There Is No Stopping Cryptocurrency
There are some who think this is still in doubt. I come across at least a couple articles a week written by people who believe that we are nuts for thinking that this is a done deal. They believe that there is no way the world will be tokenized, that security tokens will ever replace traditional financial products, or that fiat is in any jeopardy.
To me, this simply means they are not paying attention.
Yes, blockchain is that powerful. To question the impact it can make tells me that one does not understand where the power comes from.
I understand that the word "blockchain" is hyped right now. The fact is that it is not the cryptocurrency people doing it. All the major corporations are talking about it. What is ironic is few of them are talking about blockchain. Instead, they are applying blockchain to their desire to appear to be changing, yet remaining the same.
Blockchain is a rather simple technology. It is also not something that is new. Many were talking about this in the 1990s. Obviously, the Bitcoin white paper changed things because it not only brought about the idea of blockchain to the forefront, it provided the value proposition in terms of a currency.
That said, understanding the power of what Satoshi put together helps us to reach a pretty easy conclusion.
What is the main value of cryptocurrency? The fact that it is borderless, nationless, and not under the control of any government or single entity.
So where does the power of blockchain come from? In a word: decentralization. That is the massive force that has the ability to change the world.
The "blockchains" that institutions are setting up have one word tied to them that negates any power: controlled. We see many companies opting for this leading people to believe they are doing something different. Look at the banking system. The banks realized they were being ripped off on settlements so they are establishing a blockchain to cut the costs. Is this a decentralized system? Not at all. The five major banks are the ones controlling it. I guess it is better since they rip each other off a little less.
Hence we are at the core of it all. Greed is still out there and others want to try to maintain control. Blockchain and cryptocurrency cannot be controlled. What is interesting is neither can many institutions. A lot of them are turning to cryptocurrency to avoid the ramifications of a system that screws them.
Here are a few examples.
- A bank in Argentina decides to use Bitcoin for cross-border transactions.
BMV said in a statement: “The service allows you to reduce costs associated with international transfers as there are no international banks as intermediaries. The logistics solution allows for a reduction in the time it takes to send or receive transfers up to a maximum of 24 hours. Bitex has a wide network of partners that enables international transfers to more than 50 countries.”
https://www.newsbtc.com/2018/05/22/argentinian-bank-to-use-bitcoin-for-cross-border-transactions/
"....there are no international banks as intermediaries."
In other words, there are no other banks screwing us like we are screwed when we use SWIFT.
- Not to be left out, governments are getting into the game.
Despite the police crackdown that followed last October's failed bid for independence, the Catalan Government plans to airdrop an energy trading token to people in the northeastern Spanish region. The plan is to incentivize solar power generation by circumventing rules inhibiting its adoption made by Madrid.
Peer-to-peer energy trading in Spain is limited by rules preventing consumers who produce solar energy (known as "prosumers") to sell their excess power back to the national grid or share it with other users.
https://www.coindesk.com/catalan-government-takes-back-power-blockchain-electricity/
The local government loses it ability to serve the population because of the big, centralized national agenda. No problem in a crytpocurrency world. Catalonia simply gives incentive to its citizens to get around what the national institution tries to instill.
- The IMF even sees the potential of Cryptocurrency.
A deputy director for the International Monetary Fund’s Monetary and Capital Markets Department believes that central banks need to offer “better” fiat currencies in order to fend off any potential competition from cryptocurrencies.
The suggestions came in an article published Thursday, penned by deputy director Dong He. In that article – which boasts the tagline “Crypto assets may one day reduce demand for central bank money” – He argues that central banks may want to consider adopting some of the concepts in order to “forestall the competitive pressure crypto assets may exert on fiat currencies.”
Do you think that a deputy director at the IMF would say this about cryptocurrency if it wasn't a threat? In fact, in what appears to be a moment of candor, he even admits that crypto assets might reduce the demand for central bank money (read debt).
The IMF is at the top of the banking food chain. They are the "enslavers in charge". If everyone adopts cryptocurrency, they cannot enslave countries like Greece with their debt. What are they going to do then?
So the answer is to offer "better" fiat (read debt) to compete.
Do you think debt can compete with money? Which do you want more of?
- President Trump issued an executive order banning American from buying the Petro.
