1. Coins & notes can be replaced by digital and govt now has a way to funnel cash directly to citizens, UBI style.
2. Bitcoin is not challenged much by this. It is digital gold and truly decentralized.
3. Yes it is a step away from dollar hegemony because...
4. It bypasses US controlled infrastructure, and so US no longer has control of economic sanctions.
5. It bypasses dedicated banking infrastructure, so SWIFT has become technically obsolete overnight, but wont disappear immediately.
6. Just like voice and data now flow over internet for telcos, now banking services can flow over the internet with dedicated protocols (and an app of web layer on top, just like email).
7. This means money control and creation hasn't been decentralized, but tech integration has (anyone can build a wallet, anywhere if central bank ok). This isn't DeFi.
8. Other currencies will follow suit (Euro and Dollar) because ignoring this will be like print only newspapers in the age of the Internet.
9. It doesn't mean the end of banks as their role in creating money via loans is efficient and crucial. But there will be less overhead and new infrastructure so still loads of disruption.
10. The more established and regulated existing financial services systems, the longer it will take to switch to Internet only infrastructure, so big opportunity for fintech outside of US and EU.
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Coinbase is like Netscape. It's a well designed UI on top of a new network (Bitcoin/web) created using a new protocol (Bitcoin spec/HTTP). It's worth more than Netscape because it holds currency but maybe it should be valued based on financial services, not tech stock growth.
Like Netscape and unlike, say, Facebook, it doesn't own its own protocol. It's not a platform in the traditional sense.
Now you could argue that Coinbase is like Google which sits directly on the web and therefore doesn't own its own protocol, but Google monetizes its traffic not its deposits or their transactions.
Presidential debates don't matter. They are obsolete, game-show era media invented in their current format for TV, which isn't really a thing anymore.
Attachment to them is cultural in the US. European countries like France and the UK have only recently started copying them, ironically just as the world is about to move on.
There were other ways of doing this before. In the US, in the Lincoln era, debates were face to face with no moderator (game shows hadn't been invented). In the UK they were out in the streets on soap boxes.
Elon Musk is doing something even more interesting design wise, than Jobs did. Jobs imported decades old German modernist product design, which, unlike architecture, never really made it to the US, and applied Bauhaus modernism to software design. Musk is postmodern...
...in the best way. He's using retro cultural influences, Flash Gordon era rockets and Stealth Fighter like, origami style, car design from 70s Lotus, to deliberately invert the current norm and show that you can be playful with products that are much more ambitious than Apple's.
You can tell at a glance that this is real design in the sense of a human being making creative choices, rather than abrogation through focus groups under the euphemism of 'human centric design' (which is really the opposite).
Why the whole environmental narrative of reducing energy consumption is false. Zero consumption and the temperature rises for 40 years, then levels off, the ice melts, we die, the planet survives. theconversation.com/what-would-hap…
So we need to geoengineer (sadly) which requires progress, which has always correlated with increased energy consumption (probably has to, due to laws of physics), so we need to massively onboard renewables, so this energy consumption doesn't make things worse.
But bringing on renewables will take time so we probably need to ramp up nuclear as a stopgap. And we possibly need to turn the flywheel of battery use and electric car demands on the grid to bootstrap a different economic and structural model for the electricity grid.
The whole spidersweb of bureaucracy and legalese, from form filling to GDPR whack-a-mole to impenetrable language and unread, ass covering bits of paper or disclaimers, from website signups to medication packaging, product instructions, taxes and applications...
Is designed for a pre computer, industrial era of paperwork and structured data interpreted and pored over by gatekeepers ordinary people don't have access to. It is obsolete, inhuman impenetrable and intimidating for the most vulnerable or underrepresented in society.
All of it should be replaced but is almost impossible to do so as it represents the calcified skeleton of society itself. A decayed framework picked over like carrion by vultures. It's probably only a new country that could bypass this and create an entirely new way of...