Do you still believe the banksters can hang on? Do you think they have the power to stand up to blockchain?
The reality is the entire banking system is not going to be necessary. Once that happens, you will see the true power of the world economy take off. The Age of Abundance is coming.
I repeatedly stated that blockchain is the Internet on steroids. Whatever the impact of that technology, when it comes to blockchain, multiply it by 100 (actually I am starting to think it might be a thousand-fold increase). There is very little about the world that is not going to be disrupted by this technology.
At present, about $50T of the global GDP can be classified as supply chain related. This is an enormous amount of money tied to the moving of stuff around. Unfortunately, there are huge inefficiencies along with great inequality. The overall loss of productivity is tremendous.
Wal-Mart or Amazon can negotiate incredible deal with suppliers. Their ability to purchase in huge volumes means gives them an enormous advantage over smaller competitors. Also, because of their size, delivery schedule and payments terms will be most favorable. Those entities on the fringe do not enjoy this power. Everything for them is more expensive.
The impact of blockchain on supply chains is well documented. IBM, for example, is working on over 400 projects with 65 companies according to their most recent announcement. This is not an isolated case.
While supply chain is one of the major areas of focus, money is what drives the engine. This is where blockchain is really going to change everything going forward.
Right now there is roughly $70T in fiat money floating around. If we add in securities such as stocks, we can double that to about $150T. This is what everyone is fighting over. We have $150T to lube the global economy. Of course, inequality is a major factor here. The aforementioned Amazon and Wal-Mart can get a billion dollars at 3% while a small farmer in Columbia is going to pay 15% on a $500 loan against his farm.
Welcome to the world of banksterism. And it is ending.
What do you think will happen when we operate without interest? This is a situation that we will see arise over the next 10-20 years. Giving out loans is going to be passe. And we all know who is at the core of this.
While there is $150T to prime the economy, estimates are there is roughly $750T-850T in assets that are illiquid. This is where we are going to see the greatest expansion of economic activity. From an economic perspective, this puts a great deal of money to work at an increased velocity. This is the power of blockchain.
So how does this work?
Let us take said farmer in some nation who needs more equipment. By updating the equipment, an increase in productivity is realized. Instead of going to some type of lending institution, our farmer simply puts the farm on the blockchain. A smart contract is created spelling out the terms of repayment and a cryptocurrency is issued. In the agreement, the farm cannot be sold until the tokens are repaid. Through the increase in productivity, said farmer earns more money, buys the tokens up, and keeps the farm. Essentially it is an interest-free loan.
This could be done with any asset. Imagine the economic impact of $500T being infused into the global economy as opposed to everyone seeking out $150T. Also, without the middle man (the banksters), no interest is charged. There is a lot less friction in the transactions.
People are already looking at this for art. Think about all the money tied up in painting, sculptures, and drawings. There are hundreds of billions of dollars around the world that can be accessed. The idea of turning illiquid assets into liquid ones is revolutionary. And it can be done without a bankster anywhere in sight.
This is not relegated only to physical assets. We will see a day when the future earning of Elvis' estate is tokenized.....Or an athlete coming out of college...Or Lebron James. Corporations can tokenize their future earnings.
Cryptocurrency is the first applicatoin that is tied to blockchain. It is just that..the first. It is not the last. There will be a lot more applications tied to blockchains in the future. Just like email was the first mass adopted use of the Internet, we saw the evolution of social media, internet communication applications, and streaming content as developments that took place later on.
The same is going to happen with blockchain. Do not get caught up in believing that cryptocurrency is the end. It is only the beginning.
And this is something the banksters cannot withstand. While they are focused upon the threat of cryptocurrency, the real threat is blockchain. The second and third generation applications are going to do them in.
We are going to see a bankster-free world at some point.
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Seriously I dont think they will hang on for long. Things are changing rapidly and we will see their system collapsing in the next 3 or 4 years. Their future is in our hands, so we need to be strong until everything collapses :)
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Oh man I wish they would just roll over and die like that. They'll fight dirty for as long as they can.
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Yes I am sure they will for their own benefits.
