"We're hearin about #Lebanon's economic situation.
Vs.
We're seein a crazy clubbin nightlife on social media.
How r people goin out & spendin given the disastrous Lebanese situation?" @TheRealTahinis
Ali asked me this Q yesterday on Clubhouse, and I answered briefly:
⫸Thread⫷
- Lebanon's post-war era (1990-Present) vs. the three main sectors of the economy (Agriculture, Manufacturing & Services) that haven't been built neither for self-sufficiency nor for export.
- How lively Lebanese are by nature.
- How luxurious cars in Leb are bought on credit.
- How Lebanese like to enjoy life at the expense of being realistic sometimes.
- How most Lebanese families in Lebanon have family members that are abroad working as expats worldwide. These Lebanese expats do send hard currencies to their families.
- As well as these expats go to spend holidays in Lebanon.
- Because the currency devaluation (1USD = 1500LBP in 2019 to 1USD = 17,000LBP 30/6/2021) made Lebanon cheap for expats, they are going overboard with the partying, especially as a way to decompress!
✱What is NOT shown on social media:✱
- Pharmacies do not have enough medication.
- Infant milk can not be easily found in the Lebanese market. Some medicinal brands disappeared completely.
@TheRealTahinis thanks for your Q. It's true. More awareness needs to be raised for the West to know what is happening in Leb.
What you guys see on Lebanese social media, from extravagant beach parties to crazy nightlife, does not reflect most Lebanese people's livelihood.
Today you have 156,000 Lebanese in the UAE (Wikipedia) alone. And this is how it looks for them to spend their holidays in Lebanon today. This is just a tiny sample of what changed. #Bitcoin fixes this #inflation
"#Lebanon is suffering from an acute shortage of imported drugs, particularly for chronic diseases, amid a lack of foreign exchange in the country, Lebanese pharmaceutical importers warned on Sunday" middleeastmonitor.com/20210704-leban…
The #WorldBank said the financial crisis could rank among the world’s three worst since the mid-1800s. The currency has lost more than 90 percent of its value and unemployment has skyrocketed. @nytimes
Lebanese Minimum wage is only $38!
Study shows 72% of the Lebanese will struggle to secure their food!
الحد الأدنى للأجور باتي يوازي 38 دولارًا فقط! دراسة: 72% من اللبنانيين سيعانون في تأمين طعامهم! bit.ly/3xoA31u
🇱🇧💥
#LEBANON ELECTRICITY = 0
GRID IS - COMPLETELY - OFF for the past 4h. #LEBANON EMERGENCY RESPONSE EFFICIENCY = 0 #LEBANON IS A TIME BOMB waiting to 💥
You ask how #Bitcoin can help #Lebanon & what countries can do with it. Inspired by @JAN3com, I see more paths: tax incentives, clear regulations, education, infrastructure, partnerships, legal recognition, R&D, crossborder collaboration, and integratin BTC in social programs.
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Tax incentives: Governments can encourage the use of #Bitcoin by offering tax breaks or incentives for businesses and individuals who utilize it for transactions, investments, or other purposes.
Establishing regulatory frameworks: Governments can create clear and supportive regulations for the use of #Bitcoin, enabling businesses and individuals to more confidently engage with the technology.
The Bank for International Settlement #BIS's annual economic report (june22 of 138 pages) proves every single word in the #Bitcoin white paper ⚡️bitcoin.org/en/bitcoin-pap…
If you think the fiat world is ugly now.
It's only getting uglier.
OK info about this report:
+ Highlighted some of the risks within the shitcoinery world (stable coins, crypto, Defi)
+ Confirmed that all shitcoins are copying #Bitcoin and following its behavior
+ Attacking lack of regulations leading to rug pulls like Terra Luna
+ USDT risk
To read any past, present, or future economic event:
- don’t listen to the noise
- stop to breath
- zoom out to look at its history
- look for correlations
- look for similarities with other economies
- study how can #bitcoin be helpful
🔸Why was Lebanon known to have been Switzerland of the Middle East East in the late 60s to the early 70s?
👉🏼1 USD was worth 2.24 LBP (Lebanese Pounds)
Reference: LBP/USD exchange rate history is on the Lebanese Central Bank official website bdl.gov.lb/statistics/tab…
Countries are working on their own #DigitalCurrency. "Having a centralized digital currency seems like a more soft-touch way of introducing cryptocurrencies into society." this serves #BTC's price and ideology.
As of 2016, over 24 countries are investing in distributed ledger technologies (DLT) with $1.4bn in investments. In addition, over 90 central banks are engaged in DLT discussions, including implications of a central bank-issued digital currency. en.wikipedia.org/wiki/Digital_c…
Innovators like Ecuador, China, Senegal, Singapore, Tunisia, though these countries will not be standing alone for long with Estonia, Japan, Palestine, Russia and Sweden looking to launch their own national cryptocurrencies. bit.ly/3t4JkZA