The Often Ignored Effects Of Crypto And Blockchain Technology


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As crypto awareness begins to leave pleasurable marks on the global economy, the network's effects have rather been cheated when it comes to acknowledging its full contributions to the world of finance and technology. Recent conversations surrounding CBDCs have been rather fucked up to look at. In an attempt to give the roll outs of this government issued digital currencies, some atom of potentials, BIS( Bank Of International Settlements) was indirectly stating the benefits of utilizing crypto for payments rather than its copycat "CBDC"

Currently, the economy and financial set up of the world is highly limited, the costs itself is top place hindrance to intercountry transactions. This system of stiffen cross-country interactions is obviously in place to aid easy government watch over on money movement across the world. However, the system isn't entirely watched over if transactions are placed by the watchdogs, the system can however get it's way across funds movement without keeping records, this is the advantage aiding in-system fraudulent activities. Crypto and blockchain technology being built to oppose this system of difficulty in money transfer across countries, insane charges and manipulated in-system records are often ignored. The report by BIS is a pretty great one, basically showcases the beauty of crypto and blockchain tech while accrediting CBDCs in the process, you can download the pdf above.

The costs of cross border operations may see a 50% reduction, according to the report. This is typically derived through weighing the impact of blockchain powered currency or is it? However, the scalability and cost-curbed nature of the network would basically help the government save up 50% on their previous spendings. These percentage figures are way higher when it comes to crypto, potentially speaking. The CBDCs will pose a great threat to crypto investors, but it will lose out for two important reasons. CBDCs are not designed to profit the investors, they are designed to feed the government bodies. This not being the set up of crypto, will give it severage edges over CBDCs.

If we look up some metrics surrounding cryptocurrency investments, we'd notice that the world engaged have come to blindly believe in it. The network has seen great interest, people see the long-term value of it, and this is something CBDCs cannot just expect to acquire in a short period of time.

This was however a shocking revelation, to me at least. A survey was carried out by Bakkt "an online tool that enables its users to manage all digital assets in one unit" showing that 28% surveyed voted on "long-term returns on investment" being the reason for it earning traction, and 16% voted on ease of access while lack of centralized control and lack of fees was pooled at 14%. Credits to DeFi because it fuels most of this traction, even though a huge number of people invested in crypto have abstained from its protocols, it still pretty much holds a lot of value. This is something CBDCs won't offer in like forever, the biggest turn off is the fact that they are pegged to the fiat currencies, making it equal to the same old shit. However, 70% of surveyed users also commented on the fact that they know very little about cryptocurrency. This is the blind trust I was talking about, I do not actually see a problem with it as though we've been living in an economy where the people have been ignorant of how the nations of the world's currency markets have been runned, specifically manipulated. However, people having found a better financial lean on Cryptocurrencies, it's become a trustworthy network compared to the fiat system.

Coupled with this, the network is taking more steps forward to creating a bridge to every monetary sector. The recently stumbled upon is the Bacon Protocol launching a decentralized mortgage platform. This will have a lot rolling in, including a new Stablecoin to be introduced to the system, called bHome if I'm not mistaken. This is expected to revolutionize and better shape the sector. Though the stablecoin will inevitably be backed by USD, there are better things to be excited about including NFTs of physical properties and some Defi hints, probably.

The most often ignored value of crypto and blockchain technology is that it's not a single phase implementation, it has the ability to spread through, distributing more value at every new bridge and its competitors are doomed even before seeing a launch(tell CBDCs they are dead lab rats).

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True, the real value of cryptocurrency and blockchain technology wallows in the greed and investors' struggle for financial freedom. It the 'get rich quick' hustles for now; but with time, people will use and appreciate this technology for its real value.

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yes they will appreciate blockchain in the future absolutely. It's just adoption is a slow process. now i will say this. I honestly don't know if any good crypto projects exist today or yet. however i can predict in the future there will be some that change the world.

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You don't know at this point if there are any good crypto projects?

IS GRT, ETH, SOL, COMP, MAKER - are they not good projects?

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You're actually right. My choice of words were not correct. What i should have said was that it's not enough to be a good project anymore and that what the space needs is useful projects that are undeniably significant.

