Ezezimali Ezimaphakathi: Lokho Okuboniswa Irekhodi Empeleni

Njalo eminyakeni embalwa ibhange elikhulu liyahluleka futhi umbuso ufinyelela imali yomphakathi ukuze kumiswe uhlelo. Leli rekhodi lisuka kuLehman Brothers ngo-2008 liyofinyelela eVBS naseThala ekhaya. Ngaphambi kokunquma ukonga kwakho hlala ngokuphepha ngaphandle kwaleyo ndaba, kufanelekile ukufunda irekhodi ngendlela efanele.

Isikhulu esiphezulu engimhloniphayo, owesilisa ophethe ibhalansi ebalulekile, wake wavala ingxoxo ngomusho engiwuzwe emakamelweni ayishumi nambili kusukela ngaleso sikhathi: "Kodwa James, uhlelo lwamabhange lulawulwa kahle. Luphephile. Yilokho engiyethembayo."

Ngiyawuqonda umzwelo wemvelo. Umlawuli ukhona. Isiqinisekiso sediphozithi sikhona. Ibhange elikhulu limi ngemuva kwakho konke. Ubunzima bami ukuthi i-architecture efanayo ime ngemuva kwawo wonke amabhange ahlulekile empilweni yami, ngakho-ke i-trust ifanele ukuhlolwa ngokumelene nerekhodi esikhundleni sokumaketha. Bengilokhu ngise-Bitcoin kusukela ngo-2016 futhi ukuphikisa akukashintshi.

Irekhodi aliqinisekisi.

Lokho okwabiza u-2008 empeleni

I-Bear Stearns yathengiswa ngempelasonto ngoMashi 2008 ngaphambi kokuthi ingaphumeleli emini. I-Lehman Brothers, isikhungo esasisinde eminyakeni engu-158 yezimpi nokucindezeleka, yafaka isicelo sokuqothuka ngoSepthemba. IWashington Mutual, imali enkulu yokonga nemalimboleko emlandweni waseMelika, yathathwa ngabalawuli. UFannie Mae kanye noFreddie Mac, phakathi kwabo ababemi ngemuva cishe kwengxenye yazo zonke izimali ezibolekiwe zase-US, bafakwa endaweni yokugcinwa kwemvelo kukahulumeni. Laba kwakungewona ama-fringe operators. Babeyizinsika zesimiso, bethenjwa ngokuqondile ngoba babeqondiswa.

Ukuhlenga okwalandela kwaba ukudluliswa okukhulu kwengozi yangasese ngesikhathi sokuthula kumakhasi ebhalansi omphakathi okwake kwazanywa. ICongress igunyaze amaRandi ayizigidi eziyizinkulungwane ezingu-700 ngaphansi kwe-TARP futhi i-Federal Reserve yenza izigidigidi ezengeziwe kuziqinisekiso nasezikhungweni eziphuthumayo. Noma kunjalo, iHhovisi Lesabelomali Se-Congressional libeka umonakalo emnothweni osebenzisa amaRandi ayizigidi eziyizinkulungwane ezingama-850 ngaphansi kwamandla awo, umphumela wehle ngo-4%, ukuntuleka kwemisebenzi ku-10% kanye namanani ezindlu ehle ngekota. I-GDP yaseMelika yahlala ngaphansi kwamandla cishe iminyaka eyishumi. Amakhulu ezikhungo avaliwe noma kunjalo.

Akukho okwakuyinoveli. Inkinga yokonga nokubolekwa kweminyaka yawo-1980 yayisibulale abantu abayizigidi eziyinkulungwane futhi yabiza abakhokhi bentela ngaphezu kwamaRandi ayizigidi eziyizinkulungwane eziyikhulu emalini yangaleso sikhathi. Ukuhlenga ngo-2008 kwakukhudlwana, akuhlukile.

Abantu abaphethe lezo zikhungo bagcine kakhulu izinzuzo zabo. EMelika ncamashí usomabhange oyedwa omkhulu waya ejele ngenxa yobunzima.

Mashi 2023, lapho kwenzeka futhi

Eminyakeni eyishumi nanhlanu yomthetho omusha kamuva, iSilicon Valley Bank yasuka ebangeni lokutshalwa kwezimali yathathwa cishe emahoreni angama-48. Ucwaningo ngalesi siqephu luthole ukuthi ukuhoxiswa kwemali kwenzeka kungakapheli usuku olulodwa noma ezimbili ngenxa yokuthi imali efakwa ebhange ibigxile kakhulu kumabhizinisi ahlezi ngaphezu kwekhephu enomshwalense. Akekho owama umugqa emvuleni ngaphandle kwegatsha. Ukugijima kwenzeka kumafoni phakathi kwemihlangano. Ibhange Lamasignesha lilandelwe zingakapheli izinsuku. IRiphabhulikhi yokuqala yathatha amasonto ambalwa. I-Federal Reserve yasukuma indawo yokuboleka izimo eziphuthumayo ukumisa lesi sifo, eminyakeni eyishumi nanhlanu ngemuva kwesethi yokugcina yezindawo eziphuthumayo.

Imininingwane engiyithola ikhuluma kakhulu ibandakanya i-Circle, umkhiphi we-USDC stablecoin. Ibambe ngaphezu kwezigidigidi ezi-3 zamarandi njengediphozithi engaqinisekisiwe eSilicon Valley Bank futhi yabhekana nokuhlengwa okulinganiselwa ku-$2 billion ezinsukwini ezizungeze ukuwa. Ngisho namathokheni edola embonini ye-crypto avele ancike kungqimba olufanayo lwamabhange oluntekenteke ngaphansi.

Ngayo leyo nyanga i-Credit Suisse, eneminyaka engu-167 ubudala futhi ehlelekile emhlabeni wonke, yagoqwa yaba yi-UBS ngempelasonto izwe laseSwitzerland. Cishe i-CHF 16 billion yamabhondi ayo e-AT1 abhalelwa kuqanda ngomthetho. Abanikazi bamabhondi ababecabanga ukuthi bakleliswe ngaphezu kwabanikazi bamasheya bathola ukuthi lesi simo singaxoxiswana lapho ipolitiki isifuna lokho.

Umthethonqubo awuzange uvimbele noma yikuphi kwalokhu. Abatakuli bafike ngemuva kwalokho, bephethe imali yomphakathi.

African Bank, VBS and Ithala: our own record

Abantu baseNingizimu Afrika ngezinye izikhathi bafunda lezi zindaba njengesimo sezulu sangaphandle, idrama edlalwa kwamanye amazwekazi. Irekhodi lethu lifanelwe ukubhekisiswa kabanzi.

I-African Bank yafakwa ngaphansi kwe-curatorship ngo-August 2014 ngemva kokuba incwadi yayo yokuboleka engavikelekile ibe yimbi. I-Reserve Bank ithenge u-R7 billion wemali ebolekiwe embi kakhulu kwathi ama-bondholder aphezulu agunda izinwele ngo-10%. Ingxenye iningi labonga elingakaze libhaliswe yilokho okwenzeka ezikhwameni zemakethe yemali. Abaningana kudingeke ukuthi bamise ucezu lwemali etshaliwe abantu abajwayelekile ababekholelwa ukuthi inhle njengemali, ngoba lezo zimali zazibambe amaphepha e-African Bank buthule. Akekho umnikazi walawo mayunithi owayekhethe leyo ngozi. Kwabathola kunjalo.

I-VBS Mutual Bank yayimbi kakhulu. Ibekwe ngaphansi komqaphi ngomhla ziyi-11 kuNdasa wezi-2018, kwatholakala ukuthi iphangiwe ngaphakathi. Umbiko wezobunhloli ubeke ukukhwabanisa ku-R2.3 billion, kanti cishe u-R1.9 billion ugeleza kubantu abangu-53 eminyakeni emithathu. Omasipala abayishumi nanhlanu bafake u-R1.57 billion ngendlela engafanele futhi balahlekelwa cishe ingxenye yesithathu yayo; IsiFunda saseVhembe sibeke izigidi ezingama-R350 futhi silindele ukubuyiselwa imali elinganiselwa ezigidini ezingama-R80. Izitokofela kanye nezinhlangano zokungcwaba kulo lonke elaseLimpopo, ezonga imali ezinomcamelo omncane kakhulu ezweni, zibambe yonke le nkinga. Umgcinimafa uqinisekisa idiphozi yezitolo efika ku-R100,000. Abafaka imali abangama-458 ngaphezu kwalowo mzila bathola u-7c erandini ngo-2022 kanye no-20c ngaphezulu ngoJanuwari 2025. Usihlalo wangaphambili uthole iminyaka eyi-15 kusukela ngoJulayi 2024, okuwubulungisa bohlobo oluthile, nakuba kungekho muntu owagwetshwa ukuthi aphinde abe khona.

Kwalandela Ithala. Umbolekisi ongaphansi kukahulumeni wayethathe amadiphozithi iminyaka ngaphansi kokukhululwa okuphelelwa yisikhathi esikhundleni selayisensi yasebhange ephelele. NgoJanuwari 2025 iPrudential Authority yafaka isicelo sokuthi iqedwe kanti ama-akhawunti okufaka imali alinganiselwa ku-257,000 avinjwa imali elinganiselwa ku-R2.47 billion. Abantu KwaZulu-Natal balahlekelwe yimali yokuhola kanye nemali yesikole ngesikhathi semali ekhokhwayo.

