[crypto1082]

I think this was a good read and well written. It is hard to summarize such a concept as our banking system is allowed to print money in the form of paper assets (loans) and then cash it in for low interest debt through fractional reserve lending. The part left out and where I'd like to see the article go if expanded, is the public company stocks and bonds. People are separated into the haves and have nots through the accredited investor distinction and have nots are mandated to use the 401k type retirement plan which is usually backed by another form of printed asset called a stock. Then some dude/chick is appointed control over that empire as a CEO making a huge amount of that stock guaranteed win or lose with the company. He pays the labor force, which can be quite substantial, with cash derived from selling those paper assets to the workers 401ks and then borrows on bonds backed by it from the banks who turn those loans into fake money at the fed. I saw one comment about a tin hat scenario. I may not be spot on 100% with how it works, but this is how it appears to work to me. This broken system is what I think crypto can fix. When you think about how much actual power crypto puts in the peoples hands... basically the power of a federal reserve, it is not that hard to imagine the restof the infrastructure forming around it. Only this time it has something that the fed does not - a true intrinsic value. As ridiculous as it sounds that computers processing power values the currency - is it not a lot less ridiculous than the concepts outlines in this article? After reading the bitcoin whitepaper and realizing the hash protected the network and turns would be bad actors into a support mechanism, I realized that crypto is so much better than a central bank system. As we decentralize the surrounding industries to this new type of federal reserve we might be able to get the value back into the money we use.