President Donald Trump of the US has banned the Venezuelan government-backed cryptocurrency, the Petro, by executive order March 19, Bloomberg reports.
The ban reportedly comes as part of a campaign to put pressure on the Venezuelan government of President Nicolas Maduro. By the order, US citizens are banned from engaging in transactions using the oil-indexed digital currency.
https://cointelegraph.com/news/us-president-trump-bans-us-citizens-from-buying-petro
Amazing what happens when a sanctioned country figures out away around the US Dollar. Cryptocurrency suddenly allows Venezuela to operate internationally in spite of being cut off from the SWIFT network. Now, if it gets anyone to accept its token, it can tell the biggest bully on the block to screw off.
This is such a threat that the President has to sign an executive order banning Americans from getting it. Of course, enforcement on that might be tough but that isn't the point. Any country that is sanctioned can turn elsewhere to operate.
Will Iran be far behind? We already know that Iranians bought around $2.5B in Bitcoin to preserve their wealth and get it out of the country. Venezuelans have been doing the same thing. No longer are citizens of these countries forced to lose their wealth as their own currency collapses. They have options.
Cryptocurrency is not going to be stopped for a simply reason. As long as anyone is being abused or ripped off by another, whether it is a bank, government, or population, they will turn to cryptocurrency. Having something that is borderless, nationless, and not controlled by anyone government or entity even appeals to government and controlling entities.
We all have our masters that we are trying to break from of.
Cryptocurrency is what allows the chains to come off.
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Great article. I want to underscore a point you alluded to, which is the difference between public and private blockchains. A lot of people don’t get it, even among the current crypto investors, who are all early adopters. That’s why they fall for Ripple Labs publicizing their private blockchain’s adoption by financial institutions, as if that had anything to do with the value of the XRP token.
At some point maybe this will start being reported on accurately by the press. Or maybe these centralized coins will always prosper to some extent. But what’s certain is that even if they succeed in some circles, the true blockchain revolution, which requires crypto to secure public blockchains, is going to dominate.
@indigoocean I agree. As more attention is given to the space, more money will roll in, This will lift up all tokens that are reasonably legit, even the centralized ones. Yet I can help but feel it is a phase the industry will go through. In the end, the decentralization will overtake the rest due to the innovation it provides.
It has a big connection actually. One third of the world doesn't have a bank account. Crypto gives these people financial worth and some measure of power as a result. In some ways those in poverty need and use crypto the most for what it's intended to be, as they have phones and can then have a bank account.
@sfpoulcolin Add in those who live with a banking system that is not trustworthy and downright corrupt and you are talking about a combined 6B people. These are the ones who are going to grasp onto it. The ones who live in countries where everything is "okay" do not have the pain to change. Those in the state you refer to, absolutely they are going to embrace this.
Decentralized consensus has the potential to transform low trust societies with extremely corrupt central governments and people who have failed to build a high trust society. Distributed ledgers + strong cryptography are able to enforce honesty much better than any government ever will in such countries.
Great article as always, I would like to know your process finding ideas to post 3 posts a day of this kind.
I do a lot of research....always reading about cryptocurrency, technology, and blockchain.
Crypto may reduce the need for government fiat currency?
Ya think?!?!?!? 😆🤣😂
@shaungerow Leave it to a banker to have an amazing grasp of the obvious. 😀
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If crypto-currencies fail, it will because of something far better coming along. We will never go back to gold or fiat.
@builderofcastles Very true. I do believe they are a part, just a part, of a much larger shift that is taking place on many levels. Even on the technological level, it will be pair with other technologies like DAOs and whatever else we can think up over the next 20 years.
Yes! You right
Cryptocurrency has come to stay
Blockchain technology is well appreciated unfortunately, some folks are yet to come to terms with Cryptos
Good thing is it is the real deal plus the future of currency.
I don't see fiat currencies will disappear specially in the First World Countries. Nobody took a power from governments to make their own money since every federal and state government has a lot of government or city jobs. They will pay salaries in fiat currencies to them, private sector might choose different currencies to compensate their employees. I think crypto and fiat will live together and may be compete. In the Third World Countries crypto might take place of fiat, because of the fast inflation rate and big corruption of a financial services with government.