Panama city wakes up. Sometimes I'm wondering if those 50 or so banks (for a country of a bit over 4 million people) understand that they are being decentralized, one block at a time.

The answer is obvious though, they have no clue. And I'm not talking about retail bank accounts, that can still run for a long time, but that's not their business (half of Panama's adult population is actually unbanked, or they are banked by a Chinese grocery store, which is another funny story).

I'm talking about the real business they're doing. BTW these buildings themselves are savings accounts for various individuals and institutions. When you are a drug cartel, what are you going to do with fiat (USD in Panama) whose value evaporates. Even the druglords understand they don't want printed 💵.

To conclude my morning admiration of Panama city skyline (jetlag made me do it), I would like to point out that even the state is on the short side of fiat. It's called deficit spending. The only question left for after you make your cup of geisha coffee (something Panama is amazing at producing) is - who the hell takes the long side of the fiat shitcoin bet? And if after you sip you realize it's you, I have something ready for you and something new is coming soon! Check this space.