitcoin Cash, Ethereum Classic, Ethereum and Litecoin.

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Cryptocurrency Exchange

Binance is one of the worlds fastest growing cryptocurrency exchanges. Because of its trading volume and the number of altcoins it trades it will be one of the worlds biggest crypto exchanges in the world.

While Coinbase is still the easiest way to get into cryptocurrencies, Binance trades a lot more Altcoins compared to that of Coinbase. If you want to purchase Altcoins like Cardano ADA, Ripple XRP, Steller Lumens, TRON, Dash and Monero then Binance is your first port of call. 

In order to trade here, you must hold some cryptocurrencies first. So it's best to purchase some Ether or Litecoin from Coinbase and transfer it too Binance.

Click Here Watch A Tutorial Guide On How To Use Binance.



Cryptocurrency Hardware Wallets

One of the most popular Hardware Cryptocurrency wallets is that of

Ledger Nano S. The Ledger hardware wallet provides a secure offline solution for cryptocurrency traders to store their digital data. 

Commonly knowns private keys the Ledger hardware wallet gives users a multi cryptocurrency offline storage solution. Because of essential, these hardware wallets are similar to that of a USB key, it provides security by hosting the private keys offline making them difficult for hackers to access your cryptocurrencies.

It hosts some of the more common crypto coins but also some fewer know Altcoins Bitcoin Gold, Ark, Bitcoin, Bitcoin Cash, Digibyte, Dash Dogecoin and Ether.

Watch A Video Guide On How To Use The Ledger Nano S 


Digital Crypto Currency Wallet 

The Exodus Wallet is desktop cryptocurrency storage solution. It can be used with Mac and PC which has compatibility with a popular cryptocurrency exchange called Shapeshit. Which gives the user the ability to trade cryptocurrency with in the Exodus Wallet.  This feature alone makes the Exodus wallet a very popular choice with beginner crypto traders.

The interface is very intuitive making it very easy to understand and use for anyone that's starting out with investing in cryptocurrencies. The Exodus Wallet is one of the most popular lite wallets, even with a number of crypto storage assets, it doesn't require your system to download the complete blockchain.

While the Exodus Wallet is free to download and a very secure piece of software, please note that it does take between 1-3% fee with the exchange of cryptocurrencies. Click Here To Watch Walk Through Video On The Exodus Wallet.


Cryptocurrency Browser

The Brave Browser is just like most web browsers, it allows you to surf the web, find videos, websites and allows you to download content from the web. But with a few difference with it's set up compared to that of Google Chrome. It was set up by the same creators as that of Mozilla, basing their software on open source code similar to that of Google Chrome.

Brave has in built ad blocking technology to stop intrusive ads. It also integrates with the cryptocurrency Basic Attention Token {BAT} to pay users for their attention for displaying less intrusive ads.

Brave keeps 15% of the less intrusive ads, giving content publishers 55% per cent which is good for bloggers and vloggers, last but not lease even users of the Brave browser will receive 15% off the revenue. It also gives users the option to donate BAT to content creators or sites they love.

One of the striking features of the Brave Browsers is that it removes a ton of tracking pixels which cause websites to load slower. This gives you a much faster experience when visiting websites online


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