How The Eurodollar System Shows This Is Not The End of Crypto
Many especially Dr Doom are out there touting the idea that this is the end of cryptocurrency.
In this video I discuss how I tried to let everyone know what the crypto system is paralleling and how it cannot be taken down by a single failure.
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i also think, that in the next future we get better days.
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He just needed a little space.
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Hot Take:
Proof me wrrrong.
Btw, EZB has the possibility to block transactions. They've done that to some of my business partners due to USD/EURO transactions outside to inside the EU Zone. It can be the same Bank to the same Bank, they don't care - money laundry laws. You can prevent delay by telling them upfront, a couple of days is usually enough, and the transactions will flow smoothly and easily.
That isnt Eurodollar system. THat is overnight lending using assets that are, more often than not, off balance sheet.
It has nothing to do with currency or accounts for commercial users.
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Crypto will suffer in the short to medium term but I do believe it will still be alive. Just think of it as cutting off some fat for now because of all the bloat we got over time. I just remember all the scams and pump/dumps in crypto that everyone keeps talking about.
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Summary:
In this video, the speaker discusses the concept of the Eurodollar system and its decentralization, contrasting it with the evolving cryptocurrency landscape. He emphasizes the decentralized nature of the Eurodollar system, where transactions can occur between entities with minimal oversight from central authorities. The speaker argues that the current state of cryptocurrency, including platforms like FTX and Celsius, lacks the true essence of decentralization and replicating the wholesale banking system. He stresses the importance of creating a decentralized reserveless money system without the involvement of traditional banks. The speaker dismisses claims that FTX or similar entities could bring an end to cryptocurrency, likening the situation to the 2008 financial crisis and the collapse of Lehman Brothers.
Detailed Article:
The speaker starts by addressing the prevalent narrative of the end of cryptocurrency, attributing it to individuals like Rubini who propagate fear, uncertainty, and doubt about the future of digital assets. He delves into the Eurodollar system, explaining its decentralized nature despite not being permissionless like cryptocurrencies. The decentralized transactions between banks within this system highlight the freedom from regulatory control and external influence.
Throughout the discussion, the speaker draws parallels between the Eurodollar system and the evolving landscape of cryptocurrencies. He emphasizes the need for a decentralized reserveless money system akin to what traditional banks have created but without the reliance on centralized institutions. The speaker critiques current cryptocurrency projects such as FTX, Celsius, and centralized blockchains for failing to embody true decentralization and replicating the wholesale banking system effectively.
The video underscores the significance of user-to-user transactions and bilateral agreements in both the Eurodollar system and the ideal cryptocurrency infrastructure. The speaker argues that the true essence of decentralization lies in direct peer-to-peer interactions, eliminating the need for intermediaries. He dismisses the notion that platforms like FTX could bring an end to cryptocurrency, likening it to the collapse of Lehman Brothers, which did not destabilize the Eurodollar system.
By emphasizing the importance of infrastructure, peer-to-peer interactions, and collateral in financial systems, the speaker challenges the narrative of cryptocurrency's demise. He advocates for a robust, decentralized reserveless money system built on technology and entrepreneurship rather than relying on traditional banking institutions. The video concludes with a call to ignore doomsday predictions about the end of cryptocurrency, positioning the industry as still in its infancy with immense potential for growth and innovation.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.