One of the defining features of the current time is the shocking disparity between the economic progress humanity has achieved and the problem of the stagnant/falling living standards we are still facing. Wealth, available in abundance is not accessible to the ordinary people, due to the poorly designed financial system and ineffective policies set out by the governments across the world.
Further, ineffectiveness of the mainstream fiscal and monetary policies is presented to us as the weakness of the real economy. We are told that that we need to tighten our belts because we have to live within our means.
However, when we consider the real economic means, all the things we need in our life - housing, food, energy, education and healthcare – are more than affordable. There is enough land, capital and talent to build the prosperous world where we all could enjoy life without drudgery and financial insecurity.
The problem is not the real economy, it is the financial sector, particularly the monetary system. This leads me to a conclusion that cryptocurrencies may become the most important invention of the 21st century, which will help us release the full potential of the real economy and will make the world much better place than we could ever envisage under the conventional currencies.
Do you believe that cryptocurrencies may 'go offline' and radically change the way how the real economic resources are exchanged and utilised?
