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According to economic historian from the University of Cambridge, Garrick Hileman, said cryptocurrencies triggered the trigger for the financial crisis. Hileman said the growing number of financial institutions interested in cryptocurrencies created a rapid increase of "systematic importance" giving rise to "systematic risk".
Hileman said this at the end of 2017 to Business Insider, at that time the price of bitcoin was still around US $ 19,000/BTC.
At that time, Hileman said that if there was a crash in the financial market, bitcoin and cryptocurrencies would be more widely accepted. The prediction is accurate, global financial markets experienced turmoil in March 2020 when the corona virus was declared a global pandemic. Since then more and more financial institutions to large companies are investing in bitcoin, the price continues to skyrocket.
In 2017, the price of bitcoin skyrocketed 2000%, to close to US$ 20,000/BTC. At that time, economists in a survey said bitcoin did not have the risk of triggering a crisis, because of its small market capitalization and separate from other financial markets.
The current market capitalization of bitcoin and all cryptocurrencies has certainly multiplied, because the price has moved in the range of US$ 60,000/BTC. Based on Coin Market Cap data, bitcoin's market capitalization is currently US$1.1 trillion.
In comparison, Morgan Stanley Wealth Management, which provides bitcoin access services, has AUM (asset under management) assets of US$ 1.24 trillion as of June 30, 2020, based on data from ADV Rating.
This means that the current bitcoin market capitalization is still under AUM Morgan Stanley Wealth Management.
Meanwhile, the market capitalization of all cryptocurrencies is currently US$1.81 trillion. This market capitalization is also lower than USB Wealth Management's AUM of US$ 2.6 trillion as of June 30, 2020.
The market capitalization of all cryptocurrencies is also much lower than gold which is around US$ 11 trillion.
Even if it is considered that bitcoin's market capitalization is still not large enough to trigger a crisis, Hileman said the integration of traditional financial markets is starting to happen and very quickly. Thus, cryptocurrencies will not only threaten, but could "exacerbate" the crisis if it happens again.
The crisis occurred due to a lack of assets backing and also because of human greed. These two factors can be controlled using blockchain, smart contracts and oracles. If the security of all issued loans, all issued shares and tokens, all the cash flows of companies and defi projects were available online on some analytics board, then it would be difficult to overestimate them and then drop the price. After all, everything is visible and understandable |
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I always watched financial crises as a time of change! Yes, many big ones fall down, some new arise... while ordinary people suffer in that game of power! Usually the ones at the end of the food chain!
I believe that crypto is a new player in that game! The true power of crypto are people behind, there is a strong/rich group of people who stand behind the fiat/monetary systems around the world! We saw many little battles between crypto and government/bank sectors from different countries and looks like crypto is winning, simply because more people are joining, disappointed in traditional institutions!
It will be interesting to see what will happen, I expect some bigger battles in the future! More organized and widespread, probably after some big disaster, like it always happen!
I agree with your words that crisis is a time of changes. In my opinion bitcoin and the whole crypto thing shows how it can be - open market for everyone anonymously with no credit ranks. Crypto market is a surgery tool, that shows us how a rotten system we have. And yes, it can lead to mass disappointment in the old markets and therefore results to financial crisis on these markets. Government and central banks denyed crypto at first, then they started to launch own crypto products Because they know, if changes dont come from reforms, they come from revolution. So central authorities are afraid of this foreseeable financial revolution That is a one-sided point of view in my opinion. Yes the cryptocurrency space shows that people desire for something that is different from what they are used to, which is first and foremost something that does not support quantitative easing and also raises capital mobility on the individual level, but we shouldn't forget that we are also all better off if we do indeed have some tools in place to get fraud under control as much as possible without sacrificing freedom at the individual level. I know that is a dilemma and it can never really be fully controlled for, but it is in our best interest to find the sweet spot. Crypto has its own set of problems that needs to be addressed. I understand you There are no only good things and only bad, they are all grey until you use it for the benefit of humanity. Many people exploit crypto sphere in the aim to achieve fast financial success after holding several ICO and do nothing useful for market and society It is very pitty that the most people still have no idea how to live this live. The answer is pretty simple: live in accordance with your brains and heart. All things and processes in the world will be nice and there will be no crimes, if only more then 51% of Earth population live their life in environmentally friendly way So i just want to say that crypto and blockchain as a tools can avoid poorness in good and strong hands. But in bad weak vicious hands it will be scam after scam with no adoption for the world' benefit |
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I always watched financial crises as a time of change! Yes, many big ones fall down, some new arise... while ordinary people suffer in that game of power! Usually the ones at the end of the food chain!
