Multiple Currencies Keep The Gatekeepers At Bay
Cryptocurrency is not going to be a system of one currency. This is contrary to what the maximalists believe.
In this video I discuss how the gatekeepers are often in place due to the fact that most transactions occur in a single currency. With cryptocurrency, the fact that many are being established means that gatekeepers will have an impossible time remaining relevant.
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I think legacy system actors might even prefer the bitcoin maxis way, where they would be in total control if they control just one asset (bitcoin). Sure, they may prefer the current status quo, but that's the best next thing for them, and they may end up with even more control this way.
I agree with you. This fits into their realm of where they can control things. That is not what this is about yet it is exactly what they want to turn it into.
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It's definitely concerning and while I don't think they can buy up every BTC, they could easily get enough to cover most of the BTC in circulation. So this adds another reason why I don't think it will work. Personally I just don't think a deflating currency will work because people won't spend if they can hold on to it.
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That is true. Most do not realize how fixed money created an economic system that was even more heavily tilted than what we have today. Nevertheless, they still want to promote it.
Bitcoin as the only currency would end up collapsing the entire economy. People do not realize how bad a deflationary spiral truly is.
As for the money players, they are very powerful so there is no doubt they would accumulate most of the supply just like they did with gold.
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Summary:
In this video, Task discusses the future of cryptocurrencies and the importance of embracing a multi-currency world instead of solely relying on Bitcoin. He argues that having multiple cryptocurrencies helps keep gatekeepers at bay, preventing entities like Wall Street and commercial banks from having too much control. Task emphasizes the benefits of a diverse range of currencies and the tokenization of assets, pointing out that it fosters resiliency and reduces the power of centralized entities. He contrasts this approach with the Bitcoin maximalist perspective, highlighting the potential risks of transferring control from traditional gatekeepers to those who may dominate Bitcoin.
Detailed Analysis:
Task starts by addressing the common belief among Bitcoin maximalists that Bitcoin will replace traditional financial systems entirely. He challenges this perspective by advocating for a multi-currency world, where various cryptocurrencies serve different purposes, leading to decentralization and preventing the concentration of power in the hands of a few gatekeepers like Wall Street and commercial banks.
He emphasizes that having multiple currencies creates resiliency within the system, as it becomes harder for gatekeepers to exert control when faced with a wide array of alternatives. This resiliency is further reinforced by the integration of decentralized finance (DeFi) applications and the rise of decentralized autonomous organizations (DAOs), which provide additional layers of decentralization and flexibility.
Task touches upon the potential of incorporating gaming, universal non-fungible tokens (NFTs), and the tokenization of assets into the cryptocurrency ecosystem. He predicts that these developments will enhance the decentralization of tokens and expand their utility across various platforms and applications.
The discussion shifts towards the risk posed by traditional financial giants like Wall Street acquiring significant amounts of Bitcoin, potentially undermining the decentralized nature of cryptocurrencies. Task highlights the vast financial resources of entities such as BlackRock, Fidelity, and tech companies like Apple, suggesting that their actions could centralize control over Bitcoin if left unchecked.
In conclusion, Task emphasizes the importance of embracing a diverse range of cryptocurrencies to prevent centralized entities from monopolizing the digital asset space. By promoting multiple currencies and reducing the influence of traditional gatekeepers, he envisions a future where financial systems are more resilient, flexible, and less susceptible to centralized control.