Do you hear the uproar from the bankers all over the world?
I have to give them a lot of credit, they are waging a good fight. To a less knowledgeable person, it almost seems as if they can win. They are really pulling out all the stops. It appears they have a plan and are working it.
Of course, there is no plan. Do you know what they are doing instead?
Mourning.
That is right. The banksters are going through the stages of mourning. It is so obvious to witness it is almost comical.
Let us take a lot at a couple of them:
Denial: Bitcoin will not work
Anger: Bitcoin is a fraud
Bargaining: Blockchain is good, bitcoin bad.
Depression: ????
Acceptance: ?????
Why do I make such a bold statement?
I do such simply because I understand when a particular foe enters an industry, the deal is done.
Before getting to that, let us look at a couple facts. There are roughly 3.5B people on the Internet today. What is interesting is only about a billion of them have access to legitimate banking (well as legitimate as banksters can be). In most countries, if there is a banking system, the line of corruption does not even exist. In other words, there is no pretending. The crooks are in openly in charge.
The situation gets even worse for the other 4B people who don't even have access to even a corrupt banking system. These people are in a cash only situation. There is no money transfer, no savings, nor anyway to exchange other than face-to-face transactions.
This leaves a lot of people out of the system.
Yet that is all changing. Today, a smartphone with an App is a bank. Think about that. With Bitcoin, as an example, a Xapo wallet is a bank. It enables one to send money to another person or entity. Reversing direction the person can receive money and, of course, it can be stored in the wallet. These are all things that a bank does. Going one step further, banks traditionally operate as third party verification outlets. That Xapo wallet on a smartphone in the middle of wherever can verify the transaction simply because it is connected to the blockchain. The blockchain itself does the verifying.
So let me ask you, what do you think will happen when 6B out of the 7B on this planet start using the new "banking" system? Do you think part of the other 1B will follow? Of course they will.
Why do I make this statement?
Simple, there is a track record of what people do.
Do you watch Netflix or go out and rent video cassettes/DVDs?
Do most people get their news from the newspaper?
How many people are still writing letters to each other?
When was the last time you went out and bought a music CD?
Do you see what all these situations have in common?
The reason I make these bold claims is because the evidence is very clear what happens when the Internet enters one's industry. Mass destruction is the only result. One only needs to look at Sears and Toy's R Us to see the devastation.
Blockbuster is no longer around because the Internet changed viewing.
Online news sources and commentary obliterated a large portion of the newspaper industry while changing the face of journalism.
Email eliminated writing letters and online portals ended getting bills in the mail.
Streaming of music basically wiped out stores that sold music.
Cryptocurrency is called digital money. It is the money of the Internet. The world of financial transactions is going online and it is not requiring the banking establishment. The banksters established a closed system whereby they controlled the currency and were the authority figure over the system. It was they who determined the ones who got to play or not. They were the gatekeeper, open and closing it as they saw fit.
Enter cryptocurrency.
This digital, de-centralized money which has no leaders. It morphs, forks, and reproduces almost daily. Something like this could have no value. How does something like this have value without authority? It is the authority of the Central Bank or the government that gives money value, isn't it?
No, what gives money value is the use of it. People determine the value of it by their choice to use it. With cryptocurrency, people are choosing what they want to do with money. Some like STEEM, others Bitcoin, Ethereum, Litecoin, Zcash, etc... All are digital currencies that fit the definition of Internet money.
What is a poor bankster to do? Attack Bitcoin? Which is the real Bitcoin? Depending upon who you ask, you could get one of 5 answers. Which is the real Ethereum? Again, depends upon who you ask. What is going to happen with the other 1,000 cryptocurrencies that are already out there? What happens when Justin Bieber created a token that his fans use to purchase his music, stuff from his store, or concert tickets?
"The Justin Bieber token is a fraud; but we like blockchain." -Jamie Dimon
Just wait until the talking heads on the news and business shows start spouting off how the Bieber token is used only for drugs, hookers, and other illegal activities.
Sounds ridiculous doesn't it?
There are over 1,000 blockchains in existence. In a year or two we will see 10,000 blockchains...100K within 5 years and 1M blockchains within 10 years. All will be tokenized serving different purposes and groups. People will choose which tokens where they go online which will determine the token of choice.
What is a poor bankster to do? The world is throwing a party in his house and didn't even ask permission.
That is the way the Internet operates. It does not ask permission; it does not give warning; and it has no compassion. It simply enters the room and destroys the existing industry usually without so much as a fight.
The existing arrogance of the businesses and their leaders often makes them blind to what is taking place.
