Every coin has two sides – Technology can free or enslave us…
Excerpt from the podcast:
In a way I see crypto as the materialization of Friedrich August Hayek’s Idea, that he described back in 1976, namely as the denationalization of money.
If we see the value and philosophy of the crypto world and the amount of decentralization it offers, we can use it to create the biggest decentralized global market in which every person with a smart phone can participate in it and become a market player, if he wants to do so.
We take the internet to next level – meaning decentralized communication, decentralized law, decentralized production and a decentralized financial system. We will own our information and property ourselves directly and all the abuse by centralized institutions is going to evaporate. Facebook, Google, Central banks and even central authorities are going to lose power and will disappear. And it is moving quickly, because the infrastructure necessary for a crypto system is already there.
Crypto will also allow us/mankind to digitalize real, hard assets (without the possibility of double-spending) and individuals can exchange it, trade and pay with it in this global market, without using a currency enforced on us by a national state or supranational institutions. In this non-system every person will be able to decide for himself what he wants to use as money (transfer property titles under decentralized law) and in what he wants to store his wealth…such as physical gold and silver which are money and other commodities or stocks of companies that create real value in the real world. Just imagine the world becomes a global market place of goods and services – this will revolutionize the allocation of goods and services in a market place. Because the individual is your direct contact and not intermediaries with rules and regulations that limit competiton and increase artificial costs with the aim to protect their multinational and through lobbying created business.
Some cryptos might gain what people understand under “intrinsic value”, because of utilities, services, reputation, functionality and costs. And in a crypto-world competition is the driver, therefore all these cryptos might have a deflationary trend because of creating more value for less costs. And by doing so serving free markets and free individuals because the power to manipulate currency or impose restrictions through a centralized entity will be impossible. People will ultimately profit from productivity growth and innovation and will increase purchasing power. They will also have the freedom to decide for themselves in which hard asset they want to store parts of their wealth.
Crypto means all the power to the individual – which is great! Listen to the full podcast: