Education

Liberty vs. Security and Other Questionable Axioms

So much of what we read, think, and repeat is not correct

Published

1 year ago

February 6, 2022

Jeff Davidson

So much of what we read, think, and repeat is not correct! For example, when have you last encountered the phrase, “Those who give up liberty for security deserve neither”? Often incorrectly attributed to Benjamin Franklin, the phrase is nonsensical. With no national security, soon enough you’ll have no liberty.

With complete security, you’ll have no liberty as well. A trade-off is always needed. For the record, Benjamin Franklin actually said, “Those who would give up essential liberty, to pursue a little temporary safety, deserve neither liberty nor safety.” Now that makes sense!

“A penny saved is a penny earned.” Again, Ben Franklin is in the mix. A penny saved is not a penny earned. A penny earned is a penny earned and even so it might not be a full penny depending on taxes, inflation, and other costs and expenses. If you save your money in a long-term CD, you can’t have access to it for a while. If funds are tied up when you need to draw upon them, well, that is not a pretty penny.

Not Really…

What about the phrase, “Experience is the best teacher.” Perhaps this is so, but not as a given. Generally, an excellent teacher is the best teacher. Experience might teach us the wrong lessons or send us down another blind alley. If we don’t comprehend the meaning of our experiences, in the future we’re as likely to make bad decisions and have unfortunate experiences as a result.

Closely related is, “Practice makes perfect,” which is simply wrong. Perfect practice makes perfect. If your practices are incomplete or off the mark, then you’ll continue to be imperfect and to reinforce a bad habit perhaps. As they say in Taekwon-do, “Practice makes permanent.”

On my daughter’s softball team, a young girl named Whitney was regarded as the star pitcher. Yet during the pregame warm-ups, time after time, she could barely throw a strike. With luck, she averaged 20% strikes out of all her pitches thrown. Sure enough, when the game started, she was no better. Why would anybody expect the outcome to be different?

The best chance for you to excel is to have perfect practices. An array of imperfect practices leads nowhere.

Lemons and Life

“When life gives you lemons, make lemonade.” This sounds like good advice, but to actually make and sell lemonade, you’d also need to have clean water, a good lemon press, some type of sweetener, a paring knife, a pitcher, an implement for stirring, and cups. Such bromides leave out 90% of what else you’d need.

Periodically, I encounter authors and speakers who write or say ‘to live life more fully’ pretend that “you have six months to live.” If you had six months to live you’d engage in behaviors different than now.

You might sell your house. You might go on world travel, or at least travel more than you’ve been doing. You might dissipate your assets. You might spend your money down to nothing, or give it all away. Then, when you undoubtedly live beyond six months, you’re likely to be penniless!

Thank You For Sharing (!)

“Think outside the box.” What does the ‘box’ even mean? The phrase has been so overused that it is now rendered meaningless. Would it be more compelling to say “Expand your thinking,” or “Brainstorm,” or “Reach beyond the norm”?

“There is no ‘I’ in team.” Michael Jordan once remarked that while there is no “I” in team, there certainly is a “me.” Acronyms and creative word use might have their place in a corporate pep rally, otherwise stay away from such phrases.

By now, you can probably think of other axioms and witticisms that, upon examination, have little meaning. Let’s give ourselves a refreshing break for a few years, and not use any of the above

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SAVE YOURSELF: Is This The Surefire Way to Protect Your Money in the Inevitable Financial Meltdown?

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CAN DECENTRALIZED FINANCE BE THE WAY TO SAVE YOURSELF AND YOUR FAMILY FROM MELTDOWNS AND TYRANNY?

Decentralized finance (DeFi) is built on the blockchain, which offers a wide range of financial services without the need for intermediaries such as banks or other financial institutions. DeFi has emerged as a popular alternative to traditional finance, offering a more open, transparent, and decentralized financial system. In this article, we will explore why DeFi can protect you from a coming financial meltdown and from tyrannical governments.

DeFi is built on the blockchain, which means that it is inherently decentralized. This means that there is no central authority controlling the system, and all transactions are verified and validated by a distributed network of nodes. This makes the system more resilient and less vulnerable to attack or manipulation. Unlike traditional financial systems, where central authorities have the power to manipulate the system, DeFi is designed to be transparent and immutable.

One of the main advantages of DeFi is that it offers greater financial freedom and control to users. DeFi allows users to access a wide range of financial services without the need for intermediaries. This means that users can transact directly with each other, without having to go through banks or other financial institutions. This gives users greater control over their finances and reduces the risks associated with centralized financial systems.

Another advantage of DeFi is that it is highly transparent. All transactions on the blockchain are public and can be verified by anyone. This means that there is no room for fraud or manipulation, as all transactions are visible to all participants in the network. This level of transparency is not possible in traditional financial systems, where transactions are often opaque and difficult to track.

DeFi also offers greater security to users. Transactions on the blockchain are secured using cryptography, making them virtually impossible to hack or manipulate. This means that users can trust the system, knowing that their funds are secure. Traditional financial systems, on the other hand, are often vulnerable to cyberattacks and fraud, which can result in significant financial losses.

