You are viewing a single comment's thread from:

RE: Where The Money Comes From - "Digging Deeper Into Steem" (Part 1)

in #steemit8 years ago (edited)

The world is quickly growing tired of the current economic system. As you rightly point out, the abstract 'value anchors' that fiat currency are tied to are insufficient and outdated. More to the point, we have very little knowledge about where our money comes from, where it goes, and who's really in control, putting us all (apart from the fatcats at the top of the pile) at a serious disadvantage.

In the post-depression and baby boomer generations people simply wanted to know that enough money was being made - they didn't care where it came from or who controlled it as long as they had enough in their pockets. Today's information generation wants a qualitative measurement - they want to know whether that money is coming from good or bad sources, and going towards worthy or unworthy recipients. Thanks to banks and governments, the flow of fiat currency is all too often shrouded in so much secrecy that this becomes impossible.

This is why blockchain technology is so popular with the switched-on generation of today, and it's why cryptocurrencies are the future. Finally, we have a totally transparent, decentralized record of every transaction ever made that's built right into the currencies themselves.

Psychologically speaking, I can only imagine that the more people have knowledge (and therefore, power) of a currency and its use, the more they will want to use it themselves. A new crypto-based economy is already here, and people are making millions off it right here and now. As soon as it really takes hold of the public consciousness and reaches the critical mass you speak of (and Steemit, as a blockchain-based social network, is by far the best means we've ever had of making that happen), governments, banks, corporations, retailers - basically everyone who uses money - will either have to get on board, or get left behind. Gold simply isn't as shiny as it used to be.

Sort:  

What a great response. You've definitely broadened my area of focus, I often zone into something too intensely and miss out on other aspects. I try to consider history when I write but there's always more you can learn from others and their own perspectives of the influence of history.

I think you made a great point about the younger generation being more clued in, if Steemit really can shift into an economic system (I mean it's a pretty huge claim on my end) then the question of WHY? people would switch to it would have something to do with your analysis.

The younger generation are always the catalyst for change. They may start on Steemit just to make some cash, but in order to completely thrive they'll have to learn a little about crypto and money in general.... once it clicks.. who knows what kind of influence that will have?

Thanks for posting, I'll be following you in the future.

A pleasure, thanks for your insightful post as well. I think a lot of us are thinking the same way about this, which is great!

I've followed you as well, keep on keeping on.

Coin Marketplace

STEEM 0.18
TRX 0.16
JST 0.030
BTC 67751.75
ETH 2620.94
USDT 1.00
SBD 2.72