Bank Admits Fiat Currencies Are Failing and Cryptocurrencies May Replace Them

Bank Admits Fiat Currencies Are Failing and Cryptocurrencies May Replace Them


November 14, 2017 at 1:54 pm
Written by Shaun Bradley
http://theantimedia.org/bank-fiat-currency-cryptocurrencies/


(ANTIMEDIA) — As the transition towards a blockchain based economy continues, the established financial powers are desperately trying to stay relevant. In an attempt to boost their credibility, analysts at Deutsche Bank are finally admitting that state-run fiat currencies are becoming obsolete. For years, blockchain entrepreneurs and other critics of central banking have been branded either conspiracy theorists or criminals. But recently, those controversial opinions about the inevitable changes coming to the world’s financial system are being echoed by mainstream pundits.

We're revolutionizing the news industry, but we need your help! Click here to get started.

Deutsche Bank’s top strategist, Jim Reid, recently articulated a view on the economy that is shared by many but rarely talked about:

“Central banks and governments which have ‘dined out’ on the 35 year secular, structural decline in inflation are not able to prevent it rising as raising interest rates to suitable levels would risk serious economic contraction given the huge debt burden economies face. As such they are forced to prioritise low interest rates and nominal growth over inflation control which could herald in the beginning of the end of the global fiat currency system that begun with the abandonment of Bretton Woods back in 1971.”

cryptocurrencies

The most surprising part came when he acknowledged the crucial role cryptocurrencies may play in the move away from unbacked paper money.

“Although the current speculative interest in cryptocurrencies is more to do with blockchain technology than a loss of faith in paper money, at some point there will likely be some median of exchange that becomes more universal and a competitor of paper money.”

cryptocurrencies

The people’s trust in centralized control of currencies has never been directly challenged on this scale before. Competition in the emerging digital economy between different cryptocurrencies has introduced an alternative monetary system that empowers the individual and rewards based on merit, not special interests.

Any paradigm shift like this is guaranteed to have growing pains, but those who refuse to adapt will suffer most. Even though Bitcoin, Ethereum, and countless other blockchain applications may create tremendous value for years to come, the current volatility is still more than most can stomach. One of the first things new people in the space love and hate is the tendency toward massive swings in price that occur seemingly at random. Those who do decide to get involved need to make their primary focus self-education. Trying to stay objective without understanding the fundamentals behind issues like scalability, forks, different algorithms, and mining incentives will be nearly impossible. The reactions driven by ignorance, greed, and fear are all amplified in these new unregulated markets, meaning there is no safety net for amateurs. These wild fluctuations will eventually level out as broader adoption occurs and the ability for major players to manipulate price diminishes. Before building a large position in crypto, it may be more important to develop a strong understanding of the technology and history.

Many have seen recent attempts by China and the CFTC (Commodity Futures Trading Commission) to regulate ICOs as a negative sign, but in reality, these actions only signal the institutional gatekeepers’ acceptance of this new asset class. The growing acceptance of Bitcoin payments has driven the blockchain revolution thus far, but the technology is just beginning its potential to reform the economy. Major retailers continue to accept payments in cryptocurrencies, and platforms like Exodus are dealing with the complexity that burdens the user experience. Soon, the average person will be able to safely get involved in this new financial frontier without having any technical knowledge or dealing directly with third-party exchanges.

Deutsche Bank, J.P. Morgan, Bank of America, and other pillars of the financial world will continue to play catchup in this dynamic process of decentralization. If the public continues to wait for the opinions of these so-called experts, they will miss the opportunities that lie on the cutting edge of the blockchain market. As the new currencies around the world cut ties with the central banks, it’s crucial for individuals to not leave their financial fate to the once trusted investment experts.

Creative Commons / Anti-Media / Report a typo

Views: 59

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega posted a blog post

Donald Trump Gives an Amazing Speech on Freeing America from the Stranglehold of the Deep State

President Trump gives an amazing speech addressing all major challenges to restoring the…See More
20 hours ago
Doc Vega commented on Doc Vega's blog post What Will happen When Robot Brides Replace Human Marriage?
"Less Prone thanks for your support Buddy! "
20 hours ago
Less Prone favorited tjdavis's video
yesterday
Less Prone posted a photo

Social Engineering 101

That's how it goes.
yesterday
Doc Vega posted a blog post

A Prelude to WW III ? It Seems There We Are Trailblazing Idiocy into More Blood and Destruction!

They're rolling out the 25th Amendment trying to stop Joe Biden from insanely thrusting the US in a…See More
Thursday
Less Prone posted a video

Chris Langan - The Interview THEY Didn't Want You To See - CTMU [Full Version; Timestamps]

DW Description: Chris Langan is known to have the highest IQ in the world, somewhere between 195 and 210. To give you an idea of what this means, the average...
Wednesday
Doc Vega posted a blog post

RFK Jr. Appoinment Rocks the World of the Federal Health Agncies and The Big Pharma Profits!

The Appointment by Trump as Secretary of HHS has sent shockwaves through the federal government…See More
Tuesday
tjdavis posted a video

Somewhere in California.

Tom Waites and Iggy Pop meet in a midnight diner in Jim Jarmusch's 2003 film Coffee and Cigarettes.
Tuesday
cheeki kea commented on cheeki kea's photo
Thumbnail

1 possible 1

"It's possible, but less likely. said the cat."
Monday
cheeki kea posted a photo
Monday
tjdavis posted a blog post
Monday
Tori Kovach commented on cheeki kea's photo
Thumbnail

You are wrong, all of you.

"BECAUSE TARIFFS WILL PUT MONEY IN YOUR POCKETS!"
Monday
Tori Kovach posted photos
Monday
Doc Vega posted a blog post

Whatever Happened?

Whatever Happened?  The unsung heroes will go about their dayRegardless of the welcome they've…See More
Sunday
Doc Vega commented on Doc Vega's blog post A Requiem for the Mass Corruption of the Federal Government
"cheeki kea Nice work! Thank you! "
Sunday
cheeki kea commented on Doc Vega's blog post A Requiem for the Mass Corruption of the Federal Government
"Chin up folks, once the low hanging fruit gets picked off a clearer view will reveal the higher…"
Nov 16
Doc Vega's 4 blog posts were featured
Nov 16
tjdavis's blog post was featured
Nov 16
cheeki kea commented on cheeki kea's blog post Replicon Started in Tokyo October 08, 2024
"Your right LP it's insane for sure and hopefully improbable, keeping an open mind. Checking…"
Nov 16
rlionhearted_3 commented on tjdavis's blog post Bill Gates Deleted Documentary
Nov 16

© 2024   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted