Could digital currencies put banks out of business?
ฝัง
- เผยแพร่เมื่อ 17 พ.ค. 2024
- Cryptocurrencies like Bitcoin have been billed as a major disruptor to finance. But digital currencies issued by governments might be even more radical-they may even threaten the future of traditional banking.
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Is digital yuan set to transform both Chinese and international banking? econ.st/3eYqcYb
Why is Britain’s fintech under assault? econ.st/2SxLKDF
Why are American banks experiencing a post-pandemic boom? econ.st/2QY7ZCf
America's upsurge in digital payments econ.st/2RrEubS
Why China's government is cracking down on fintech econ.st/3nSU4JB
Can traditional banks survive? econ.st/3tp4rWK
Why acceleration in digitisation might re-shape finance? econ.st/3nQoVXv
Can banks’ credit provision keep up with capital markets? econ.st/3h2LYwI
Why private-credit markets are due a growth spurt? econ.st/3xSLcZl
How fintech is revolutionising finance: econ.st/3vL2NR4
Can America keep up with the digital-payments industry? econ.st/3tlndhL
Should banks worry about losing business to Libra/Diem? econ.st/3tusW5a
Why America has too much cash econ.st/3h7tj2S
How China’s digital currency will affect power of central bank: econ.st/2QZ2jb1
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After the 2008 housing crisis, let me tell you; we won’t be missing banks that much
Lol
They got bailed out and carried on getting fat checks the next year.
The working man payed their bill for the next 10 years
😂😂😂
@@MegaKojo99 Just like the corporate covid bailouts
Those who are to blame for the 2008 global financial crisis are the investment banks, subprime mortgage, incompetent regulators (SEC and comptroller of the currency) and wreckless real estate investors. Not your normal consumer bank
I won't miss the bank when they're gone. No need to bail them out anymore.
It’s easy to hate on banks but, they do provide an important function to society... by evaluating which business and personal endeavors are worth lending money to via evaluating their ability to pay back the loan. Lending money to too few people or too many people creates inefficiency in the lending market
@@alexander15551 Ok fed.
@@alexander15551 Right... like SPACS and “institutional investors.”
@@alexander15551 Banks were originally used to launder gold learn your history pal.
@@alexander15551 and yet the current richest and fastest growing companies tend to recieve no funding from banks, if banks want to survive they'll have to change as they're clearly not suited to the modern world.
Today it's not about return ON capital. Today it is about return OF capital.
deep meaning comments. so true!
On a much larger scale, this is like the introduction of Napster and the like to the music industry. The paradigm completely changed, and the music industry was forced to keep up with consumers demands.
What a great comment!
Lowest cost and fastest settlement will win. Banks taking 3 days to transfer money via ACH will bleed out.
it's also about smart money this is why ethereum is worth almost $4,000 per coin
@@AndrewBouchierUK gate-crashing kidding hellholes McCune
@@ytoh6408 English please
You can do so via wire or apps like cashapp and venmo. The transaction costs of crypto are still too high
Bonfire and Saturna token bout blow past doge and safemoon 🔥 and Raptor token 🚀
They will be the new Facebook this is the cycle we are in. Thank me later!!!
The future is decentralised
No it is not. How mnay regiments does decentralized have?
@@newcoc4105 lol 😆 reply is with the past 🤣
Let’s go! Hopefully you’re right!
Absolutely comrade!!! And on public ledger, under surveillance, so we can control what everyone does and thinks!! You deserve many social credits!! The future will be decentralized, run by algorithms written by a pre-pubescent 80lb kid, run by 30yr old man children who think they are wiser than history. Welcome to the USSA!
@@patjustpat5014 How many MREs do you have in your basement?
Every day of my life I always regret selling my bitcoins 8yrs ago.
See how much its worth now.
You have to be calm
No one ever knew it would get this high.
True you have a point.
Crypto is the future, trading crypto has
become a lucrative way of making money
@@clancybrown754 Do you trade by yourself?
If I had known would have exchanged my wife for bitcoins
A new form of banks will emerge with new technology and services. Regulation will determine how it happens. The banks might change but aren’t going anywhere. Control over currency will always exist.
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Control over over currency will evanesce in deafening roar of History as power will forever struggle and money is just just a tool of it. Spread your eggs in various baskets, my best advice.
