Thought some of ya'll might find this interesting.
"Fundamentally, we wonder whether a payment method designed to function where trust in institutions is completely absent can ever be as convenient as one where trust is required, but also already exists,”
Right. There is a reason I don't have a bank account, and that is because Citi defrauded me, and I was without recourse. I have no trust in banks. I don't think I should. I'm not alone, and I am unable to count the examples of fraud and swindles banksters have confessed to, or been convicted of, not to mention the many they have got away with, like TARP.
Do you trust banks?
I doubt the people of Cyprus trust their banks after the bail-in that occurred in that country in 2013. What most people don't realize is that the banking laws have been changed throughout the world and that bail-ins will be the norm in the developed world in the future when the banks get in trouble. People think the money they put in banks belongs to them, but they're wrong. When you put money in a bank, you essentially become an unsecured creditor of the bank. In the U.S., it helps that there's FDIC insurance in the event of a bank failure, but it can take a long time to get paid by the FDIC.
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Fuck the banks, fractional reserve banking is going to be the death of western culture.
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lol
but i think bitcoin has been uniting people since its inception and i find it funny people talking about if it safe or not
kindly follow back and please do check out this article
https://steemit.com/steemiteducation/@mzteem/i-am-confuse-is-this-what-this-community-is-about-will-this-take-me-closer-to-my-dream
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Hydraulic despotism. Fiat is the one resource that every subject needs to survive within a national polity. It is not so much that men trust banks, as they need the banking and credit services to exist within socio-political entity of the US and the EU. In the past, the state strictly controlled commodities necessary for life - salt, alcohol/water, grain, spices - in the modern era of financial wizardry, monopoly on currency serves the masters more efficiently.
Bitcoin is already controlled by a few mega-mining pools. Etherium stake is already controlled by the etherium alliance. Cryptocurrency is not the gateway to some egalitarian utopia; it is merely a harbinger for a new era of masters who will rule through digital baubles.
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While not having a bank account does limit my participation in the economy, I am proof it is possible.
However, cryptocurrency hasn't replaced banks, yet.
I agree that there is a sophisticated effort to do this, and you name two examples of how it's being done. There are ways in which that can be prevented, and one way is the proliferation of myriad currencies.
The fat lady ain't sang yet.
She's warming up though.
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Having myriad of currencies would be akin to having none. For any commerce to occur, there needs to be some standard commodity that has end-use value for everyone and standard reference against which commodities are measured. Commerce will not be possible in a world of thousands of competing currencies, fluctuating with speculative emotions. Fiat, or some such state defined currency, still becomes a necessity. The banking cartels will not disappear, and the state masters will continue to rule. Cryptocurrency early adapters merely have the opportunity to join the ruling club, not overthrow their rightful lords and masters.
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That's demonstrably not true. I'll trade beaver pelts for corn, or flint knives, any day of the week.
Hell, I often work for chocolate chip cookies.
Fiat is doomed, because we can value currencies just as we do items for barter: relative to our need, to one another, or to any third commodity.
That's how commerce has been done for most of human existence, and history. Fiat is a brand new sparkly toy, hardly older than cryptos themselves.
It won't be fiat that keeps us enslaved. It'll be killbots, drugs, and surveillance.
Until we hack and take control of the systems, putting the truth about our would be oppressors on the blockchain for all the world to see, in all their venal savagery. Such beasts will never rule men for long.
We have been free almost all our existence, and we'll be free again soon.
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How would men determine value/cost of labor in a pure barter economy? Labor unit value, determined by central authority, symbolized in fiat currency sets the reference upon which all commodities are measured. The libertarian myth of currency arising from barter economy is a nice fiction to support the Austrian frauds' narrative. Barter commerce is a specialized economic activity that can only occur within already existing fiat/central control system, with commodities' worth already pre-determined in terms of government currency.
Men living in society greater in scope than a tribal village, by necessity, require central government control and fiat standard to merely exist. Unless the future of the human race is to be limited to disconnected tribal villages, standard currency (be it the dinarus, the daric, the owl, the dinar, the petrodollar) with which all commodities are measures is necessary for human civilization.
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I'm incredulous that you are unable to note that currency could only have arisen from a barter economy in the first place.
Are you trying to claim that commerce didn't exist until someone invented money?
That's just silly.
While I can't barter beaver pelts for plenty of things, and such trades are limited to face to face transactions, meta-trades aren't so limited. You're more than competent to consider such things without my contributions.
I am left with but one conclusion I can draw from your comment.
Denial isn't just a river in Egypt.
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I think you are making the typical Western error of having the mercantile perspective blind you to certain factors that govern mankind. If there is no government, no master, no religious institution to organize the muck into some semblance of society, then there can be no commerce, whether barter or fiat based. Commerce exists as resource acquisition only because the cost of forcibly taking said resources from another is more expensive than requisition. Societies require a governing institution to enforce its arbitrary rules, otherwise, we have no society. Internal commerce can only arise within stable matrix forged by the rightful lords and masters of that polity.
A tribal gift-based society may be theoretically ideal, until the Huns ride over the hills to requisition all the resources they desire. Efficient collection of taxes for social organization designates one commodity, be it fiat or some other arbitrary commodity, that in effect becomes money. Central authority is essential for commerce to exist. In tribal-unit existence, the basis of such entity is gift-based, so no commerce in the sense that we are discussing occurred. Human civilization beyond that of the tribal, requires lords and masters (and incidentally willing slaves).
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nice Information @valued-customer
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What particularly do you like in the post?
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