N\u00eb financ\u00eb (por jo vet\u00ebm) ka filluar epoka e tranzicioneve t\u00eb m\u00ebdha. Nj\u00eb bot\u00eb e re e p\u00ebrb\u00ebr\u00eb nga teknologji dixhitale eksponenciale ku \u00ebsht\u00eb gjithnj\u00eb e m\u00eb e v\u00ebshtir\u00eb t\u00eb kuptohet se cil\u00ebt jan\u00eb kufijt\u00eb e novatorizimit financiar respektivisht tregut dhe ekonomin\u00eb reale. Produktet e reja t\u00eb financ\u00ebs s\u00eb strukturuar dhe t\u00eb financ\u00ebs virtuale p\u00ebrfaq\u00ebsojn\u00eb territore t\u00eb paeksploruar q\u00eb duhen kuptuar dhe thelluar nga ana e t\u00eb gjith\u00ebve pasi gjenerojn\u00eb asimetri t\u00eb jasht\u00ebzakonshme informative me sistemin e p\u00ebrgjithsh\u00ebm t\u00eb investitor\u00ebve, edhe ato profesional\u00eb e t\u00eb kualifikuar. Nj\u00eb bot\u00eb e papar\u00eb kurr\u00eb m\u00eb par\u00eb q\u00eb duhet njohur dhe menaxhuar duke i kompensuar asimetrit\u00eb pa ia zbutur proceset reale novatore q\u00eb do t\u00eb na \u00e7ojn\u00eb tek e ardhmja. Do t\u00eb mbeten ka mund\u00ebsi t\u00eb vlefshme bazat mbi t\u00eb cilat \u00ebsht\u00eb ngritur financa, t\u00eb mir\u00ebnjohura qysh nga koha e Bibl\u00ebs \u2013 n\u00eb Librin e Proverbave t\u00eb Dhiat\u00ebs s\u00eb Vjet\u00ebr lexohet: \u201cE akumuluar me ngut, pasuria zbehet. Kush e grumbullon dora dor\u00ebs b\u00ebhet e pasur dhe shkon larg\u201d. Ama sigurisht q\u00eb po ndryshojn\u00eb shum\u00eb gj\u00ebra t\u00eb tjera.<\/p>\n
Bota e financ\u00ebs s\u00eb decentralizuar dhe dilema e tregjeve<\/strong><\/p>\n P\u00ebr shembull, le t\u00eb mendojm\u00eb p\u00ebr kriptovalutat. Nj\u00eb kontekst n\u00eb evolucion t\u00eb shpejt\u00eb ku tashm\u00eb \u00ebsht\u00eb shum\u00eb e v\u00ebshtir\u00eb t\u00eb dallojm\u00eb me siguri teknike dhe juridike n\u00eb \u00e7far\u00eb konsistojn\u00eb sot ligj\u00ebrisht monedha dhe produktet, pasi sisemi i operatorve, si t\u00eb kualifikuar, ashtu edhe retail<\/em>, rrezikon q\u00eb p\u00ebrdor\u00eb metrika vler\u00ebsimi shum\u00eb t\u00eb ndryshme nga ato normative dhe t\u00eb tregut. \u00cbsht\u00eb nj\u00eb ndryshim i thell\u00eb q\u00eb impakton n\u00eb m\u00ebnyr\u00eb t\u00eb jasht\u00ebzakonshme funksionimin dhe p\u00ebrhapjen e instrumentave kripto q\u00eb shoq\u00ebron zhvillimin e platform economy<\/em> t\u00eb tipit financiar. Duke i paraqitur k\u00ebsht\u00eb problemet e sistemit bankar, ndaj rregulluesve dhe me pushtetin thuajse \u201cabsolut\u201d t\u00eb bankave qendrore ndaj valutave q\u00eb p\u00ebrgatitej nga fundi i marr\u00ebveshjes s\u00eb Bretton Woods t\u00eb vitit 1971.<\/p>\n Ja nj\u00eb udh\u00ebkryq i gjeneruar nga novatorizmi. P\u00ebr \u00e7far\u00eb po flasim? Valuta dhe, pra, mjete shk\u00ebmbimi apo instrumenta financiar\u00eb n\u00eb kuptimin e v\u00ebrtet\u00eb t\u00eb fjal\u00ebs? \u00cbsht\u00eb megjithat\u00eb nj\u00eb kuti Pandore e madhe, nj\u00eb dilem\u00eb jo e leht\u00eb p\u00ebr t\u2019u zgjidhur pasi ekziston nj\u00eb bot\u00eb paralele, p\u00ebr t\u00eb cil\u00ebn shpesh na shp\u00ebtojn\u00eb konturet, q\u00eb sillet p\u00ebrreth kriptovalutave, duke filluar nga Bitcoin, t\u00eb shpikur n\u00eb 2009 nga ajo fantazma e bot\u00ebs teknologjike dhe financiare q\u00eb i p\u00ebrgjigjet emrit Satoshi Nakamoto \u2013 identiteti real i t\u00eb cilit \u00ebsht\u00eb ende sot misterioz. Sikur t\u00eb donin t\u00eb gjenim nj\u00eb p\u00ebrkufizim t\u00eb par, nj\u00eb kriptovalut\u00eb \u00ebsht\u00eb nj\u00eb asset<\/em> i bazuar mbi nj\u00eb blockchain<\/em>, dometh\u00ebn\u00eb nj\u00eb regjist\u00ebr t\u00eb pranuar, t\u00eb shp\u00ebrndar\u00eb dhe t\u00eb pandryshuesh\u00ebm pasi \u00e7do operacion i b\u00ebr\u00eb garantohet nga kriptografia, nuk \u00ebsht\u00eb i modifikuesh\u00ebm dhe \u00ebsht\u00eb i v\u00ebrtet\u00eb sepse b\u00ebhet n\u00eb koh\u00eb reale (ndoshta) dhe njihet n\u00eb t\u00eb gjitha nyjet e rrjetit. Due filluar nga nj\u00eb kontekst i till\u00eb, Bitcoin \u00ebsht\u00eb termi q\u00eb identifikon si kriptovalut\u00ebn, ashtu edhe sistemin e blockchain t\u00eb lidhur me t\u00eb. E nj\u00ebjta gj\u00eb mund t\u00eb thuhet p\u00ebr kriptovalutat e tjera. Po p\u00ebrmendim vet\u00ebm disa, por jan\u00eb shum\u00eb. Duke filluar nga ato q\u00eb v\u00ebrtiten rreth platform\u00ebs Ethereum p\u00ebr t\u00eb arritur tek Cardano, Solana, Xrp, Polkadot, Zcash, Monero, Avalanche, Litecoin, Chainlink, Polygon, Algorand.<\/p>\n Le t\u00eb ngrem\u00eb nj\u00eb pik\u00ebpyetje t\u00eb vendosur: problemi evolucionit t\u00eb kriptovalutave private nuk \u00ebsht\u00eb vet\u00ebm ai i \u201cjomonedh\u00ebs\u201d apo \u201cinstrumentit financiar alternativ\u201d specifik q\u00eb k\u00ebrc\u00ebnon pushtetin e krijuar (nuk \u00ebsht\u00eb as nj\u00eb bank\u00eb depozitare, as nj\u00eb huadh\u00ebn\u00ebs i instanc\u00ebs s\u00eb fundit), por \u00ebsht\u00eb n\u00eb fakt logjika (algoritmi) q\u00eb e gjeneron: kjo \u00ebsht\u00eb me natyr\u00eb konsensuale, e diversifikuar dhe sidomos \u201cbottom up<\/em>\u201d. Jemi n\u00eb fush\u00ebn e \u201cfinanc\u00ebs s\u00eb decentralizuar\u201d \u2013 decentralized finance<\/em> apo DeFi. Nj\u00eb bot\u00eb anarkike dhe jokonform me natyrat e parand\u00ebrtuara nga tregjet q\u00eb nj\u00eb pjes\u00eb e operator\u00ebve e konsideron t\u00eb rrezikshme dhe q\u00eb nga 2016 n\u00eb bot\u00ebn e rregullator\u00ebve kishte nj\u00eb preokupim n\u00eb rritje p\u00ebr proliferimin e cryptoasset<\/em> ku volatiliteti ishte shum\u00eb i lart\u00eb dhe likuidueshm\u00ebria e caktuar p\u00ebr shuma t\u00eb vogla, por e pak\u00ebt p\u00ebr t\u00eb m\u00ebdhat\u00eb. Pastaj, n\u00eb 2022, ka ardhur kriza e madhe e sistemit kripto.<\/p>\n Kriza e madhe e sistemit kripto dhe dilema e likuiditetit<\/strong><\/p>\n P\u00ebr t\u00eb kuptuar pse ka shp\u00ebrthyer kriza e madhe e sistemit kripto (por edhe ajo e sistemit financiar tradicional) n\u00eb 2022, duhet t\u2019i kujtojm\u00eb vet\u00ebvetes nj\u00eb reflektim baz\u00eb p\u00ebr t\u00eb cil\u00ebn qem\u00eb t\u00eb vet\u00ebdijsh\u00ebm prej shum\u00eb kohe, edhe pse do t\u00eb donim t\u00eb vazhdonin ta harronin, p\u00ebr t\u00eb jetuar p\u00ebrgjithmon\u00eb n\u00eb bot\u00ebn fantastike t\u00eb helicopter money<\/em> \u2013 sasive t\u00eb m\u00ebdha t\u00eb likuiditetit t\u00eb injektuar n\u00eb sistemin monetar apo Quantitative Easing<\/em>. \u00cbsht\u00eb e v\u00ebrtet\u00eb se \u201cwhatever it takes<\/em>\u201d e Mario Draghi (dhe e bankier\u00ebve t\u00eb tjer\u00eb qendrore n\u00eb dekad\u00ebn e dyt\u00eb t\u00eb k\u00ebtij shekulli) e ka shp\u00ebtuar euron dhe nj\u00eb sistem ekuilibrash n\u00eb platformat monetare t\u00eb bankave qendrore t\u00eb m\u00ebdha, por \u00ebsht\u00eb po aq e v\u00ebrtet\u00eb se shum\u00ebfishimi i \u00e7frenuar i monedh\u00ebs reputacionale t\u00eb bankave qendrore ka gjeneruar deformime t\u00eb thella n\u00eb tregjet financiare.<\/p>\n Ishte nj\u00eb mas\u00eb \u201cbooster<\/em>\u201d q\u00eb mund t\u00eb kishte ar\u00ebsye t\u00eb ishte n\u00eb horizonte t\u00eb kufizuara n\u00eb koj\u00eb p\u00ebr t\u00eb mbytur krizat e p\u00ebrkohshme t\u00eb tregjeve dhe t\u00eb ekonomis\u00eb reale, por q\u00eb e \u00e7uar p\u00ebrtej limiteve t\u00eb nd\u00ebrhyrjes emergjenciale, ka gjeneruar nj\u00eb bot\u00eb virtuale ku, p\u00ebr ta th\u00ebn\u00eb me nj\u00eb metafor\u00eb danteske:<\/p>\n Nj\u00eb sistem paralel ndaj realitetit, nj\u00eb metavers financiar q\u00eb ka jetuar p\u00ebr shum\u00eb vite pasi i dopuar nga p\u00ebrqindje negative dhe nj\u00eb WACC (Weight Average Capital Cost<\/em>, kostoja mesatare e kapitalit) inekzistente n\u00eb termat rrezik\/rendiment krahasuese me nj\u00eb investim alternativ. Me fjal\u00eb t\u00eb tjera, p\u00ebr \u00e7do operator ia vlente barra qiran\u00eb ta rrezikoje investimin n\u00eb aksione ose n\u00eb kripto pasi thuajse t\u00eb gjitha alternativat qen\u00eb ekuivalente n\u00eb terma rreziku apo m\u00eb pak bind\u00ebs si rendimenti. Ka