In that it can't be said there are no good projects in crypto. You got projects that do medical research. Decentralize super ai's from falling into the wrong hands. Provide economic stability for some countries etc.,

The problem is that the good projects in crypto aren't the ones at the top for the most part. The most part the projects at the top are based more on speculation than use. So the people who need to be using the crypto aren't using the crypto. That's similar to saying okay like 99.9% of the population uses fiat currencies. Only like 0.001% uses crypto .. something like that which then means that the use of crypto and the need for crypto isn't shining through demand wise for something the world needs to use. Some say well it hasn't been long enough. I don't think it's a matter of crypto hasn't been out long enough. I think it's a matter of people don't really find the use or need in crypto in their everyday lives and for it to be relevant to them and significant that needs to happen. It's not happening. So i haven't seen one project yet where that has or will happen. As far as i know.

The last part is most cryptos are just businesses that can't get funded any other way but crypto. So to me solving the problem of can we create businesses on the blockchain or economic opportunity doesn't mean anything. We've never had an issue creating businesses nor have we ever had an issue creating economic prosperity through speculation which is like what you get in penny stocks that's what i compare like 90% of crypto projects to. HIgh risk businesses that can't get funding anyplace else. if they could everyone would be throwing cash at them. So i guess that's the long form of what i'm trying to say. That if you were to ask people in everyday life did they use crypto today or do they feel the need to use it.. Do they have to use it? They'd probably all say no.

If the stockmarket went away today we'd witness something next to the apocalypse. If crypto went away today we'd carry on as is. So i think the real question is what are we doing to make crypto relevant enough in peoples lives. I think some of the universal basic income projects make sense. As there is a global shift to ubi in our political and socio-economics but there is no way to dispense it outside government hands. The other things on the blockchain don't really make sense. Because if i wanna prove i own a business on teh chain or a game. Which most people here talk about. Well even if i did prove that who would enforce it? So the main idea for me is not so much can you prove you own something on the chain but can you deliver economic prosperity across the globe even outside government hands if that govt is corrupt or a problem and in any idea of that it comes down to being a viable currency and useful one people and vendors and merchants wanna take. My final thought i think i would be correct in saying we don't have that at a significant level where i can go anyplace and use my bitcoin. So i think that's our hurdle and i think the crypto community needs more thought into why we use crypto and what we hope to do by using it. Which projects can realistically do that.

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For me,I believe in Crypto currency but there is alot of Scan Crypto.People are using it to scan many people.
Crypto currency will be lunch today, next month it will be hack, people will lose their fund without refund.
Crypto currency is a get Rich weak, that's it.

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William, have you heard of or read about the stories of the Gold and Silver rushes of California in the 1840's-1880's?

Most of the people going to potentially die looking for their fortunes buried in the hills of California and Nevada or submerged in once-pristine lakes and creeks never got rich. They barely even were able to survive actually. Most miners went broke and then started robbing and murdering to survive.

The people who made the real, generational wealth were the people selling the tools to the miners. These people were the ones selling clothing, pickaxes, water, horses, etc.

I've been a victim of several crypto scams and have "lost" tens of thousands of dollars at this point.

If something seems too good to be true, it's probably because it is. Crypto is teaching me a lot about being an adult but also a lot about psychology, human behavior, economics of scale, international law, and, ofc, crime.

Use your losses and turn them into gains by doing more active research. Read as much as you can from as wide of sources as you can, William. Don't give up on Crypto yet because you will be giving up on yourself.

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I'm a trader.i am not giving up on Crypto currency just that I don't invest in all the crypto currency unless is the stable ones I invest on.

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How many of us day-trade in DeFi spaces? Like...honestly?

When I read your articles and articles from the main stream and compare that with readings I do from Twitter, Telegram, Discord, etc (all with crypto people), it seems that I am in the minority trading daily on things like zapper, orca, dinoswap, quickswap, cobra.exchange, viper.exchange, spookyswap and apeswap...to name a few.

Do people really just buy crypto assets and treat them like pokemon cards and hodl them forever? I don't get that I guess.

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I don't have the time to day trade, so yes, the latter part for me.

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I don't even think it takes much time at all to day trade. I just set price alerts on coinwink and coingecko and make the moves I make on days where I actually gained something. I have to always bring things back to ETH at the end of the day so gas prices affect my decisions.

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