Bitcoin Is The Answer To Financial Burnout

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Dr. Riste Simnjanovski is a tenured professor of public administration at California Baptist University. Most recently, his published research explores digital assets in the public and private sectors.

Dr. Scott Dunbar is a tenured associate Professor and has taught master and doctoral-level degrees. His research interests include burnout, work/family harmony and conflict.

Part One: Um, Anyone Gonna Clean This Financial Mess Up?

In 2002 the Long Island, New York rock band Taking Back Sunday released a song entitled, “You’re So Last Summer.” A section of the song’s lyrics state:

“The truth is you could slit my throat

And with my one last gasping breath

I’d apologize for bleeding on your shirt.”

The song references personal relationships, however, I (and this is Riste talking here, please don’t take this perspective out on Dr. Dunbar or Bitcoin Magazine) view the lyrics directly correlated to fiscal policy and the subsequent carnage and destruction they orchestrate. In Keynseian economics big banks, irresponsible corporate leadership and overleveraged managers of hedge funds and unscrupulous politicians routinely “slit the throats” of American consumers. Then they wait for the masses, who then apologize for the blood on their taxpayer-funded shirts. This usually happens in a federal bailout. Quantitative easing (QE), which benefits large amounts of money, will also benefit quantitative tightening. They always win.

Let’s relive the 2008 Global Financial Crisis for a moment. Remember, this was the event that triggered corporate bailouts during a time in which the American unemployment rate neared 10%. The Treasury disbursed $441.8 billion of the $700 billion taxpayer-funded bailout. A decade later in 2018, the Treasury had put $442.7 billion back into this fund after making a $900 billion profit. How did the Treasury make so much money in this terrible economic climate?

The federal government literally bought shares of corporations. Companies that taxpayers would eventually bail-out. The shares (stock) purchased were at bankruptcy level prices, i.e., pennies on the dollar; the Treasury then offloaded those shares when the stock prices inflated, and in many instances, directly sold back to individuals who funded the bailout in the first place. It was a disaster.

BlackRock borrowed billions at nearly 0% interest, purchased homes with the gigantic loans all across the United States, priced out millions of potential homeowners and indentured an entire generation to a lifetime of monthly rental payments or homelessness. The entire process was funded by taxpayers, who saw no benefit.

Instances such as the 2008 financial crisis reveal that loose fiscal policy, nepotistic leadership and a robber baron corporate mentality, negatively impact the daily lives of regular individuals. As markets become more globalized, this negative atmosphere is felt all over the globe. Any American financial crisis will become a global financial crisis if the U.S. dollar is considered a reserve currency or pegged to it. U.S. inflation of 8% means that the EU will soon print at least 8% rate, and so forth.

Is it possible to find a better way or a solution to this tired and worn-out financial mentality. Enter Bitcoin. Bitcoin’s success is partly due to a consumer base that has lost faith in the system and sought out an alternative. We believe taxpayers are being burned out by the ineptitude and greed that is their daily funding.

The topic of “burnout,” has been a hot topic in research projects for the past several decades. It includes the fields of work and family, as well as faith. We will explore burnout from a different perspective: finance. We will apply a working definition to financial arenas (current and historical) to help explain why some people have adopted Bitcoin and why others may never return to the system that destroyed them. We will conclude by discussing how Bitcoin fixes a broken financial system and how the mass adoption of bitcoin addresses financial and international burnout.

Part Two: Defining Burnout

Maslach, Schaufeli and Leiter defined burnout as “…a prolonged response to chronic emotional and interpersonal stressors on the job.” This same definition could be applied and adapted to financial burnout as well for consumers. A proposed definition might look something like this: “Financial Burnout” can be described as “a prolonged response to chronic financial stressors.” This would fit our definition of a chronic monetary stressor.

Monetary stressors are emotional tensions related to our finances and financial performance. You can experience this right now by asking yourself if you currently have enough money to retire at the age of 60 and, if you’re over 60, by asking yourself — how am I doing financially? These simple questions can lead you to a multitude of confusing sub-questions. What happens if the market crashes What happens if inflation continues its upward trend? Why is my grocery bag less full? Why is gas so expensive Should I lower my tolerance for risk in my portfolio? Are my investments sufficiently diverse? Can I still invest and afford college for my children? Could my wealth be confiscated How can I invest in the future when my current income isn’t enough to cover the expenses of the present? You might be on your path to burnout if you aren’t already.

According to research conducted over the past few decades, burnout is comprised of three distinct dimensions:

  1. Emotional exhaustion
  2. Depersonalization
  3. A lack of personal accomplishment

Do any of these dimensions resemble your adoption of bitcoin? What about recent rug pulls. How many Bitcoiners were created during these events?

Emotional exhaustion occurs when a person is unable to recover, both physically and mentally. Are you tired of looking at multiple sources for financial information, direction, or indicators and finding that they contradict each other? How about that 100-plus page investment disclosure?

Which articles should you believe? Have you ever read through an investment disclosure from cover to cover? It is exhausting to do the actual research and validation. There is an inexorable stream of solicitation as the market changes. This exhaustion can lead a person to become depersonalized and addicted. We believe that the solicitation and barrage are financial pornography.

Depersonalization, also known as cynicism, takes place when a person takes a cold, hard view of his or her work and the individuals in the work environment. As we saw in the previous paragraph, it is possible to become cynical about all financial sources and push them aside.

