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The Dangers Of Living Beyond Our Means

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Unfortunately, I lost my job as a school administrator over a year ago. Although my family has always been frugal, this put us in a tough spot. We had to make tough decisions regarding what we considered luxuries such as eating out and going to the movies. We needed a new car, our house needed work, and the list seemed endless. However we made the decision to cut out anything that wasn’t absolutely necessary and have stuck to it throughout the entire process. Let me tell you it hasn’t been without pain, but we have managed just fine and my son has become a better young man for the experience.

Sadly a large majority of our society seems to have the opposite approach. It has become a standard in the US to live beyond our means. Take a look around. Expensive homes sitting vacant because payments couldn’t be made, high priced cars being repossessed, and closets full of designer clothes for people who can’t pay their bills.

This has obviously been passed on to our children. Teenagers are driven by a need to impress classmates with clothes, cars, jewelry, phones and other technology. Statistics show that the average 17 year old will spend over $100 a week. With this being said, the numbers also show that only 40% of this age group has a paying job. So apparently not only have we done a poor job of teaching our children to be fiscally responsible, we are perpetuating the problem by contributing to their spending habits.

So what happens to these children as they move into adulthood where the parents are no longer paying the bills? It’s simple; they become the young adults who live beyond their means running up credit card debt and making purchases they cannot afford.

However, keep in mind that the epidemic of overspending is certainly not limited to young adults and students. Many older Americans contribute to the problem by charging purchases that aren’t necessities and are simply “wants” not “needs”.

Ultimately, this lifestyle will catch up with the offenders. You might impress your friends with your new clothes or car but when you begin paying 15-20% interest on your credit card, you will be in for a shock. Failure to make a payment on time will begin the erosion process of your all so important credit rating. Eventually, many people reach the point where they must resort to payday loans which carry interest rates up to 100% or an adverse credit loan (which is hard to secure) simply to survive. This vicious cycle then continues with no end.

What it boils down to is that you must stop buying things for yourself or your children that you don’t need and/or can’t afford. A good rule of thumb is if you can’t pay cash for it, don’t buy it! Consider cutting up all credit cards and using only a debit card which takes the money directly out of your checking account. Do not give your child a credit card with free reign to use it!

In conclusion, use common sense when making purchases and teach the same mantra to your children. The world will be a much happier place.

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Reports Show Government Intends To Imply Stricter Regulations On Cryptocurrency ATMs

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Reports Show Government Intends To Imply Stricter Regulations On Cryptocurrency ATMs

In a press release yesterday, the federal agency stated that crypto kiosks, or cryptocurrency ATMs, played a major role in the increasing crimes. The United States GAO (Government Accountability Office) blames crypto kiosks for increasing drug trafficking and human trafficking.

Their reason, however, was that cryptocurrency ATMs aren’t as restricted as crypto exchanges, making their transactions harder to track. The GAO projects that it can be more difficult to curtail illegal transactions as crypto kiosks are becoming more and more popular in the U.S. and worldwide.

Related Reading | Altcoins Are Encroaching On Bitcoin’s Dominance On Digital Payments

To salvage these impending problems arising from crypto kiosks, the GAO recommended that the Financial Crimes Enforcement Network (FinCEN) and IRS cooperate to place more effective regulations on crypto ATMs.

Total Market Cap declines by 3% on daily chart | Source: TradingView.com

While observing the challenges in battling crypto-related crimes, GAO explained that the lack of information about crypto kiosks restrains law enforcement’s capability to defeat crime.

Several Agencies Battle Crypto Crimes

In the report, GAO also observes how, globally, cryptocurrencies are used in facilitating crimes and trafficking. Also, agencies have arisen to resist the increase of crypto-associated crimes. These agencies include the Immigration and Customs Enforcement (ICE), U.S Postal Service (USPS), and even the Internal Revenue Service (IRS).

The Irregularities of Crypto Crimes

Although the study shows that crypto-related crimes have upsurged irregularly. Recently, a new report from the crypto research company showed the contrary. In the latter research’s findings, crypto crimes reached their lowest point in 2021-contrary to its increasing volume of the entire blockchain transactions in the year.

Thus, as cryptocurrencies become more adopted, crypto-related crimes will simultaneously increase. However, the expansion of overall crypto transactions is far-outperforming some criminal activity.

