Why Cryptocurrency Is The Solution For Wealth Inequality
(Edited)
Have you ever considered why the present system creates greater wealth inequality with the passage of time?
In this video I discuss what is wrong with the present financial system and how cryptocurrency solves this problem. The solution is inherent to the crypto/blockchain system and how it operates.
Thus, crypto solves the problem naturally.
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BEER.Interesting take on the distance we are from the money. In that sense, crypto is definitely the closest thing that a normal person might be to wealth. I also want to move away from the current system but I don't think the transition will be easy.
Most of the normal people want to rely on someone to validate the transactions and its one reason why we have lost control. Until the normal people can trust someone online, I find the move from central bank controlled currency will be tough. Maybe this is where AI or bots come in since it will give people some assurance.
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Online trust is a hard, complicated thing.
The internet is full of scams.
Some people trust/trusted even absolutely unknown persons, and some of them are falling/has been fallen for scammers.
Even if you trust someone online, it is not always easy to verify the identity of that online person.
People should be (more) careful, when they trust someone online.
It definitely is and I think that is one is hardest part to get people to trust crypto as a medium. If we have a bot or software that does specific actions. The only problem is you still give up part of your trust to the person who has the wallet. I guess it might be solved if we had some smart contracts to prevent it.
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Summary:
In this video, the speaker discusses wealth inequality and the flaws within the current economic system. He argues that the disparity in wealth distribution is a result of policies implemented by the Federal Reserve and other central banks over the past 40 years, leading to the concentration of wealth in the hands of a few. The speaker criticizes traditional attempts to address wealth inequality within the existing economic framework, such as tax policies and stimulus packages. The speaker emphasizes the potential of cryptocurrency, particularly blockchain technology, to revolutionize wealth distribution by allowing individuals direct access to financial opportunities without the involvement of multiple intermediaries.
Detailed Article:
The video delves into the issue of wealth inequality and how policies set by central banks, especially the Federal Reserve, have resulted in a vast wealth gap. The speaker argues that attempts to address this inequality within the current economic system are futile and doomed to fail. He points out the continuous deficits run by the United States over the past four decades, highlighting the cyclical nature of wealth concentration towards those in proximity to the central bank.
The speaker criticizes the recent influx of stimulus measures and money printing by central banks, especially during the COVID-19 pandemic, noting that these actions have only exacerbated wealth inequality by benefiting the wealthy elite disproportionately. He mentions how individuals like Jeff Bezos and Elon Musk have seen exponential increases in their wealth, while the average American received minimal financial relief.
The video transitions to discussing cryptocurrency as the solution to wealth inequality. The speaker explains that blockchain technology offers a direct pathway for individuals to access wealth without the involvement of numerous intermediaries like central banks, commercial banks, and corporations. He contrasts the intricate flow of money in the traditional financial system with the simplicity of blockchain technology, where tokens generated directly enter individuals' wallets without debt accumulation or intermediaries taking a large share.
The speaker underscores the revolutionary concept of cryptocurrency in reshaping wealth distribution by allowing individuals to be in close proximity to the origin of money, thus enabling significant wealth creation for everyone. He emphasizes that cryptocurrency eliminates the layers of intermediaries present in the current financial system, providing a more equitable distribution of wealth. The speaker concludes by highlighting the potential of blockchain technology to transform the economic landscape and enhance wealth distribution on a widespread scale.
In essence, the video showcases a critical perspective on wealth inequality, traditional economic systems, and the promising role of cryptocurrency, particularly blockchain technology, in revolutionizing wealth distribution and empowering individuals to access financial opportunities directly.