We live in exponential times. The rise of artificial intelligence, nano technology, and stem cell research keeps futurist philosophers up all night.
What if we can create something smarter than us? What if our technology outruns our morality? What if we can stop the aging process?
What will it mean to be human?
The questions we ask today are expressions of a collective uncertainty, a preamble to the great-unknown singularity that’s rapidly approaching.
Tech has already disrupted our society to the core. Entire industries are now obsolete because technology unlocked a more efficient way of doing things. Uber cannibalized the taxi industry, so taxi drivers became Uber drivers. What will Uber drivers become when self-driving cars completely eliminate the need for drivers?
What will fast food workers do when restaurants buy automated machines that can crank out better burgers for a fraction of the cost of hiring human employees?
Are you detecting a pattern of total disruption? Technology turns centralized human labor industries completely upside down.
Despite how much innovation we see across the board, the financial sector is still stuck in the dark ages. Our banking system is old, exclusionary, expensive, and inefficient. The rise of decentralized currency undermines the foundation of the modern global banking monopoly. Corporate banks act as custodians to our wealth and charge us fees for the privilege.
Cryptocurrency offers an alternative to the timeless model of sheep sheering and the tech is going to completely disrupt money. Crypto offers the freedom to be your own bank and control your own financial destiny.
The fractional reserve banking system ensures that our fiat money is perpetually at risk from two existential threats: bank runs and inflation.
Reserve banks are only required to keep a small percentage of deposits in physical cash. If everyone tried to cash out at the same time, the house of cards would collapse.
Keeping money in a bank gives a third party control of your wealth. They can limit access to your money on a whim. The recent economic meltdown in Greece forced bank holidays and daily withdrawal limits. When you trust third party banks, your money is dependent on social-political chaos far beyond your control.
When crypto is secured in your personal wallet, you own your money. No one can limit your access because you’re the only one with access. With that freedom comes great responsibility. If you screw up and send your crypto to the wrong address, it’s gone forever. There’s no customer support to call if you lose your private keys, only Darwin.
You might think money is safe in the bank, but inflation slowly kills your purchasing power over time. Cryptocurrencies like Bitcoin and Litecoin are deflationary. There are a limited amount of coins that can be mined, so the value will rise over time as demand increases but the max supply remains fixed.
Banks can manipulate interest rates and governments can print money, but bitcoin transcends national borders and central control. This is the beginning of an economic revolution. This is the Internet in 1994. The show hasn’t even begun yet.
Cryptocurrencies are an entirely new emerging asset class that will displace gold, banks, penny stocks, and FX markets.
Regulation will inevitably occur over a broad spectrum, separating the commodities from the securities and scams. Regulation is a good thing for this market because the overwhelming majority of ICOs are scams. Everyone is hunting for the next bitcoin and many are willing to part with hard earned cash for a moon shot at a lambo.
The uncertainty makes institutional investors gun shy. Cryptocurrency is still in the Wild West stage of its life cycle. Once new tech evolves to handle scaling issues, bitcoin will pop up again and pull the whole market up with it.
99% of all altcoins will inevitably fail, but the 1% that survives will reshape the future of finance, business, and technology as we know it. When the .com bubble burst, thousands of garbage companies failed, but Amazon and eBay ultimately emerged from the ashes as titans of the future.
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