Dagogo from ColdFusion TV has finally published the long awaited video about the modern fractional-reserve banking system.
This video is unusually sensationalist in tone compared to his other videos, which I don't care much for, but it's a compelling watch. He could have done a better job about explaining how we got here, but it's no secret that today's world runs on a highly flawed fraction-reserve banking system.
Needless to say, Dagogo is a fan of Bitcoin, and this is the first time I've seen him say "other cryptocurrencies". I've mentioned this before, but with nearly 1.2 million tech savvy subscribers, this should be a prime target for Steem. He has promised to do a video about cryptocurrencies - let's hope Steem gets a solid mention. Till then, reach out to him, let him know about Steem in the YouTube comments.
Good video! The sad truth. We should redefine what 'money' is. Money in my opinion should be scarce. The fiat currencies we use as money can be printed out of thin air, so this shouldn't be called money at all. It's a scam that make the rich in this world richer and the poor poorer. Gold and Bitcoin are scarce. Gold has always been money in history, but is not easy to use as a way of payment. It's hard to divide in parts. Cryptocurrencies are a great opportunity to leave this fiat system before it falls apart.
It's time for plan ฿!
Doesn't steem ecosystem do the same as of now? "make rich richer and keep poor poor"? I am asking as a concept.
It's definitely true the whales (the rich) are earning a lot more money on Steemit than new users (the poor), but everyone can earn money by posting good content. It takes time and perseverance though.
Nice concept for a question :P
but in my opinion the so called ''whales'' are probably the first people that had the guts to buy crypto money and so where able to invest early and cheap in Steem.
The sad thing is 95% of the people just life their life like a movie that's already written. And Crypto and Steem is for the most of those 95% not on the movie jet. The people who take the risk and think out of the box are the once that making big money right now
Thank you for your answer. I agree with you, good content is great opportunity for everyone who is not a whale. In a long run though if whales paid attention more to good content instead of each other, this can be great place for everybody. I hope zero sum game won't consume them. By the way what would you be called in this system, because I don't see you as a whale or a minnow?
Not really, whales can give out at least 75% of their vote as an author reward, and get back an average of 12% (up to a max 25%) as curation rewards.
Currently there's certainly rampant inequality because the early investors either mined or invested at prices in the 10 to 20 cents range.
thanks. that makes sense
I came at historic low to steemit. In march it was 7cent for 1 steem!!!
@Dantheman adressed the problem of unfair distribution in his EOS concept.
here is the concept https://steemit.com/eos/@officialfuzzy/how-should-one-distribute-a-usd1-trillion-dollar-treasure
You know what the cool thing is. People that are scared of cryptocurrecy often say its totally worthless, its just a piece of code. And if you say this about the fiat money they use they might as well don't understand it or getting angry if they understand it but don't wanna listen XD
There's of course the whole money vs currency debate, and while I agree it's one worth discussing, it's ultimately a matter of semantics. I'd say digital gold is a pretty accurate assessment of Bitcoin. It's not very easily transferable either right now :)
As flawed as it is, I don't think fiat system is falling apart any time soon. There are a lot of reasons that it has been so sustainable, and I wished Dagogo explored that perspective too. So, we can't wait for it to fail. We'll have to make an active effort to move to a better solution - whether it be cryptocurrencies or whatever.
you can watch this for more :)
Will check it out.
for more take a look at: Visualizing the Size of the U.S. National Debt
https://steemit.com/news/@hicmaster/visualizing-the-size-of-the-u-s-national-debt
While US has an enormous national debt, it's actually lower as a percentage of GDP than many other countries.
Im going to do it, thanks for the heads up! Hope we can get steem a mention from him!
Great! Hope he picks up on Steem.
Interesting video. I believe that cryptocurrencies will gain more promience. Steem has alot of untapped potential
Yes, definitely, there's room for exponential growth. Whether crypto and/or Steem will gain mainstream acceptance, I don't know, but there certainly is a non-zero chance.
This is one of the videos that got me here. I believe they are already doing a great job on spreading the word.
Fed....control by "elite"....no just money. They control all.....
cryptocurrency is an emerging platform and will be one of the major role replacing certain portions of gold and usd.
Replacing the usd... not gold... crypto is a good start to educate the people about fiat.... but crypto is very similar to fiat as it lacks true worth.... gold holds real value.... but anything that gets the ppl thinking and avoiding fiat currency is a good thing in my books
great video
@follow i follow
together we grow
Great Post
whats the link for video?
It's embedded right into the post :)
lol. it showed up just as a pucture for me until I clicked on it. Maybe because I was on mobile.
Rothschild_
Let's not get crazy now :)
good post...
I'll check it out eventually. This is a very important subject. I'll probably comment when I've watched it.