qen\u00eb nj\u00eb \u201cbot\u00eb e mesme\u201d e re pa track record<\/em> dhe serish\u00eb historike ku e ardhmja nuk ishte shkruar dhe ku sistemi dukej i lir\u00eb nga politikat fiskale t\u00eb qeverive dhe nga politikat monetare t\u00eb bankave qendrore t\u00eb m\u00ebdha, me financ\u00ebn e decentralizuar q\u00eb imponohej si model alternativ n\u00eb nj\u00eb hap\u00ebsir\u00eb t\u00eb re dhe t\u00eb lir\u00eb nga kusht\u00ebzimet. Pa harruar pastaj se euforia e 3 viteve t\u00eb fundit \u00ebsht\u00eb ushqyer edhe nga situata e ve\u00e7ant\u00eb e krijuar nga pandemia, q\u00eb duke i mbyllur t\u00eb gjith\u00eb n\u00eb sht\u00ebpi i ka shtyr\u00eb shum\u00eb njer\u00ebz t\u00eb kalojn\u00eb m\u00eb shum\u00eb koh\u00eb prapa pajisjeve elektronike pa kurrfar\u00eb nd\u00ebrmjet\u00ebsimi. \u00c7nd\u00ebrmjet\u00ebsimi, mang\u00ebsia e barrierave, anonimiteti, mungesa e nj\u00eb autoriteti qendror jan\u00eb faktor\u00eb q\u00eb kan\u00eb krijuar ndjesin\u00eb e nj\u00eb finance \u201cpr\u00eat-\u00e0-porter<\/em>\u201d p\u00ebr t\u00eb gjith\u00eb. \u201cNj\u00eb vlen nj\u00eb\u201d n\u00eb bot\u00ebn e financ\u00ebs s\u00eb decentralizuar n\u00ebnkupton se kushdo mund ta b\u00ebj\u00eb tregun si bankier qendror.<\/p>\n Praktikisht, bota e Eliz\u00ebs n\u00eb Vendin e Mrekullive. Pastaj koha ka ndryshuar. Kan\u00eb ardhur inflacioni (nga k\u00ebrkesa p\u00ebr Shtetet e Bashkuara apo nga kostot e energjis\u00eb p\u00ebr Europ\u00ebn), lufta dhe, n\u00eb vijim, ngushtica monetare e FED, e BQE dhe e bankave qendrore t\u00eb tjera. Ja q\u00eb WACC ka ndryshuar thell\u00ebsisht dhe, me t\u00eb, alternativat n\u00eb termat rrezik\/rendiment ndaj investimit (n\u00eb ve\u00e7anti) n\u00eb kriptovaluta dhe ja d\u00ebshtimet e platformave dhe produkteve kripto e 2022. Exchange\u00a0C<\/em>elsius, stablecoin<\/em>\u00a0Terra USD\u00a0dhe, n\u00eb periudh\u00ebn e fundit, super \u2013 kriza e\u00a0FTX. Nd\u00ebrsa fati i\u00a0Gemini\u00a0dhe i\u00a0Genesis\u00a0akoma nuk \u00ebsht\u00eb e qart\u00eb. P\u00ebr t\u00eb mos p\u00ebrmendur platformat e tjera t\u00eb shumta, q\u00eb gjat\u00eb muajve t\u00eb fundit kan\u00eb bllokuar marrjet: CoinFlex, Babel Finance, Zipmex dhe Vauld, si edhe kuotimet e Bitcoin me 30% respektvisht maksimumeve. Por nd\u00ebrkoh\u00eb shum\u00eb kan\u00eb kuptuar nj\u00eb gj\u00eb themelore. N\u00eb munges\u00eb t\u00eb nj\u00eb huadh\u00ebn\u00ebsi t\u00eb instanc\u00ebs s\u00eb fundit (bank\u00eb qendrore me monedh\u00eb q\u00eb ka kurs ligjor) apo me nj\u00eb bank\u00eb depozitare (prej vlefshm\u00ebris\u00eb si njohur t\u00eb portofolit t\u00eb investimeve), investimentet