🏦👉🔥 Will FIATS eventually collapse?


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🏦👉🔥 Will FIATS eventually collapse?

According to the Central Bank Digital Currency tracker, there are over 100 CBDC projects being developed. Some are in the research stage, others are proofs of concepts, and others are fully developed and being tested out in the wild.

Most banks seem to be lagging behind the digital revolution and are playing catch up. Some others have not even attempted to adjust to this financial historical shift. Their stubbornness and arrogance make them believe that on-chain digital currencies will soon be a thing of the past.

There seem to be clear signs that FIATS are failing all over the world. Sri Lanka is one of the latest nations to announce that will not be able to meet its financial obligations, rendering the country “bankrupt.” But, countries do not go bankrupt as companies do. Assets are repossessed by creditors in the case of an individual or corporate bankruptcy, something that can’t be done to a nation’s assets (unless assets are located outside the country).

Nations that can’t meet their obligations are forced to restructure their debt in an attempt to pay as much as possible. In the future, these nations will not have easy access to credit. And if credit is granted, they will be charged a high-interest rate on their loans. Also, the defaulted country’s credit rating will suffer, preventing foreign investment in the country.

Additionally, most of the time, the government of these nations have been creating money to pay off domestic loans and international obligations, which fuels inflation.

The Great Depression, the biggest economic recession in the history of the United States, occurred due to mismanaged economic policy and a series of wrong decisions by local Federal Reserve banks, according to former Fed Chairman Ben Bernanke.

The Financial Crisis and the Great Recession of 2008 were other examples of the US economy tanking due to the Federal Reserve slackening its hold on the economy and pursuing a policy of loose interest rates. Also, many policies benefit those in power while leaving the working classes in dire financial situations.

The complexity of the modern financial infrastructure has also complicated the role of central banks in an economy. As money takes on digital forms, the velocity of its circulation through the global economy has increased. (Investopedia)

Even though we are very early, we have plenty of evidence that Digital Currencies can solve many of the above-described issues. For example, Bitcoin’s network eliminates the need for a centralized infrastructure by streamlining the process to produce and distribute the currency. Anyone with a full node can generate bitcoin at home. Intermediaries are not required for peer-to-peer transfer between two addresses on Bitcoin’s blockchain. Therefore, a network of banks chartered by a central authority is not necessary to distribute the cryptocurrency. Moreover, Bitcoin has eliminated double-spending and it holds a steady supply (no irresponsible money printing).

Bitcoin’s network is a trustworthy system. In this case, trust is an algorithmic construct. It’s a global currency, which means anyone in the world with a digital wallet has the ability to receive and send money, replacing the need for a local centralized bank account.

BTC may not be the best or only solution, but it definitely has the ingredients of a more just and democratic form of money. The days of a centralized financial institution (which is composed of humans like you and me) are coming to an end. Money has to be redefined by all of us and understood differently, in order to achieve the monetary changes that all of us need.

In a more global world, we need a global currency. In a more free world, we need a FREE currency. In a digital world, we need a digital currency…

More than 100 countries are playing with the idea of CBDCs and others are just straight-up adopting Bitcoin as legal tender. We will see the acceleration of the adoption of on-chain currencies.

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👀 Under the Radar

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  • Bean — Beanstalk is a decentralized credit-based stablecoin protocol that is built on Ethereum. The first Beanstalk issues a USD stablecoin (Bean) on the Ethereum blockchain. Beanstalk uses credit instead of collateral to create a decentralized, liquid, blockchain-native asset, which is stable relative to the value of a non-blockchain-native asset.
  • Soluna — The gateway to Anchor interest-bearing assets on Solana. solUST earns interest from the Anchor Protocol on Terra. Rewards earned are distributed back to solUST holders on Solana. Uses the Crate Protocol to distribute rewards. Over time, your balance of staked solUST will increase to reflect rewards earned.
  • Astroport — An automated, decentralized exchange protocol on the Terra blockchain. They called themselves the central space station of the Terra solar system, where travelers from all over the galaxy (Mirrans, Terrans, Anchorians, and more) meet to trustlessly exchange assets. As a galactic public good, Astroport will be governed by the Astral Assembly, a council of cryptonauts representing all corners of the universe.

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