I don’t think banks or nation states or web2 platforms or superpowers are going anywhere, and there more I think about it, the less I think that’s really what any of us want.
Instead what I think will happen, something that is very much needed, is that they will be forced to compete fairly and provide receipts, to put their money where their mouth is and act with more integrity.
The rise of web3 and blockchain technology, things like transparent ledgers, self custody, tokenization of assets, the ability for anyone to create a currency or an NFT, free or near free borderless payments, and deflationary assets, and the ability to fork… this won’t end the system as we know it, but it will end monopoly on power, and will force all the power players to clean up their act as the masses continue to adopt this technology.
We may prefer self custody, but not everyone will. It’s not important that everyone move away from custodial services. What’s important is that the banks, remittance services, governments and mega corporations are no longer able to corner you into utilizing the services they provide. They will no longer be able to easily coerce you into complying and doing things their way.
If we were to rid of them completely, things would be absolutely disastrous, and I’m not defending the war-mongers, the companies that push addiction and poor health onto us, or anyone who practices business that is akin to distortion.
I’m merely saying that you don’t invite the best outcomes by pulling the legs out of society, whipping everything clean and starting over. That only leads to massacres and unthinkable amounts of suffering.
Even just on a financial front, I don’t think it’d be fair to force everyone how to learn to complicated key phrases and login methods or even force them to use technology that requires them to use a device. There will be many who are slow to learn and many who don’t have the resources yet to even participate in what we are building and we don’t want to throw them all under the bus.
Custodial services that act more responsibility, transparently and who are scared of letting down the public could be a good hedge against something like forgetting our 12 word recovery phrases or having them stolen.
Not all third parties are bad. We may want some of them to provide a service of convenience for us. The important thing is to have the choice to opt out when we are not satisfied and to build our own solutions from the ground up when no one else is tackling an issue well or when we know that we could create something better.
The institutions are getting kicked in the knee right now and are forced to rethink how they do things, and we should make sure that they understand that these technologies and our desire to use them is not going anywhere.
I understand the desire to see them collapse, in many aspects they’ve been pretty horrible, but I believe the best thing we can possibly do, rather than being reactionary, is to opt out where we feel ready and keep building and supporting the things that we know will benefit us as individuals and as a collective.
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From my point of view, the institutions had already started their slow-motion collapse after the 2008 financial crisis, when they implemented the unsustainable policies of ZIRP and QE. Coincidentally, this is right when Bitcoin/crypto got started.
I get it though. Most people don't want to see radical changes. I just don't see how we're going to avoid them. The US is adding and additional $1 trillion of debt every three months now, countries are de-dollarizing, and small nations / corporations are adding Bitcoin to their balance sheets.
At this point, we can either rebuild society using crypto as the base, or let the elite continue with the controlled implosion (plandemics, open borders, genderless kids, tightly-controlled CBDCs, agenda 2030) and fall into their dystopian future.
I don’t really disagree. I just want to see a controlled demolition rather than a collapse, and I think the controlled demolition is happening right now and bitcoin is one of the most powerful forces in that process, as well as just people being fed up with BS and not participating anymore.
The lack of interest people have in mainstream media for example.
I think this process will take a very long time though and that’s ok cause we will already be building the new society as the old one fades into oblivion.
I think the elite are doing their best to control the implosion, but it's getting out of hand as people lose trust in institutions (like the mainstream media, as you say) and discover trustworthy (or rather "trustless") cryptocurrencies as an alternative to the system. It won't happen overnight, but the process is accelerating!