CRYPTOMONETE AND GOLD, FOURTH POST

This is the fourth post, in a series of four. If you haven't read the third post, click here: https://scorum.com/en-us/other/@elohim4/cryptomonete-and-gold-third-post

In the past, cases of reckless management of money by a State have occurred, so to prevent the repetition of these events, it was considered appropriate to remove the management of money from governments, to leave it to central banks, which, to in turn, they abuse this power, to enrich themselves, as well as create and blow up economic bubbles, which end up benefiting them, to the detriment of the rest of society.

So fiat money, managed by central banks, with the complicity of the private banking system, which in turn multiplies the creation of money out of nothing, seems not to work, as can be seen, from the economic crises we are experiencing.

In this context of economic and monetary instability, the arrival of cryptocurrencies, based on blockchain technology, represent great news.

After all, the cryptos seem a modern return to the ancient.

Cryptocurrencies represent a decentralized system, in which there is no need for a government, or a central bank to create and manage it, in a context of monopoly that always brings with it boundless power, which almost always goes beyond abuse. .

Mining of the same can potentially be in the hands of anyone, a democratization factor that is opposed to the monopolistic regime of fiat money.

Crypto therefore represent the evolution, better the next revolution, which will change the monetary system.

The old powers, such as governments and banks, today derive enormous benefits from the current system, so they will oppose the spread of bitcoin and the like, certainly not wanting to downsize their privileges.

Too bad for them that, just as the revolution generated by the arrival of the first cars, has wiped out the horse sellers, in the same way, the crypto, will send the old monetary systems of the past into the attic.

Finally, the Petro, despite being a crypto on paper, maintains the centralized structure, typical of fiat coins. Therefore Petro exposes itself to all the defects, typical of the fiat money system.

It can represent, for countries in crisis such as Venezuela, a temporary breath of fresh air, but in the long term, it is necessary that truly decentralized cryptocurrencies, such as bitcoin, a real possible barrier, to the excessive power of governments and banks, must be established.

This is the latest video in the series. Thanks, and see you tomorrow for new content.