The Worst Reason I’ve Heard Why Fiat will Outlast Cryptocurrency

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Someone posted the below response to a recent article I posted:

Your condescending article completely ignores the array of interests that have the perpetuation of fiat money as the primary aim. Have you visited crypto forums and taken a hard look at those involved? Bitcoin is succeeding in destroying little else besides the environment. POW is an insult to the planet and unnecessary as a validation scheme. If that is the future we are in bigger trouble than we know.

It got me thinking on a number of fronts

Condescending in which way? To dare to dream of an alternative which provides more equitable value to billions of people? It’s no coincidence that cryptographic money grew off the back of a financial crisis which punished none of the people who profited from the demise of so many. Money is broken. Younger generations can no longer afford to live the lives previous generations expect as a birthright. I find it naive to suggest PoW can be used as a critique when we have willingly inflicted such damage on the planet through fossil fuel consumption driven mainly by our egotistical desire for bigger cars, homes, holidays and everything else. Bitcoin didn’t exist until a decade ago and the environmental damage is used as a stick to beat it with? Please. Those pedaling those fallacies benefit from the status quo.

Fiat and Crypto needn’t exist in isolation. An increasing volume of our economy is digitized, where it makes little sense to operate in atomic units of value which require friction to exchange. Not only that, the denominations are too large to allow for the emergence of a more decentralized web.

I frequent Reddit and telegram, and as the rise of finance and the internet before it, there are good actors and bad. Every ‘gets rich quick’ scheme that exists in cryptopia is replicated from somewhere else. How many wall street bankers do you know? Are they all the scumbags that peddled CDO’s that collapsed the global financial system? Of course not. Are some of them? Absolutely. To tar any movement with the lowest common denominator garbage is to inflict your biases on something you don’t understand. It’s lazy in the extreme and intellectually dishonest. When you see a strawman it’s your responsibility to burn it to the ground.

To look at the innovation through the lens of what currently exists misses the point. The key is understanding the impossible which isn’t tangible. That is where innovation will occur. The onus is on innovators to deliver those things in a way which delivers mass consumer benefit. That is what I am building personally.

Consumers currently have no alternative to this

Crypto gives them an opportunity to not just own their data, but profit from it or use it as a currency. To do that the boundaries between the digital and the analog, finance, data, health, education, and life as we know it must blur.

What we need are digital passports linked to a digital self which allows us to participate in this world. What we require are data banks to store all our information personally rather than on hundreds of servers which can be hacked around the world. What we need are the tools to enable these things in a frictionless manner, where we can buy and sell energy from a complete stranger and trust that we will get paid without expensive intermediaries.

What we require are tokens and smart contracts to enable this to emerge

If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.

Satoshi was right. The key is to focus on building the future rather than arguing with people who will never understand. The route is to be ignorant of those who think what currently exists is fair, just and right.

Do you want to live in a world where a banker dictates the conditions in which we live? Are we willing to give up control of our lives to people who can dictate terms and conditions?

You must own yourself

We must take back control.

The rise of the internet was enabled for the mass market by free routers and AOL CDs. It existed before then. This is the same for crypto and blockchain. That future is already here, it’s just not very evenly distributed yet.

What needed are products that people can use and understand from the box.

You can see them coming

Written by

CEO / Founder / Coach @FirstbaseHQ Empowering people to work in their lives not live at work ✌️✌

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