n\u00eb kripto kan\u00eb probleme sepse<\/p>\n At\u00ebhere \u00e7far\u00eb horizontesh? Dikush mund t\u00eb mendoj\u00eb p\u00ebr Bitcoin, q\u00eb megjith\u00ebse n\u00eb kriz\u00ebn m\u00eb t\u00eb thell\u00eb, ka ende nj\u00eb vler\u00eb t\u00eb madhe, ka akoma nj\u00eb vler\u00eb t\u00eb konsiderueshme n\u00eb treg. Por k\u00ebtu hyn n\u00eb loj\u00eb nj\u00eb tjet\u00ebr shtyll\u00eb e madhe e vler\u00ebsimeve financiare: koha n\u00eb absolute dhe, n\u00eb momentin aktual, koha relative n\u00eb termat e kostove t\u00eb energjis\u00eb. Vlera e Bitcoin rezulton n\u00eb fakt n\u00eb k\u00ebt\u00eb moment shum\u00eb inferiore ndaj kostos s\u00eb prodhimit. Nga ana tjet\u00ebr, p\u00ebr t\u00eb siguruar operativitetin dhe sigurin\u00eb e transaksioneve \u00ebsht\u00eb e nevojshme nj\u00eb fuqi e lart\u00eb llogarit\u00ebse. \u201cMiners<\/em>\u201d (minator\u00eb) \u2013 q\u00eb faktikisht jan\u00eb ekuivalenti i decentralizuar i autoritetit q\u00eb prej monedh\u00eb \u2013 i v\u00ebn\u00eb n\u00eb dispozicion t\u00eb sistemit dhe, p\u00ebr ta zgjedhur kompjuterin q\u00eb do t\u2019i menaxhoj\u00eb pages\u00ebn, vjen \u00e7do her\u00eb q\u00eb hapet nj\u00eb gar\u00eb n\u00eb kuptimin e v\u00ebrtet\u00eb t\u00eb fjal\u00ebs: p\u00ebr ta fituar \u00ebsht\u00eb kush arrin t\u00eb zgjidh\u00eb nj\u00eb problem matematikor kompleks p\u00ebrpara se t\u00eb tjer\u00ebve. P\u00ebr t\u00eb arritur ta fitojn\u00eb, miners<\/em>\u00a0investojn\u00eb n\u00eb makineri dhe fuqi llogarit\u00ebse t\u00eb reja, q\u00eb k\u00ebrkojn\u00eb nj\u00eb sasi energjie t\u00eb madhe. N\u00eb premio jan\u00eb Bitcoin t\u00eb rinj t\u00eb \u201cnxjerr\u00eb\u201d: kompjuteri q\u00eb do ta kryej\u00eb transaksionin dhe do t\u2019i shtoj\u00eb nj\u00eb bllok t\u00eb ri blockchain<\/em> do t\u00eb shp\u00ebrblehet me nj\u00eb shum\u00eb Bitcoin t\u00eb rinj. Por sa m\u00eb shum\u00eb Bitcoin nxirren, aq m\u00eb shum\u00eb sistemi do t\u00eb k\u00ebrkoj\u00eb fuqi llogarit\u00ebse m\u00eb t\u00eb madhe p\u00ebr t\u00eb menaxhuar transaksionet dhe \u00e7mimi m\u00eb shum\u00eb se i p\u00ebrgjysmuar, pas ngushtic\u00ebs s\u00eb bankave qendrore t\u00eb m\u00ebdha, kontribuon n\u00eb zbutjen e t\u00eb ardhurave. Ja pse Bitcoin jan\u00eb n\u00eb kriz\u00eb si t\u00eb gjitha kriptot e tjera.