Kunesifundo esithule ngaphansi kwamaphutha. Imali engaphakathi kwesistimu inemibandela ngezindlela ezonga ezingavamile ukuba nentengo. Ngonyaka wezi-2023/24 uMnyango Wokubhekwa Kwezimali Webhange Lombuso ukhiphe imiyalelo engu-51 evimba u-R21.7 billion kuma-akhawunti kwathi u-R1.4 wezigidigidi wawo wadliwa unomphela kuhulumeni. Iningi lalawo macala kucatshangwa ukuthi lalihilela ukungqubuzana kwangempela. Iphuzu limile kungakhathaliseki ukuthi: idiphozi isithembiso esingamiswa okwesikhashana.

Akukho kulokhu kwehluleka okwakudinga inhlekelele yomhlaba wonke. Zenzeke esimweni sezulu esipholile.

Ingabe umshwalense wediphozithi uyakuvikela ukonga kwakho?

INingizimu Afrika yagcina yethula umshwalense wediphozi osemthethweni ngo-April 2024. I-Corporation for Imali efakiwe Insurance, inkampani engaphansi kweBhange Lombuso, ikhokhela imali efika ku-R100,000 ngomuntu ofaka imali ebhange ngalinye. Kwase kudlulelwe yisikhathi; abadiphozithi be-VBS bowezi-2018 kwadingeka bathembele kusiqinisekiso esithuthukisiwe soMgcinimafa ezingeni elifanayo. Ngiyajabula ukuthi ikhona futhi inombolo iyakutshela ukuthi yayidalelwe bani. Ivikela isilondolozi esincane ekonakalisweni. Kunoma ngubani ophethe imali enzima, u-R100,000 uyisiteji sokuqala seladi ngokuvamile elingekho.

Ngaphezulu komugqa, ukuqedwa kungenye indlela futhi ukuqedwa kwe-arithmetic kuhamba kancane. Ifa le-VBS selibuyise u-25.6% kwabakweletwayo kuze kube manje, okuyinto umshwayizi wayo ayibiza ngokufanelekile ngomphumela omuhle; ukutholwa okungaphansi kuka-10c erandini kuvame ukushoda kwemali eNingizimu Afrika.

Umuzwa waseMelika ukhombisa umkhawulo ojulile. I-FDIC yamboza ama- $ 250,000 ngo-2023 ngo-2023 kanti iSilicon Valley Bank isashona ezinsukwini ezimbili, ngoba amakhasimende ayo bekungamabhizinisi aphethe izigidi. Umshwalense uthulisa abagcini bezimali abebengasoze babange ukugijima. Imali engaqinisekisiwe ihamba kuqala futhi ngokushesha; ucwaningo lwengcindezi yasebhange lukhombisa amabhalansi angaphezu komkhawulo onomshwalense abalekela kumathuluzi aphephile lapho ukuzethemba kuncipha. Futhi isikhwama somshwalense ngokwaso sibamba ingxenye encane kuphela yediphozithi esimile ngemuva. I-backstop yayo yangempela yisimo, okusho ukuthi wena.

Umshwalense wediphozithi uyibhande lesihlalo. Akusona isizathu sokuthemba umshayeli.

Ukuhlenga kwakhelwe kumklamo

Ibhange libamba ingxenye ethile yediphozithi yakho bese libolekisa ngokunye. Leyo yimodeli yebhizinisi, hhayi ihlazo. Kusho futhi ukuthi alikho ibhange elingahlonipha zonke izithembiso zalo ngesikhathi esisodwa, yingakho umthetho ubeka kuqala imishini yokuhlenga ngaphambi kokuba kube khona okungahambi kahle. I-Reserve Bank yiyona ebolekisa ngemali okokugcina kanye ne-Resolution Authority eqokiwe ngaphansi koMthetho Wokulawulwa Komkhakha Wezezimali wezi-2017. Kufunde lokho ngokusobala. Umthetho uthatha ukuthi amabhange azohluleka futhi amagama, kusenesikhathi, ozophatha ukwehluleka.

Izikhuthazo zilandela ukusuka lapho. Uma izinzuzo ziyimfihlo futhi ukulahlekelwa kungase kushintshelwe emphakathini, ubuhlakani buba yinkinga yokuncintisana. Izazi zezomnotho ziyibiza ngokuthi ingozi yokuziphatha. Ngiyibiza ngesizathu sokuthi iphethini iphinda kushejuli.

Kukhona nokuhlenga ongakaze ukubone kubhaliwe. Yonke i-backstop incike ekhonweni lokukhulisa ukunikezwa kwemali, okusebenza njengentela eqoqwe ngaphandle komthetho kuwo wonke umuntu ophethe amarandi. Isebenza ngisho eminyakeni lapho kungekho bhange elihlulekayo. Ngilandele umakhenikha wayo empeleni kwenzekani ekongeni kwakho.

