Are We Thinking Too Small When It Comes To Cryptocurrency?

in LeoFinance5 months ago

We all know the financial implication of cryptocurrency. From the earliest days of Bitcoin, some enter the class of Lambos and Moonshots. Bitcoin became another asset class which, because of its technology angle, generated enormous wealth for some people.

This was followed up by Ethereum which created more new millionaires than any single IPO.

After a decade, the world of cryptocurrency focuses upon the financial aspect of things. We see then with the continual price quotes posted. People are continually talking about the "mooning" of particular coins. Even Bitcoin, most of the coverage is upon pricing action as opposed to the development of the network.

Of course, all this makes sense. When someone is starving, food is likely at the forefront of one's mind. We live in an economic situation where most of the world, even those in the developed countries, are falling further behind.

The idea of reforming money is a valid one. However, it is not enough. This was stated in communication between CZ and Buterin.

With what is going on in the world, CZ sent this out.


In response, Buterin came back with this:

“I will come out and say this directly: this mentality below is exactly what we should be expanding beyond right now. REFORMING MONEY IS NOT SUFFICIENT.”

He went on to add:

“Decentralized censorship-resistant publishing and communication, decentralized communities / governance / DAOs, DAOs for content curation, etc etc. All important work.”

On this point, I think Buterin hit the nail on the head. There is a great deal more taking place here than just reforming money. As the global economy sinks into the abyss, we have the opportunity to remake many aspect of it, not just monetary.

One of the major points about Steem (and now Hive) is that we are seeing this idea expanding. Many of us had front row seats of how quickly things can change and censorship enters the picture with the Sun situation.

Certainly, the monetary situation is at the core of a lot of what is plaguing humanity. The scarcity based system is ripe for disruption since, as a percentage of the whole, few benefit.

Nevertheless, we need to see beyond the money. Cryptocurrency has the ability to disrupt the entire system. Using a new monetary system as the basis, we can see all of the public and private worlds changing. Governments will no longer be able to control each other while individuals will be able to break free from tyranny.

Each day, it seems, we see more news about the obtuse approach the mega technology companies are taking. Invasion into people's lives is what they do. They are intent, just like governments, on controlling the masses. As we proceed further into the digital world, they are setting themselves up to be replacement for the traditional government system.

In my view, this is very bad. Sadly, it has the ability to bring about the Orwellian view expressed in 1984.

Recent events are showing us how foolish we really are. Ultimately, we are paying entities to abuse and, even, kill us. We have a system which protects those who are committing the atrocities against individuals even though we are footing the bill.

While many feel that voting is the answer, a lot of us realize how inane that really is. Little changes,especially in a two party system. In the end, both parties only care about control. One thing all politicians agree upon is getting re-elected.

The present monetary system allowed for the erecting of government regimes that are fed trillions of dollars used to control us. It allowed bankers to become kings, pulling the strings behind the scenes. Ownership of corporate assets enables them to dictate the narrative through the media. In the end, they create conflict to enable them to operate without scrutiny.


It is time to "drain the swamp".

This statement was made popular by Trump but I do not mean it in the same context. In fact, he is part of the swamp that needs draining.

We need to remove the present structured system, layer by layer. Buterin is correct, we can create something much bigger with cryptocurrency. The ability to automate and decentralize is a path that is necessary. We see the result of centralized entities controlling our lives. Censorship, tyranny, abuse, and even murder are all tactics they are happy to employ.

Hive is offering something that we have not seen elsewhere in a long time. The digital world is becoming further siloed as the likes of Facebook and Google only grow in size (and power). Here is an opportunity to cut that off.

The ability to freely interact with whom we want, when we want, and saying what we want needs to be given to every individual across the planet. Of course, that means that some will say stuff that turns our stomachs. That is part of freedom. True intellectual discourse, and thus knowledge, can only take place when people are free to express their point of view, whatever that might be.

This all starts in the digital world. To start, this is where people are spending more of their time. Also, it is a world that moves much faster and without limit, unlike the physical world. Change can happen very quickly in the virtual. This is a major advantage.

So while economies struggle to come back from the impact of the coronavirus, something that could take years, we have the opportunity to create virtual economies that grow at a rate never seen in the physical world.

As Buterin said, it will also allow for new governance models as well as business structures that are more inclusive than what we see today.

It is more than a peaceful protest; it is the remaking of the entire system.

If you found this article informative, please give an upvote and rehive.

gif by @doze


Posted Using LeoFinance


You thinking big, no doubt )
And I like it!

Those are a big words...creating a parallel economy through decentralized world.👍..we all are focussing more as people have more spare time....than before. That true...other social platform does not give what the decentralized platform provides...very lucrative with regards to reward and really a social network where we are free to scroll and meet different people...but how thing unfolds after the pandemic and lockdown that will decide a lot

Without a doubt there is a great deal of uncertainty with how things will be post-pandemic. Of course, I think we can conclude things will not be better than they were before. This spells out opportunity to change things.

The crypto space came a long way in the last few years. Now it is time to push it further ahead. A platform like Hive can really offer people a lot if they take the time to investigate. Naturally, few will do this until they are desperate.

Time will tell how it all unfolds but taking those who are displaced by the present system is a good starting point.

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Pulling and keeping all hope alive is pretty difficult....I checked my follower list and found many have left or stopped....even in these time they are no where to be reached

It helps to step back at times. Often, looking at things too closely magnifies our perception.

Many who were on Steem are going forever. However, there are still a lot of people out there who never heard of decentralized social media.

Hopefully we will start tapping into them.

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I'm new in this community and I want to learn more seriously about cryptocurrency, in physical world everything is so distressful and chaotic situation. On the other hand Hive is something I just discovered from my brother and a friend more than 2 weeks ago.

I feel at peace learning stuff around here. If crypto and hive can give a great opportunity to hungry people looking for options to have a better life then 100% my support to the community.

So while economies struggle to come back from the impact of the coronavirus, something that could take years, we have the opportunity to create virtual economies that grow at a rate never seen in the physical world.

This is just the heart of the message. But the truth is that many leaders on some countries/states are taking undue advantage of this pandemic to enrich themselves, would they ever think of economic recovery? If they do, just in the news aniway..

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That's what Vitalik is saying!

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Imagine what crypto-currencies and smart contracts will do for insurance.

The entire insurance industry ... gone.

And their overhead and skimming ... gone.

And this will happen to all the financial industries.

Then we actually start moving into something like intelligent real money.
Where you can't accumulate millions of dollars because no one person could work with that much wealth.
Not in a manner like you bank account is capped at $100,000 but that you pay the cost of having money sit still. Since every crypto will be tied to an actual asset that can be traded, so there can't be more crypto then goods.