I believe that crypto is a new player in that game! The true power of crypto are people behind, there is a strong/rich group of people who stand behind the fiat/monetary systems around the world! We saw many little battles between crypto and government/bank sectors from different countries and looks like crypto is winning, simply because more people are joining, disappointed in traditional institutions!
It will be interesting to see what will happen, I expect some bigger battles in the future! More organized and widespread, probably after some big disaster, like it always happen!
I agree with your words that crisis is a time of changes. In my opinion bitcoin and the whole crypto thing shows how it can be - open market for everyone anonymously with no credit ranks. Crypto market is a surgery tool, that shows us how a rotten system we have. And yes, it can lead to mass disappointment in the old markets and therefore results to financial crisis on these markets. Government and central banks denyed crypto at first, then they started to launch own crypto products Because they know, if changes dont come from reforms, they come from revolution. So central authorities are afraid of this foreseeable financial revolution |
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In my observation, 'corruption' is pretty much universal. It seems to be a function of being a human in a society larger than a typical hunter/gatherer group, and it makes a lot of sense why this would be the case.
Seems to me that it is 'better' to have the corruption be pushed down to the lowest level possible. In this case more of the money stays at the local level. In the U.S. where the corruption lives more at the state, federal, and corporate levels, the 'trickle down' path for the stolen money is so long that little or none of it goes back to the community. On an individual level most people get all of the mine-shaft and little or none of the mine.
In this case, corruption can be reduced to a minimum level when everyone's self-conscience can perceive and implement such high concepts as the common good, self-improvement, justice. So how to achieve this? My solution would be a 'social contract' with zero-tolerance and with teeth. Teeth which look like a 7.62 and a brick wall. You choose to work for the public, you work for the public good. Period. If you cannot stand the heat then stay out of the kitchen. There is now a ton of technology to spy on people. It should be keeping tabs on public sector workers or contractors who get paid out of the public coffers (both being a choice people are free to make), and specifically NOT the people who choose to remain in the private sector. Right now the opposite is the case. Yes, i think you are right in suggestion the social contract for public figures with much social demand. But no idea will germinate in mind with force as a instrument. It is necessary to educate everyone's consciousness and respect the individual from childhood. It is necessary to cultivate empathy, emotional intelligence, thinking outside the box, aim to cooperation in everything, independence and at the same time conformity for the common good. Even at school, you need to immediately teach children that this is the world in which you were born, and here we have the following rules: We are people, we live in a big commons, so we care each for each other, we vote and participate in the life of society and everyone. Here we respect personal space and do everything both with passion and measure. The motto is – do everything in measure, so that there is no shame in front of the whole world Blockchain is a tool that can publicly show the financial activity of everyone. And as soon as ALL payments are shifted to the blockchain, the self-esteem and internal sense of justice of each conscious citizen will tell him in what cases and what amount of payments to accept and make. After all, other conscious citizens can publicly judge you. Ultimately, the blockchain will help take into account the resources of the entire planet and correctly distribute them over time. Of course, this also requires some kind of global goal like exploring other planets) Public officials and business only on public blockchain. Private citizens business is none of public's business unless it is subject to public business eg: receipt of taxpayers money in grants or other forms of payments over a certain threshold outside of a citizens tax free allowance for fairness sake  Agree with you. However, I believe that public and political institutions itself is unlikely to conduct financial activities of in the blockchain. The business sphere will force them to do it by own example. Commercial companies will be among the firsts who accept this alignment - investors will insist on the implementation of such a tool as on-chain analytics for all the company's cash flows. But the core problem is another type. Many companies have already launched on the blockchain, but do not use its key function - the transparency of financial transactions. In fact, they are not transparent and not decentralized, because the income and cash flow of such companies is never publicly available. A few do it publicly - Synthetix is an example of a bona fide company. There are different projects on the blockchain with different volumes of transactions inside, but no one shows or discloses the inner cash flows. I have not seen that somebody use an explorer program, like bitcoin scaner or ethereum scaner, which would show analytics on all cash flows in real time. No stablecoin will show you publicly available, transparent statistics on the collateral. Binance analytics, usdt analytics - where is all the collateral for the stablecoin, where is the analytics for stocks? One report in 5 years is not counted. Make an API to the bank, where you have stocks-as-a-collateral. You do not need to deanon the beneficiaries, just show the stocks flow: here are the deposit of stock for 5 million dollars, and here we mint usdt for this amount. Show all your CeFi transactions in the dashboard, otherwise you seem to be talking about blockchain and smart contracts, but it turns out to be just words. Such a product already exists, any business can integrate this API and create a public dashboard with all financial flows. https://docs.zam.io/ecosystem-1/zboardIf we are building a new economy, lets do it on a solid basement. So that there are no bubbles on the market, no overstatement of capitalization and no hyperinflation and no hyperemmisson! Then there will be no economic crises and everyone will be evaluated according to the goodwill index. |
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I agree with the author that knowledge and well-being are tied. But it is the desire and aspiration to learn and take all new things that ultimately leads to financial well-being.
The school teaches how the sciences, objects and situations in the world are called, the university teaches how to filter the flow of information from the world and take what you really need. The person aspiration to endlessly educate from the world and APPLY it for the benefit of himself and the world, including the financial stability, is what really should be counted.
Information is around you and all for FREE, the only thing you need - is effort and the ability to filter information, find reliable sources. While knowledge is power that is only true if you have a way to put that knowledge to practical use for the benefit of your own and the world.
Thats why huge market players like Binance and Coinmarketcap spreading educational materials in their Academies - they know what smart people really appreciate
Most people do not have the minds to learn things they rather not learn or care. I personally went to a year long coding school, it was just about teaching people C# and some other minor stuff, and at the end of the day I ended up getting a certificate from there that said I can code in C#, and at that moment I was actually at a very very very beginner level, not even like someone could hire me, I was that bad but at least I knew some stuff, nowadays I have zero idea what that was all about and can't do anything about it. All of this comes down to one thing; it doesn't matter how much information is out there, if you do not want to learn, you will not learn it. I have learned Latin all by myself, still suck at it but I at least learned a bit of it all from studying from online courses, but I went to a year long c# course and couldn't learn a thing. This is exactly why people can learn what they want to learn, but if they dislike the topic you can throw every book at them and they will not learn a thing. The essential is the ability to learn. But the widespread of information is not so optimistic as i said, once the choice is too wide many feel themselves lost and dont know what to take. Now we are surrounded with the ecosystems, in nature, in business, in society. Such an integrated approach to what is happening allows you to fix the maximum of logical chains and assume new logical chains, which means new situations with new solutions. Take finance. Look how the concept of money is expanding and increasing, how many elements are in the financial ecosystem of the planet. The simple exchange, purchase and accumulation of money and wealth have evolved over time into a vast financial world.The thing is that everything changes and you also need to constantly change, applying your knowledge X experience X intuition to match the flow of the world and time. Cryptocurrencies are a new challenge for the lazy and an opportunity for them to become even poorer in the next generation. Also, cryptocurrencies and blockchain are a new tool for moving resources that smart people need to be able to use in order to become richer and smarter. I think perspective project should mass adopt crypto and blockchain as well. It means that new projects must attracts and educates crypto newcomers, not only work with the current crypto users but attach more people with more resources. |
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I agree with the author that knowledge and well-being are tied. But it is the desire and aspiration to learn and take all new things that ultimately leads to financial well-being.
