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RE: The Writing Is On The Wall, Mass Adoption Is Right Around The Corner.

in LeoFinance • 4 years ago

Great points brought up here.

To me, this is the safest space to be in. There is no doubt in my mind that Crypto is going to see mass adoption in the next couple years.

As much as we dislike Facebook, I think the Libra is a game changer. It is a peg to the USD so essentially we are dealing with a derivative of the reserve currency. Hence, when you talk about the acceptance of Libra, if there is one it will be that.

Governments are going to try and retain control but they are going to lose. So will the banks. We have learned that whenever the Internet comes to an industry, it obliterates whatever is there. When the Internet came to money, it really put the banks on notice. I don't know if they got the message as of yet.

This reminds me of the record companies suing their own customers due to Napster. In the end, the record companies lost their cash cow, profits from recorded music. It went digital and so is money.

It is going to be a wild road.

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4 years ago in LeoFinance by
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     4 years ago  

    We have learned that whenever the Internet comes to an industry, it obliterates whatever is there. When the Internet came to money, it really put the banks on notice. I don't know if they got the message as of yet.

    I've been saying this for years now. The MP4 put the hurt on the movie industry. The MP3 almost killed the music industry. Email put the hurt on letter carriers and mail. BTC and crypto will put a huge hurt on banks when it goes mainstream. Smart contracts and DeFi projects may even put the hurt on traditional loans. I don't even think we comprehend how disruptive crypto will actually be to both governments and banking. It's a serious game changer for sure.

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     4 years ago  

    ...and crypto will put a huge hurt on banks when it goes mainstream.

    I wrote a post about a year or so ago calling for the death of banks. I had people coming to my post from who knows where to blast it saying that banks did too many things. I replied by asking if they were aware that the banking industry lost half of the mortgage business and growing each year?

    Of course, no response.

    Traditional banking will likely be whacked if the Libra alone is successful. After that, the services by commercial banks might start to get hit due to the innovation of the DeFi/crypto world.

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     4 years ago  

    Absolutely, it's inevitable for sure. It's all a matter of time.

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