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It's important also to understand that the system that currently is in place has done lots of good too. It's not a pure Black and White thing. It will not collapse that fast as 3-4 years. Since majority of humans are using this system at the moment for their daily living. Many people have been able to start businesses because of kind Bank loans. Will at least take 30 years for a system like that to collapse. We are still at least 5 years away from amazing dapps being released that can be used by lots of the mainstream masses.
Surely the Banks will try to use Crypto + Bank but that makes it sort of pointless... The awkward moment when they realize that we truly do not need them anymore. You can even make your own Debit Card these days it doesn't have to be issued out by a Bank. Even hearing me say the word Bank now it sounds ancient in my head. Collapses are never good we want a smooth transition that is much better to hope for. Since panic is not good for anyone. But yes surely change can also happen fast especially when a new generation is growing up with smartphones and most of their life exist on the Internet. Pretty big shift compared to earlier generations.
If a new system gets created that means there is lots of responsibility on the new ones to really care for the new format and not try to go in any extreme direction. We are many people on Earth so things if they move in extreme directions very bad things can happens in a matter of a few weeks. We usually see some kind of collapse every 10 years so we are getting very close to the next one right now. Will be interesting to see how the Crypto industry will react to a stock market collapse for example.
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You are right. The loans helped a lot of people and put others in trouble. I really doubt that they would use Crypto. I think after some years we might pay taxes for Crypto. Governments are always looking for different ways to cash money. Whatever will happen is unpredictable, but will be surprising. Some years ago we didnt had even Crypto, but see now. More people are getting involved everyday and make us have hope in changing the future.
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This really is the case... rampant corruption lowers the value of fiat currency.
I can't wait for the day that debt-based economy dies and that $150T all goes into the blockchain. Those greedy banksters will try to buy out all of the blockchains... like rats on a sinking ship... but guess what? We'll just make some more; better blockchains that they can't own because they are greed-resistant. It's going to be epic. More better.
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Most bank people are just regular humans trying to do a good job and follow what mom and dad said. Surely bank people can be greedy but many are also hard working people just trying to do their best. Greed exist even in the Crypto industry. For example you upvote your own comment. That can be seen as greedy. There is no such thing as greed resistant.
Have to be more humble about the future since there is lots of challenges ahead. And the best way to succeed is by looking at things from a more balanced calm perspective. We have decades ahead of us. We want everyone to have a great transition. This mindset you have is a bit too much win - lose thinking. It’s not a good long term strategy.
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I'm not talking about regular people. I'm talking about the people in charge of huge decisions. The ones that would rather see the world burn than everyone live in harmony. The kind of person that decides to make 1% more profit even if it means billions of living beings suffer. If this revolution can be turned into a war zone you can be sure it will come to that, because that is the kind of mentality we are dealing with. Your idealism is commendable, but it just doesn't apply in certain situations.
I believe in synergy, that the whole is greater than the sum of it's parts. Greed destroys synergy, and there is most definitely such a thing as greed resistance. The entire theme of decentralizing wealth is, by definition, greed resistant. We see a microscopic sliver of what could be with Steem's flagging mechanic, and I have to agree when you point out that there are decades to go.
In order for everyone to win, they have to lose. Even though they still win they'll view it as a loss, because that's how they are programmed to think. I'm not the one with a zero-sum game in mind.
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Well written and well analyzed post. I believe a decentralized economy with the blockchain transformation is our only panacea way of addressing the injustice in the financial sector. And by removing the bankster from our daily financial transactions and business.
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I do still think that banks will have a future! They will just change their business model. They won't go down like the old video rental stores, who did not see the change coming!
The future bank will be something like MyEtherWallet, where they do keep crypto assets safe for the people! And by doing this, they can sell loans(to buy a house for instance) or insurances.
While I do like the future that you are describing, most people won't have the technical capabilities or just don't want to hassle to have their own wallet, in which they will store all crypto assets they have!
Just my 2 cents!
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People will not buy it that they need Banks in the future. Especially not when it comes to keep their assets safe. We already have hardware wallets for that. And they are doing the job already amazing. The Bank people barely knows what Blockchain technology is so they will not be able to protect it. The geek stuff is not in their DNA.
