I-Centralised Finance: Eyona nto iboniswa yiRekhodi

Rhoqo kwiminyaka embalwa ibhanki enkulu iyasilela kwaye urhulumente ufikelela kwimali yoluntu ukuze izinze inkqubo. Le rekhodi iqala kwiLehman Brothers ngo-2008 ukuya kutsho eVBS nase-Ithala ekhaya. Ngaphambi kokuba wenze isigqibo malunga nokonga kwakho hlala ngokukhuselekileyo ngaphandle kwelo bali, kufanelekile ukufunda irekhodi ngokufanelekileyo.

Umphathi ophezulu endimhlonelayo, indoda eqhuba i-balance sheet ephawulekayo, emva kokuvala incoko ngesivakalisi endisivile kumagumbi ebhodi alishumi elinesibini ukususela: "Kodwa uJames, inkqubo yebhanki ilawulwa. Ikhuselekile. Yiloo nto endiyithembayo."

Ndiyaliqonda ithuku. Umlawuli ukhona. Isiqinisekiso sediphozithi sikhona. Ibhanki enguvimba ime emva kwayo yonke into. Ubunzima bam kukuba i-architecture efanayo yayimi emva kwayo yonke ibhanki engaphumelelanga ebomini bam, ngoko ke ukuthembela kufanelwe ukuvavanywa ngokuchasene nerekhodi kunokuthengisa. Ndibe kwi-Bitcoin ukususela kwi-2016 kwaye inkcaso ayizange iguquke.

Ingxelo ayiqinisekisi.

Yintoni i-2008 enexabiso

I-Bear Stearns yathengiswa ngempelaveki ngo-Matshi 2008 ngaphambi kokuba ingaphumeleli emini. I-Lehman Brothers, iziko eliye lasinda kwiminyaka eyi-158 yeemfazwe kunye noxinzelelo, lifake isicelo sokubhanga ngoSeptemba. IWashington Mutual, eyona mali yogcino kunye nemali-mboleko kwimbali yaseMelika, yabanjwa ngabalawuli. UFannie Mae kunye noFreddie Mac, phakathi kwabo bemi ngasemva malunga nesiqingatha sazo zonke iimali mboleko zase-US, zafakwa kurhulumente wolondolozo. Aba yayingengabo abasebenzisa imingcelele. Babeziintsika zale nkqubo, bethenjwa kanye kuba babelawulwa.

Uhlangulo olwalandelayo yayilolona dluliselo lukhulu ngexesha loxolo lomngcipheko wabucala kumaphepha ebhalansi kawonke-wonke awakhe azama. ICongress igunyaze i-700 yeebhiliyoni zeedola phantsi kwe-TARP kunye ne-Federal Reserve yenza iitriliyoni ezingaphezulu kwiziqinisekiso kunye nezibonelelo eziphuthumayo. Nangona kunjalo, i-Ofisi yeBhajethi yeCongressional ibeka umonakalo kuqoqosho oluqhuba i-850 yeebhiliyoni zeebhiliyoni ngaphantsi kwamandla ayo, isiphumo se-4%, ukungabikho kwemisebenzi kwi-10% kunye nexabiso lendlu phantsi kwekota. I-GDP yaseMelika yahlala ingaphantsi kwesakhono malunga neshumi leminyaka. Amakhulu amaziko avalwa kunjalo.

Akukho nanye kuyo yayiyinoveli. Ingxaki yokonga kunye nemali-mboleko yeminyaka yee-1980 yayisele ibulele ngaphezu kwewaka abantu baseMerika kwaye yabiza abarhafi ngaphezu kwe-100 leebhiliyoni zeerandi kwimali yelo xesha. Uhlangulo luka-2008 lwalukhudlwana, aluhlukanga.

Abantu ababeqhuba loo maziko bazigcina ngokugqithisileyo iinzuzo zabo. EMelika kanye omnye umgcini-bhanki ophezulu uye entolongweni ngenxa yentlekele.

NgoMatshi 2023, xa kwenzeka kwakhona

Iminyaka elishumi elinesihlanu yommiselo omtsha kamva, iSilicon Valley Bank yaphuma kwinqanaba lotyalo-mali yabanjwa malunga neeyure ezingama-48. Uphando malunga nesiqendu lufumene ukutsalwa kwemali kwenzeka kwisithuba sosuku okanye ezimbini ngenxa yokuba iidiphozithi zebhanki zazigxininiswe phakathi kwamashishini ahleli kude ngaphezulu kwekepusi ye-inshorensi. Akukho mntu ufole emvuleni ngaphandle kwesebe. Ukubaleka kwenzeka kwiifowuni phakathi kweentlanganiso. IBhanki yotyikityo ilandelwe ngeentsuku. IRiphabhliki yokuqala yahlala iiveki ezimbalwa ngaphezulu. I-Federal Reserve imise indawo yokuboleka imali kaxakeka ukumisa usulelo, kwiminyaka elishumi elinesihlanu emva kweseti yokugqibela yezibonelelo zikaxakeka.