The school teaches how the sciences, objects and situations in the world are called, the university teaches how to filter the flow of information from the world and take what you really need. The person aspiration to endlessly educate from the world and APPLY it for the benefit of himself and the world, including the financial stability, is what really should be counted.
Information is around you and all for FREE, the only thing you need - is effort and the ability to filter information, find reliable sources. While knowledge is power that is only true if you have a way to put that knowledge to practical use for the benefit of your own and the world.
Thats why huge market players like Binance and Coinmarketcap spreading educational materials in their Academies - they know what smart people really appreciate
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In my observation, 'corruption' is pretty much universal. It seems to be a function of being a human in a society larger than a typical hunter/gatherer group, and it makes a lot of sense why this would be the case.
Seems to me that it is 'better' to have the corruption be pushed down to the lowest level possible. In this case more of the money stays at the local level. In the U.S. where the corruption lives more at the state, federal, and corporate levels, the 'trickle down' path for the stolen money is so long that little or none of it goes back to the community. On an individual level most people get all of the mine-shaft and little or none of the mine.
In this case, corruption can be reduced to a minimum level when everyone's self-conscience can perceive and implement such high concepts as the common good, self-improvement, justice. So how to achieve this? My solution would be a 'social contract' with zero-tolerance and with teeth. Teeth which look like a 7.62 and a brick wall. You choose to work for the public, you work for the public good. Period. If you cannot stand the heat then stay out of the kitchen. There is now a ton of technology to spy on people. It should be keeping tabs on public sector workers or contractors who get paid out of the public coffers (both being a choice people are free to make), and specifically NOT the people who choose to remain in the private sector. Right now the opposite is the case. Yes, i think you are right in suggestion the social contract for public figures with much social demand. But no idea will germinate in mind with force as a instrument. It is necessary to educate everyone's consciousness and respect the individual from childhood. It is necessary to cultivate empathy, emotional intelligence, thinking outside the box, aim to cooperation in everything, independence and at the same time conformity for the common good. Even at school, you need to immediately teach children that this is the world in which you were born, and here we have the following rules: We are people, we live in a big commons, so we care each for each other, we vote and participate in the life of society and everyone. Here we respect personal space and do everything both with passion and measure. The motto is – do everything in measure, so that there is no shame in front of the whole world Blockchain is a tool that can publicly show the financial activity of everyone. And as soon as ALL payments are shifted to the blockchain, the self-esteem and internal sense of justice of each conscious citizen will tell him in what cases and what amount of payments to accept and make. After all, other conscious citizens can publicly judge you. Ultimately, the blockchain will help take into account the resources of the entire planet and correctly distribute them over time. Of course, this also requires some kind of global goal like exploring other planets) |
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Corruption is a means to an end whereby the corrupted can be manipulated at will and removed from office easily anytime they become uncooperative. It is those who corrupt and bribe the corruptible one should set their attention upon #seduceanddestroy Is a present to a surger from whom depends your life a corruption? I think, no. But wide spread corruption is not normal, it shows the rotten of the society structure In my observation, 'corruption' is pretty much universal. It seems to be a function of being a human in a society larger than a typical hunter/gatherer group, and it makes a lot of sense why this would be the case. Seems to me that it is 'better' to have the corruption be pushed down to the lowest level possible. In this case more of the money stays at the local level. In the U.S. where the corruption lives more at the state, federal, and corporate levels, the 'trickle down' path for the stolen money is so long that little or none of it goes back to the community. On an individual level most people get all of the mine-shaft and little or none of the mine. In this case, corruption can be reduced to a minimum level when everyone's self-conscience can perceive and implement such high concepts as the common good, self-improvement, justice. So how to achieve this? |
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Corruption is a means to an end whereby the corrupted can be manipulated at will and removed from office easily anytime they become uncooperative. It is those who corrupt and bribe the corruptible one should set their attention upon #seduceanddestroy Is a present to a surger from whom depends your life a corruption? I think, no. But wide spread corruption is not normal, it shows the rotten of the society structure |
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Many foreign countries have even today a strong influence in Africa. There are many natural resources which companies and countries try to get their hands on. 100 years ago the Western countries were the dominate countries, today it seems that China is taking over that control. The high level of corruption in Africa makes them very vulnerable for foreign influence with deep pockets.