You're missing the point. Cryptocurrency is regulation and code is law. No need for gov or banks or centralized power sinks.
Any of that defeats the entire purpose.
No mention of decentralized finance and how banks could possibly be replaced by smart contract decentralized applications?
They have no idea how eth and ada will destroy them
they haven't gotten that far yet or how to use a DEX
They precluded it by describing elastic money supplies. That pretty much has to be centralized, unless the elasticity decisions were also decentralized.
Thats because they dont understand whats happening.
Its like when the car was invented and people couldnt understand how they would replace horses.
@@saberking6684 They have no idea how will destroy them
Banks brought this on themselves
How
Refering to 2009 crash? Lol
Right
Absolutely.
@@anthonyrobinson5532 in many countries they made digital transactions harder, and they actively blocked development, instead of making life easier for their population. governments are also to blame since they imposed strict rules to these transactions. now, probably they'll lose it all...
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Crypto, defi, peer to peer lending fix all those problems. We won't need banks.
We won't need governments either
They have not benefitted savers for an entire generation
Tbh savers don't really do much for the economy. Morally, why should savers be rewarded instead of the investors that spur the technology revolution?
@@Deloowix Banks use your deposits to make loans and charge interest on it, I might aswell lend the money myself and get the return, what purpose does the bank now serve? Just another middleman sector, before you say it looks after your money, 2008 was due to bad lending practices and it was me the tax payer who foot the bill the wankers, sorry bankers.
Facts, with interest rates so low I don't keep much money in the bank anymore. Not letting them use it to their advantage during these times.
@@ibzyc7036 please look the video again. Banks do NOT loan your deposit to others; loans are created out of nothing.
@@nasaboy2950 that is exactly what they want you to do...
I used to take one course "Money and Banking" for a semester in 1970s, which is essentially covered by this 10 minutes video and more (digital money).
cool
Crypto is not digital money.
@@michaelkavanagh5947 He didn't mention crypto. The topic of this video literally is digital money.
@uncle scam But government issued money
@uncle scam Explain
My concern with CBDC is the government deciding you have done something wrong in their eyes and freezing all your assets.
Like the IRS or satanic divorce judges?
That is 100% going to happen you protest against a political party, you say something you shouldn't have said online, bought too much beer or cigarettes.
Privacy and autonomy will be out the door. They are going to be two digital dollars one for regular folks like you and I. Another for high net worth individuals and corporations.
If this is not a front page out of a dystopian nightmare I don't know what is.
In Greece if you owe money to the government your Commercial bank assets will be sized and your accounts frozen without any Human intervention, it's just software commanding banks to do so. Governments would have the same level of control they have now with CBDC. If a government wants they can order Commercial banks to do whatever with your money in them at the moment. This video is just propaganda for the useless banks that just charge fees and interest for providing nothing.
@@edd2184 WEF predicted about 2030 You will own nothing but u will be happy.I think u know that.
Oh! AND THEY WILL!!!
banks have been ripping off their customers for centuries. time for a change
Wow, I'm impressed how you were able to spin fractional reserve banking to sound like something positive!
What are you talking about? It is positive. Without fractional reserves the banks could lend out as much as they wanted and the velocity of money would whip the economy out of control, as they have every bubble and crash before it was implemented.
@@carlmannhard8051 Fractional reserve banking is exactly how they lend out as much as they like. Are you trolling or just unclear on the concept?
@@carlmannhard8051 banks 🤢🤮
@@klompb No, you are wrong. Fractional reserve banking was implemented to prevent the banks from lending out all the money they oversee. If a bank couldn't lend out any more money than was actually in the bank vaults, then our economies would grow much, much slower.
Don't be rude and wrong at the same time. Pick one.
@@klompb NO system is perfect but Fractional Reserve is still better. So Carl is correct. However, You do sound like a GOLD BUG People!!!!
No, but the banks will finally learn their place when it comes to people's money. POWER TO THE PEOPLE! DO NOT BE AFRAID OF CHANGE.
Banks are the biggest frauds ever committed on us....they took the power to govs...now crypto will give it back to the people.
That is quite naive. The bank will always beat you through the LAWS. The most certain way of protecting your money are assets. And great tax attorneys & accountants.
@@capitaldude7119 no one can beat machines in laws ...atleast humans cant ....so crypto be unbeatable
@@chandel_rajputbundelkhand8490 Yes, perhaps no one can beat machines with laws, but all we need are humans (the Government) to pass regulations and tough laws, to push crypto against a wall and thereby, pushing people to "beat" crypto.... to beat the machines.
Laws already exist to prevent wrong doings and in time the way things run will become better. The banks have no more power the sooner you realize the better off humanity will be.
We need to keep cash if we want to keep our freedoms. Period.
Investment are stepping stones for success. Waiting for the government to provide is a big waste
The right choice of investment has always been a big problem for me because I know that picking up the wrong investment will leave a big scar in the future...
The only thing I will miss about banks is the higher salary they pay compared to other companies
After the 2008 housing crises, let me tell you, we won’t be missing banks that much.
Perfect concept for a total surveillance states.
Absolutely. That's the reason for this video, btw. They have to sell the idea of crypto to the masses, not just the selected few who already "own" crypto (it's just an illusion, they really don't own it). Meanwhile, banks and corporations are rubbing their hands and laughing at the gullible plebs who think BTC and other "alternative" currencies are going to mean much in the future.
@@Grutto, do you have a constructive argument or is this just a hissy fit?
Crypto is the only thing you can physically own.
@@jvnd2785 also, how do you not own your crypto when you store them offline in a cold storage wallet?
@@Grutto you do own it. You can buy a ledger and store it in there. Safest and best way
I think you completely missed the potential of decentralized digital currencies by focusing your piece on government issued and thus centrally controlled digital currencies
On purpose, they are invested in crypto failure
Exactly. I have no interest in acquiring government sponsored digital currency.
yup i was thinking the same. All the 'problems' they've mentioned in the video could potentially be solved by decentralized banking. In fact if a government adopt decentralized banking, they are investing in the trust of the people. We will know that they are on the side of fairness and equality. with smart contracts and governance, we know that there could potentially be no corruption that could take place.
also thinking why not the government just collect gas fees from all transactions instead. I know it sounds far fetched but, just a possibility
You completely underestimate state power they will bankrupt people speculating in dogecoins to teach people a valuable lesson about where power rests then we'll get surveillance money and there won't be anything we can do about it.
HEALTH IS YOUR WEALTH CRYPTO IS YOUR FREEDOM
"you might just miss banks if they were gone" is an interesting end seeing as I didn't hear any positives to the banking industry being in control. decentralized finance and the yields it brings will blow the old rickety roofs off of traditional banks and credit unions. they have been way too comfortable making millions and giving back pennies.
exactly, who even gonna miss the bank? we all use bank because it was needed and the only choice in the past. Not to mention in the developing country, 80% of the population are "unbankable", the banks there are just a glorified payment services, they are raking the profit without giving actual value to the community.
Decentralized Finance is the future.
Whats wrong with credit unions.
@@oscarosullivan4513 nothing inherently wrong with them, better than banks usually. just not an innovative vehicle like defi and what is coming in the next 5 years
@@GDBOYFilms well said
I don't think we have to explain why having a Centralized Banking system where everyone just holds digital dollars at the Central Bank is a bad idea right?
The Central banks and government control over everyone money is sinister. They could program anything into it. The people of the world would rebel against them.
right!!!
You are right only in world where common sense is common.
If they control technology, they control everything
@8:20 The last thing I would want is a direct relationship with a Central Bank.
Lol. That's not possible. Banks will own crypto and we all will be f*cked. You really think people will be free to do transaction without banks??? 😂😂
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The FBI looking at this comments section: 👀
End the Fed and the fbi.
Could? Absolutely certain they will! CBDC's will remove the need for any 'high street bank' and could well undermine the State and Government, perhaps even democracy itself as we know it. But do not get confused with digital currencies that are centralised and those that are de-centralised. One allows a Government and/or Central Bank to track every single dime you spend for the rest of your life - the other, completely anonymous. And to be clear - I would miss banks like a hole in my head.
crypto currencies dont concede loans. just another populist ideology. banks are more safer than ever. and they are open to government supervision in terms of tax regulation. you just have to be careful about what kind of products they are selling you and see their annual rating.
Remember when we were all forced to bail out the banks in the last financial crash?
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DEFI
@Favour Nelson scammer
DeFi is at risk of our governments trying to ban it
@@pa659 u cant ....?........
