Why You Need to Be Your Own Central Bank and Depository.

In this report I cover the early market action from London on Wednesday, May 16th, 2018. I look briefly at the precious metals, the stock market, the foreign exchange market and the bond market. I also go ver weak economic data from japan that is pointing to an economic recession in that country.

The main topic of the report today is about how you should be your own central bank and also depository. Being your own central bank is a term coined by Jim Sinclair and all it means is that a holding of gold and or silver is paramount in order to hedge your financial assets as holding physical gold and or silver eliminates counter party risk and exposure to the banks and brokerage houses. With the advent of the blockchain the concept of being your own central bank also applies in that you need to keep your digital assets in your hard wallet and not with exchanges.

Unlike the main financial system the crypto space and the blockchain greatly facilitates your being a depository as well as it is very easy to transfer you tokens or coins back and forth from the exchanges to your hard wallet. In the traditional financial world we are dependent on the DTCC to keep all manner of financial securities and the banks and brokerages discourage their clients from ever actually taking delivery of their assets. I note also that the DTCC is wholly owned by the banks and brokerages and that their exploit your holding with the DTCC and profit from them by leasing your assets without your permission.

My conclusion is that the exchanges in the crypto or blockchain space do serve a purpose but that by keeping your tokens or assets permanently with these exchanges you are defeating the purpose of the whole movement away from traditional financial markets into the decentralised world of the blockchain.

EOS registration video by The Awakenment: