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RE: A Personal, Private Exchange of Steem for Fiat - Initial SUCCESS Report!
A very intersting post indeed. I have done a similar trade from the old world to the new and it went very smoothly. It would be great in the future not to need fiat at all!
Why not... (With respect! & Just one guy's opinion...) (Reply to both @kus-knee and @creatr!)
Banks are often owned by The People, like the Bank of Canada, or open to public investment like the Royal Bank, and have a charters/laws they must follow. (Whether they do or not is a worthwhile discussion.) Steemit "prints money" too, but it has no charter and yet is subject to the same corruptions as the people at banks / gov't's. Not necessarily at Steemit Inc., but this will become a major problem...
For example, and this is just one potential problem; we ain't seen nothing on inflation yet. Just wait till Faceface's crypto comes out... I'm not saying crypto is bad. On the contrary, fiat (money by decree, then general agreement,) which all cryptos are, except that they have basically no controls, has enabled the industrial and information revolutions, as well as increased human population and longevity. (The graphs are amazingly correlated.) Without it, I can only imagine how so many could afford a home or car, health care, or more than 1 square a day even. Or could you picture everyone trying to get a business loan in gold?! Lol! Only 100% fool proof ideas / cronies would ever get money. Try to fund a hospital, or any charity on gold... Not to mention that all the gold is already being hoarded and owned by so few.
So I agree that there are downsides, but I thank G-d for fiat, and those who invented and create it, like when done by creative people at steemit for ex, or under mostly fair / trying to do what's right governments, (which I hope should occur more and more...)
Like with any and all technologies or ideas, it's really that the people are either the solution or the problem...
Hello, my friend. Thanks for visiting.
I couldn't agree more! Cut the banksters and guv'mnts out of the loop entirely... :D