@@pa659 won’t happen
@@jakepaulwarYou are right a ban is unlikely but heavy regulations are likely to happen. Not all Defi project are 100% decentralized yet. Meaning there is possibility for the governments to dig up proof from faulty smart contracts, code, etc
The question being between the recessions every 20 years or so, how stable is your current financial system??
Far more stable than any other period
@@alexjones1738 so long as your government is competent and trustworthy enough and that's not even guaranteed for all situations.
Those poor, poor banks. More money and more problems. My heart goes out to the 1%. They'll be missed.
😂
Physical fading to digital appears to be the trend for a lot of aspects of shopping and finance these days. With online shopping, home working, and digital services, the need for a physical presence anywhere seems to be lesser each year.
3:52
Decentralise our financial system!
*Rich people plays the money game to win.* *Poor people plays the money to not lose.* *The goal of the truly rich people is to have massive wealth and the poor sees a surplus as an opportunity for consumption instead of investing it.* *change your mindset and do what the rich does,* *which is investing,* *investing and investing.*
That's true.
Cryptocurrency is a gamble. But everyone should be investing on.
Everyone knows cryptocurrency is a gamble majorly for the extremely rich.
But anyone who is not investlng now is missing a tremendous opportunity.
Yes. It's better to take risk and make sacrifices than to remain poor or settle for less..
Where can I find the special report she refers to by the end of the video?
Lol I work for a commercial bank’s trust department looks like I’ll be out of a job if I don’t move out fast. Many of our trusts are being transferred and beneficiaries are pulling their money out to spend!
Probably buying gold and silver and pirate chain & monero
As if governments don't already see all our transactions 😒
Lol yeah. Any digital transaction is already traceable by the government, in addition to the banks themselves, who can do what they want with that data.
Can we really call money from reserve banks "government" money if most of them are said to be independent?
Independent from the government, but still part of the State, just like courts are.
Here in Vancouver ...I can tell you that banks here are closing branches and moving online. No banks won't go out of business as long as they keep evolving and adapting . No doubt this is disruption like Tesla or airbnb
It's not just physical branches that aren't needed. Banks themselves will be gone.
i wish the media stop picturing crypto banking relation as cars vs horse carriages .. why not think of them as tv and radio ? complement each other as mass communication tool
This video doesn't talk about crypto lol, it's about digital CENTRALIZED money
@@rbd5868 @Rbd lol obviously you are easy to fall for smart PR.. It is like you are believing facebook saying help facebook free of charge instead of seeing that as a threat.. Allow us to track or pay the price..this video is an ad do not let banks fail.. Use banks.. Not "others" else you face dramatic consequences like privacy etc. Not addressing crypto is smart but implied.. You do not want to directly go against the momentum... I.e doge ^^
tv and radio do not complement each other. You do not use both at the same time do you? Or you listen to tv with one ear and radio with the other?
@@swojnowski453 in the 90s i listen to radio when i am in the car and i watch tv at home.. They both have their uses..
@@subrotoxing8214 the tv is a substitute to the radio. You even said it yourself, you substitute the radio for the tv at home... All substitutes have their uses...
No, I will not miss them. At all. Bye bye centralized finance. 👋🏼
Pick your crypto wisely, I would stick with someone like Monero for daily payments which protects your privacy.
This was all about how finance might be about to become entirely centralized by national banks' digital currencies...
Banks are biggest fraud institutions created ever...crypto gives power back into the hands of people
I HAVE ATTRACTED SO MUCH LOSSES TRADING ON MY OWN, I TRADE WELL ON DEMO BUT I THINK THE REAL MARKET IS MANIPULATED. CAN ANYONE HELP ME OUT ATLEAST TELK ME WHAT IM DOING WRONG.
Same here, my portfolio has been down the drain while I try trading, I don't just know what I did wrong.
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The banks can't get a part of small businesses, but they can from zombie corporations. I can see clearly what is happening. Thank you!
CB‘s digital assets? Not a word about decentralised blockchains, ethereum, defi, cardano and co. in a segment about future, digital money and loans? Economist readers are gonna be stuned about future ahead of us :D
Monero is best - untraceable, totally private from block 0 until the end of time
What she is saying is terrifying and for some reason they have happy childish music.
Yes, total slavery with all of your financial transactions tracked by the Government and the CBDC account able to be 'programmed'
I agree
That's the economist for you.
Ha, these economists could use some soft skills training.