I would say that China is able to penetrate the African market, because they are able to offer much better deals for the African people. The Western powers have been pillaging Africa ever since they established the colonies. Colonial powers such as France and the Great Britain have imposed regime changes and military coups, whenever an African leader would challenge their supremacy. Some of the best leaders Africa ever produced, such as Thomas Sankara and Patrice Lumumba were killed by the colonial powers. In many of the African nations, the first major infrastructural projects started only when the Chinese started investing. Westerners were looting the resources without giving back anything. China on the other hand gives back at least 10% of what they are looting. in my mind, blockchain and its trustworthy usage can help in fair distribution of Africa resources to African people. The problem is not the foreign takeover of the market, but the wide spread of corruption everywhere |
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Africa is one of the ancient motherlands of human civilization.
Agriculture was already invented in East Africa in 16 millenium BC,
The rise of Africa was in 3000 BC, during the heyday of Ancient Egypt.
The history of our planet and human civilisations is circled, therefore maybe in the next millennium Africa, especially central Africa, will be great again.
What is civilization? It is traditions, architecture, literature, science inventions, moral code and some national core that unite people for a thousand year in one commonality.
Today the social movement of BLM is hypertrophied and fulfilling base instincts and seems not to reach the goal of Make Africa Great Again.
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Precious Zamzam AirDrop of the $300,000 will be held soon! Active users have the chance to win up to 600 $ZAM. $ZAM is the utility token of the Zamzam Ecosystem which can be used to pay fees on our network, exchange it, get discounts and cashbacks and much more. Our platform core token has cross chain standard ERC-20/BEP-20 and can be used both in two popular blockchains: Ethereum & Binance Smart Chain. You can trade, farm and stake $ZAM right after the ecosystem launch! Check Docs in roadmap section https://docs.zam.io/deployment/untitled*Remember, you need to pass KYC in order to receive $ZAM *US and Chinese citizens do not qualify for AirDrop $ZAM price: $0.03 AirDrop conditions is pretty simple, you need to install our app and follow us on socials from the task list and keep following until token distribution. Airdrop tokens will be gradually unlocked for up to a year in the aim to support $ZAM token positive price dynamics. Tokens will be unfrozen gradually according to our tokenomics, approximately in a year. You may check tokenomicks here https://docs.zam.io/usdzam-token-1/token-releaseWe have huge rewarded bonus Task - Buy 5000 $ZAM and get 2540 $ZAM! What Is Zamzam? Zamzam is an ecosystem that designed to bridge real world economy with decentralized new economy via secured-backed loans with stocks as a collateral. There are several products developed for new adopters, as well as experienced crypto users, get easy access to an expansive list of both CeFi and DeFi products that democratizes finance for millions of users worldwide: Stablecoin loans secured by stocks collateral named ZMorgan, CEX and DEX, Tokenized stocks, Non-custodial ZamWallet, Asset management with various risk-reward ratio, Fiat On/Off ramp, Own Stablecoins, Utility token $ZAM, Digital payment cards, Analytics Dashboard with all project stream revenues.
