It’s An Incredibly Exciting Time For Humanity!
- October 27, 2018
- Posted by: Crypto Mint
- Category: Banking & Financial Sector
Hardly a month goes by over the past many years now without some major multinational bank pleading guilty to some sort of criminal charges – fixing exchange rates, colluding to fix interest rates, manipulating commodities prices, selling customers out to high-frequency traders…
There is a consistent pattern in finance of willfully violating the trust that the public places in these institutions!
And when they royally screw up and make idiotic investment decisions with your deposits, the taxpayers are forced to bail them out so they can start all over again.
It’s an absurd cycle!!! But the good news is that it’s coming to an end!
Banks were once vital middlemen who were necessary to facilitate commerce.
If you had extra savings, you went to a bank to deposit it. If you needed capital, you went to a bank to ask for a loan.
This is the way it has been for over many centuries – banks have stood in the middle of that transaction because savers and borrowers had no way to access one another.
This is no longer the case…
Our modern technology now makes it possible for people across the world to gather and organize online.
And this means that nearly every single function of a bank can now be conducted cheaper, faster, and more efficiently through digital technology.
If you want to borrow money, you no longer need to go to a bank.
There are dozens of peer-to-peer lending platforms where you can borrow money for just about anything – starting a new business, buying a home, and even consumer purchases.
You can exchange currencies and send money around the world without a bank, quickly and inexpensively!
Everything that a bank does– investing your money, processing credit card transactions, etc. can now be conducted outside of the banking system.
I expect the adoption of financial technology will occur much more rapidly.
This is great news. The current financial system is in precarious condition. Banks are incredibly over-leveraged and undercapitalized. Governments are bankrupt. Central banks are nearly insolvent.
The entire system is a house of cards held up by a very thin layer of confidence!!!
Human beings always rise, we adapt! We create solutions! And we clear out the old system with something better!
That’s what’s happening now. We’re in the early stages of an amazing, transformation process. And it’s incredibly exciting!