The problem with crypto isn't that it's a scam. Or a bubble. Or utilized in any significant way today to evade taxes and finance terrorism.
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To which I respond: EXACTLY. . It’s why Act 3 of the web could also be the foremost dramatic yet.
In a way, the demise of the present economic system was embedded within its own creation. the important question was always: “What comes next?”
The Triffin dilemma
It’s why Act 3 of the web could also be the foremost dramatic yet.
In some ways , the deficits of the U.S. are structural in nature. The U.S. now accounts for about 15% of worldwide GDP, but the dollar still accounts for quite 50% of international trade.
A decade of stimulus, accelerating deficits and $6+ trillion in COVID-19 relief spending are bringing questions of sustainability to the forefront.
The sad reality is real returns on government debt have gone negative – you're literally bound to lose purchasing power holding these assets. wiIth over $75 trillion in U.S. debts outstanding and rising by the day, buyers are starting to flinch.
So, friends, we discover ourselves here: a broken, regressive economic system whose only realistic path to paying off its massive debts is devaluing the currency, which can only further accelerate the adoption of a replacement hyper-meritocratic crypto-economy which will likely cause further social unrest.
I obviously expect nation-states to place up a fight, which is why crypto assets are still sublimely “risky.” Yet, governments will find themselves during a bind.they will only ban their own constituents from owning them, pushing the innovation (and the financial gains) of the internet’s next iteration to the shores of geopolitical rivals.
The real problem (for governments)
The next 10 years approximately are going to be wild, but it’s impossible to place the genie back within the bottle. Crypto is here to remain . rather than the hourly price updates from resident cheerleaders on Twitter, more people should be asking:
What would a crypto-denominated world actually look like?
Many people in emerging markets are going to be less subject to corrupt politicians and monetary mismanagement that's still too fresh within the minds of the many in Southeast Asia , Latin America and Africa. not would political negligence or corruption destroy citizens’ life savings. Financial access would be civil right .
Despite the distribution of ownership to users or early adopt
my sense is that a crypto-denominated world will cause a good more cutthroat meritocracy than the internet-laced world we inhabit today. the first and tech savvy with Swiss bank accounts in their pocket will bounce from friendly jurisdiction to jurisdiction while left-behind nationalists rage against the established order .
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