You can also see this cynicism at any hour of the day on Twitter. You can see the cynicism in people who have had their throats cut by a system and now refuse to apologize for bleeping on someone’s shirt. Or those who have seen this happen and have pledged to save others. We look forward to anti-throat-slitting financial memes in the near future. Bitcoin can protect your financial neck, we propose.

Next, lack of personal accomplishment refers to an individual’s inefficacy in the workplace; in other words, the work performance diminishes. In finance, this may result from doing exactly what the experts suggested, only to have a 401k implode prior to retirement, a once-guaranteed pension face insolvency or witnessing inflation whittle away one’s purchasing power. We discussed how exhaustion can lead us to depersonalization and how this may cause us to distrust once-trusted financial sources. These dimensions are why many consumers are turning away from traditional finance, legacy banking, and mass media news anchors.

Ironically, research even exists where finance professionals have experienced burnout, and not just their clients. Some of those who have been given the task of “throat slitting”, are now coming to terms with their morals.

Research has also been conducted in the fields of faith. They are not the only ones. It would be easy to conclude that humans are being burnt out in many ways. The dimensions of emotional exhaustion and depersonalization, as well as a lack of personal achievement, go far beyond what academia suggests.

Society, from our perspective, is burned out with the games financial institutions (and their cronies) have played for far too long; however, no alternatives existed, until Bitcoin.

Part Three: Bitcoin Fixing Finance

Beginning in 2009, the Bitcoin protocol, slowly and methodically, has provided an alternative for consumers (and more recently countries) who have experienced financial burnout with the current legacy system. From simple things like brick-and-mortar banking being closed on weekends and nights to rejected business loans, embarrassingly low investment rates or countries unwilling to give up sovereignty, Bitcoin fixes finances. Only those who have held bloody knives in the past are likely to see their throats cut by the Bitcoin protocol.

In an employment field, if one experiences burnout they can seek employment at another company or outside their current area of expertise. This is because in a legacy financial system, there were no alternatives to Bitcoin.

If one doesn’t want to buy real estate, they can own stocks, bonds, or mutual funds. They might also be able to purchase futures contracts, or short stocks. But, in the end, all were interconnected with a legacy financial system. The same fate was experienced by countries that were tied to the U.S. Dollar on a larger scale. There was no escape. Even the silver and gold bugs had to give up their bullion in order to get fiat.

We believe that we are witnessing the first “financial turn” in human history. A systemic change in which consumers, clients, and countries have a viable, non-correlated alternative to the ecosystem that has destroyed them all. This would be a terrible situation for the legacy financial system as well as its stakeholders.

According to our definition of financial stress, the cause is a prolonged response to monetary stresses. This could include: inflation, deflation and retirement planning. Despite all of this, Bitcoin offers a way to remove oneself from financial stressors and protect one’s financial throat.

Bitcoin HODLers have a different and unique mindset versus those clinging to the legacy system. Bitcoiners accumulate more, even though prices fluctuate against fiat currencies. HODLers can accumulate more bitcoin when the bitcoin price drops versus fiat. As they add satoshis to their account, they are able to reassure themselves that they have an insurance policy against reckless federal spending or immoral legacy corporate leadership.

Bitcoin HODLers love when bitcoin prices drop; they don’t panic, but they accumulate more. This must be terrible for a legacy system. Why aren’t regular people selling bitcoin like we want? Each forced sale of bitcoin results in additional satoshis being withdrawn and bitcoin being kept in cold storage. Bitcoiners have the option to wait for the world’s events to unfold for a decade or more. American elected officials live or die in two- to 4-year cycles. For an advantage, the average dollar cost is USD. )

Bitcoin fixes finance because the protocol isn’t finance. Bitcoin doesn’t have a CEO who can be charged with corruption; Bitcoin does not have a brother in law who is a governor; Bitcoin does not have a aunt who is a senator; Bitcoin does not have stakeholders who are able to benefit from turbulent times; Bitcoin is simply what it is. One bitcoin is equal to one bitcoin. The financial arena is not an exception to a world that has been completely depleted. Outsiders and clients alike have become tired of watching financial arenas decimate a middle-class of hardworking, socially supportive people. They are fed up. The legacy system is working to expand their influence in the “crypto” space. Their intentions are clear. Terra (LUNA), UST, and the other 16,000-plus centralized projects are not worth your financial attention. We advise against exposing your financial throat these fiscal butchers.

We believe that as financial markets continue their collapse, as CEOs make mistakes after errors, as politicians continue plundering the coffers, and as another financial throat gets slitted, every event will eventually burn out another country or person. The person or entity seeking an alternative will look for bitcoin.

The Bitcoin ecosystem welcomes individuals who had their personal accomplishments stolen, individuals who are emotionally exhausted, sovereign countries that no longer want to kiss the ring or bend the knee to it; individuals who have been depersonalized and have been left behind by a legacy system to indenture them. Bitcoin keeps their necks and shirts clean. It all depends on who you are. Keep safe out there. Suicide and violence are not the solution.

This is a guest post by Dr. Riste Simnjanovski and Dr. Scott Dunbar. Opinions expressed do not necessarily reflect the views of BTC Inc. or Bitcoin Magazine HTML1.

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