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A central bank was created. Central banks are lenders of last resort. Runs on banks have been reduced by banks guaranteeing each other’s deposits through the central bank. The risk of a run on the bank has not diminished. Its frequency has decreased and its impact has increased. More importantly, banks were saved from bankruptcy under this fractional reserve scheme.
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Banks will still be in trouble. But now, if one bank gets in trouble enough, they all get in trouble at the same time. Governments must intervene to save them.
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In the year 1971, when Nixon decided that the dollar would not be converted into gold at a certain rate, the relationship between the monetary system and gold was severed. This compounded the problem, as there was no limit to the amount of paper money banks could create.
From this point, all money is created as debt. Money stopped backing property. When you borrow, money is created and borrowed. Banks hope that this hot money will be returned to them with interest. Of course, banks must maintain adequate reserves. But these reserves mainly consist of this credit based amount. And reserve is much less than debt.
This led to an explosion in the money supply. The Federal Reserve stopped reporting M3 in 2006. But the ECB is currently announcing an annual increase in the euro supply of around 5%.
This results in an annual cost increase. The increase in prices is slightly less than the increase in money supply. This is due to increased productivity. The company is always getting better at making things cheaper. So, in the absence of money creation, you expect prices to fall every year. Their failure to do so is the result of creating money.
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Banks have found that people can reduce gross productivity growth by +2% per year without complaint. Now they are able to achieve this by increasing the money supply by 5% annually and returning the money to them with interest.
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In addition to this hidden tax on the company, banks foreclose on the company every two years. When there is a financial crisis, banks need to be bailed out or the system will collapse.
In addition to these problems, banks and governments are trying to eliminate cash. This means that two independent persons cannot exchange money without the mediation of a bank. If you believe that doing business with others is a fundamental right, this should scare you.
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The cause of the problem was a real lack of funds. With no good alternative, we are forced to feed on paper money. Gold and silver are difficult to use.
When he tried to start a private currency backed by precious metals (liberty dollars), the initiative was blocked because it damaged the US financial system. Obviously, an altcoin can only thrive if “someone” doesn’t launch it and they don’t fail.
What was needed was a peer-to-peer electronic money system. It was defined by Satoshi Nakamoto in 2008. This was the answer to all the above problems. That’s why BlockGenius posted “03/Jan/2009 Chancellor on brink of second bailout for banks”. Bitcoin is meant to be an alternative to our current financial system.
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So, if you find yourself religiously checking the value of a cryptocurrency, or if you’re embroiled in a debate about “the real Bitcoin,” or if you’re always wondering which coin To buy, please at least remember that we have bigger fish to fry
Given how far along the Rogers adoption curve we are for crypto, I believe this is the next big step for humanity so we can take a moment to imagine what this technological revolution will bring. can I’ll highlight some of the socio-economic implications of decentralization, but I’m mostly interested in hearing and discussing your insights.
As you know, a basic idea of blockchain is decentralization, and with it we can accommodate so many processes that we can only talk about revolution. By eliminating the middleman, we can save the costs of adding value to the supply chain, and let those who create value capture it. Or we can just save on fees.
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While most technologies tend to automate low-level tasks, blockchains take center stage right away. Instead of putting taxi drivers out of business, the ban would put Uber out of business and allow taxi drivers to work directly with customers. – Vitalik Bern
Simply put, think of replacing Binance (a centralized company) with a robot. Your well-programmed robot continues to host and operate the trading platform itself, trusting that it is publicly trusted and trusted by billions of liquid Poles. If you didn’t know, it’s already a fact! Many people here trade daily on these platforms.
But beyond replacing centralized exchanges with automated market makers, Airbnb is a blockchain app that connects landlords and consumers, or even banks, to borrow, save, remember physical assets, and more. It goes away.
This is where I started imagining the future. Think about replacing capital itself, think about abolishing corporations. We dream of a world with mass DAO adoption.
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And especially not their investors. Of course, you still need people to manage, plan, supervise, generate new ideas that fit their context, and develop creative solutions to a complex world that only humans can handle. can understand But the figures of shareholders and CEOs who steal all the value workers create and leave a small fraction behind can disappear.
For example: Nestlé coffee farmers in Colombia make less than 10% of the final sale price, and they cannot make a living from it, so they are basically leaving the countryside.
With blockchain, DeFi, and smart contracts, people like you and I can collectively fund such projects, then agree on specific terms, such as payment for direct democracy, voting with our crypto holdings. . Then we continue to allocate our funds, hiring “developers” who do routine office work to help run the organization. After the activity, we often vote on decisions and outcomes, which ultimately holds the highest level of accountability for the people working in the organization. By the way, this is already happening, with some blockchain projects working this way today. We have yet to apply this to industrial and physical supply chains.
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Let’s go back to our project to replace Nestlé. Imagine that the primary goal of a company is not to maximize the bonuses of shareholders and CEOs, but the interests of the general public and the company’s associates who run its operations.
Perhaps, you and I want to create an efficient and effective supply chain that is sustainable and maintains the dignity and safety of our colleagues as guiding principles. We are no longer at the mercy of issues like climate change, we can act on them now, or in classic Nestlé fashion, risk water supplies and prevent stockpiling.
In addition, we earn, so we redistribute capital, and improve the quality of life in the most vulnerable communities, often characterized by raw material producers/gatherers/miners. Is.
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This is what blockchain can do with decentralized businesses. And it can be applied to anything, but perhaps initially to low-labor, capitalistic businesses.
I will give you another example. I work in an international solar company. If you don’t know, solar energy is basically a financial product, most of the people working in these companies don’t care about the world, only solar energy is very reliable and profitable, and it attracts all the investors. Attracts. It means something is good.
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