With Steem Dollar reaching $7.24 and Steem touching $2.22 one has cause to wonder if STEEM might follow Bitcoin in its incredible ascension to $14,188.40.
Whatever the reason and sustainability, one thing is clear : the innovation which is cryptocurrency is no joke.
The concept of a currency which is not based on a substance of universal persistent value, as gold was for millennia, has intrigued me since I became aware of the nature of FIAT currency. Particularly the extreme insecurity of a value based purely on the perception of Man and which could change with almost any global event, especially in our newfangled global society.
While a system based on the perception of a value for gold is insecure, current security is based purely on perceptions of the stability and prospects for economic health.
How firm a foundation ? is the question that comes to mind and the response must be : devoid of foundation.
Cryptocurrency, despite its reliance on this same perception of value, certainly has advantages over all previous currency though, with transactions occurring on the block-chain.
The block-chain providing
- An indelible record
- Absolute transparency
- Unrivaled security
- The elimination of exorbitant charges associated with the resource hungry banking systems and their profit hungry elite.
- Elimination of interaction between banking institutions in processing international transactions
- The prospect of zero inflation as the power to 'print' money is removed from the hands of the elite
This technology is currently in the hands of the people rather than governments and the people currently have the control which allows insulation against power and wealth mongering moguls. This situation is only valid though until those in positions of economic, governmental and military power decide to annex the concept and enforce governmental regulation or even ban the concept. We have already seen a number of countries flexing muscles in this regard.
The potential block-chain technology and cryptocurrency have to eliminate the control exercised by present banking systems over the people of Earth may well be the most significant development the world ever seen, with regard to the future of our planet.
The means by which money comes into existence is changing and it seems it may be driven by our enthusiasm for any particular concept as new currencies are created for new economic, creative and developmental concepts.
This may mean that as any new concept, which has the makings eliminating global warming, poverty or war, could be funded by the vote of the people as that vote may generate capital through the new means of money creation.
If a social media platform can generate value as Steemit has then what of concepts such as rewarding creativity in fields such as engineering, politics or most any other field.
Steemit is the first system with the potential to provide the people with the power to govern democratically with an immutable voting record, as voting power is built into the economics of the system and those most acceptable and contributory in their participation are afforded the greatest voting power.
Steemit generates Steem, facilitates cost free fund transferal, provides a democratic platform, rewards creative contribution, secures financial interest, provides an investment vehicle and protects the interests of the individual.
The concept Steemit has introduced is a new way of living. While it is clearly in its infancy, the potential is obvious and if used wisely, this concept may be truly significant to our future as it replaces traditional banking, political voting technology, social media, record keeping and a myriad of critical systems which are currently at risk by contrast.
Go Steemit.
Many information sources have influenced my views on these matters over time and I have not referenced any specific source in producing this article and therefore cannot credit any specific sources apart from WorldCoinIndex which provided the latest Steem and SBD highs.
Images from Google Images