There is a lot taking place in the world of cryptocurrency. We are seeing things advance at an accelerating rate. Anyone who scans the crypto-media headlines knows it is hard to keep up with all that is occurring.
For those who are in the industry for a while, it is a wonderful evolution.
We are aware that an alternate financial system is being established that is going to penetrate everything. It is unlocking a host of possibilities, many which are not created yet. Essentially, we see the entire state of society looking at receiving a tremendous upgrade.
The key will be, ultimately, solving real world problems with cryptocurrency. For the moment, we are still looking at infrastructure being built. There is also the fact that not only does the establishment refuse to look toward cryptocurrency for the answer, it is outright hostile to what is taking place.
Nevertheless, there are a few who see the light.
Cryptocurrency can do something that never was done before. It can create money out of thin air.
Obviously that statement is not exactly true because we know the fractional reserve system can do that. A better way of putting it is that anyone can create money out of thin air.
For example, the other day we covered the fact that New York City is introducing NYCCoin. This follows on the heels of MiamiCoin.
Why is this big news? Simply looking at the numbers should answer that question.
Here is the shot of the MiamiCoin wallet taken the other day.
Now we can see the change in the span of a couple days.
This is now worth more than $20 million dollars. Those who are mining the token also are receiving the payouts. In addition, the City of Miami already took converted more than $5 million worth of tokens.
In other words, this is a money printing machine. Now, New York City is going live, followed by Austin, TX. Imagine what things will look like in a couple of years when there are a couple dozen cities doing the same thing.
Of course, we can compound this thinking by looking at all the different projects that can enhanced by cryptocurrency. As the total pie grows, we see the ability to readjust how the pie is divided up.
Wealth is changing. This is something the establishment, and even many inside the cryptocurrency industry, do not realize. What was valuable at one point in history might not be the case in the future.
For example, there was a time when royalty ate off aluminum plates. In that era, this was worth more than gold. How can that be with the former is so plentiful? While it was abundant, the separation process made aluminum very rare. Of course, once we could smelt it, that metal because worth a lot less.
Could we be seeing a similar transformation with Bitcoin? We just get news that Grayscale's Assets Under Management (AUM) surpassed that of the SPDR Gold ETF, the largest in the world. While not exactly an apples-to-apples comparison, it does show the interest that digital assets are getting.
Cryptocurrency is opening up a host of possibilities that will enrich billions of people. NonFungible Tokens (NFTs)* are just starting to gain some traction. Over the next 5 years, this single area is going to radically alter what people hold as wealth. We already see some pieces sold for enormous prices. Is it a bubble? Perhaps. However, keep in mind that out of bubbles comes legitimate industries.
Eventually, NFTs will represent a great deal more than just JPEGs on our computers. It will have ties to all real world assets.
Cryptocurrency offers the opportunity to solve many of society's problems. The reason for this is, at the core, a large number have to do with money. Simply put, there is not enough money spread around to handle everything.
Homelessness is a prime example of this. Obviously, many who are in this position have mental health issues, so it isn't all financial. Setting that aside for a moment, the fact there are not the resources to keep a roof over these people's heads can be solved by cryptocurrency. If a person can get involved in cryptocurrency, or a project handles that for him or her, we can see a radical change.
Of course, financing of mental healthy treatment along with research can also be done with cryptocurrency.
Another situation is the view that automation is going to cause many to lose their jobs. Naturally, when one has the ability to generate incoming monies through activities that are rewarded with cryptocurrency, we see a new paradigm forming.
Will everything be solved with cryptocurrency? Of course not. However, if we look at many of the discussions, we cannot help but to see how money tends to be at the core of a lot of issues. Even if it is for funding, that is something we can solve.
This all takes on another meaning when people grasp the concept of the network effect. It is a phenomenon that does exist in the real world yet is on steroids when attributed applied to the digital realm. We see this with big tech and why they have such enormous valuations. The value of the networks with so many active people is incredible.
Cryptocurrency is able to leverage this same concept. As more people get involved in different projects, the impact is equally exponential. There are many different directions that projects can go in, generating more use cases. All of this ends up combining the impact, leveraging the success in one area against another.
The biggest difference between cryptocurrency and the existing monetary system is that we see there is always something new. Cryptocurrency is based upon innovation. New ideas are being expanded into projects each day. As this happens, opportunities are created that individuals can participate in.
Shiba Inu is a prime example. Perhaps it will end up as a worthless meme token. Nevertheless, even if that is the case, it will generate a great deal of wealth for some people. A few months ago, this was not on the radar of many.
There will be millions of Shiba Inus created over the next decade. While many of them could end up as nothing, there will be major projects that break through. After all, when the World Wide Web was created, there was no Facebook, Twitter, Google, or Amazon. These companies were formed after the fact.
Cryptocurrency, along with blockchain, is going to see a great deal more innovation.
While the present system does evolve, we see the same basic structure that existed for many decades. This is not changing. The introduction of the NYCCoin, a few months after MiamiCoin, shows how we have constant innovation.
Perhaps, when most of society is immersed in the world of cryptocurrency, we will not see issues such as the pension or retirement crisis. Think about what government officials, both bureaucrats and politicians, talk about the most and see if cryptocurrency is a large part of the solution.
The potential to solve many of society's problems is before us. Cryptocurrency is the answer to a great deal of what ails it.
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