Blockchain "Mainstream Media" Article

Here at Steemit, I would surmise most of us have a some experience and history crypto going back a few years at least, but in reality only a tiny fraction of the world knows about crypto's in any sense. So whenever a 'mainstream media' article appears on the subject it is worth mentioning. The stock-market analysis website TheStreet published a rather plain vanilla article today. But it's first statement is rather attention-grabbing:

Blockchain technology, the basis on which the digital currency Bitcoin was created, is likely to become the backbone of the future digitalization of money.

This is basically saying Crypto is The Future.

For the time being the US has taken a quasi-hands off approach to crypto development and deployment. For example, bitcoin has been declared a capital asset by the IRS:

The Internal Revenue Service (IRS) is aware that “virtual currency” may be used to pay for goods or services, or held for investment. Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In some environments, it operates like “real” currency — i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance—but it does not have legal tender status in any jurisdiction.

As mentioned in the article, at the 16th Annual International Conference on Policy Challenges, Fed Chair Janet Yellen gently offered the following advice for the Entire Financial World:

"Central bankers don't normally like the word disruption, but it's not something to fear"

The color of this statement is interesting. The commercial financial industry doesn't like "disruption" because they are already the top brick on the pyramid. The only place to go from there is down. And the CB's (e.g., the FED) control the monopolistic medium that exchange value in (USD). So they already have a great, cozy little relationship. As the article states in the first sentence, crypto changes all of that.

A software algorithm creates the medium, and private citizens distribute it

This is a vastly more efficient allocation of scarce resources than the existing paradigm. See the definition of capitalism. Actually, let me do that for you:

Capitalism: an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.

This is Steemit.com: a software protocol creates the medium (STEEM) and the users distribute it (via voting content) So the words of the FED chairman are very encouraging to hear. Gentle prodding, that hey, take a look at this now because it might swallow you whole tomorrow. And then the mainstream media is reporting on it. Now let's get @ned and @dan in front of TheStreet and get this Steem thing going Mainstream!!