Don’t miss Rich Dad Poor Dad’s Robert Kiyosaki in this absolutely free webinar: The Coming Financial Tsunami. Learn how to protect yourself and your loved ones. Click here NOW to register!

Furthermore, DeFi is designed to be more inclusive and accessible to everyone. Unlike traditional financial systems, which often have high barriers to entry, DeFi is open to anyone with an internet connection. This means that people who are unbanked or underbanked can access financial services that were previously unavailable to them. This inclusivity is important because it helps to reduce financial inequality and promotes greater financial inclusion.

Finally, DeFi is more resilient than traditional financial systems. DeFi is built on a decentralized network of nodes, which means that there is no single point of failure. This makes the system more resilient to attacks and more resistant to financial meltdowns. In traditional financial systems, a single point of failure can have catastrophic consequences, as we saw in the 2008 financial crisis.

DeFi is a new and exciting financial system that offers a wide range of benefits over traditional finance. It is transparent, secure, accessible, and resilient, making it an attractive option for people who are looking to protect themselves from a coming financial meltdown. While DeFi is still in its early stages, it has the potential to transform the world of finance, offering a more open, transparent, and decentralized financial system for everyone.

SEVEN BENEFITS OF DECENTRALIZED FINANCE

Decentralized finance (DeFi) has emerged as a revolutionary technology that enables individuals to conduct financial transactions without the need for intermediaries such as banks or financial institutions. DeFi uses blockchain technology, which provides a transparent and secure way of conducting financial transactions. In this article, we will discuss the benefits of decentralized finance, along with a brief overview of crypto and blockchain.

Overview of Crypto and Blockchain

Crypto refers to digital currencies that use cryptography to secure financial transactions and control the creation of new units. Bitcoin, which was created in 2009, is the most well-known cryptocurrency. It is based on blockchain technology, which is a decentralized ledger that records transactions in a transparent and secure manner. Blockchain technology provides a secure and tamper-proof way of recording transactions, making it ideal for use in financial transactions.

Benefits of Decentralized Finance

Lower Transaction Costs

Decentralized finance provides a cost-effective way of conducting financial transactions. Traditional financial systems are often plagued by high transaction costs, which are passed on to customers. DeFi eliminates the need for intermediaries, which means that transaction costs are significantly lower. This makes it easier for individuals to access financial services and reduces the barriers to entry for new players in the market.

Greater Accessibility

DeFi provides greater accessibility to financial services, particularly for individuals who are unbanked or underbanked. In many parts of the world, people do not have access to traditional banking services due to various factors such as lack of documentation, poor credit history, or living in remote areas. DeFi provides a way for these individuals to access financial services using only a smartphone and an internet connection. This has the potential to increase financial inclusion and reduce poverty.

Increased Transparency

One of the main benefits of blockchain technology is its transparency. Transactions recorded on the blockchain are publicly visible, making it easier to trace the flow of funds. This provides a level of transparency that is not possible with traditional financial systems. Decentralized finance leverages this transparency to provide greater accountability and reduce the risk of fraud. This makes DeFi a more secure and trustworthy way of conducting financial transactions.

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More Control Over Personal Data

Traditional financial systems often require individuals to provide personal data such as name, address, and social security number. This data is stored by banks and financial institutions, making it vulnerable to hacks and breaches. DeFi provides individuals with more control over their personal data by using self-sovereign identity solutions. These solutions enable individuals to control their own data and share it only with the parties they trust.

Greater Flexibility

Decentralized finance provides greater flexibility in terms of financial products and services. Traditional financial systems are often rigid, with limited options for customers. DeFi provides a range of financial products and services, including loans, savings accounts, insurance, and investment products. This gives individuals greater flexibility to choose the financial products and services that meet their specific needs.

Faster Settlement Times

Blockchain technology enables faster settlement times for financial transactions. Traditional financial systems often require several intermediaries to process transactions, which can take several days. With DeFi, transactions are processed directly on the blockchain, which means that settlement times can be as fast as a few seconds. This provides greater convenience for customers and reduces the risk of errors and delays.

Reduced Counterparty Risk

Traditional financial systems often involve counterparty risk, which is the risk that one party will fail to fulfill its obligations in a financial transaction. DeFi eliminates counterparty risk by using smart contracts, which are self-executing contracts that automatically execute when certain conditions are met. This provides greater security and reduces the risk of fraud and default.

Conclusion

Decentralized finance is a revolutionary technology that has the potential to transform the financial industry. By eliminating intermediaries, increasing accessibility, increasing transparency, providing more control over personal data, offering greater flexibility, enabling faster settlement times, and reducing counterparty risk, DeFi provides numerous benefits that traditional financial systems cannot match. As DeFi continues to evolve, it has the potential to create a more equitable and inclusive financial system that benefits individuals and communities around the world.

The information provided in this article is for educational purposes only and should not be construed as financial or investment advice. Investing in decentralized finance (DeFi) and cryptocurrencies involves risk and may result in significant financial losses. Readers are advised to conduct their own research and seek the advice of a financial professional before investing in DeFi or cryptocurrencies. The author and publisher of this article are not responsible for any losses incurred as a result of investing in DeFi or cryptocurrencies.