The end of an Era?
If you're new to the cryptocurrency world or staking, what you need to know is that proof of stake is for the end user, basically a way of saying you earn interest on money in your wallet. The coins you deposit/stake secure the network and help generate new blocks. For me this is an essential feature to look for when choosing crypto currencies to invest in. Interest is an important aspect of our economic system so I don't see mainstream adoption for coins that don't implement something like deposits/proof of stake. In looking at crypto currencies to invest in I generally see this feature as a good sign. It's also more power efficient so environmentally conscious consumers will be more likely to accept it. This may technically be different than blockchain "deposits" featured in coins like Ultranote, (read more about it here) but the effect is similar, so I group them into the same category.
Just imagine if having a dollar in your wallet for a month meant you had an extra quarter at the end of the month. It's not much, but it adds up over time if compounded- look up "compound interest" and do the math if you don't believe me. If the crytpto-currency's algorithms etc. are well designed, this earned interest shouldn't create undue inflation and will simply be part of the creation of the currency. When I'm looking Rather than the Federal Reserve simply issuing fiat so they can buy bombs without needing actual
This in effect eliminates the need for interest bearing bank accounts, especially if they earn less interest or have more fees, which is generally the case.
In my opinion proof-of-stake and blockchain deposits are so disruptive that if existing banking systems don't adapt to this new landscape, they will go extinct. With the pace of innovation and the false sense of security they've gotten from having basically a blank check for over 100yrs., I'm not sure they can adapt or if they will try.
But Mastercard is voicing support for government backed cryptocurrencies that would be regulated, tracked, and issued by a central bank. This is the antithesis of cryptocurrency and I think it would fail in the face of rapid open source innovations. After all, these central banks and credit companies are the reason cryptocurrency has been developed so fervently over the past few years. The system is predatory and favors the wealthy and those that run the system. Meanwhile, the rest of us are fed up and are clawing our way to an economic revolution.
But Mastercard is voicing support for government backed cryptocurrencies that would be regulated, tracked, and issued by a central bank. This is the antithesis of cryptocurrency and I think it would fail in the face of rapid open source innovations. After all, these central banks and credit companies are the reason cryptocurrency has been developed so fervently over the past few years. The system is predatory and favors the wealthy and those that run the system. Meanwhile, the rest of us are fed up and are clawing our way to an economic revolution.
I hope you enjoyed reading and feel free to leave feedback in the comments below, and/or send a cryptocurrency tip to one of my wallet addresses below.
Ultranote: Xun3sRBAfTvY2GKEDDrGx3hifz863tGoiLCaKzFTQWzHg9dcEpNCUuvaMaWU3ep1AnNi6MxPVyhwSSSwW1U6wFr58gLS9KABQf
^Ultranote has a messaging function as well- feel free to use it.
Dash:
XpCUQEfbg7JLqq41X8XpDECYuybWRV2ccE
Litecoin:
LMvB9eMiitM8hwDsKwvoTUXxtkBGyUyZqK
Bitcoin Cash (BCH)
qrfu3aer5x6hjxsmfgqjzp7m5lpcklgwjc8a9vfqff
Bitcoin:
1NrPr5wwRYa1RUo3ySCbyu65wYvb9nQCZG
Ethereum:
0xcbb4C23900807AEe2AC9b4Fbf287979c845CA5cD
Bitcoin:
1NrPr5wwRYa1RUo3ySCbyu65wYvb9nQCZG
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