You are viewing a single comment's thread from:
RE: Why The SEC and CFTC Hearing Was Awesome For Cryptos!!!!
What happened should be an absolute signal to the world that in the United States, cryptocurriencies will find a legitimate, legal and regulated market to operate in. America is once again open for business. Besides cryptocurrencies will absolutely save America from hyper-inflation!!!!! All those dollars sloshing around in the world will be poured into cryptos, that will actually serve in growing the economy.
All you say it true @handofzara. The one group that is left out of that is the banksters...and they arent willingly going to allow that to happen.
They will fight at every turn to make sure it doesnt happen.
In the end, I think it is a fruitless fight...kind of like the newspapers trying to stop the Internet...it didnt happen and many went under.
It will be the same thing here...the banks that adapt have a chance of surviving...those that do not, will perish.
The banking institutions have little control over self contained communities utilizing crypto-currencies. Here on steemit real goods and services are being exchanged for STEEM. Not just resteem services etc. But actual sales of goods and services are being exchanged. If I want to buy an ounce of silver, I can do it right here on steemit with steem! If I want to hire a graphic designer for my website I can do that and pay in steem. At least at present we are beyond their grasp. One of the great quotes from the written testimony was that the technology genie was out of the bottle and could not be put back in. Also, the blockchain technology itself open source instant ledger is the Achilles heal of the banks and they are scared. Remember the mortgage crisis because of all the bundling of assets, no one really knew who owned what mortgages? Imagine if each note had been registered on an open source instant ledger (i.e. blockchain). No confusion, but then again how many banks in the fractional reserve system were counting the same mortgage note as an asset? No this is about to get real interesting, blockchain technology will expose everything especially who owns what. Consider yesterday's testimony as putting a choke collar on the banks.