We’re in an extraordinary time. Not only is there a global emergency, but there’s many trillions of dollars worth of fiat currency being printed all around the world. Many people, ordinary people that previously never inquired much about money, are starting to ask questions about the nature of money itself. What is it? How does it work? How is it possible for the governments around the world to print so much? Why are we paying taxes at all if they can just print money?
What always surprises me is the ignorance of the bitcoin maximalist about banking and the ignorance of the bankers of blockchain. The fact is more complex than meets the eye in effect the modern world revolves around the securitization of credit derivatives (as per latin drawn from) into many financial instruments that enable consumer credit forms allowing the expansion of our economy and industry creating jobs for people from the expansion of credit contracts. The modern banking model is based on a decimal model hence the banks used to be able to leverage (read multiple) the unit 10X with one tenth in reserve. As you expand the base from the transactions and business book the revenues the monetary supply grows to represent the future value of the contracts booked (owed) to the on the chain of contracts. So in effect the credit lending based on crypto that many bitcoin maximalist are peddling is not different and in fact much more risky than a CLO from Lehman Brothers based on subprime credit. Maybe just maybe some of you guys should take the time to learn more about the way the world works and how banking is not evil but a way for the free market to create and multiple opportunities. Can it be toxic you betcha, can humans of all kinds make mistakes you betcha, but calling bankers bad while you guys charge fees and interest that make Goldman envious is just disingenuous.
What always surprises me is the ignorance of the bitcoin maximalist about banking and the ignorance of the bankers of blockchain. The fact is more complex than meets the eye in effect the modern world revolves around the securitization of credit derivatives (as per latin drawn from) into many financial instruments that enable consumer credit forms allowing the expansion of our economy and industry creating jobs for people from the expansion of credit contracts. The modern banking model is based on a decimal model hence the banks used to be able to leverage (read multiple) the unit 10X with one tenth in reserve. As you expand the base from the transactions and business book the revenues the monetary supply grows to represent the future value of the contracts booked (owed) to the on the chain of contracts. So in effect the credit lending based on crypto that many bitcoin maximalist are peddling is not different and in fact much more risky than a CLO from Lehman Brothers based on subprime credit. Maybe just maybe some of you guys should take the time to learn more about the way the world works and how banking is not evil but a way for the free market to create and multiple opportunities. Can it be toxic you betcha, can humans of all kinds make mistakes you betcha, but calling bankers bad while you guys charge fees and interest that make Goldman envious is just disingenuous.