IMF Chief is Against Bitcoin Because It Makes Her Irrelevant

I was opportuned to read a post today by denmarkguy which may have centered on passive income, but was quite broad because it touched major aspects which is often left out. He was able to throw lights on the effects of automation which is highly anticipated by everyone, the world is practically moving to an era where AI will become a default function. However, the points which we've always missed, which I believe denmarkguy was able to highlight, was the fact that, with automation comes a reduction in required labor force, this means less jobs for humans to indulge.

This, similarly, is the cited reason why the authorities are highly frightened by the economy the world is moving into. The crazy thing is that passive income will become less seen as "passive" but more of a full time pay in a world of automation.

That said, looking at how crypto is shaping the financial system, the world isn't blind to notice that operations are being pushed to AI which work with programs written by humans to give them time off duty. The power currently possessed by centralized bodies will be taken away in most cases. This system of automation isn't actually new, but it's suddenly become a problem as it hits the "money industry"

The term "DECENTRALIZATION" in one way, means "AUTOMATION" to the hearings of these central entities. In a non-central regulated economy, A LOT of power is taken from these bodies and being able to stay relevant in the system is very tin. This is exactly the case with the IMF Chief and all other government officials.

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Managing Director Kristalina Georgieva, speaking remotely to an event hosted by Bocconi University in Italy, said she regards digital currencies backed by central banks to be the most reliable form of digital money and that it is difficult to think of Bitcoin and other crypto assets as money.

Judging from more poured out details here, the IMF head is practically saying this to protect her job in the world of finance. Basically, adding words like "Money and Bitcoin" in the same sentence is seen as a catastrophe, because money was never money until crypto was born. Due to the unending ability to print currencies, so many countries have placed their citizens in an inflation biten economy while swimming in pools of riches. Additionally, many countries have embraced outrageous debts as a result of this fuck up model, this is something however highlighted in this story, specifically the Greece Sovereignty debt due to financial crisis in 2008. Lots of government debts were exposed to have been untracked, and the Greek economy and monetary policies lacked flexibility.

The economy of flexibility and traceability can only be attained with crypto and blockchain technology, giving heads up to CBDCs won't solve any of these problems, it will only make it even more difficult to scale through. The truth is obvious that to protect their best interest, shilling what makes them stay relevant and keep their jobs is what's best. Another truth, however, is that regardless of saying crypto ain't money, it's still going to replace the economy of regulated shit notes.

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Decentralization doesnt necessarily equate to automation or vice versa. In fact, the present state of affairs tells us it the centralized entities that will have all the automation.

But the gist is spot on. We will have less jobs for humans, hence technological unemployment. Well Fargo put out a report that it is likely the banking sector losses 100K job over the next 5 years.

Of course, this will not be the likes of Jamie Dimon but the local teller as branches are closed since more online banking is done.

It is penetrating every industry.

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Decentralization doesnt necessarily equate to automation or vice versa. In fact, the present state of affairs tells us it the centralized entities that will have all the automation.

Not in literal term, it isn't. In this case, an autonomous monetary system is what brings about the hate. This being based in the financial sector is what creates the worries in the hearts of these authorities.

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Debt based systems only work for so long. Eventually they run their course. Unless of course you can create a trillion dollar coin to pay the bills. Sadly this is being discussed which shows the state of the legacy system.

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Financial people understood what crypto is going to change very quickly in my opinion
I remember that Ethereum workshops were hosted in Barclays venues years ago
But I see it like a horse car company at the beginning of 20th century watching for the first time a car powered by petrol

You know you are fucked ,but still you love what you see

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Crypto currency has come to stay. Is dominating the whole world. The adoption is spreading every where. Nobody can stop the spread.

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