Surprisingly, not surprisingly, given by the International Consortium of Investigative Journalists, known as the Pandora Papers, Bitcoiners have revealed the truth of what they have been saying for years: The current system has collapsed.
600 journalists from 100 countries and an equal number of media outlets came together for two years to provide information on the financial privacy of the powerful. As the subtitle reads: “Pandora Papers reveals the inner workings of a shadow economy that benefits the rich and is well connected at the expense of everyone else.”
For those unfamiliar, this is a collection of over 11 million documents describing the wealth management of current and former heads of state, government officials, athletes, celebrities and many more. About $ 11 trillion was reportedly hidden in tax havens around the world, about 10 times the entire market capitalization of Bitcoin, which you would believe would be a major area of activity.
To highlight the problem, it is important to point to a few stories, and one significant – but not unique – one from Lebanon. Riyadh Salameh, the former head of Lebanon’s central bank, and Marwan Khairuddin, a former Lebanese state minister and chairman of Al-Mawarid Bank, appeared for the investigation, one for money laundering and the other for tax evasion.
In 2019, Khairuddin blasted his political colleagues for inaction during the acute economic crisis. More than half the population lived in poverty, struggling to find food and facing closed shops everywhere. According to the Pandora Papers, he said: “There is tax evasion, and the government has to deal with it.” Shortly afterwards, as Pandora Papers revealed, he kept assets in a tax haven in the British Virgin Islands.
However, Al-Mawarid Bank was one of the many banks in the country that restricted the withdrawal of US dollars from citizens during times of economic crisis. Wafa Abu Hamdan, a 57-year-old widow, did not forget anything. According to an ICIJ article, “Because of the runaway inflation, his life savings have fallen from the equivalent of $ 60,000 to less than $ 5,000. All my life’s efforts have been in vain. I have been working continuously for the last three decades. ‘ I am struggling daily to make ends meet ‘when’ politicians and bankers ‘all’ have transferred and invested their money abroad. “
This kind of revelation is not new, nor will it end. However, they illuminate the inequality of a system created by a few people. Through an opaque banking system, economic incentives have been carefully guarded by the aristocracy, and various rules for the aristocracy have once again reminded the world of injustice.
The bitcoin community has been playing high alarm for years. Our current financial system is full of antisocial behavior, and the issues provided by Pandora Papers only continue to confirm injustice. There are some allowances for positions of power, when 99% sit back and chew his anger and frustration.
This doesn’t have to be. The Internet has created an immense opportunity for resistance for most of the world. We find ourselves at the crossroads of instant communication and collaboration, without intermediaries and endless human possibilities. The digital age has entered the era of connectivity.
On top of the rails of the Internet, we have created a system of values that is perfectly designed to push against the weaknesses of the current system. Bitcoin itself has created an alternative, a haven (for fearful purposes), to create a system for everyone, with everyone.
Bitcoin is one of the main components to prevent the publication of Pandora papers. It creates a system of financial transparency, where rules are regulated and informing and eliminating is the norm.
Although the elites play by different rules, we create a different system. One where cooperation, openness, censorship prevention and equality live foremost. No more politicians will get certain benefits or hold on to the 1% system. In Bitcoin, we are all the same.
I wanted to write this article because Pandora Papers have been widely ignored by the Bitcoin community. While they haven’t revealed anything new, and probably not enough “high-level” individuals, it does bring to light the existing problems: those billions of people are fighting for the end today, while the elite are dancing to the beat of the roar.
This investigation should serve as a wake-up call. Time and time again, we’ve seen a few people clean up the system, the rest left empty-handed. We no longer have to be slaves to inflation, we have to ask permission to use money, or we have to live under the tyranny of the real shady system.
The role of Bitcoin is to explain the perspective of alternative systems.
Since the Internet allows us to instantly communicate anywhere in the world, Bitcoin now allows us to instantly transfer values anywhere in the world. Those who guard the Watch Towers of our current financial system are out of reach.
Bitcoin and Pandora Papers are closely involved. While one reveals the internal workings of a secret system run towards 1%, the other offers billions of exclusions and the opportunity to stay on the sidelines.
The Internet has entered the age of connectivity, which allows us to learn about Pandora Papers. Bitcoin is being built based on that connection, which gives them the option of bothering with what’s inside our box.
This is a guest post by Pedro Solimano. The views expressed do not fully reflect their own and BTC Inc.’s Bitcoin Magazine.