<\/p>\n Nga kriptovalutat private tek Central Bank Digital Currencies<\/em> (CBDC\u2019s)<\/strong><\/p>\n Ja filmi q\u00eb po shikojm\u00eb. Ngushtic\u00eb monetare, kriz\u00eb e platformave t\u00eb exchange<\/em>, kuotime t\u00eb kriptove n\u00eb r\u00ebnie t\u00eb lir\u00eb. Me fjal\u00eb t\u00eb tjera, nj\u00eb histori q\u00eb rr\u00ebfen ferrin e ri t\u00eb financ\u00ebs s\u00eb decentralizuar. Jemi n\u00eb momentin e \u201cgame\u00a0over<\/em>\u201d p\u00ebr bot\u00ebn kripto? Fatk\u00ebeqsisht ose p\u00ebr fat nuk \u00ebsht\u00eb gjith\u00e7ka kaq e leht\u00eb. Roli vendimtar i kujt pret para \u00ebsht\u00eb jasht\u00eb pdo dyshimi, n\u00eb pik\u00ebn q\u00eb vlen akoma sot v\u00ebrejtja e Baronit Nathan Rothschild: \u201cM\u00eb jepni kontrollin e valut\u00ebs s\u00eb nj\u00eb kombi dhe nuk m\u00eb intereson fare se kush ia b\u00ebn ligjet\u201d. Sot problemi strategjik \u00ebsht\u00eb ai i qeverisjes s\u00eb monedh\u00ebs dhe investimet, por jo vet\u00ebm. Rreziku q\u00eb privat\u00ebt t\u00eb fillojn\u00eb t\u00eb presin monedh\u00eb sigurisht q\u00eb e ka p\u00ebrshpejtuar procesin e krijimit t\u00eb valutave dixhitale t\u00eb bankave qendrore t\u00eb m\u00ebdha me q\u00ebllim shmangien \u201cboshll\u00ebqeve t\u00eb pushtetit\u201d monetar\u00eb dhe fiskal\u00eb, por \u00ebsht\u00eb e v\u00ebrtet\u00eb se tema qendrore mbetet ajo qeverisjes s\u00eb t\u00eb dh\u00ebnave, ari i v\u00ebrtet\u00eb i t\u00eb ardhmes. Ja pse bankier\u00ebt e m\u00ebdhenj qendror\u00eb (q\u00eb tani \u201cankohen\u201d p\u00ebr kriz\u00ebn e bot\u00ebs kripto) nuk mund t\u00eb rrijn\u00eb urt\u00eb. Ja pse, n\u00ebse \u00ebsht\u00eb e v\u00ebrtet\u00eb se dollar\u00ebt, eurot apo jen\u00ebt e ardhshm do t\u00eb ishin me perceptim gjeneracional t\u00eb menj\u00ebhersh\u00ebm n\u00eb termat e siguris\u00eb respektivisht cryptoasset<\/em> t\u00eb tjer\u00eb, at\u00ebhere edhe CBDC\u2019s paraqesin terma novator\u00eb respektivisht tregjeve financiar\u00eb tradicional\u00eb, si problemet strategjike t\u00eb privacy<\/em>, pasi p\u00ebr sa t\u00eb pseudoanimizuar n\u00eb termat e t\u00eb dh\u00ebnave, n\u00eb realitet jan\u00eb gjithmon\u00eb t\u00eb ndjeksh\u00ebm.<\/p>\n Nj\u00eb bot\u00eb ku bankat qendrore (dhe shtetet) do t\u00eb ishin n\u00eb gjendje t\u00eb mblidhnin edhe informacione m\u00eb par\u00eb jo t\u00eb disponueshme, duke arritur n\u00eb nj\u00eb identifikim t\u00eb pazakont\u00eb dhe m\u00eb t\u00eb thell\u00eb t\u00eb p\u00ebrdoruesve dhe t\u00eb kapacitetit \u00eb flukseve t\u00eb pagesave. Pra, n\u00ebse p\u00ebrdoren n\u00eb m\u00ebnyr\u00eb jo t\u00eb p\u00ebrshtatshme, CBDC\u2019s do t\u00eb mund t\u00eb favorizonin nj\u00eb p\u00ebrq\u00ebndrim t\u00eb paprecedent informacionesh dhe nj\u00eb devijim drejt atij q\u00eb quhet \u201ckapitaliz\u00ebm survejimi\u201d. Le t\u00eb mendohet, p\u00ebr shembull, p\u00ebr pushtetin inkuzitor t\u00eb nj\u00eb Agjencie Hyrjesh eventuale (taksat apo t\u00ebrheqja e kartelave t\u00eb