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RE: Banks vs Crypto. Steem, asset or currency.
You make some interesting and humbling points there. It's hard to really see how things will turn out in the grand scheme of things but if one thing should be made clear it's that you should only spend what you can afford to lose in any investment, whether it's fiat or crypto.
Investment is risky business in any arena, one needs to have a strong stomach!
I liked the optical illusion too, pretty cool effect!
Merry Christmas 🎄
I agree with what you say on investing.
However it should be more clearly defined what people are investing in. What the Crypto is should be emphasised asset or currency. That Crypto can be a currency is what the majority of population hear. Reducing the need for banks.
Problem arises is that there is no ambition to make a usable digital currency.
Season greetings
Well, the way it works in the UK is you only get taxed once you have converted everything to £ and back in to fiat. Anything converted above £10,000 is then subject to capital gains tax so that's how it works here.
I think of cryptocurrency like another currency really. You can't use £ in Europe or USA so you need to exchange and then you can use it in that country/network. Then if you want to convert it back to your own currency you can.
There's still a long way to go with it all but like you mention if there's no use for a digital currency then it will die off (like anything really, and we have seen this with a few projects already).
I think most would agree that the current system of finance is full of corruption, If not corruption, full of faults within the system. Financial systems of today are designed to enrich those who already possess wealth. This works by default. The side effect is a majority will continue to find things harder and harder financially with time.
I see no reason why at the moment a Standard Digital currency cannot be established. Pegging other currencies digital or fiat to it, Not it pegged to another currency.
I see methods of how this can be done with agreement and expansion comes from the benefits provided. Stability and usage.
Prevention of this is the greed factor If something moons people want to have as much as possible of that token.
We could go around in circles talking about this, for the last two years I have been saying this same thing. Creating a usage for Steem and the ability to have a related token as a measure to standardise. Initial profits are limited because of the re-investment needed, Thus short term visions blocks the benefits of a future.
P.S. Our new project Silver Quest does aim to provide a start to this change.
I sit regular in the voice chat of The Alliance Should at any time you wish to connect on topics like this.
https://discord.gg/rWeS8K
This is like multiple levels beyond my current understanding of economics and money. I know there's something fundamentally wrong with the way it's currently running in the financial system. Only have to look at previous recessions and the actions taken by "those in charge" to see that something is grossly wrong with the situation.
Glad I stumbled across your blog, I've not heard of Silver Quest or the Alliance so far on my steem journey so will have a look at what it is you're talking about as I like researching stuff to have an idea.
Catch up with you soon!