There are many people who worry that the banksters have even a remote chance of stopping or controlling cryptocurrency. To those people, I must say, stop worrying; it is a done deal. The banksters are cooked.
HOWEVER, does not mean they will go quietly or laying down.
People like @zoidsoft understand these entities well. He grasps that their efforts are going to be futile yet knows there will be efforts. The tactics they use will be devious and, in some cases, harsh.
One of the obvious ways the banksters are seeking control is through the exchanges. Since the exchanges are centralized it is pretty easy for them to get the government hacks to pry their way in.
Of course, this brings up a counter move: decentralized exchanges. This is outside the realm of the regulators since there is no single point of entry. Who do you go after?
@zoidsoft brought up something that I did not think of. What if the banksters got the government hacks to outlaw using fiat to get cryptocurrency. This could create a problem.
In a post, this is what was written....
In my last article, I failed to mention that if the onramps and offramps are closed between national fiat and cryptocurrencies, there will be a significant decision to be made. Does one continue to use the resources of centralized fiat currency or does one stop accepting such flag money in favor of crypto? This decision is most likely going to break down along lines of merchant adoption. Those merchants that accept crypto then become the force in the direction of the choice to stay on board in cryptoland and never exit fiat. Those who stay with flag money will become a force for the status quo.
This got me thinking. If converting from fiat to crypto is outlawed, only those with crypto will be able to exchange it. It means the .1% or whatever has crypto now will be able to switch back and forth between cryptos. This creates quite a dilemma if it were to take place.
Utility tokens are the answer. These are cryptocurrencies in which the acquisition of the tokens is done via the use the currency was designed for. STEEM is an example of this. It is acquired by posting, commenting, and upvoting. This coincides in that is exactly what it was designed for.
Manna is an interesting token since it was designed to be given freely to people simply for signing up. When it comes to utility tokens, this is the epitome since it is simply distributed each week. Once signed up and verified, there is nothing to do. The tokens keep rolling in.
So why is the perfect defense against the closing off of fiat to crypto conversion?
If that were to happen, the price of any token in fiat is pointless. The only thing that will matter is price as compared to other cryptos. In the scenario @zoidsoft laid out, Manna would outpace all other crypto in pricing since it is barrier to acquisition is the lowest. Sure one could join STEEM but one is dependent upon someone upvoting the content and this can be hard in the beginning. Since one could not power up (fiat cant be used) the person would have to slowly build.
With Manna, there is none of that. If this situation occurred, a million people could sign up (presuming the servers could handle it) and get paid that week. While it would not me much in terms of the number of Manna, we would see the price compared to BTC, LTC, or most other tokens explode.
It is in this way that the on ramp was avoided (since it was shut down) yet got newer people onto the highway. Then, the Manna would be converted through the exchanges to whatever currency(s) the merchants wanted.
The key is to get the tokens in people's hands and just giving it to them is the easiest way to go.
That is why Manna is such a great counter attack to the banksters. It is given without any strings attached. That is something that is impossible to combat.
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If manna airdrops each week, how does it resists a hyperinflation spiralling?
3.5% annual inflation rate.
So... there must be a huge ammount of initial coins then. Who got them?
Take your idea one step further the banks unite and make a universal cryptocurrency there by making it most accessible and stable coin. Talk about monopoly.
https://qz.com/1066601/ubss-utility-settlement-coin-could-put-cash-on-a-blockchain-in-2018/
Yes and now, instead of having a third party clearing house handle the settlements, it will be done by banks....
And how is a bank controlled cryptocurrency different from fiat? Fiat is basically digital money anyway.
Hello! Thank you for your article. Is it right, that there is no possibility right now to change Manna in Bitcoin, for example? Do we have to wait for a point when Manna is strong enough for be trusted in the cryptcurrency world?
Excuse my question, I am a crypto-newbee!
Have fun!
It is traded on Southxchange...I presume it can go from Manna to any currency.
At present, if you are receiving tokens in your wallet, it will take a little while longer before you can send tokens from your wallet...they are working on the final security features before they open that up.
Thanks a lot! for how long are you member on Mannabase? I joined today...You know, this is really great, the dawn of a new age!
I got involved in January of last year...I was in the trial period under Grantcoin.
It is a wonderful project and, yes, the dawn of a new age...the Age of Abundance.
By the way, did you verify your account?
Make sure you went all the way through the process....this will ensure you start getting your tokens on Thursday.
Thanks! 4 days and 14 hours left! Are you in other UBI initiatives?
The Age of Abundance...Do you know about permaculture?
Well thoughtful post I see manna bridging the gap between the rich and the poor, and since manna token is given freely upon signing up without any restriction. Then that makes it a safe token since the banister cannot control and manipulate it, through any exchangers. The price will be control purely by the people using the token
I agree completely. It is something that hopefully takes off very quickly. The entire crypto world might be in a race against the clock. For the most part, the regulators are at bay...but that could change. The more people involved, the harder it will be for them to clamp down.
Although the game is won, they can still make it a bit difficult....
You make a solid case for crypto and fiat. However, I don't think it'll get so bad that fiat will be outlawed for getting crypto. Atleast not worldwide anyway. Countries are already adopting cryptocurrencies and crypto assets.
remember when america tried to ban alcohol? talk about an ultimate backfire. i almost hope they try to ban crypto.
OMG is intended to be a decentralized exchange.
Manna registration looks like, requires your birth certificate fingerprints and a chip implant...
you also have to sacrifice your first born child, but it's worth it.
You just made my day with this comment @edicted!
Hello friend ... As I always say, every day you learn something new, the truth for more I have researched did not know this with such accuracy. Thank you very much for the information. I hope you have existing.
Looks tastYour amazing post is verry good,you deserve something valuable in esteem..
Thanks for share experience front us
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STOPI think this project is one of the better ones amongst the crypto UBI I researched. I joined as well and referred a few of my friends as well. We'll see what happens. Thanks for doing the good work and spreading the word!
The way Manna has included their clever referral system and the fact that it is free will make this grow very quickly. We will see how useful it becomes but ideally people will be able to change their Manna into Bitcoin and co and build themselves a crypto portfolio for free over time.
Hello @taskmaster4450. I really enjoy your manna knowledge that you are sharing. Perhaps, you can help me with some answer to my questions that have been bugging me. I just registered newly on manna, so I really don't have much info about the platform. Please, how much is the referral bonus per person and can the universal basic income be withdrawable into any currency of ones choice or could it be withdrawn directly into ones bank account? If yes please can you tell me the detail step to follow in order to withdraw it into my account. Because a lot of persons are actually asking me about this procedure of withdrawing the UBI. Finally is there a limit to number of referrals one can get?? Thanks. I am looking forward to your reply. You can reply me via my email if you wish at: [email protected]. Thanks once again
It is impossible to tell how much he referral is worth since it is dependent upon the number of people involved. As more people sign up through the referral pool, the more people who are getting tokens. Hence, it will vary as time goes by.
There is no limit to the number of people referred. Referrals are direct meaning only people who use your code are you paid upon...the payment is for 12 months from the time they verify...then you no longer get the referral on that person.
The tokens cannot be moved out yet, hopefully in the next week or so that will happen. They are doing the final security checks on it.
Tokens are traded on Southxchange. One can set up an account there, and move Manna into whatever cryptocurrency is desired. From there, one can do whatever he or she wants in terms of converting that to fiat.
Thank you so much. I am truly grateful to the answers that you gave me. I really appreciates. You are truly the master...lol. Thanks