This Is Why Cryptocurrency Is VitalsteemCreated with Sketch.

in steemleo •  27 days ago 

The bankers will steal from anyone. Quite simply, they do not care who they hurt.

Ghana will never be confused with a rich country. People there are struggling although progress is being made. Many are getting to the point where they work hard and earn enough to make an attempt at investing.

Enter the bankers and, unfortunately, their crooked ways.

As many as 70,000 individuals in Ghana are now cut off from as much as $1.6B in investments. This is the result of having to clean up the corrupt banking industry which saw a massive number of closings.

The couple are among at least 70,000 investors who have become collateral damage from a cleanup of Ghana’s banking industry. The crackdown, which reduced the number of lenders by a third and saw the closure of 23 savings and loans companies, also triggered a run on fund managers, who couldn’t sell their holdings fast enough to meet demand.

Of course, Ghana is far from an isolated case. We see the same story repeated throughout the world. People have their hard earned money basically stolen from them by people in expensive suits. This is not relegated to a few major countries.

It is everywhere.

We also see the same solution pushed repeatedly when these antics come to light.

“It’s cutting across all the finance houses and when it happens like that the government needs to step in to build confidence again,” Mensah said. “There’s nothing we can do apart from making sure that we create that necessary environment to regain investors’ confidence again.”

https://www.bloomberg.com/news/articles/2019-08-18/a-1-6-billion-horror-as-ghana-investors-can-t-get-their-savings

Look to the government for a bail out and restore confidence. Why? So the bankers can duplicate the same model in 5 years?

This is a classic "rinse and repeat".

What is ironic is the fact that the puppets for the bankers, people like Trump, blast Bitcoin and cryptocurrency for their ties to illegal activities.

When we look at the amount of illegal activity done by the bankers, it dwarfs the total amount of cryptocurrency even in existence.

The entire crypto marketcap is listed at about $278B. This is minimal when you consider the bankers operate at billion dollar clips.

Who can forget Jamie Dimon, one of Bitcoins harshest critics, running a bank that was transporting $1.3B in drugs?

https://www.cbsnews.com/news/ship-seized-in-1-3-billion-cocaine-bust-is-owned-by-jp-morgan-chase/

Of course, why stop at a billion? Goldman Sachs is the top dog for a reason; it does not play small.

If you are going to steal, make it worthwhile. How about $4.5B?

Richard Gnodde, the chief executive of Goldman Sachs’ international operations, has been charged by Malaysian authorities for heading up one of the bank’s major subsidiaries between 2012 and 2013. During that period, Goldman helped raise $6.5bn (£5.4bn) for the Malaysian sovereign wealth fund 1MDB, $4.5bn of which was allegedly looted by fund officials and the former Malaysian prime minister Najib Razak.

https://www.theguardian.com/world/2019/aug/09/1mdb-malaysia-files-charges-against-17-current-and-ex-goldman-sachs-bosses

There was more money involved since Malaysian officials are seeking $7.5B in reparations. Between these three events, we have over $10B in banking antics.

The bankers stole more, just from what is listed here, than the individual market cap of all but three cryptocurrencies: Bitcoin, Ethereum, and Ripple.

Is it any wonder the financial picture for most of the people on the planet looks like crap? The bankers operate at whim, taking whatever they fancy.


Source

It is time to put an end to this.

Cryptocurrency is the obvious answer to much of this. As most are aware, a crypto wallet performs the same function as a bank in 90% of the cases. Most people use a bank to store, send, and receive money. Crypto wallets do exactly that.

One of the reason I am so adamant about us trudging forward is because of news stories like this. We are seeing this on a regular basis. It is vital that we erect a system outside the reach of these bandits. We know the government and the regulators are just puppets for those who are running the show. This means we need to use technology and innovation to solve this problem.

There is a reason for the fierce attack from the banking industry. Cryptocurrency can be their downfall. Blockchain, a public, immutable, distributed ledger, is the last thing the bankers want out there. They do not want people knowing what they are doing.

Each of us has a part to play in this. With each transaction away from the centralized system, it is another dagger in them. This is not going to be a one punch battle. Victory will be more the "death of a thousand paper cuts" variety.

We are collectively making progress yet these stories show how much further we have to go. There is an entire world, more than 7B people, who are being scammed by the established banking cartel. For decades, there was nothing to do but take it.

Today, we have an alternative. It is imperative that we keep doing all we can to push forward.

These stories are not going to slow down or stop. These bandits have no moral compass. Stealing is all they know. They feel entitled to do as they please.

That means there is no reasoning with entities such as this. The only way out of it is to ensure they collapse.

Our technology has the ability to bring that about. We simply need enough people to realize it.


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they can only take so much. If the people have no food, the suites will have no heads. It just takes some time to explode French Revolution style.

Crypto dudes don't care about people either, and that's why decentralization is so important.
Even so, we still must grind some edges that make decentralization still too centralized - Steem is a good example of a good and yet imperfect system... how to change it to the best eludes me though.

There are definitely scammers in the crypto world but they prey on individuals on one hand, and hackers trying to steal from the exchanges on the other hand. Gotta keep your keys close and protected!

As for decentralization, the relatively small number of witnesses for linking blocks to the steem chain concerns me. I wish there were more modes that could provide that service even if it’s not a mining issue like with bitcoin.

But the OP has it right - holding fiat is getting scary!

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Monetary Sovereignty continues to be the number one underestimated value of blockchain and their cryptocurrencies as they continue to decentralize! I am slowly moving disposal income there as I can!

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  ·  27 days ago (edited)

Understandable because centralization is way too convenient.


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Dear... see what can we do if Govt. bans crypto? ... they are powerful and can do anything they want and fool us. I mean we have to hold BTC illegally): ... its not easy to keep cryptos for a straight forward person if the regulatory environment of the country is bad. And we actually could get cheated doing transactions in other ways, though P2P platforms look good.

I wish na,,, that true color of Govt. come out...curruption and how badly they manage money...but we are so used to Govt. , the currency they supply , its hard to ditch fiat,especially if cryptos can't be used for transaction in your country.

Phew... so tired with My Govt's apathy with cryptos, and it will be so bad if holding cryptos in India would be illegal. And I then I would lose the oppurtunity to have fun in crypto investing especially when bull sentiments are steming.

I am so so so... Uncertain):): ...have to move on... I am hoping they CAN"T BAN CRYPTOS, that's just so stupid, arbitaty, especially since its supposed to be a progressive country... I like my country but Govt. has stained it...anyway... I strongly feel they can't and won't ban cryptos, I hope the crypto community is strong, else chup chup ke holding cryptos): ...

Don't want that.

Anyway loved the points and sentiments here that I reblogged it... nice article with steem on for crypto as use for transaction, storage and stuff...free from control of 3rd parties, I can actually imagine Satoshi N noding his head and giving this post his thumps up, he is the anomyous founder of BTC.