Money as a Control System

Money, Money, Money

The Bank Secrecy Act of 1970 was signed by Richard Nixon. The Act resulted in the government keeping a close eye on financial transactions by requiring financial institutions to have transaction records. A transaction must typically be $10,000 or more and appear suspicious to be considered a red flag. Really, what the Act did was establish a system of control. You could say the system was already established along with the concept of money back when churches controlled money. People literally took out loans with religious leaders but I digress. The Act fortified the system of control, making it stronger.

It’s fair to say that the world has shifted and you can take more control over the system of finance itself. This is thanks to the power and potential of cryptocurrency. Although, we still have many questions for crypto no matter your level of expertise. For example, what will bitcoin futures be worth? Will institutional money increase the price of bitcoin allowing retail investors to make fantastic gains? Who created bitcoin exactly?

Blockchain and the future of money

You can operate in a decentralized fashion without trust being nearly as much of a factor. You can verify everything yourself and take security into your own hands. As Andreas Antonopoulos has stated, what’s the difference between blockchain and bullshit? According to him, if you can read through the whitepaper replacing the word blockchain with database, then it’s bullshit. Why? Because it forces people to trust in a central party again rather than decentralizing. Basically, it reinforces the banking systems we already have.