Iinkcukacha endizifumana kakhulu zibandakanya iSangqa, umniki we-USDC stablecoin. Ibambe ngaphezulu kwe-3 yeebhiliyoni zeedola zoovimba njengediphozithi ezingakhuselwanga kwiBhanki yaseSilicon Valley kwaye yajongana ne-2 yeebhiliyoni zeerandi zokuhlengwa kwiintsuku ezijikeleze ukuwa. Nokuba iithokheni zeedola zoshishino lwe-crypto zajika zayame kumaleko ebhanki abuthathaka angaphantsi.

Kwangaloo nyanga i-Credit Suisse, i-167 leminyaka ubudala kunye nenkqubo yehlabathi jikelele, yasongwa kwi-UBS ngempelaveki ngurhulumente waseSwitzerland. Malunga ne-CHF 16 yeebhiliyoni zeebhondi zayo ze-AT1 zabhalwa zero ngomyalelo. Abanini zabelo abacinga ukuba babekwe ngaphezulu kwabaninizabelo bafumana uxoxiswano lomgangatho emva kokuba ipolitiki ifuna oko.

Ummiselo awuzange uthintele nayiphi na kwezi. Uhlangulo lwafika emva koko, luphethe imali yoluntu.

African Bank, VBS ne-Ithala: eyethu irekhodi

Abemi boMzantsi Afrika ngamanye amaxesha bawafunda la mabali njengemozulu yasemzini, umdlalo odlalwa kwamanye amazwekazi. Irekhodi lethu lifuna ukujongwa ngakumbi.

I-African Bank yafakwa phantsi kolawulo ngo-Agasti ka-2014 emva kokuba incwadi yayo yokuboleka imali engakhuselekanga yajika yaba mbi. I-Reserve Bank ithenge i-R7 yeebhiliyoni zeerandi kwezona mboleko zimbi kakhulu ngelixa abanini-mali abaphezulu bechebile nge-10%. Inxalenye uninzi lwabalondolozi abazange babhalise yinto eyenzekayo kwiimali zemarike yemali. Abaninzi kuye kwafuneka bamise isiqwenga sotyalo-mali abantu abaqhelekileyo ababekholelwa ukuba lulungile njengemali, kuba ezo mali zazibambe iphepha le-African Bank ngokuzolileyo. Akukho mntu owayephethe ezo yunithi wayekhethe loo ngozi. Yabafumana kunjalo.

I-VBS Mutual Bank yayimbi kakhulu. Ibekwe phantsi kogcino nge-11 kaMatshi 2018, kwavela ukuba iphangiwe ngaphakathi. Ingxelo yophando-nzulu ibeka ubuqhophololo kwi-R2.3 yeebhiliyoni zeerandi, malunga ne-R1.9 yeebhiliyoni eziye zaya kubantu abangama-53 kwisithuba seminyaka emithathu. Oomasipala abalishumi elinesihlanu bafake i-R1.57 bhiliyoni ngokungekho mgangathweni kwaye baphulukene nesiqingatha sesithathu sayo; iSithili saseVhembe sibeke izigidi ezingama-R350 kwaye silindele ukubuyiselwa imali emalunga ne-R80 yezigidi. Izitokfela kunye nemibutho yokungcwaba kulo lonke elaseLimpopo, abagcini bogcino bomthonyama abangowona mxokelelwane omncinane elizweni, bawufunxa wonke lo mthonyama. UNondyebo uqinisekisa iidipozithi eziya kuthi ga kwi-R100,000. Abagcini-mali abangama-458 ngaphezulu kwalo mgca bafumana i-7c kwirandi ngo-2022 kunye ne-20c eyongezelelekileyo ngoJanuwari 2025. Owayesakuba ngusihlalo wafumana iminyaka eyi-15 esebenzayo ngoJulayi ka-2024, okububulungisa bohlobo oluthile, nangona imali eyongiweyo ingazange iphinde yagwetywa.

Kwalandela uIthala. Umbolekisi karhulumente uthathe iidipozithi iminyaka phantsi kokukhululwa okuphelelwe lixesha endaweni yelayisensi yebhanki epheleleyo. NgoJanuwari ka-2025 i-Prudential Authority yenza isicelo sokubhangiswa kwayo kwaye malunga nama-257,000 ee-akhawunti zogcino-mali zaye zamiswa nge-R2.47 yeebhiliyoni zeerandi ngaphakathi. Abantu kulo lonke elaKwaZulu-Natal baphulukene nokufikelela kwimivuzo kunye nemali yeefizi zesikolo kwinyanga yokuhla kweefizi.

Kukho isifundo esithe cwaka ngaphantsi kweentsilelo. Imali ngaphakathi kwesixokelelwano inemiqathango ngeendlela abagcini kunqabile ixabiso. Kunyaka wama-2023/24 iSebe loHlolo lwezeMali le-Reserve Bank likhuphe imiyalelo engama-51 evala ii-akhawunti ze-R21.7 yeebhiliyoni kunye ne-R1.4 yeebhiliyoni zayo zahluthwa ngokusisigxina kurhulumente. Uninzi lwaloo matyala kuqikelelwa ukuba abandakanya utyeshelo lokwenene. Inqaku lime kungakhathaliseki: idiphozithi sisithembiso esinokunqunyanyiswa.

Akukho nanye kwezi ntsilelo eyayifuna ingxaki yehlabathi. Zenzeke kwimozulu ezolileyo.

Ngaba i-inshurensi yediphozithi iyayikhusela imali oyongile?

Ekugqibeleni uMzantsi Afrika usungule i-inshorensi yedipozithi esesikweni ngo-Epreli ka-2024. I-Corporation for Idiphozithi Insurance, i-subsidiary ye-Reserve Bank, ihlawula ukuya kuthi ga kwi-R100,000 ngomgcini-mali kwibhanki nganye. Kwakusemva kwexesha; abagcini be-VBS ka-2018 kwafuneka bathembele kwisiqinisekiso esiphuculweyo sikaNondyebo kwinqanaba elifanayo. Ndiyavuya ukuba ikhona kwaye nenombolo ikuxelela ukuba yenzelwe bani. Ikhusela umgcini omncinci ekonakalisweni. Kuye nabani na ophethe imali enzima, i-R100,000 yileli yokuqala engekhoyo.

Ngaphezulu komgca, ukupheliswa kuyeyona ndlela kwaye ukupheliswa kwe-arithmetic kade. I-VBS estate ifumene i-25.6% yabatyalwayo ukuza kuthi ga ngoku, nto leyo ebiza ngokuba sisiphumo esilungileyo; ukufunyanwa kwakhona okungaphantsi kwe-10c kwirandi kuxhaphakile ekubhangisweni koMzantsi Afrika.

Amava aseMelika abonisa umda onzulu. I-FDIC yagubungela i-250,000 yeedola kwi-depositor ngo-2023 kwaye i-Silicon Valley Bank isasweleka ngeentsuku ezimbini, kuba abathengi bayo yayingamashishini abambe izigidi. I-inshurensi iyabathomalalisa abagcini-mali ababengasoze babangele ukubaleka. Imali engakhuselekanga ihamba kuqala kwaye ikhawuleza; Uphononongo loxinzelelo lwebhanki lubonisa iibhalansi ezingaphezulu komda we-inshorensi zibalekela kwizixhobo ezikhuselekileyo okomzuzwana ukuzithemba kuncipha. Kwaye ingxowa-mali ye-inshurensi ibamba kuphela iqhekeza elincinci leediphozithi ezimi ngasemva. I-backstop yayo yokwenyani ngumbuso, oko kukuthi wena.

I-inshurensi yediphozithi libhanti lesihlalo. Akunasizathu sokuthemba umqhubi.

Ukuhlangula kwakhelwe kuyilo

Ibhanki ibamba iqhezu lediphozithi yakho kwaye iboleke enye. Leyo yimodeli yeshishini, hayi ihlazo. Kukwathetha ukuba akukho bhanki inokuhlonipha zonke izithembiso zayo ngaxeshanye, yiyo loo nto umthetho ubeka ngaphambili oomatshini bokuhlangula phambi kokuba kuhambe kakubi. I-Reserve Bank ngokusesikweni ngumbolekisi wendlela yokugqibela kunye noGunyaziwe weSigqibo ochongiweyo phantsi koMthetho woLawulo lweCandelo lezeMali ka-2017. Yifunde ngokucacileyo loo nto. Ummiselo uthatha iibhanki ziya kusilela kwaye amagama, kwangaphambili, ngubani oya kulawula ukungaphumeleli.

Inkuthazo ilandela ukusuka apho. Xa iinzuzo zibucala kwaye ilahleko inokutshintshelwa eluntwini, ubulumko buba sisithintelo sokhuphiswano. Iingcali ngezoqoqosho ziyibiza ngokuba yingozi yokuziphatha. Ndiyibiza isizathu sokuba ipateni iphinda kwishedyuli.

Kukho kwakhona uhlangulo ongazange ulubone lubhalwe. I-backstop nganye ixhomekeke ekukwazini ukwandisa ubonelelo lwemali, olusebenza njengerhafu eqokelelwa ngaphandle komthetho kuye wonke umntu ophethe iirandi. Iqhuba nakwiminyaka apho kungekho bhanki isilelayo. Ndilandele ubuchwephesha bayo kwenzeka ntoni kugcino lwakho.

