The real revolution in financial services is FinTech and it has nothing to do with Blockchain or Crypto.
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But the driving force is not overhyped blockchain applications such as Bitcoin. It is a revolution built on artificial intelligence, big data, and the Internet of Things. I am an expert of the global economy, international financial markets, asset and credit bubbles and their bust, and the related financial crises.
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I was one of the few economists warning about and predicting in advance the Global Financial Crisis of and I am one of the leading global scholars on the topic of bubbles and financial crises. I have written dozens of papers and other contributions on the topic of bubbles and their bust and the causes and consequences of financial crises.
Bitcoin: Beyond The Bubble - Full Documentary
Crypto Bubble and Crypto Apocalypse and Bust It is clear by now that Bitcoin and other cryptocurrencies represent the mother of all bubbles, which explains why literally every human being I met between Thanksgiving and Christmas of asked me first if they should buy them. Especially bubble bitcoin with zero financial literacy — individuals who could not tell the difference between stocks and bonds — went into a literal manic frenzy of Bitcoin and Crypto buying.
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A chart of Bitcoin prices compared to other famous historical bubbles and scams — like Tulip-mania, the Mississippi Bubble, the South Sea Bubble — shows that the price increase of Bitcoin and other crypto junkcoins was 2X or 3X bigger than previous bubbles and the ensuing collapse and bust as fast and furious and deeper. But as discussed in detail below blockchain is the most over-hyped — and least useful — technology in human history: in bubble bitcoin bubble bitcoin is nothing better than a glorified spreadsheet or database.
The entire bubble bitcoin land has now gone into a crypto-apocalypse as the mother bubble bitcoin father of all bubbles has now gone bust. And that is generous. This is a true Crypt-Apocalypse.
Crypto is not money, not scalable To be a currency, Bitcoin — or any crypto-currencies — should be a serviceable unit of account, means of payments, and a stable store of value. It is none of those things. No one prices anything in Bitcoin. Few retailers accept it.
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And since its price has been so unstable or volatile almost no merchant will ever use it as a means of payment: the profit bubble bitcoin of any merchant can be wiped out in a matter of minutes — if he or she accepts Bitcoin or any other cryptocurrency—by the change in the dollar price of a crypto-currency.
Proper means of payments need to have stable purchasing power; otherwise no one will ever use them. As is typical of a financial bubble, investors were buying cryptocurrencies not to use in transactions, but because they expected them to increase in value. Indeed, if someone actually wanted to use Bitcoin, bubble bitcoin would have a hard time doing so.
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It is so energy-intensive and thus environmentally toxic to produce, and carries such high transaction costs, that even Bitcoin conferences do not accept it as a valid form of payment. Not surprisingly, G20 member states are now working together to regulate cryptocurrencies and eliminate the anonymity they supposedly afford, by requiring that all income- or capital-gains-generating transactions vpn care acceptă bitcoin reported.
Even the US Treasury Secretary Steve Mnuchin has publicly stated that we cannot allow crypto-currencies to become the next Swiss bank account. Since the invention of money thousands of years ago, there has never been a monetary system with hundreds of different currencies operating alongside one another. The entire point of money is that it allows parties to transact without having to barter.
But for money to have value, and to generate economies of scale, only so many currencies can operate at the same time.
In the US, the reason we do not use euros or yen in addition to dollars is obvious: doing so would be pointless, and it would make the economy far less efficient. The idea that hundreds of cryptocurrencies could viably operate together not only contradicts the very concept of money with a single numeraire that can be used for the price discovery of the relative price of thousands of good; it bubble bitcoin utterly idiotic as the use of multiple numeraires is like the stone age of barter before money was created.
Already, thousands of real businesses are using these technologies to disrupt every aspect of financial intermediation. Dozens of onlinepayment services — PayPal, Venmo, Square and so forth — have hundreds of millions of daily users in the US. And financial institutions are making precise lending decisions in seconds rather than weeks, thanks to a wealth of online data on individuals and firms.
Criptografia asimetrică utilizează o pereche de chei asimetrice publică și privată. Transferul de sume între conturile publice folosește cheile criptografice publice pentru a confirma tranzacțiile și a preveni dubla-cheltuire. Cheia publică este utilizată pentru criptarea unui text, care apoi nu poate fi decodificat decât folosind cheia privată corespunzătoare.
With time, such data-driven improvements in credit allocation could even eliminate cyclical creditdriven booms and busts. Similarly, insurance underwriting, claims assessment and management, and fraud monitoring have all become faster and more precise. And actively managed portfolios are increasingly being replaced by passive robo-advisers, which can perform just as well or better than conflicted, high-fee financial advisers.
Now, compare this real and ongoing fintech revolution that has nothing to do with blockchain or crypto-currencies with the record of blockchain, which has existed for almost a decade, and still has only one failing and imploding application: cryptocurrencies.