Crypto Kiosks And Human Trafficking

The GAO’s report showed that cryptocurrency has recently been adopted as a means of payment for human trafficking. By ‘human trafficking,’ we imply sex trafficking and labor trafficking. More commonly, sex traffickers now adopt cryptocurrencies as a payment option.

Crypto ATMs And Drug Trafficking

The report also stated that after the shutdown of Silk Road-the online dark web market—in 2013, the entire hidden web marketplace has become more secure. Thus, making the marketplace for illicit drugs more difficult for the law to detect. Again, this is because of the growth of smaller marketplaces.

Tightening Gaps Against Cryptocurrency ATMs

The GAO’s problem with cryptocurrency ATMs is that, although the ATM operators must be registered with the FinCEN, they don’t usually notify law enforcement agencies about their ATMs’ locations. That action impedes the federal agencies’ access to locate ATMs in areas stated as high-risk regions for financial crimes.

Related Reading | American Rapper Lil Baby On Holding Bitcoin And Ethereum Over Fiat

Thus, by increasing regulations on cryptocurrency ATMs, the GAO presumes that enforcing the government will access better information. Also, they will be able to locate potentially illegal transactions.

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India’s PM Calls For A Common Global Approach For Tackling Crypto

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Cryptocurrencies India

At the WEF’s 2022 Davos agenda, Narendra Modi, Indian Prime Minister, called for a united global stand to tackle the issues emerging from the cryptocurrencies’ increasing adoption. The key takeaway of the Indian PM’s talk was, “A single country cannot tackle the challenges from crypto well enough.”

Call For A Standard Global Approach

Talking for all intents and purposes at the World Economic Forum’s 2022 Davos Agenda on Monday, the Indian Prime Minister discussed several challenges, including a requirement for a common global practice to deal with cryptocurrencies.

He said at the WEF agenda;

“The kind of technology that is associated with it, the decisions taken by a single country will be insufficient to deal with its challenges. We have to have a similar mindset.”

Despite not having significant industry regulations and laws for protecting investors, crypto trading in India keeps gaining traction. Due to profoundly different perspectives of crypto industry representatives and financial sector regulators, the government plans to pass a bill in this challenging situation to protect investors better.

The India PM added,

“Cryptocurrency is an example of the kind of challenges we are facing as a global family with a changing global order. To fight this, every nation, every global agency needs to have collective and synchronized action.”

Modi Government Undecided On Crypto Bill

In December 2022, during the winter session parliament discussion, the crypto bill was the top priority for the debates. Still, the government could not finalize things because it could not stand firm on a few critical issues.

Related Reading | India: A Back & Forth Affair With Cryptocurrency

According to some sources, the government concluded that they would look for worldwide help figuring out a common approach. Still, the authorities have not yet confirmed why they failed to produce the bill to parliament.

Total market cap at $1.977 trillion | Source: Crypto Total Market Cap on TradingView.com

Modi’s Recent Speeches And The Crypto

In the last quarter’s time span, the Indian Prime Minister has spoken at several world forums many times, but he never talked about this issue to the local audience in India.

In November 2021, at the Sydney Dialogue, Modi, in his speech, forewarned that we must protect emerging tech from any mishandling. Likewise, during the US President Joe Biden-facilitated Democracy Summit, Modi said emerging technologies ought to ensure a majority rule system, not subvert it.

Emphasizing his stance on the matter at the WEF’ Davos Agenda 2022, Modi noted,

“He reiterated this stance during his WEF speech yesterday. “That’s why every democratic nation has the responsibility to bring about an emphasis towards reforms in these institutions to make them capable enough to deal with modern challenges in the future.”

The event in question, Davos Agenda of the WEF, is being held from 17-21 this month, January 2022. Several state heads are lined up to address the event.

Related Reading | How India Sees Crypto: Large Exchange Shows 10x Growth In User Base

International organizations, top industry leaders, and civil society will also participate in the summit. It aims at the deliberations on critical challenges that the world faces today and discusses how to tackle them.

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Cardano Is One Potential Altcoin To Count On For Investment This Year

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Charles Hoskinson Discloses Arrival Time of DEX on Cardano