Having your own wallet will become easier to understand. Since geeks always create better systems. It will perhaps be a bit harder for older people. But the younger people will learn very fast. Since we spend so much Time and Attention on our devices we are super fast learners. We don’t have to understand the technical aspect to use something.
Same as people drive cars everyday with complete trust by just using a few ways to control it. The same with digital wallets. It won’t be that complicated. We also have digital assistants that can guide us if we need any help. Probably with amazing voice assistance.
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You could have some point about it that the wallets will be easier for lots of people.
I don't agree that the banks are rather unaware of the blockchain technology.
there are supporting more blockchain start-ups than you can imagine! Investing in them to get some IP and to see what is working or not.
Don't be fooled by all the FUD they are spreading, there are working hard in the background to make the most profit with the blockchain technology!
I do agree, with your other comments in these topics, banks also did good things for the people!
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Hey @taskmaster4450
Great post.
I really hope you are right. You logic is sound and the facts and figures all seem reasonable. This could be exciting times for all of us.
But!
I wouldn't write of those pesky bankers just yet. They are survivors and they prove time and time again that they are willing to do what ever it takes to stay ahead of the competition. In some ways I see them trying to manipulate Crypto/Blockchain growth for their own gains. Probably in ways we have not even considered yet. I hope this is wrong and i'm just being pessimistic but I don't trust them as far as I could throw one of them and thats not particularly far, unfortunately!!
Let us all enjoy our crypto growth together but always keep one eye on the suits.
Cheers, Gaz.
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I think something like mannabase can definitely afffect bankers. By the way have you noticed no manna was distributed today. Or is it just my account that shows no manna?
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Manna was put into my account. It says it was done at 8:44 this morning. I am not sure what time zone the clock is on since I wasnt paying attention.
If you received it last week, there is no reason for it not to be there. Perhaps it is just part of the slow transactions going through Ethereum. That network can get torched with transactions .
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Thanks a lot. You were right. I got it credited 20 minutes back. It seems like transactions are rolling slow.
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You’re making me giddy with excitement when you say we’re going to a banker free world, taskmaster!
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Blockchain will break the old system for sure, we just need to stick around with it for a little longer. For now, let's just enjoy the process, let us keep planting seeds, support this revolutionary technology and together, let us enjoy the harvest time :) Follow ✔ Upvote ✔
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This is a serious question like banks should be stressed at the moments since with crypto there are no charges on sending imagine placing 100 us dollars in the bank and in a space of a month they tell you your account has 96 us dollars
crypto has no other option but to move up
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If there is a will, then there is a way.
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Great article.
Yes exactly it really does seem like every part of life will become Tokenized. Will be very fascinating to watch. Since as you say it opens up for so many new opportunities when all this money laying around is being used in more effective ways. Clearly we have super much money flowing around in the system and eventually we will probably see that it's not needed that much anymore. Which will free up humans even more to do more new task and research more areas.
Will be fascinating to watch how the whole middle class will react and even the upper class when they need to adjust to this new system and we are already the experienced veterans in the field. At the moment many people are a bit paralysed by reading all the fearful news being created that is trying to control people's reality. But this will probably be harder for a central authority in the future to dictate what people see in front of their screens. I mean even the smartest people now on Earth barely understand this new technology and where it will go in the future.
But in the future the geeks will take over more and these people are less profit focused since they care about the geeky stuff much more. It's more engaging for them. It was never really about the money for the geeks. It was always about: What's possible?
I'm starting to notice how Machine Learning is becoming more Intelligent to feed people more of what they want and especially feed people more high quality material. I have seen it on both YouTube and Instagram. This will probably eventually filter out all the low quality click bait stuff. People will start to demand better stuff. And creators will have more free time to create better stuff too. So it can be win-win on both sides.
And when people see the massive value they can gain by being a digital creator this will encourage them to do much more good. Since everything is being recorded I think people will learn to behave better. Maybe get less drunk on Fri-Sat? Haha. Clearly many people want to do amazing stuff on Earth but it has been hard to become a creator and get revenue from it. Now we are making it easier for every day that goes.
Becoming a master at Text, Video and Audio is a good future investment. Since people want to consume great present energy content. And when Machine learning faster can match up Quality Content with consumers then that will create a positive feedback loop of even more quality content being created.
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