What she is saying isn't terrifying. The status quo is terrifying.
Note quite: the goldsmiths gave customers a receipt for gold (or silver) left to be made into jewelry, or left for safekeeping. These receipts traded as money, an IOU backed by gold or silver. Alternatively, trading companies bought and sold commodities for clients. Sometimes the clients asked them to make/ collect payments by use of acceptances.
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The first half of the video is truly the life saver for a college student like me who is currently struggling with Macroeconomics！！
Considering that defi has started to gain traction, you can create token usd and those tokens are starting to get accepted worldwide in a huge p2p and in person networks. All those tech giants still rely on an underlying undisclosed bank, defi does not.
Banks brought it upon themselves. Now, more people are getting to know Cash is thrash and is designed to fail. 3 best and surprisingly easy ways to double/hold your funds in 2021 instead of banks; Real Estates, Gold, who can guess the 3rd?
Has to be stock trading!!! Made my first million through it earlier this year as a newbie after I met a professional from a reputable firm... Retiring by next year with absolutely no fears!!
@@randolphwagner7658 Thats really impressive. Have tried doing that on my own without any luck for sometime now. Who is this professional you worked with please
@@roynorris7682 "Martha Elizabeth Linsley", she was in the news when she revived Grumac company in 2018. You can look her up on the web to get more on her!
@@randolphwagner7658 Wow I know this pretty little lady. Met her once at a fundraiser in Dallas. Great speaker.
Stripping? Go fund me? Only fans?
Decentralized servers, no cyber warfare. Proof of work, proof of stake, proof of space
BEWARE OF THE SCAMMERS IN THE COMMENTS.
How did you only mention crypto once in an 11 minute video about the future of finance?
Right!? I thought that was what it was going to be about lol Especially when it was 11 mins of "but you'll make the banks sad"
In Russia you don't choose your currency, your currency chooses you
Dead meme
@@oscarosullivan4513 Dead meme
I love how the banks classify a debt as an asset on the balance sheet. The old saying " never be a lender or borrower", that's still relevant today.
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your loan is an asset to the lender
Think of owning a house. It’s an asset that can fetch you a rent income. Similarly, banks earn interest on loans they give out, so it’s an asset. Meanwhile all the deposits will be classified as liabilities, because banks need to pay the interest.
A house may suddenly get destroyed (maybe due to earthquake) and you lose all its value. Similarly, the person the bank loaned to may be unable to return it. Hence theres certainly risk involved in owning assets.
Certainly! Crypto poses an existential threat to the central banking system. Compared to fiat, it’s better in terms of faster transactions, lower fees and security. As a retailer I’ve also taken a big step to launch crypto payments in my business and have opened a merchant account with Capital wallet. Really proud of this decision of accepting cryptos in my business.
Crypto is the precursor the govts CBDC (but with no freedom). Crypto was allegedly set up by the 'powers that shouldn't be' to get useful idiots used to NO CASH... And you all fell for it.
Great video, thank you. The speaker needs a pro microphone, such as the Yeti, or lapel mike. The speaker's sound is not of decent quality.
Yeti is not a pro mic...more like an SM-7B.
Whatever direction the economy is heading, banks will find ways to capitalize on . Period
You forgot to mention your owner's took us off the gold standard and that's the reason for the "IOU" non backed cash.
Which is completely demonic and evil. Our currency is based on the whims of unelected, uncontrolled and unknown group of people
I still onlyu use hard cash. That way I get many discounts, and I don't see why the banks should get a slice of the pie with every transaction. But its really the discounts from many stores - at least equal to what they have to pay the banks when we use interact.
thats why its important to ask for that discount at every store every time you pay with cash, otherwise you will stil pay the cards commissions and finance credit card rewards for those who use them.
First thing first I can't miss them...now lets continue :-)
My friend, what do you think differently
Why was there almost no focus on crypto currency when this is a large and growing market and technology, poised to change the game?
It will never last as is. The reason is simple, the quantum computers they are attempting to create will make all forms of encryption obsolete. This erases all the current security standards and models. The fact is crypto currency has only been battle tested against technology that is already widely available publicly. Perhaps they do their own in house testing, but that is very limited and hardly a guarantee of security.
@@seanregehr4921although that's a great concern, but I don't think we are going to see powerful quantum computers rolling out anytime soon
@@seanregehr4921 also that only works for pow cryptos
@@seanregehr4921 doesnt work for proof of stake tech like cardano. Fool.
