Summing up the economic results of the year, many Russian economists say that “everything is not so bad”, referring to the usual indicators, such as GDP of the rates of unemployment, inflation or exchange of the ruble. Judging by these, “GDP has declined less than expected,” unemployment and inflation are virtually nonexistent, and the ruble has “stabilized,” but does this really mean that the country is not in economic crisis? Vladimir Milov explains why these indicators are irrelevant at a time of war, the crisis is already in full swing (even if the average citizen cannot see it yet), and the payback for Putin's military ambitions will be dire for Russians.

For the moment, both Russia and the West appear to believe that their counterpart is doomed and that time is on their side. Putin dreams about the West suffering from political upheaval, whereas the West dreams about Putin being removed, overthrown, or dropping dead from one of many diseases he is regularly rumored to be suffering. No one is right. At the end of the day, a deal between Russia and Ukraine is only possible as an extension of an agreement between Russia and the West or as a result of the collapse of Putin’s regime. And that gives you an idea of how long the war could last: years, at best.

Finland and Sweden are right to have concluded from the tragic war being waged in Ukraine that they need more security. Mr Putin is dangerous and unpredictable not because of NATO, but because of the way he has chosen to govern Russia. Their applications should rapidly be approved. As with NATO’s expansion in the past, their membership will help secure European peace.

Part of the problem is that the current leaders of Western countries have never dealt with thugs. Their experience and education relate to interactions between statesmen. The principle of these people’s behaviour is that both sides concede to each other in the interests of their electorate or subjects. War is evil to them, and the use of force is a last resort.

This is not the case with Vladimir Putin. He was raised in the KGB, an organisation that relied on force and disregard for the law.

If you live in a fake world long enough, it can start to feel real. Dictators and despots begin to believe their own lies, repeated back at them and propagated by state-controlled media. That might help explain why Putin's recent speeches have stood out as unhinged rants. It's certainly possible that his mind has succumbed to his own propaganda, creating a warped worldview in which the invasion of Ukraine was, as Trump put it, an incredibly "savvy" move.

Blaming America first became all too easy. After September 11, U.S. power was as overwhelming as it was uncontested. That it was squandered on two endless wars made it convenient to focus on America's sins, while underplaying Russia's and China's growing ambitions.

RSA is an intrinsically fragile cryptosystem containing countless foot-guns which the average software engineer cannot be expected to avoid. Weak parameters can be difficult, if not impossible, to check, and its poor performance compels developers to take risky shortcuts. Even worse, padding oracle attacks remain rampant 20 years after they were discovered. While it may be theoretically possible to implement RSA correctly, decades of devastating attacks have proven that such a feat may be unachievable in practice.

When you think about it, OpenSea would actually be much "better" in the immediate sense if all the web3 parts were gone. It would be faster, cheaper for everyone, and easier to use. For example, to accept a bid on my NFT, I would have had to pay over $80-$150+ just in ethereum transaction fees. That puts an artificial floor on all bids, since otherwise you'd lose money by accepting a bid for less than the gas fees. Payment fees by credit card, which typically feel extortionary, look cheap compared to that. OpenSea could even publish a simple transparency log if people wanted a public record of transactions, offers, bids, etc to verify their accounting.

However, if they had built a platform to buy and sell images that wasn't nominally based on crypto, I don't think it would have taken off. Not because it isn't distributed, because as we've seen so much of what's required to make it work is already not distributed. I don't think it would have taken off because this is a gold rush. People have made money through cryptocurrency speculation, those people are interested in spending that cryptocurrency in ways that support their investment while offering additional returns, and so that defines the setting for the market of transfer of wealth.

What blockchain does is shift some of the trust in people and institutions to trust in technology. You need to trust the cryptography, the protocols, the software, the computers and the network. And you need to trust them absolutely, because they're often single points of failure.

When that trust turns out to be misplaced, there is no recourse. If your bitcoin exchange gets hacked, you lose all of your money. If your bitcoin wallet gets hacked, you lose all of your money. If you forget your login credentials, you lose all of your money. If there's a bug in the code of your smart contract, you lose all of your money. If someone successfully hacks the blockchain security, you lose all of your money. In many ways, trusting technology is harder than trusting people. Would you rather trust a human legal system or the details of some computer code you don't have the expertise to audit?

America is in a dark place. There are no simple ways forward or easy solutions that could bring people together.