Blockchain Visions © Richard Macatiag Donovan 2021
“An investment in knowledge always pays the best interest.” Benjamin Franklin
The advent of cryptocurrency has highlighted one major flaw with our economic financial system the world over. Yes in the times of transitioning from the barter systems of yore, to a form of tokenised hard currency representative of value, (coins and money) recognised nationally, within an Empire’s borders’, was an evolutionary step in the direction of the future. As the saying goes “with great power comes great responsibility” and the power struggles ever present in the world’s history are directly relative to a few things of value, which evidently gave cause for war, these being land; financial wealth and control or power over people which was attained by the acquisition of both the aforementioned. The underlying variable which leads to the collapse of ethical “value” of hard currency and wealth accumulation is corruption, which in most part is fuelled by greed. This is a sign that those who held the power of wealth were/are irresponsible.
“...all money mankind has ever used has been insecure in one way or another. This insecurity has been manifested in a wide variety of ways, from counterfeiting to theft, but the most pernicious of which has probably been inflation.” - Nick Szabo Bit Gold 2005.
With smart contracts and an immutable digitally distributed public LEDGER system in the form of blockchain technology, it allows for an increase in security over the data which governs the wealth. This is not to say that it is not able to be penetrated and “attacked” with intention of malice and theft, this is merely to state that the ideal of secure investments is more realistic given that the advent of this invention has shown and proven in only a short amount of time, it’s ethical “value” not monetary value, for in short it is priceless. How can one put a price tag on a technology which has not only shown it can save global economic and financial decline?
It also has shown and proven that it can coexist and be developed to suit both centralized institutions and decentralized communities and environments which are the substructure ecosystems built around and upon not only cryptocurrency, existent also around commodities such as; precious metals, medicine, food, logistics and transportation and all pop culture, that becomes a stock item listed in the open market readily available for any citizen to become shareholder of, and party to the growth thereof.
“It is argued that blockchain technology has the potential to restore trust in the banking sector by introducing a level of transparency.” -The Use Of Block Chain Technology In Different Application Domains. Bachelor Project In Software Development. The IT University of Copenhagen May 20th, 2015
Remove the term and title Cryptocurrency, and replace it with digital assets. What has been created are digital assets built around the ideals and visions that we can change the world around us, by creating better systems of; data and information exchange, storage and distribution, thus creating a valuable asset to further the evolution of mankind. This is the way we develop the future from today, of not only Information and Technology, inclusive within this newly built infrastructure the bigger picture real world applications thereof, consisting of Utopian ideals crafted around democratisation of the world one ecosystem at a time.
“At a global level the Great Predators still effectively decide when a country is deemed to be acceptable to further injections of finance capital, overwhelmingly a position reached through adherence to neoliberalism.” - Sarah Bracking, Money And Power - Great Predators In The Political Economy Of Development 2009.
Why is physical money the bane of humanity? This being the Digital/Electronic Information Age, most things finance and asset wise have been digitised or at least, have in place of physical tangible assets a digital record or token of value. Now the next evolution of tokenising assets is forging its foothold in the economic infrastructure of society’s webbing, the world over.
Not to repeat countless socio-economic and socio-political writers, however our wealth systems are built around debt. We are subconsciously trained to buy into debt to move forward, which technically makes no sense whatsoever however, we do it, we sign to credit cards, mortgage houses, refinance physical assets such as vehicles and collectibles in such a manner that we are convinced it is escape mechanism given unto us by the financial system at play. This is the greatest of all scams.
“Be your own bank” is the catchphrase for the cryptospace. This is not to say that the implementation and use of financial institutions will become obsolete, on the contrary, they will still exist, as will physical fiat and paper money for quite some time.
If you haven’t learned by now, you should DYOR, and find out for yourself that debt is what built our cities. Borrowing and lending is the vicious cycle which the banking and finance sector inclusive of the Stock Market rely on to thrive and flourish. We too have become reliant on this cycle of debt, and a lifestyle based on borrowing and lending, in place of actually investing. At an early age I was taught to invest time and talent in place of money to raise the money to replace the time after the fact, in reflection that is what we should have been told and showed as an example by our predecessors and superiors at life, the adults, in place of a system which relies on our own “lemmings” mentality of “monkey see monkey do”.
How is this possible? “Lead by example.” Our world leaders from the top tier positions down to the base level plebs namely us; the worker bee drones of the hive collective, have been shown through display of; National Budgets, National Debts, and National Economic Position in relation to the world, that debt and this lifestyle built around borrowing and lending is ok, eventually we will slowly alleviate the debt through accumulation of more, and if not in our lifetime/s the next generation will pick up the tab where we left off. Is this a logical progression? In short no, it is not...Computer Science Wizards: Nick Szabo, Master Satoshi Nakamoto, and Vitalik Buterin are but 3 examples of Visionaries of this Digital Information Age, who have all lead the way in purposefully constructing environments and ecosystems around digital assets of value which enable self financial freedom and a real scenario where by we are our own bankers.
Why is this relevant?
“Ask not what your Country can do for you?, [rather] Ask what you can do for your Country?” President John F Kennedy Inaugeration Speach.
This empowers us to assist in alleviation of our Governments’ debts, by not putting ourselves into the back pocket of the banking sector, placing the power of wealth control back into the hands of the people, this is decentralised democratization.
“The survival of democracy depends on the ability of large numbers of people to make realistic choices in the light of adequate information.” Aldaus Huxley, BRAVE New World Revisited. 1958
Pt1.3 coming (next Block Chain Visions 1 - 3)