aplikuara direkt n\u00eb wallet<\/em> dixhitale) apo i vet\u00eb bankave qendrore n\u00eb termat e taksave negative t\u00eb aplikuara\u00a0 top-down mbi t\u00eb gjitha depozitat ku tjet\u00ebrkund, me monedhat fizike, masa t\u00eb tilla mund t\u00eb shmangen leht\u00ebsisht duke t\u00ebrhequr kesh p\u00ebr t\u2019i ruajtur tjet\u00ebrkund. Ja pse zhvilimi i nj\u00eb rregullimit t\u00eb bot\u00ebs komplesive t\u00eb monedhave dixhitale \u00ebsht\u00eb akoma n\u00eb faz\u00eb fillestare. Nga ana tjet\u00ebr, si\u00e7 e ka th\u00ebn\u00eb Robert Kiyosaki, n\u00ebse investitori nuk \u00ebsht\u00eb ekspert, at\u00ebhere \u00e7do investim i tij do t\u00eb jet\u00eb i rrezikuar pra, ai q\u00eb \u00ebsht\u00eb n\u00eb rrezik nuk \u00ebsht\u00eb investimi, por investitori. Nj\u00eb paradoks p\u00ebr t\u2019u mbajtur n\u00eb konsiderat\u00ebn e duhur dhe nj\u00eb motiv m\u00eb shum\u00eb p\u00ebr t\u00eb p\u00ebrhapur dijen mbi DeFi dhe valutat dixhitale. Duke e rritur k\u00ebshtu vet\u00ebdijen e investitor\u00ebve p\u00ebr nj\u00eb t\u00eb ardhme q\u00eb ka ende shum\u00eb territore t\u00eb pakesploruara p\u00ebr t\u2019u thelluar.<\/p>\n (nga Aspenia Institute<\/em>)<\/p>\n P\u00ebrgatiti<\/strong><\/p>\n ARMIN TIRANA<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" N\u00eb financ\u00eb (por jo vet\u00ebm) ka filluar epoka e tranzicioneve t\u00eb m\u00ebdha. Nj\u00eb bot\u00eb e re e p\u00ebrb\u00ebr\u00eb nga teknologji dixhitale eksponenciale ku \u00ebsht\u00eb gjithnj\u00eb e m\u00eb e v\u00ebshtir\u00eb t\u00eb kuptohet se cil\u00ebt jan\u00eb kufijt\u00eb e novatorizimit financiar respektivisht tregut dhe ekonomin\u00eb reale. Produktet e reja t\u00eb financ\u00ebs s\u00eb strukturuar dhe t\u00eb financ\u00ebs virtuale p\u00ebrfaq\u00ebsojn\u00eb …<\/p>\n","protected":false},"author":4,"featured_media":44088,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-44087","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-kulture"],"_links":{"self":[{"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/posts\/44087","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/comments?post=44087"}],"version-history":[{"count":0,"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/posts\/44087\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/media\/44088"}],"wp:attachment":[{"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/media?parent=44087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/categories?post=44087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/tags?post=44087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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