We are all acutely aware of the present state of affairs, not only here in the U.S. but globally. We have government printing presses cranking out new money, zero-to-negative interest rates, over-indebted corporations and countries, and on and on.
Where will all this lead, and are there any solutions?
Well, we are certainly in uncharted waters, but there is at least one potentially helpful tool. Blockchain technology and crypto assets can help eradicate financial corruption and inefficiency. And it can do so by eliminating the human in the chain of command or flow.
Yes, this new technological breakthrough can create a totally trustless financial system. Is that actually a good thing, you might ask?
If you think through the various issues, it can certainly be a desirable thing.
Consider this: the Federal Reserve has the authority to increase the nation’s money supply whenever it deems appropriate or necessary. Whenever a financial crisis or threat of recession looms, the Fed can use its “financial engineering” magic to deter the threat.
This is one example of the human factor that can distort the natural market cycles.
Another example of the undesirable human element: the present banking system. The national and international banks are a form of financial cartel that siphons significant value out of all financial transactions that pass through the network.
Furthermore, when their poor, reckless decisions lead to recessions and depressions, none are legally held responsible. It is Mr. and Mrs. Taxpayer who always foots the bailout bill and endures the subsequent years of financial suffering.
Now it becomes evident that eliminating, or at least minimizing, the human involvement and authority in the process can allow for a more trustworthy, transparent, and fair system.
See, it’s not the system itself that’s the problem, it’s the intervention by the human, with all its associated emotions, fear, greed, and biases. That is the weak link in the chain, the failure point.
THAT is what blockchain technology, with the associated crypto assets and smart contracts, can eliminate.
When the world eventually wakes up to the need to fix the present debacle (and help prevent future ones), blockchain and cryptos may be the obvious (and only?) solution.
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