Before AirDrop starts we will announce all tasks and rewards in special topic on btt. Will you join such a thing? |
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What do you think about security-backed loans in stablecoins with stocks as a collateral? We are almost done with tools for this in our CeFi-DeFi project - Zamzam  In Zamzam we have three aims: - To ensure the recovery of global economy
- To provide full, transparent and secure ecosystem that will serve as gates on crypto for stockholders
- To bring the heyday of blockchain and crypto market closer
Under traditional economy we mean leaded by a central banks economy. Our theory is blockchain like a medicine against corruption and third-party hyper value. Blockchain solves traditional economic inefficiencies by bringing a permissionless, global, and truly decentralized model into the industry. Today, traditional centralized financial markets dwarf that of blockchain. Public equity trading is in its golden era. The global stock market is valued at $95 trillion while the entire crypto market cap is only about $2 trillion. Decentralized Finance was born in the aim to replicate the financial services of traditional finance allowing anyone with a smartphone and an internet connection to have access to these tools, anytime, anywhere. Many blockchain projects are promising DeFi replacements to traditional financial solutions. Most of these projects remain without a factual user base or use cases. Transitioning into the new truly decentralized economy requires replicating trillions of capital into blockchain and providing the infrastructure to support it. Unlocking the potential of DeFi on blockchain needs mass adoption on a global scale. This means the industry needs to expand both at the infrastructure lvl and marketcap. How we are going to raise crypto marketcapZamzam will provide security-backed loans with stocks as collateral. If only 1% of stocks are locked in DeFi, over $950 billion in capitalization could be added to the crypto markets. How we are going to raise infrastructure lvlZamzam in Q4 of 2021 will have a secure and stable financial ecosystem for CeFi & DeFi. Ecosystem consist of own ZamAgileChain build on Cosmos base, ZMorgan for security-backed loans issuance, ZamWallet for holding crypto assets, ZamEx for simple swapping and advance trading, Zam.me Fintech for operating with fiat, zMetaBoard with all revenue streams. Now we have two products available for operating - Zam.io with crypto wallet and token $ZAM and Zam.me for instant fiat transactions with low fees Q3 2021BTCZam.io: Trade Wallet Power by Binance Broker .One DeFi Wallet BTC, ETH .One ZamEx Intelligent Investment Portfolios .One Cross-Chain Bridge ETH to BSC .One Launch Virtual Bank Cards .One Launch of the USDZ and AEDZ Smart-Contracts .One Listing IDO Uniswap and PancakeSwap Listing IEO on Gate.io Zam.me: Adding 10 New Remittance Destinations Launch of Open API .One Q4 2021BTCZam.io: zMorgan .Testnet zMorgan Protocol Audit by CertiK Staking Wallet .One DeFi Wallet Add Cosmos.network, BSC .Two ZamEx Swap CeFi&DeFi .Alfa zMetaBoard (Dashboard) .One ZamAgileChain Private Network .One Zam.me: Launch Virtual Bank Cards .Two PCI DSS Level 4 Salary Projects for Migrants .One Listing on KuCoin Obtaining an E-Money License in Malta Q1 2022BTCZam.io: DAO Governance ZamAgileChain Public Network .Two ZamEx On-Chain Exchange on ZAC zMetaBoard (Dashboard) .One Intellectual Investment Portfolios .Two Think Mobile CLient (WhatsApp, Telegram) (Beta) Zam.me : Consumer loan Think Mobile CLient (WhatsApp, Telegram) (Beta) zMorgan product release PR campaign Q2 2022ZamAgileChain Two Public Network (Testnet) Our first product ZamWallet is already available for downloading on App Store https://apps.apple.com/ru/app/zam-wallet-digital-money/id1436344249 and Google Play https://play.google.com/store/apps/details?id=zam.wallet&hl=en&gl=USStay tuned in our socials Telegram https://t.me/zam_io | Chat https://t.me/zamio_chat | Twitter https://twitter.com/zam_io | Github |
Docs [url=https://docs.zam.io/]]https://docs.zam.io/]| Medium https://medium.zam.io/Read more on our Blog https://blog.zam.io/?p=216We recently launched new version of the site, you may check it here - https://zam.ioWe really want to build safe and transparent infrastructure with high usability, so we are open for any feedback from you! |
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