Let The Unbanked Remain as Such! "We Got Options..."
Elon Musk may come across as a bit of a lunatic to some, and to a certain extent, perhaps he is. However, it's essential to acknowledge that behind his eccentricity lies a visionary with an insatiable desire for greatness. Without this drive, he wouldn't have achieved what he has. Additionally, he's undeniably a maniac for attention, a point I've emphasized numerous times on my blog.
Let's pivot to the facts and data. Just a few weeks ago, Musk stated in an interview that Tesla is poised for a ChatGPT moment, envisioning a future where 3.5 million cars suddenly gain the ability to drive themselves, with that number rapidly increasing to five, then ten million. Despite the intensifying competition in the EV sector, Musk continues to demonstrate his visionary prowess.
Consistently, Musk appears to be ahead of the curve. His recent announcement regarding Tesla's unveiling of the Robo taxi on August eighth aligns closely with discussions I've previously had on my blog concerning tokenized ride-sharing. While specifics regarding the Robo Taxi remain undisclosed, it's prudent to avoid shorting TSLA at present.
Musk maintains a high level of activity on Twitter, essentially becoming synonymous with the platform. As mentioned previously, he envisions transforming the app into an "everything app," incorporating features such as messaging, calls, money transfers, and job listings. This ambitious endeavor underscores a broader trend of alternative financial institutions seeking to disrupt traditional banking systems, although many ultimately transition into conventional banking entities, as seen with Revolut.
These developments are monumental and align with a growing trend towards comprehensive digital platforms offering a myriad of services. Musk's ambitious vision for Twitter exemplifies his penchant for disrupting established norms and reshaping industries.
Two days ago, I purchased a modest 0.23 ETH (£550) through the Revolut app and attempted to transfer the funds to my personal Ethereum wallet, which is linked to a well-known ENS domain. To my surprise, Revolut blocked the transaction and took fees from the account. Moreover, my entire bank account, including a joint account with my wife, was frozen.
After several hours of frustration and confusion, the account was eventually unfrozen, and fees were refunded after a further request. However, the specific wallet address remains blocked, preventing me from sending funds to that account. This experience has left me questioning the true nature of Revolut’s supposed crypto-friendliness. Given the alternatives in the UK, Revolut remains the best option for those unsatisfied with traditional banks, but it is a low bar. I believe that incidents such as these have less to do with Revolut being ‘anti-crypto’ and more to do with a fear of regulatory retribution.
Still, the chat transcript between Revolut’s support team and me reveals a lack of transparency regarding the reasons behind the account freeze and the wallet address block. The support representatives could not provide a clear explanation, citing internal policies that prevent them from sharing the specific reasons for these actions.
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The highlighted situation above is not unfamiliar in traditional banking practices. Such incidents can occur with anyone's bank account or exchange wallet, underscoring the paramount importance of self-custody whenever feasible. When dealing with exchanges, utilizing decentralized exchanges (DEXs) becomes imperative to mitigate such risks.
Now, let's revisit the topic of Elon Musk and his potential role in propelling DOGE to become the currency of the people. Musk could potentially provide access to the financial future through the DOGE blockchain and radio-transmitted transactions.
“Banking and investing have never been like this: No minimums, no fees, and no hassles. Move your money where you want, when you want, for free. It's fast, it's simple, and it's secure.”
-http://X.COM (2000) and
What are your thoughts on Elon's suggestion of elevating DOGE to the status of the people's currency, symbolized by the iconic meme depicting "the dog" overtaking the traditional financial system? It's conceivable that he had this idea in mind, especially considering the surge in DOGE's value following his remarks in 2021.
Indeed, while central bank digital currencies (CBDCs) pose a looming threat, the emergence of viable alternative payment methods based on decentralized blockchains like DOGE or HIVE offers a ray of hope. HBD, for instance, has demonstrated resilience in countries such as Cuba, where it serves as a payment medium through the lightning network, facilitated by platforms like @v4vapp. It's foreseeable that such alternatives will continue to proliferate in the near future.
The trajectory of alternative banking isn't bound to a single blockchain; instead, it will revolve around mutual complementarity, tailored to our diverse needs and available resources. While some regions may gravitate towards DOGE for accessing the future of money, others might lean towards HBD.
Ultimately, the ability to navigate around the flawed banking system and flourish despite challenges is paramount. That's precisely what we're striving to achieve.
Thanks for your attention,
Adrian