Let's not forget that in cryptocurrency, we take out the middle man (banks and credit card companies). They are charging us to transfer our money. People do this because that has always been the way and we are accustom to it. With cryptocurrency, we take ownership of the transfer of money.
It is sort of like taking control of your health care. In the US, we have built a system of giving up control of our health care. With the exception of narcotics, if we wanted to get a medicine, chances are we have no idea what to get and it will take a doctor's visit to get a prescription. We pay heavily for this service. In other countries, people do research on what they should take and they don't need to see a doctor or get a prescription.
Ultimately switching to cryptocurrency, we will take ownership, and it would be like switching everyone from the current health care system to a system of health care found in other countries. The middle men will not like it because it would mean significant loss of business for them.
Not so fast there Skippy. I believe it was Paul Begala, a political consultant and advisor to President Bill Clinton who once said "Stroke of the pen. Law of the Land. Kinda cool."
That's exactly how long it would take to outlaw Bitcoin and Crypto in general.
Won't happen. There is nothing illegal about creating a token and a new business model that functions on the blockchain. Utilizing existing laws the US at least, may be able to shut down some exchanges for trading coins that were securities, or they could get some people for fraud, and or money laundering however they cannot legally stop the tsunami of change that will result from utilization of blockchain and tokens. The same way it was inevitable that taxi's would be marginalized by ride share , so will banks, insurance companies, fiat currencies and existing tech behemoths be marginalized by blockchain based networks. It's just a matter of time.
Just ask John F. Kennedy about that when he tried to create the Silver Certificate.
If you think the Evil Empire is just going to throw up their hands and say "Oh well, it was fun while it lasted", you're in for a rude awakening.
Right! And the hold that big banks and old industries like fossil fuels have on the current government run currencies as well as the technologies they "allow" us access to will no longer have an unshakable hold and influence like they do now. I love the Star Wars analogy of crypto being the Rebellion and government run currency being the New (world) Order. May the force be with you!
NOW THIS IS AN ARTICLE I CAN LEARN FROM
AI is going to render MONEY USELESS in the long term. What "the long term" is at this time do not know. What I do KNOW is that AI is progressing at an EXPONENTIAL rate and that sooner or later (5 years maybe 10??) the concept of "money" will fall. There is no need for "money" when EVERYTHING you WANT and NEED can be made WITHOUT HUMAN Labor. Why is nobody bringing this up. Ted Kasczinski was correct I believe, we are heading rapidly to becoming PETS. oh and EARTH IS FLAT!!!!!!!!!!!!!!
Don't think the big boys will give up without a fight.
I beat you , are you ok.?
I think the term you are looking for is "technological unemployment". It's a real threat to the current paradigm of income for goods and services. We will either fight for the scarce remainder, or employ a different paradigm altogether where humans have access to goods via access to interaction with advanced computation logs of total resource allocation - but not in a scarcity-driven model. This shift requires moving past long-conditioned assumptions and beliefs about human behavior, though. Essentialy, human belief systems (outdated, influenced by religious and political ideas) are the true obstacle. I recommend looking into the work of the late Jacque Fresco (The Venus Project) to learn about this solution-focused concept. Crypto offers people a way to grasp possible alternate ways to shift resources, imo. It's an early step in a direction with many steps to go still.
@artmindvoice i followed you due to that comment! Your perspective is interesting to me and now i want to check out that book. Arrrg so much to read and learn! :)
Well, past the point money is rendered useless it really is not unemployment, its a paradigm shift in thinking and existing. So really the term "unemployment" becomes extinct. I would call it , Humanities Awakening to the ABUNDANCE that has always existed but always been hidden. For short: THE GREAT AWAKENING! Maybe that really is it, the point when ALL of HUMANITY realizes there was NEVER any scarcity all along, all thanks to crypto! Maybe crypto WAS DEVELOPED by a General AI ALREADY like some say and is helping us transition smoothly? I think the transition stage (the widespread adoption of using bitcoin & crypto will be shorter than most anticipate), but who knows, I now think the D Wave quantum computer is a LIE. So are we getting close with real general AI, who knows. Thanks for comment.
I think we could only grasp a post-scarcity concept at this point in history due to global communication and exchange of information.
For anyone wondering: what in the hell are they talking about? resources on earth have true limits...
I'll try to clarify: material resources are truly scarce, but resourcefulness is not (think workarounds/equivalents via design). Without money as an obstacle or barrier to access of information, we could possibly see the next version of a creative renaissance, if you will...'weapons of mass creation' and solutions to longtime problems. Not a utopia, just way better than our current model.
Blade Runner all the way!
These days with the high cost of Bitcoin transactions fees, your arguments kind of fail and lower transactions fees with or without the middle man seems to be the real concern. What's your view on the actual high costs of Bitcoin transactions fees which this time last year went from $0.29 cents (Dec/2016) to $41.00 this Christmas...
Look into the bitcoin hard fork re bitcoin cash. Original bitcoin is although hard to believe, is already out dated for that very reason.
it's not hard to believe. Most of the blockchain technology is already obsolete, legacy coins like bitcoin will continue to occupy a niche so long as they remain uncorruptible.
It's the post blockchain era! IOTA's "Tangle" is an example. There are lots of others. BTC is nearly a decade old. RIP Grandpa!
Good comparison. Health care system in the US is definitely flawed and all about the 💰
You are a nice steemite.nice upvote sir. Please upvote me too i solicite. Am mew here and nobody is noticing me.... Show a brother some love. My user name is LEXZYDUDU
:D
let's tokenize the world :)
Hello! can someone answer me on this importang question:
Today on Binance was added Nav at 11:45,
but on other exchanges it was already pumped on 20% before 11:45
This is happening every time almost on every exchange, does someone know is it cuz of some loophole on exchange whitch can gives u earlier info about new coin be added to exchange or this is just selling inside to some vip clients??
As I see it, the high fees for transferring btc show that we didn’t successfully eliminate the middle man :/