RE: Global Contagion of Bank Failures Coming…
Thanks for taking time to reply; I realise you're hard at it with your project.
Cheers for the "stagflation argument" link. There is maybe one person at work who might "get it" in our next kitchen conversation.
Generally though, I believe that most people will need too much time (or a nasty financial shock) to adjust their thinking (and media programming) to see the advantages of a decentralised trustless system over generations of centralised structures (new products and innovations by big brands seem to generally hold more credence with the public than those by startups). There again, I too am one of those ordinary people (with no financial or STEM background), it's just that I managed to recalibrate my thinking a few years back. Though this was due to actively seeking answers at the time. I think we generally need to sense first that something is wrong and then search for a solution, and attempt to break free from conditioning. Most people are reluctant to think critically and therefore stick to long held myths and ideologies, persisting with them even in the face of compelling new information. So what I'm saying is that any step change needs to be as seemless as possible, that it happens without them realising it; that they are suddenly adopting new habits because of convenience, "coolness", and peer pressure. That they could be using decentralised ledgers every day and not know what they are (and not care), just like they don't really understand how their computer or the internet works now.
I've been reading Armstrong's blog just about every day for the last 3 - 4 years, but sometimes it needs different perspectives and a much deeper knowledge than my own to properly understand the points he is trying to make.
Re what you said about the Petro (I too had also read about the gold-backed Petro Gold token - which creates an even more furrowed brow of concern), and am somewhat ambivalent as to what motives are behind its creation and if there will be sound implementation. I guess we'll just have to wait and see. It could as you say, be a move like China's (another example of Armstrong's Public to Private), in their move to a unique hybrid of Capitalism by sleight of hand. Maybe against all odds Venezuela can pull out of its crash dive. But seeing as Maduro has ordered that certain businesses and services must accept all crypto, I wonder if his own Petros might not gain wider acceptance, with more established cryptos being favoured instead. I guess he would ban them if they did. Otherwise, I can see Venezuela becoming a mecca for crypto-backed tourists!
EDIT: Two of several interesting posts today from Armstrong regarding bail-ins and the approaching tyranny:
https://www.armstrongeconomics.com/international-news/politics/canad-also-adopted-the-bail-in/
As for my project, I don’t expect to be able to market it to users based on their fear and thus desire for decentralization because of that fear. I think the decentralization will have to provide some features they want in a way that is compelling without FUD.
I might have inadvertantly given the wrong emphasis to some of what I said.
There are people like me who are attracted by decentralised products and services, and many others who couldn't care less about them until perhaps they start using them, drawn in by their friends and existing network of contacts who decide to jump ship (similar to the exodus from MySpace) and hopefully realising what they've been missing all these years with Facebook, Twitter etc, and even Steemit to an extent.
Of the non-techie teens and twenties I know, they will either think a new app is cool and want to use it - because their mates are into it - or not. And if they like it then their parents will likely adopt it, like with FB, which is now pretty uncool of course and seemingly on the wane. An opportunity waiting there for someone to move in.
Anyway, I genuinly wish you well with the project and look forward to seeing what it's about when it launches.