Central Bank Coins: What They Do Not UnderstandsteemCreated with Sketch.

in technology •  23 days ago 

There is a lot of talk about the fact that China is releasing a token. This has the backing of the Chinese government and will replace the Yuan.

Many others have spoke about the idea of how other central banks around the world need to do the same thing.

Even Mark Zuckerberg brought up the Chinese situation when defending the Libra in front of Congress. He applied some FOMO to make his case as Libra being the "good token".


All these situations have in common is there is a lot of power behind what they are trying to create. Under the present system, the power behind these institutions allow them basically unlimited control over whatever they want. The idea of technology companies being as powerful as governments is just starting to dawn on people.

Unfortunately, for the masses, they are no better as Masters than governments and central bankers.

Which brings up the point of these tokens they are proposing. In the end, they change nothing for humanity. They only replace the present fiat with a digital version. This might access some of the benefits while reducing some friction but, from a freedom perspective, all remains the same.

Of course, this is their goal.

What is not understood about cryptocurrency is the ability to distribute. This is the major difference that something like STEEM has over what is being proposed by these entities. In other words, we see a different model erected that puts the tokens in the hands of average individuals.

Replacing the existing fiat with a digital form is only going to reward the same people who are in control now.

Understanding this key difference is what will enable the masses to start to adopt cryptocurrency as opposed to the farce the banks and governments want to promote. This is about freedom, more so than the quest for digitization.

Web 3.0 is a convergence like we never witnessed in the history of humanity. We are going to see an internet that makes what we presently have look like something out of the Stone Age.

The actions of entities such as I mentioned are akin to trying to keep humanity in the Dark Ages. With some much potential ahead of us, they are willing to foresake that simple so they remain in control. This is something that each of us needs to do all we can to make sure does not happen.

Cryptocurrency is more technological than financial. People focus upon the financial components at this time since that is what they understand. However, few of us can anticipate the innovations that will stem from the idea of programmable money. What we have is just the first generation of this technology. Like all technologies, version 2, 3, 4, and 5 see a lot more advancement.

As I wrote in the past, viewing crypto as financial is like looking at a computer as a word processor. It is accurate but misses the most powerful aspects of the technology.

And this is what most people seem to be missing, including the central banks and governments.

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Good points, I hope the schools or social media start educating the masses. Libra reminds me of the Empire in Star Wars!