@@seanregehr4921 haha, Cardano and Algorand already are quantum proof, and many other blockchains are moving there
While I enjoyed this piece, I feel it missed a key aspect of the emerging digital currency market: non-state run, decentralized system or systems. To me, this has the greatest potential to both disrupt, shift power, and put control into the hands of everyday people. Failing to mention this creates a false narrative about future possibilities and risks or risk mitigation.
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+•1•8•0•1•6•9•5•4•0•4•8
I•n•v•e•s•t•inC•r•y•p••t•o
B•T•CA•N•D •E•T•H.....!!!!!!
Absolutely , this video presentation left out a big piece,!!! If she is so well informed why was it left out ???
What happens the day people wake up and crypto whales have exited the market, who will people turn to, the government? There's lots more to the financial system than the buzzword of decentralisation.
You know what central banks arent idoits that they control the money supply in a country, if there is more money supply than the economy is able to produce you'd face inflation. what about price stability? is your crypto stable enough to hold value in long run? what about tax evasion? i don't see how you expect people to use a volatile asset class as money.
@@fwd105 And what if whales don't leave because there is more adoption?
"In investing what is comfortable is rarely profitable.
"Never, ever argue with your trading system.
"Amateurs think about how much money they can make. ...
"The price of a commodity will never go to zero if not for the governments
"It's not always easy to do what's not popular, but that's where you make your profit money.
The crypto market has been favorable
in the past weeks, I keep missing out on
this opportunity, I'm most certainly very impatient. How can I ever make a profit in the crypto market?
There are platform where you can invest and they trade in crypto. Then pay you
profit either weekly or monthly. That's investing.
@@simeonaladi4121Thanks for your concern.
Yes In the crypto investment I have made 96.75 BTC in cryptocurrency I'm so glad I'm gonna have a successful trading portfolio but I'm from the UK anyway.
Huh wow
Who would want the government to have total control over their money?
Ikr. That’s like saying let the govt hold all your food and water for you. 😵
I don’t know what is scarier, digital currencies or the responses to this video?
Its the banks you should be scared of. Cyrpto is our saviour.
How are the responses scary, would you please elaborate thanks
@@GDKLockout Crypto idiot bot and its deluded preprogrammed response...
@@LEA82345 lol, do you even know what a blockchain is? Do you even understand fiat currency and the effect of printing cash digitally?
Do you even k ow what inflation is and the effect of printing 9 trillion dollars last year?
When you cant even dream of owning a house and your wages dont cover your rent, you might start gwtting with the times. Coz right now you sound like the idiot who thought the car wouldnt compete with a horse. Or that the internet was a fashion trend.
If nothing else will convince you, consider that i can can already pay for my grocery shopping with paypal. And paypal transactions are now conducted on the ethereum chain. Meaning i just bought my food using crypto, without needing dollars at all.
The bots trying to sell you crypto investors and the constant barrage of crypto drones are just an attempt to make people fall into FOMO, inflating the prices of coins to make quick pump and dumps. CBDCs aren't like that, and they are already being prototyped in various places. You don't have anything to worry unless you work in a bank or hate cheaper fees when transferring money, and even then, whatever bank less future some people envision wont come for a while(decades) if it even happens as they do still have a large sway in the world politically, as owners of large real physical assets and the employer of millions of people across the globe.
Hello, I'm new to forex trade And have been making huge losses but I recently see a lot of people earning from it. Can someone please tell me what I'm doing wrong
All you need now is a professional broker else you gonna continue blowing of your account.
@@brooksrodriguez3628 You're right sir, Thanks for introducing me to Mrs Natalie
People are scared of investing because of the high rate of scam in the business
@@wolfgangklaus3530 There are scammers but real brokers are out there for investors
My first investment with Mrs Natalie gave me profit of over $12,000 Us dollars and ever since then she has never failed to deliver and I can even say she's the most sincere broker I have known
this video has been due for years
CRYPTOCURRENCIES AND DIGITAL CURRENCIES ARE TWO TOTALLY DIFFERENT THINGS!!!
They intersect.
@@Cyber_Jar23 in the simple minds..The cryptos are a colossal Ponzi scheme...at global level..
Perhaps most important to ask, will the digital currency be under a central authority, or will it be decentralized? What are the advantages/disadvantages to each?