In this battle, never bet against the Internet...you will lose.
Just like the banksters.
R.I.P.
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And when the bond market implodes, banks will be even more screwed. They must be terrified of the flattening yield curve.
I'll be honest with you @preparedwombat, I am not really familiar with the bond market since I dont follow it.
But yes the yield curve appears to be a problem.
Would you mind elaborating a bit more about your views on this?
Historically, a flattening yield curve is a big fat warning sign that tough times are coming down the pike. On those rare occaisions when it has gone negative (short duration bonds having a higher yield than long term yields), a recession/depression has always followed. Other than getting quatloos directly from central banks, commercial banks have one primary source of profit, short term deposits that they pay low interest rates for, and turning around and lending money long term at higher rates. With a negative yield curve, they lose that source of profit.
Thanks @ preparedwombat.
That makes a lot of sense.
So the banksters have to tighten the belt then....
"The internet is a fad" rhetoric hasn't gone away, its just keeps retreating. Now its "The internet money is a fad". I can't understand how people still fail to grasp what is happening. The internet isn't just new technology, you can't compare it to things like the horseless carriage or the televison. Its a new epoch, you have to compare it to the factory.
And thats what these debates look like. "Industry is just a fad. Okay nvm industry has uses but its not really going to disrupt anything. Okay nvm it can disrupt things but it can't disrupt X. Okay maybe X but not Y. Okay its going to disrupt a lot of things but now people are saying things like 'industrial economics'. Absurd! Economics itself can't change. Next you're going to tell me industry will 'disrupt' the existence of our kingdoms!"
Economics is part of the behavioral sciences which is debatable at best. There is a lot of voodoo and witchcraft in economics. Many like to make economic theory into something sound like the laws of science. Instead, it is a discipline meant to support the banksters views and benefits. Have you ever noticed how deflation is bad but inflation is good for society. I guess having computers and cell phones is bad since they are delfationary.
We are going to see all this lying and mythology blown out of the water in the next decade. Steem is just one part of a multi-pronged situation that is going to change the behavior of most people.
Over the next year, I expect tens of millions of people to be using different blockchains and that will move to billions within 5 years.
Why don't you spend few hours here: https://mises.org/wire
You'll find a lot that would interest you.
https://mises.org/blog/ludwig-von-mises-uncompromising-champion-liberty
https://mises.org/blog/first-economics-lesson
https://mises.org/blog/italy-needs-dose-bugatti-capitalism
https://mises.org/blog/ten-fundamental-laws-economics
https://mises.org/library/what-priori-science-and-why-does-economics-qualify-one
Hello dear mentor :p
Good post once again, but now I have a question for you... you, me and most people here know crypto is the future... but do you think BitCoin will be in it?
I have my doubts. I think BitCoin is going to fullfil its role of being the first marvelously, as it is doing right now, but the future won't pass by it, but by other, more advanced currencies..
...what is your opinion on this?
Good morning @spiritualmax.
I will answer your question with a question: what network do you use? Do you just one?
The answer is of course you do not...throughout the day the average person uses many networks. Perhaps they sign on at work....at the coffee shop....at home....when roaming.
People think about blockchain like there is going to be one winner....they think competition. There is no competition. The developers on bitcoin are hard at work same as on here.
Down the road, you are on steemit earning steem. You post a comment on Dtube and get paid in Dtube token. Zap something out and you get zap token. What do you do with all that? Perhaps you convert your extra to bitcoin for storage....or steem....or maybe you convert it to fiat to pay your taxes (government token).
Will btc be the most valuable? That is hard to say. But bitcoin isnt going anywhere....heck many government documents might well end up on bitcoin blockchain.
Thank you, I will think about what you said. Sometimes it's stIll hard to change perception, though I'm trying.
Consider it this way.
Does HMTL compete with SMTP?
They are both protocol designed for different purposes. Or even better does Ubuntu compete with Debian?
It is only when companies get involved that competition emerges.
Hey I will have to write a post about this.
A mention is in order :D
Please do, I'm strongly in the multi-currency camp.
I fully agree with this. Currently the Bitcoin killer is Dash which has over 10 million USD per month for developing and marketing. They have 1.3 second Tx and Privacy features and solid roadmap for VISA level scaling.
That is an awful lot of food for thought... which in ten years looking back on these ideas almost makes those who describe this as it is happening, a prophet! Those that do know have seen this coming for quite awhile.
Thank you for the post @retiredinsamar.
The Internet has enough of a track record as to what it does when it enters an industry. For this reason, it is reasonable to draw some conclusions.
