How Each One Of Us Has Now Become Our Own Bank With The Ability To Create/Issue Money, And Why This Matters
Money Creation Has Long Been A "Too Complicated For Layman Topic", Let The Government And Bankers Worry About That Sorta Thing... Time For That To Change
Let The Whales Do Their Thing, You Do Yours, Steemit Thrives On People Voting For Their Own Preferences
The way I look at it is this, I'm not in any steemit circle jerk club, I've been decently curating away now both for financial incentive as well as upvoting authors I enjoy reading/watching regardless of their payout, I don't really have a ton of SP, and I've still been getting paid (without trying to sound like I'm bragging) quite decently in my opinion. I was pleasantly surprised at how much I've been able to earn from curation alone, truly being a successful author is more rewarding, but curating once you've accumulated a decent (but nothing to crazy) amount of Steem Power, is also quite financially enticing as well.
Here's 3 of the coolest things about Steem/SP/SBD
#1 this funny internet money that I'm being paid in,in reality, is just as real as the current dollar bills/money of account that we use today, and has the potential to be a far more worldwide stable form of money than we currently use without massive amounts of devaluation.
2# this funny internet money that I'm being paid in, in reality, is being issued in a collaboration with steemit and the participants with SP upvoting the various content.
3# this funny internet money doesn't come without the standardized stipulation around the globe known as "legal tender", and that's something I personally find very appealing.
"Sounds Like A Shit Contract To Me" Jim Jefferies
His Face Says It All
It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. "Henry Ford"
So let me get this straight, in the democracy with traditional banking there's a partnership between myself and the bank when it comes to money creation, however on the issuance and where it goes I have very little control over other than say signing a loan to acquire the currency I just helped create... Not to mention I'm now on the hook to pay back the currency I just had a hand in creating, plus one more thing... I get to do it with interest attached as well. Now that's just beautiful isn't it. Did the bank have the currency they "loaned" me before I went and got the loan, why no they didn't, so where did it come from? Well it came from my energy, my signature, my surety-ship, my walking in there and begging to trade away my time for some pieces of paper or digital numbers to use in their commercial zone, oh right that and the bank's ability to actually physically create the currency (so enter some numbers on a screen). Do you get the shit contract part now? It would seem the only people benefiting at the current moment from this beautifully crafted deception are the banks, more specifically their shareholders.
My Little Revelation
Now I must admit in the first month I was 95% operating for profit alone, trying to acquire as must steem power as possible was my initial goal, that interest rate was just too appealing. As time has gone on however I find myself upvoting more and more content on a regular basis that are from smaller artists. A few times I've found myself upvoting all the comments on a particular post just because none of them were bots, and well frankly because I can. Now its not alot I give away at this moment about 10 cents to a post or comment with no previous votes, however it did get me thinking about how much I had just Issued in total. Then it made me think about what I was really doing... In the steemit world I am the bank issuing the money. Myself (and everyone else here with SP) have the power to will money into existence just like in the democracies we currently reside, but here it isn't the banks benefiting alone (aside from the monkeys they keep well paid and in their pockets so the bankers can maintain that monopoly), it's both the banks (us) and the content creators being paid as well. It's essentially a win win, and in my mind this or something similar to this is how the current banking system should be operating on the issue of currency creation.
What A Rush It Was To Figure Out How Much I Actually Issue Daily. Over 2$ Sometimes Even 3$!!!
Suck On That You Centralized Big Banks You!
This is huge to me, I'm over here like, "I just issued a whole 60 cents in one post, I'm the most powerful man in the world muahahahaha!", but seriously what a cool realization to come to. I get to create money and give it to the people I want to, there's no rules of who I can give it to, there's no restrictions on how much I can give out other than my own personal limits and the limits of the system itself. Just hand it out as I see fit... that's pretty cool.
I See A Lot Of Debate Lately Over The "Issue" Of Whale Involvement And What They're Voting Or Not Voting For...
It Seems No Matter What Happens There Will Always Be Someone Or Some Group Unhappy With What Is Currently Happening On Steemit
It seems like in a few months, even on the decently troll free site that is steemit, we've still managed to drum up some drama and piss a few people off to the point where a few have actually decided to leave. The "it's unfair" issue gets brought up daily whether it's because whales are "dumping" on the markets, upvoting their own comments, upvoting their associated profiles comments, upvoting a few authors constantly, upvoting. The way I look at things is this, assuming we make it out of beta testing and into a "final model", if the whales all basically sold out does it really matter? Steemit exists, a platform has been created where we now have the ability to create money and literally sustain people's entire lives. Yes the price can collapse, yes it can also come back up, and regardless of whether either of those situations happen, this platform will still exist. Until the people in the steemit society decide to abandon the site, re-abandon our ability to issue money, I believe we currently have one of the greatest gifts the crypto world has offered so far at our fingertips.
The People Gave The Power To Issue Money To The Banks Many Moons Ago.
I Think It's Been Quite Long Enough
So as far as what the whales are doing, as long as it's not completely immoral (which what constitutes what is moral and what is immoral is always up for debate), I don't really care. Steemit has shown the world that social media and other massively used sites can operate in a far more beneficial manner for all parties, and more importantly Steemit has shown the world that we the people have the power to issue our own money supply, that is valuable, that can be accepted around the world.
Thanks for this. Love your analysis :)
Well said and it's the right way to think about it. Like mining by blogging. POBC (Proof-of-blogging-and-curation)
Yes!?! Exactly it's the same thing with other coins except they're created and issued through miners, or what ever other ways have been thought up in the crypto world. Thanks for the read, I truly appreciate it.
Nice one. I only wish my upvote was worth 0.10c. I'll get there one of these days!
Just keep powering up, it'll come. It's pretty cool knowing I have the ability to direct the money being created.
It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. "Henry Ford"
Love that quote
But yeah the monetary system has to change or we will be in for one hell of a fall.
Yeah, you'd think that quote alone would be enough to spark a curiosity from the majority of the public to look into their current banking situation.
I guess crypto's are a good indication that there's enough people world wide that are taking the time to put a little thought into how the money creation works.
Also thank you very much for the read :-)
I was thinking of. Writing. About Steem compared to 19tb century banks, who also printed their own money