Thread by @WesleyBKress

(1\28) The biggest misconception about #crypto is it’s just a different currency. No, it’s an advancement in #technology. All of our financial systems are archaic & outdated. Also, current design based on existing infrastructure promotes wealth inequality continually $CEL $EGLD

(2\28) why it continues to get worst. This creates much of the wealth suppression of people, which leads to resource scarcity, falling into Maslow’s lowest hierarchy of needs, contributing to corruption, crime, chaos, social issues, etc. The core problems of society have a root

(3\28) cause.

ACH - Automated Clearing House transfers take 3-7 days which is horrible in an instantly connected e-commerce world.

Securities - Cash (unless wire which isn’t instant), stocks and other securities require settlement which can be 3 days or longer. All solved

(4\28) via blockchain tokenized securities stored on a blockchain which would allow for instant transfer of assets and no need for settlement. This all for negligible cost on the @ElrondNetwork This will improve the Velocity at which value moves through society.

(5\28) Banks - Offer No value to depositors especially with the invention of companies such as @CelsiusNetwork $CEL who act as a transparent & best interest custodian for depositors via blockchain & are fully collateralized unlike traditional banks. Since Covid 2020 Banks are now

(6\28) required to hold nothing (0%) you can verify via the Federal Reserve site here: federalreserve.gov/monetarypolicy… for yourself. The only thing we can hope they hold is capital reserves which if you understand anything about “moral hazard” & how it played out during the

(7\28) financial crisis we know they will line their pockets regardless at the destabilization of the entire system, otherwise known as #SystemicRisk Traditional commercial banks take your money and lend it out but give you nothing. This is not a mistake as the system they

(8\28) created was never sustainable nor in the best interest of the people (depositor). The majority of people especially the poor don’t own assets or the limited “assets” that they do own is cash although with how money printing is continuing one could argue it’s a liability

(9\28) now & a quasi asset. Banks disproportionately hurt the poor people, savers, & wage earners as they are the poor are the the ones paying the late fees, high interest % etc. trying desperately to make ends meet, the savers are receiving nothing even at times negative

(10\28) rates, & wage earners continue to see their purchasing power eroded away from Central Banks printing to bail out their counterparts they claim is “necessary” to save “jobs”. The Central Banks like the Federal Reserve hurt these people even more via the

(11\28) #CantillonEffect
which disproportionately hurts low income or wage earners vs. investors. The Central banks & commercial banks are designed to steal from the people implicitly via their design but outside of their intellectual understanding & what appears in an indirect

(12\28) way that is implicit in its design. There is no mistake that the wealth inequality gaps grew the most after the Financial Crisis & Covid. This is because of the #CantillonEffect essentially stating that not all increases in money supply effect everyone equally, it

(13\28) effects those closest to the money printer (i.e. the insiders club the 1%) the politicians who are in bed with the Federal Reserve & one of the largest lobbying groups, Banks/Financial Institutions.

Monetary Policy - Interest rates are continually suppressed lower as

(14\28) debt of countries sky rockets in a never ending perpetuating cycle that continues to feed on itself. Do you think these countries are going to be able to afford to pay back their insane spending habits or that interest rates are now somehow going to go up when the US

(15\28) never ran a surplus or even raised interest rates in any substantial way post the Financial Crisis up until Covid. The answer is no but most are foolish to believe otherwise. This system further promotes itself by encouraging more & more risk taking, not to mention the

(16\28) system is intrinsically leveraged (fractional reserves) which further increases risk due to implicit high leverage (which go even outside the context of fractional reserves), then when idiosyncratic risk (industry specific) bleeds into systemic risk (whole financial

(17\28) system) the government (Fiscal) says that for the greater good of the economy and keeping jobs they must bail out the HIGH RISK takers, with taxpayer money and DILUTION (Inflation/money printing) which disproportionally affects the lower income (poor), savers & wage

(18\28) earners than the higher income (rich), asset owners. Not to mention this further promotes higher risk taking (moral hazard) as they only reap the rewards and are bailed out every time it blows up.

Evidence - Can be seen based on the ever increasing inequality gap,

(19\28) that always has its biggest increases during crisis events. The largest change of wealth inequality just took place during the pandemic, the last prior jump was the Financial Crisis 2008/09.

The Blockchain Crypto solves these issues by allowing for a different model.

(20\28) One that is not levered and promotes deflation (fixed coins) which is naturally wealth encouraging (deflation & stabilizing fully collateralized for now) Also, because it isn’t based on fractional reserves the primary reason (The Fed) was created was because of runs on

(21\28) banks is not necessary as that would never be a problem VS. Existing system debt encouraging (inflation & risk promoting, destabilizing) which is why the US is printing so much money they are essentially trying to default without defaulting. The one thing that is good

(22\28) to have in inflationary cycles is debt this promotes poor financial conditions & environment for those intelligent enough to understand this. The debt is fixed and yet the currency is losing its value it’s cheaper to pay off. Now you know why central banks & countries

(23\28) are printing endless money, they are doing what is considered a “soft default” because they have too much debt that can’t be paid off. So they are essentially passing this cost onto the poor, savers, & wage earners.

Also #Blockchain promotes transparency (open ledger)

(24\28) of the financial system which most people don’t realize that the shadow banking system (off balance sheet items) or other highly levered derivatives are a big reason why so much risk is taken that destabilizes the system and needs continual bailouts due to economic

(25\28) collapses from moral hazard. Our existing system is opaque and littered with #SystemicRisk

Also #Blockchain, will allow one to choose what to do with their data rather than FB, Twitter, Apple, Instagram stealing it and making money without compensating you.

Also, it

(26\28) allows for shift in how business models that can be changed from a (pyramid type scheme) that sucks all the value to the top to one in which if the community is providing value everyone who participates in the community (ie hold tokens) benefits (increase in wealth).

(27\28) This is possible due due to the properties of operational leverage that are implicit within the business models via the blockchain & if you have business models who genuinely care about creating a more equitable share of this value like @CelsiusNetwork $CEL &

(28\28) @ElrondNetwork $EGLD these standards will require other models to do the same or lose out business.

Choose Wisely where you put your money. Money = Time & Energy. What do you support? $CEL © $EGLD ⚡️