Yini i-Bitcoin ekususa ekwakhiweni

Ngomhla zi-3 kuMasingana 2009 ibhulokhi yokuqala ye-Bitcoin yambiwa nesihloko sephephandaba esigxivizwe unomphela kuso: "Ishansela onqenqemeni lwebheyili yesibili yamabhange." Lokho kwakungewona umhlobiso futhi kwakungeyona ingozi yesikhathi. Bekuyisitatimende senhloso esivela kumklami owabuka u-2008 senzeka futhi waphetha ngokuthi inkinga yayingokwesakhiwo hhayi eyesikhashana.

Isakhiwo se-Bitcoin esifaka esikhundleni saso sinzima. Ukunikezwa kufinyelela ezinhlamvu zemali eziyizigidi ezingu-21 kanti ukukhishwa kwehliswa ngohhafu njalo ngemva kweminyaka emine, ngakho-ke akukho ziphathimandla ezingaphrinta ukuhlenga. Akekho obolekisa ngemali okokugcina, akukho gunya lesinqumo futhi akukho lutho olukhethayo. Impahla ephethwe ngale ndlela ayinalo ishidi lebhalansi ngemuva kwayo elingahluleka. Umthetho olandelwayo ukhiqize amabhulokhi awo njalo ngemizuzu eyishumi kukho konke ukwethuka kusukela ngo-2009, okuhlanganisa nempelasonto uCredit Suisse ashona ngayo, ngaphandle kokucela noma ubani imali.

Ukwethembeka kudinga uhlangothi. Izinkampani ezakhe kabusha ibhange ku-Bitcoin zehlulekile njengamabhange, kukhishwe ukusindisa. UCelsius ukhokhele abagcini bemali abadala ngokungena okusha kwaze kwaba yilapho engakwazi. I-FTX yawa ngoNovemba 2022 njengoba imali elinganiselwa ku-$8 billion yekhasimende ingasekho. Lawo bekungamashidi ebhalansi amaphakathi engutsheni yeBitcoin futhi wonke amaklayenti ashiya izinhlamvu zemali kuwo aphinde afunda isifundo esidala ngentengo egcwele. Abaphathi ababegcine okhiye babo abalahlekelwanga lutho.

Ngakho-ke umklamo ususa kuphela ukuncika ekutholeni ibheyili uma uwuqedile. I-Bitcoin esele ekuhwebeni idiphozithi yasebhange enezinyathelo ezengeziwe futhi awukho umshwalense. I-Bitcoin ephethwe okhiye bakho iyithuluzi eliphethe elingenalo nhlobo elinye, umehluko engiwubeke kuwo. I-Bitcoin njengempahla ephethe. Uhlangothi lwemali, umphakeli ogxilile owenza umsebenzi umshwalense wediphozi ozenza sengathi uyawenza, uyakhandwa I-Bitcoin njengemali ezwakalayo. Lowo mthwalo wemfanelo ungokoqobo. Iyaqeqesheka futhi, ngokungafani nengozi yomunye ethatha isikhundla sayo, ongeke ukwazi ukuyicwaninga noma ukuyilawula ungaphandle.

Lapho lokho kushiya ukonga kwakho

Impendulo ayikona ukuvala ama-akhawunti akho asebhange. Amabhange ahlala eyingqalasizinda eyinhle kakhulu yokwenza imali kanye nemali yesikhashana. Ngizisebenzisa nsuku zonke.

Indawo yami incane. Ingxenye ethile yokonga kwesikhathi eside ingeyempahla engeke yehliswe ukuze kuxhaswe ukuhlenga okulandelayo noma iqhwa umqaphi olandelayo. Ngisiza amaklayenti akhe leso sikhundla kancane kancane. Izinhlelo zokonga ziqala ku-R1 000 ngenyanga. Ukuzigcina ngokuqondisisa kuqala ku-R10,000. Izinto ezibanjiwe ezinkulu zingena ku-Vault, ilungiselelo le-multisig elingu-2-of-3 elihlukanisa okhiye kumadivayisi ahlukene, ukuze kungabikho ukhiye owodwa olahlekile futhi alikho iphutha elilodwa elingakubiza imali. Ngenxa yokuthi i-Bitcoin ayinawo umshwalense wediphozithi, ubunjiniyela bokugcina abuyona inketho.

Ukwehluleka okulandelayo kakade kukhula ngokuthula endaweni ethile ohlelweni. Kuzochazwa kamuva njengokungalindelekile, indlela zonke eziyiyo. Okulawulayo kunqunywa kusengaphambili: ukuthi ingakanani imali oyilondolozile ehlala ngaphakathi kwendawo yokuqhuma uma leyo ncazelo ibhalwa.