Decentralized means ZERO/NO ACCOUNTABILITY! This is a recipe for disaster.
Central is a problem only when there is no transparency/accountability. This means a centralized bank system can and will work only if full transparency and accountability is established and sustained.
The banks used to be solid like this many generations ago now. Then they made the banks private and cut off both transparency and accountability seemingly over night. They did wait a while before implementing their own private interests however, so many people never connected the two. Essentially they waited long enough for people to forget and get caught up with other seemingly more important decisions.
If it will be under some central authority, won't it be the same as central banks? The government could still look into your records that way?
@@seanregehr4921 Decentralised still identifies the money's general account via coin exchanges. Individual payments are autonomous via blockchain and free of control/manipulation. Taxes will provide states revenue for military, education and health.
@@seanregehr4921 Thats not what I've heard decentralized means. I've heard it means you own your money. The code, blockchain transparently states who owes who what, and accountability is on the safeguarding of this information. There is no way to hack blockchain with a working and fast quantum super computer. While quantum computers exist, the speed they need won't legitimately won't be around for the next 100 years. The best anybody can do is redirect the funds, but even this change can be tracked. I'm not sure how you see defi can decrease accountability. But I'm open to discussion!
The pseudo elites want to control it. We shouldn't let them.
This is an unsustainable concept at best. You cannot print infinite money without negatively impacting the economy.
You clearly need a mix of both...
Thank you
@@oscarosullivan4513 this guy is commenting on every comment on this video lol.
Business: I am selling money, you can buy as much as you like. We have made it slightly stable by making it hard to sell anything but small amounts, unless you are a player. (Think of it as interest on laundering drug money). Not sure if other businesses will see profit in selling money...
Change is always tough, but this kind of change is unprecedented... so it’s going to be really interesting to see how this plays out.
Of course politicians and laws will play a huge role here!
No need for those. Code is law! And politicians are centralized
Another factor to consider in this equation is DeFi. Instead of traditional banks lending, average people can lend their money out and gain interest on it using a decentralized protocol like Compound. This kind of thing could put more money into average people's wallets, a new avenue of passive income for people not satisfied with the super low interest rates on their savings accounts.
You are too nice with banks. You are not explaining about Seignorage revenue realized by the private banks on money they created from thin air.
Don't understand your comment; they so explain this.
This is called fractional reserve and was already explained at the beginning of the video.
I got liquidate twice today incase you think futures trading is as easy as traders post about it. The risk involved is too high and some time SL won't work.
It's funny if you didn't set signals you might get liquidated before you even go and close the market lol that hurts.
Long term is the goal. The entire cypto market is going through a phase and it's time for many person to buy cheap but as expected some who bought bitcion at $60,000 will sell off now at loss for $39,000 and then rebuy when it's back to $65,000. Understand the market cycle Guys!!! That's what my advisor always say.
@@lindseycarey6163 who is your advisor? if you don't mind me asking i have met lots of professional claiming to what they are not.
The market does not care about your feelings. it can give you money or give you lasting pain. Trade like a soldier.
@@fernandogael2953 Mrs Vanessa Clark that's her name.
Everyone hates banks and I have never understood why
With the current increase in the market I see Cryptocurrency as ultimately becoming a reserve currency for banks , playing much the same role as gold did in the early days of banking . Banks could issue digital cash with greater anonymity and lighter weight , more efficient transactions
If it hadn't been with the help of my broker Mr. Nicholas James whom I can't thank enough , I would have completely given up on the crypto market after loosing so much money
Oh I'm a bit surprised to know you work with him , I just received my ROI into my wallet through one of her platforms and I am pretty impressed by his strategies
wow!! you invest with Mr. Nicholas too ? I never knew he was much of an experienced trader , been on him telegrm for a while now but was skeptical , guess I'll have to check him out again because I'm frustrated having to lose money , I need a trusted broker with experience
Is there a link to him platform or how can I get in contact with him ? I'd love to diversify and try out new investments
you can easily get to him on tele gram
Absolutely. The design of western CBDCs is dreadful; effectively bypassing the need for a banking infrastructure. First, the small banks will go bust, then the larger ones until we reach Sovietization of the economy. In contrast, the Chinese CBDC is designed to utilise the banking sector as a means of growth. Oh and fractional reserve banking has been disproved by Professor Werner.
