@CoinbaseSupport I’m locked out of my account tried resetting password no help no way of accessing “upgraded concierge” no access to an agent over phone. Horrible. Please help.
It’s a vague “term of art” referring to the pattern of what happens in “mature” capitalism in last stages. Why “last stages”? It’s not that capitalism itself necessarily goes away, but that specific implementation of it does (I.e. property seizures, existing elites and executed or exiled to make way for new elites, maybe capitalist or not.) some of the dynamics - massive wealth inequality that triggers the masses to either vote themselves property transfers or to rebel. Elites more openly pursue kleptocracy (looting the government coffers.) everyone chases speculative frenzies since fiat is being printed into oblivion and we get psychological “financial nihilism” where people cease to believe in slacking away for decades to grind their way under “capitalism” since they see people getting rich overnight from crony or corrupt capitalism.
Naval's friends are not your friends
If you’re arguing for ZEC on the basis that it might become money or a store of value someday, you’re massively missing the forest for the trees. People think retail will move this coin, but this it’s especially interesting for ultra-wealthy individuals who want protection from debasement, political attacks and capital controls.
I think it's becoming more clear that we will see a major shift to the left again, driven by demographics, cost-of-living pressure and a conservative government that currently continues with asset holders policy since their hands are tight.
“Mandami” will be the new reality, and your personal political takes on that won’t matter. There will be increasing pressure for capital controls, which in turn will drive more demand for encrypted BTC. It became the shelling point with an easy narrative
Crypto Twitter compares @naval talking about ZEC to random KOLs paid by a project. They forget that Naval’s friends aren’t trenchers trying to make it—they’re people with real wealth to protect.
Something like $ZEC becomes an extremely easy sell as an interim solution for more financial privacy down the road.
For transparency: I bought ZEC at $50, shielded some and have nonetheless rebalanced my portfolio as of late. Sizing it down doesn’t mean I’m bearish at all.
In 1971, money changed from a natural system (gold) to a socialist system (fiat).
Crypto is tech to replace socialist money with a free-market system.
Market systems are inherently competitive and as tech evolves, new monies will continue to emerge to challenge existing ones.