Yintoni iBitcoin isusa kuyilo

Ngomhla we-3 kaJanuwari 2009 ibhloko yokuqala ye-Bitcoin yachithwa kunye nesihloko sephephandaba sigxininiswe ngokusisigxina kuyo: "I-Chancellor kwi-brink ye-bailout yesibini kwiibhanki." Loo nto yayingengomhombiso kwaye yayingeyongozi yokubeka ixesha. Yayiyingxelo yenjongo evela kumyili owayebukele u-2008 esenzeka kwaye wagqiba kwelokuba ingxaki yayibume kunokuba ibe yeyomzuzwana.

Ulwakhiwo lweBitcoin endaweni yalo lunzima. Ubonelelo lufakwe kwi-21 yezigidi zemali kunye nokukhutshwa kwesiqingatha rhoqo emva kweminyaka emine, ngoko akukho gunya linokushicilela uncedo. Akukho mboleki-mali wesigqibo sokugqibela, akukho gunya lokusombulula kwaye akukho nto inokuzikhethela. I-asethi ebanjwe ngolu hlobo ayinayo i-balance sheet emva kwayo enokusilela. Iprothokholi ivelise iibhloko zayo rhoqo ngemizuzu elishumi ngenxa yoloyiko ngalunye ukusukela ngo-2009, kuquka ngempelaveki yokusweleka kukaCredit Suisse, ngaphandle kokucela imali nakubani na.

Ukunyaniseka kufuna icala. Iinkampani eziphinde zakha iibhanki kwiBitcoin zasilela njengeebhanki, zikhupha uhlangulo. I-Celsius ihlawulwe abagcini bemali endala kunye nengeniso entsha de ingakwazi. I-FTX iye yawa ngoNovemba ka-2022 malunga ne-8 yeebhiliyoni zeedola zemali yabathengi. Ezo yayizii-balance sheets kwimpahla yeBitcoin kwaye wonke umxhasi oshiye iingqekembe kuzo waphinda wafunda isifundo esidala ngexabiso elipheleleyo. Abagcini bezitshixo zabo balahlekelwa nto.

Ngoko uyilo lususa kuphela ukuxhomekeka kwebheyile ukuba uyigqibile. I-Bitcoin eshiywe kutshintshiselwano yidiphozithi yebhanki kunye namanyathelo angaphezulu kwaye akukho inshurensi. I-Bitcoin ebanjwe kwezakho izitshixo sisixhobo somthwali esingenabambi konke konke, umahluko endiwubeke kuwo. I-Bitcoin njenge-asethi yomphathi. Icala lemali, isibonelelo esisisigxina esenza umsebenzi othi i-inshurensi yediphozithi izenza ngathi iyawenza, iyagqunywa Bitcoin njengemali evakalayo. Olo xanduva luyinyani. Ikwaqeqeshelwa, ngokungafaniyo nomngcipheko weqela elithatha indawo yawo, ongenakho ukuwuphicotha okanye ukuwulawula ngaphandle.

Apho oko kushiya ukonga kwakho

Impendulo ayiyikuvala ii-akhawunti zakho zebhanki. Iibhanki zisahleli zikumgangatho ophezulu wokurhweba kunye nemali yethutyana elifutshane. Ndizisebenzisa yonke imihla.

Indawo yam imxinwa. Inxalenye ethile yogcino lwexesha elide yeye-asethi engenako ukuthotywa ukuze kuxhaswe uhlangulo olulandelayo okanye umkhenkce ngumlondolozi olandelayo. Ndinceda abathengi bakhe eso sikhundla ngokuthe ngcembe. Izicwangciso zokonga ziqala kwi-R1,000 ngenyanga. Ukuzigcina ngokukhokelwayo kuqala kwi-R10,000. Ukubamba okukhulu kuya kwiVault, i-2-of-3 ilungiselelo le-multisig elahlula izitshixo kwizixhobo ezahlukeneyo, ngoko kungabikho sitshixo esilahlekileyo kwaye akukho mpazamo enye inokukubiza imali. Ngenxa yokuba i-Bitcoin ayinayo i-inshurensi yediphozithi, ubunjineli bogcino abukhethi.

Ukusilela okulandelayo sele kukhule ngokuzolileyo kwindawo ethile kwinkqubo. Kuya kuchazwa emva koko njengento engalindelekanga, indlela abayiyo bonke. Into oyilawulayo igqitywe kwangaphambili: ingakanani imali oyigcinileyo ehlala ngaphakathi kwiradiyasi yokudubula xa loo nkcazo ibhalwa.