Social credit system and complete control is the plan!
Yeah right...
Here is a crazy Idea: Stop relying on monetary policy, act through meaningful fiscal policy and do your job of managing the economy via real policy and not numbershifting (aka monetary poicy)
So it becomes harder for businesses to get loans once the banks are replaced... does the same become true of personal loans, particularly for mortgages? That'd be a huge shift given the size of personal debts and a final nail in the plans of people to get on the housing ladder?
To those complaining: Just use cash all the time, every day, everywhere.
It's great..... already in Kenya we are used to mobile money and it's twice as big as all banks here combined
You should look at Cardano. If all of africa is the first to adopt crypto as their main currency, we will move into a new age of Africa leadong the world. You have all the metals needed for computing already.
Love the images of old computer technology - how did we ever manage!
My favourite clip was "So what the heck is Napster?"
@@gdsheppa2968 A formerly illegal music website
Id ride that hottub time machine back to 1970 any day.
I learned more about finance in 11 mins than I did in school 😆
I FEEL LIKE THE HODLING SEASON IS OVER, I'M TRYING TO GET INTO TRADING AS A ROOKIE, BUT I'VE HAD SO MUCH LOSS TRYING TO TRADE ON MY OWN, PLEASE WHAT STRATEGIES DO I NEED TO EARN PROFITS FROM THE MARKET?
Trading with an expert is the best strategy for newbies and busy investors who have little or no time to monitor trade
I will advice you should
stop trading on your own if you keep losing and start trading with Mrs Laura Morgan trading services
I lost £1200 carelessly trading on a
platform then I was referred to Mrs Laura Morgan she recovered the loss and made an extra profit of £4600
Wow I'm just shock you mentioned and recommended Expert Mrs Laura I thought I'm the only trading with her
@@scotjerkins5713 You don't need to be shock because I'm also a huge beneficiary of expert Mrs
Laura
"governments control your ability to where and where not to spend your money" hummmmmm I wonder where I've heard that before????
OFAC office of foreign assets control
Monero is fun for the whole family
Monero is a centralized currency so it won't work as a real digital currency
It’s also one of the least traceable cryptos no one wants their kids to get busted buying narcotics.
@@nathanashley2693 Thats the problem
The central banks hate 4 things. #1: a bank run because they only have about 1/8th of the actual cash in their vaults versus what they have on their accounting ledger. #2: A real independent audit where they have to allow an outsider to come in and actually count the money and compare it to what's on their books. #3: Digital money because they can't do fractional reserve banking and change the money supply into their favor. #4: Decentralized Blockchain accounting ledgers because it puts them out of business.
Fractional Reserve Banking in a F.I.A.T. currency (that your country can issue) Is WORTHLESS ! Just giving all this wealth to Commercial banks from interest and fees to provide NOTHING ! Why not have ONLY the central bank issue money and they can expand and contract it as needed ? China has this central bank crypto they accept as central bank money. I like that idea !!!
Fractional Reserve Banking Has value ONLY in something a country can not issue. So for example if a third world country has USD or Gold as it's currency and it uses Fractional reserve banking to expand it's money supply on the monetary asset it can not issue.
Banksters are like parasites, and the digital currency is a curse.
There is no equilibrium when you add time and movement.
Monero!!
W•H•A•T•S•A•P•P
+•1•8•0•1•6•9•5•4•0•4•8
I•n•v•e•s•t•inC•r•y•p••t•o
B•T•CA•N•D •E•T•H.....!!!!!!
You can go shopping if they allow you to, basically..... that is exactly too much control.
in decentralize system it will only takes seconds to settle your transaction while in bank before you can withdraw your hard earned money they will ask you a heck of personal information tons of documents for proof of your purchase etc. then you will wait for 3-5 working days to verify your transaction.
i hope in mars no more banks.
Decentralisation would also mean that hackers and such related non-state actors can acquire your hard earned money. It can also mean that you see an increase in global cyber attacks and terror financing thereby leading to a greater destabilized world. So isn't it just better to take some time and fill some more information about yourself than watch the social fabric effectively fall apart?
"Innovations like these could also disrupt the financial equilibrium"
Oblivious enough
Innovation should always be cherished.
If anything giving the people the ability instead of centralised banks will only increase the equilibrium
yes may have a big dip recession but its what you do in that said recession which will bring you out the ther side