With the explosion of easy-to-use (relatively speaking) DeFi platforms during this crypto bull cycle, it seems we are getting closer to the tipping point where just holding cryptocurrency assets becomes sufficient to meet daily needs — closer to the point where needing to hold or use fiat becomes a thing of the past. If you live somewhere that getting a crypto-backed credit card is feasible, you may be there already.
(though for now with astronomically high ETH gas fees, non-Ethereum based platforms are a whole lot more attractive to use for 99% of users... enter CUB on Binance Smart Chain!)By the title of this blog I don't just mean HODLing your favorite coin(s) forever... even if you want to take profits into a stablecoin asset, it is now possible to do so while remaining in the cryptosphere through CUB, RUNE, UNI, etc. as noted by @leofinance on Twitter
It will be interesting to see what actual "sustainable" APYs end up being on these platforms when some of the hype dies down — I have a strong feeling, though, that even as the settle they will be much, MUCH higher than those available through traditional "high-yield" interest accounts — perhaps by an order of magnitude. The writing is on the wall for banking institutions that have historically offered customers mere breadcrumbs while milking their capital through lending.
It is now possible to "cash out" crypto income/profits into stablecoin assets and farm yields on top of these profits... without ever needing to utilize fiat to "realize capital gains." It has become much easier for the casual investor to flip gains into further gains without having to relentlessly day-trade, attempt to short the market, or buy a speculative asset and twiddle their thumbs for a few years waiting on the project to pick up speed.
So, imagine a world where an increasing number of companies see the great potential benefits of allowing customers to pay directly with cryptocurrency. And even for those that don't, yet — a world where all your common payment apps such as Paypal, Cashapp, Venmo, etc. support seamlessly swapping crypto for fiat equivalent at the time of paying for a product or service. A world where wrapping/unwrapping bridges such as Leo Bridge are commonplace and paying this way is trivially simple, little more complex than swiping one's credit card.
Then imagine that Visa, Mastercard, AmEx and credit cards ALSO support paying off credit card bills with cryptocurrency.
Then imagine a world where fiat as we know it becomes extinct as governments scramble to create their own (likely highly centralized) blockchain equivalents of official national currencies.
This all may sound far-fetched, but we are not really so far off this becoming a reality. Building infrastructure and increasing adoption takes time, but in our hectic, highly-globalized world — not as long as you might think.
Crypto is only a little over a decade old.
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What will the global financial landscape look like by 2030?
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Images are screenshots and Deep-Dream-processed versions of CUB graphics.
Post created by @d-pend for Leo Finance on HIVE on April 1, 2021.
Posted Using LeoFinance Beta
This rally seems far different than the one of 2017. 2017 was mostly Bitcoin and Ethereum which turned out to be slow expensive systems when you started putting them to the test. Over those three years new options have been developed with lower cost, innovation into NFTs etc and faster blocks. While Bitcoin and Ethereum are still the main wealth staples these other blockchains are actually making it possible to do real world things. That's a huge change compared to 3-4 years ago and actually brings me hope that this rally wont fade this time.
Totally agree. 2017 saw a little bit of utility but was mainly hype around ICOs... some ponzis like Bitconnect, etc. The bear market lasted long enough that a lot of development took place since then. It will for sure be interesting to see if this rally lasts even longer than people are predicting... and if not, what would a major bear market look like at this point given the fact that more people will be using crypto on a daily basis? Thanks @bitcoinflood for stopping by :)
I wonder how many will nest in stable coins during the next bear market. Probably a lot more than the last one.
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"It was the best of times. It was the worst of times."
I wasn't really prepared for what the imagination had in mind, but it is inevitable and it is happening. Pay pal is accepting crypto. Some credit cards are following. My wife won't touch crypto yet and trusts centralized banks to inflate our Fiat and give us a few cents. But my kids are all crypto. They are like, "please buy me bitcoin for my birthday."
As for my cubbies there are still a few loop holes to go through (BNB) but my cubbies will be at work soon.
It's been exciting to follow the progress in your art. I guess it is the final cut pro that gives you the bright vivid colors. I don't have apple but I think I could do the same thing with mixing some other pictures.
I just have been too out of focus to make much art these days. I only meet students in person 2 days a week and the other days are online. I lost a lot of the "spirit" that the kids shared with me. Our students are in school today although we do have Easter Sunday we don't have Good Friday or Easter Monday as a holiday.
This may be the generation of the artist.
Maybe you know about Beeple
I am an artist of sorts but haven't found exactly my message or my medium as a result it is piles of trial and error, but then so is Beeple^^ https://www.christies.com/features/Monumental-collage-by-Beeple-is-first-purely-digital-artwork-NFT-to-come-to-auction-11510-7.aspx?sc_lang=en
I've been so wrapped up in the hype that I haven't made any videos worth sharing. It's like my mind was poisoned. I remember writing about media fasting and I think this weekend is a good time to do it. Whatever I have to do online can wait till Monday.
I'm always interested in what you think about what's going on in the cryptoverse and enjoy your writing. I'm just afraid that many have taken a wrong turn from going down the rabbit's hole to going up the rabbit's butt. They will figure it our when they get to the destination.
As for that tweet. It looks like the writing of the Leo founder. He became rich very young but he gave a chance for others to join him. Anyone in the world. I think it is pretty cool how he helped so many get into defi.
https://steemit.com/poetry/@mineopoly/stop
My neighbors dog has been barking really loud for the last hour.
Posted Using LeoFinance Beta