Crypto is exploding for a reason.....it is a new model of conducting business AND our lives.
You forgot to mention the slow-dying death of the U.S. Post Office! Lol
That is a great point....actually the Post Office was saved, ironically, by Amazon.
Landing that contract pulled them out of the toilet....at least until Amazon figures out how to deliver via drone.
Exactly!
Very well put... I remember going to Blockbuster all the time... standing in line for a hour at Best Buy to pick up a new CD.. all done away with thanks to the internet... even my newspaper that I still pay for rarely even gets opened (I should probably cancel my subscription).. I just recently opened another checking account specifically for buying crypto... the teller at the bank was asking me about bitcoin... crypto IS blowing up.. get in... buckle up and hand on tight.. it's gonna be a fun and bumpy ride..
I agree with you @davedickeyyall.
It is going to be incredible. We are at the early stages of a revolutionary change in how society operates. The old model is being collapsed before our eyes. Today, there is a new paradigm emerging which tells us that the world if going to improve. Things are going to get less expensive, be safer, and operate better due to blockchain.
And we are in a lawn chair right at the launching pad.
Smoke em if you have em.
I'm fixing to roll one..
LOL I can always count on you @davedickeyyall.
I think steem and perhaps manna(which I heard about from you) and a few others are key in this. What we see in btc and some others is that they are dominared by that banksters mindset you wrote about.
While there are bad actors everywhere some of the biggest players in Steem are all about abundance.
The dominant blockchains must be abundance oriented.
When the scarcity mindset rules, banksters rule.
I agree with you @wdougwatson.
Fortunately there are people like @fulltimegeek, @stellabelle, and @steevc who have/had a lop of SP and delegated it out. Even @ned did the same thing with his delegation to utopian.
The system is meant to change that and it is...the percentage of steem ownership by the top 10% decreased year over year....and it will keep doing it. Wait until there are 5M people posting articles and sharing in the reward pool. Each of them will be taking a little slice of the newly created coins.
Also, there are discussions/ideas being tossed around about the SMTs to make sure the whales are not the only ones sharing in that....it will be interesting to see how things unfold.
Yeah things like zappl and dtube, once tokenized will be the final nail in old social medias coffin.
I think once things are opened up after the fork in the first quarter, things will really explode.
And here we are, early adopters. This is awesome.
This is 5 or 6 of your article in a row. Though I'm tired. To do this, it took me 30 minutes to read + comment on it. I understood one very important thing - you are a very educated person. And you were formed not by the study of disciplines at the university, but by the life that forced you to gnaw out this knowledge with your teeth in pieces on the Internet. PS. It's nice to understand that I'm carrying a bank in my pocket. Great comparison.
Good luck to you and good
@taskmaster4450 block chains like ripple will come into existence .. even #banksters will create their own . They have still 99% money around the globe !!! 600billion shall be small for group of banks
Wonderful news is that a good jobs. Taskmaster block chains.. 700 billion shall be for you of bank. Thanks for so much sharing.
New headline in print newspaper and reported on by cable news:
"Millennials Kill Banking!"
I'm looking forward to it. 😀
The problem here is that banksters never see or think the success of block chain could come so rapid as it is now. Welcome to the crypto world
The world is littered with executives who didnt see things coming.
Kodak was a film company, that digital stuff will never take off.
Mailing out DVDs will never work according to Blockbuster
Who cares about an online bookstore?
Oops.
You just refreshed my memory as regards the Kodak stuff. You are really a genius that has many things stored and refreshed in your memory. Terabyte Memory i guess.lol
Then after the cryptocurrency revolution, the next stage will be a world without any form of money, war, and self-power ;)
Hope my country will adopt crypto currency like that in Japan.
LOL Andreas Antonopoulos and his Justin Bieber Coin example
Blockchain technology will more and more strong than ever before
f#ck them, i gots the steem ! $3.25
Wait until it is at least $10 by St Patrick's Day.
Thank you good job :)
I plan what they do and I can guess what they did for them. But I do not really care about them. People can change with changing systems. Thank you for writing!
Unrelated to post...
How long do you usually spend working on a post and would you consider this your main income?
No it isnt my main income...it varies but I can usually do them in under an hour.
It depends upon the topic and how much research...some topics can flow without me looking stuff up..
good question. I'd like to know this too.
Well what do you consider your specialty is and what would you like to expand upon in the future when steemit gains steam?
pun intended
Great article buddy. Keep it up.
Excellent piece my friend, and fuck the banksters! 😝