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Author Topic: Cryptocurrency is a revolution and an evolution of finance  (Read 108 times)
Biomass
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August 08, 2018, 08:24:33 AM
Last edit: August 10, 2018, 09:22:13 AM by Biomass
Merited by darkangel11 (1)
 #1

As a Vietnamese, I am first telling you a true story of our country's history.

In century XIII, Ho Dynasty overthrew the 200-year Tran Dynasty (who defeated Mongolian invasion 3 times). Tran Dynasty's remnants after failing defending turned to ask for help from China's Ming Dynasty. So the Chinese was invading Vietnam.
Ho Quy Ly, the Emperor of Ho Dynasty was quite aware of that and he prepared all ways to modernize the country so Vietnam could become strong quickly enough to fight with the Ming army. For military, he forced Vietnamese men to join the army, which was up to 1,000,000 soldiers. He ordered building battle ships, cannons, constructing citadels, digging battle canals ... etc. Vietnam was turning to an early state of industrialization somehow like what Japan did in Meiji era 300 hundreds years later then.

The most important thing was that for economy, he printed paper money.

Of course, the Vietnamese farmers did not like the way of changing to vigorously. They hated him, they hated the Ho Dynasty. And most of all, they could not accept paper money. They were used to silver and gold and metal coins for thousands of years.

Therefore, Ho Dynasty lost the country to Ming Army because people did not follow their leadership.

The history story above is illustrated excellently in this animation.

https://www.youtube.com/watch?v=_8IJ9bvnitY

--------------

Anyway, what did I think through that history lesson ?

1/ The out-of-dates will always resist the new change. No matter the new is innovated and revolutionized, it will be always denied by the older generations.

2/ The people's power is the answer for the final result of the history. Ho Dynasty did have a powerful military and talented scholars. But they did not have the support of the people. So they lost.

3/ Revolution and evolution, which is better than the old time, soon or later will win the struggle. It can fail in short-term, but it is a certainty of new change in long-term.

----------------

What can we apply this lesson to Cryptocurrency ?

The governments have successfully educated their people to forget about gold-bullion standard . These days, they can print their money without limitation. This led the society to corruptions in all kinds of forms.
Decentralized finance is an evolution to replace for the centralized finance controlled by banks and governments.
Decentralized Finance or Cryptocurrencies bring the world to democratic and genuine economy where Demand-Supply is the rule of movement.
So surely to protect their benefit, powerful governments and bank institutions will struggle. Cryptocurrencies will not just appear and go to the real life  easily without their resistance. But this is the certain trend of the human being and soon or later will be the winner.

We are in the early days of a new era. This is a revolution, not only the story of fintech. Of course, the old will resist the new change. But the more it resists to cryptocurrencies vigorously, the more it is showing its fear and alarms of fading by time.

Cryptocurrency is the best bet that you can gamble with us in this life ! Losing a part of your saving money, or becoming the rich pioneers.

(Sorry for my poor English. English is not my mother tongue.)
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August 08, 2018, 09:55:55 AM
 #2

I strongly agree with ur that cryptocurrency is wonderful revolution in the finance sector, but most of the industry isn't regulated. Cryptocurrency would be around for many years to come and right now it's still in it's infancy stages, but it needs a lot of regulations to make would be investors have faith in it due to it's volatility.
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August 08, 2018, 11:13:54 AM
 #3

-snip-
Although my knowledge of history, especially Southeast Asia, is little, you have provided a good introduction to your topic. Smiley

One/ The out-of-dates will always resist the new change. No matter the new is innovated and revolutionized, the older generations will always deny it.

Hester M. Peirce "SEC commissioner," said the same thing when she talked about Bitcoin, I do not think countries are in complete disrepute about bitcoin, but Bitcoin is still not *ideal* to be a global financial currency for daily use.

Two/ The people's power is the answer to the final result of the history. Ho Dynasty did have a powerful military and talented scholars. But they did not have the support of the people. So they lost.

The power of the people is here in people who believe in bitcoin, even if the price drops to $ 100.

Powerful governments and bank institutions will struggle. Cryptocurrencies will not just appear and go to the real life easily without their resistance. But this is the certain trend of the human being and soon or later will be the winner.
I think you are exaggerating the ability of cryptos as I do not feel it poses a threat to governments that worth fighting.

Fendi23
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August 08, 2018, 03:27:40 PM
 #4

i think so thats cryptocurencies will replace the konvensional money, with walk on time cryptocurencies will be higher

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August 08, 2018, 05:26:04 PM
 #5

I definitely agree with this statement. Cryptocurrency will blow up the world economy

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August 08, 2018, 05:29:32 PM
 #6

I strongly agree with ur that cryptocurrency is wonderful revolution in the finance sector, but most of the industry isn't regulated. Cryptocurrency would be around for many years to come and right now it's still in it's infancy stages, but it needs a lot of regulations to make would be investors have faith in it due to it's volatility.

No, the precise reason blockchain exists is because it can't be regulated. The moment you can regulate it, it becomes pointless and loses its function.
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August 08, 2018, 06:32:24 PM
 #7

So from your story I believe that we should learn how people resist the changes in the economy. Well there is even more to learn about these history lessons and thats we should not be repeating those mistakes which they did in the past. We should be more liberate enough to change these things and accept what is coming next. Crypto currencies can be life changing for us, surroundings, government and public services and much more and I guess this can be the evolution of finance otherwise it wont be. It will be just another history lesson for the future people if wont liberate ourselves.  Smiley
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August 08, 2018, 06:41:05 PM
 #8

I strongly agree with ur that cryptocurrency is wonderful revolution in the finance sector, but most of the industry isn't regulated. Cryptocurrency would be around for many years to come and right now it's still in it's infancy stages, but it needs a lot of regulations to make would be investors have faith in it due to it's volatility.
If crypto will be developing for next years like now it is just a matter of time when industries and law will be created for crypto, of couse it need to be made only in the possitive way, for me the future of crypto is wonderful.

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August 08, 2018, 06:53:37 PM
 #9

21st Century exactly came the cryptographed coins, totally decentralized, only the owner of a currency knows the password to use it.
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August 08, 2018, 07:22:29 PM
 #10

I really liked the story OP, and don't worry, your English is good enough.
What strikes me, as it used to be this way and still is: The rulers change, but they always want the same thing,. Their main goal is to make the people work and die for them. That's why the new dynasty forced men to join the army and fight the Chinese, dig trenches and build fortifications, while they were giving the orders and living in luxury. People were and still are nothing but slaves to the governments. They are only giving us a little more freedom, allowing us to vote, like that would change anything. Voting is like choosing between various people who will ultimately jump onto your shoulders and ask to be carried around town. Sure, you can choose a smaller and lighter person, but it will still be a burden in the end.

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August 08, 2018, 07:29:30 PM
 #11

It would be far greater than the current situation if the revolutionary steps are taken by the crypto currencies in the right direction and government made the right decisions about it. That would be like bitcoin being used officially everywhere and just the Vietnamese story would be true but the rest world will follow as well.

We will be able to fill the gaps of current financial system where the different sectors lack the capacity to overcome the difficult times of crisis, ease of using the money and also safe keeping it. There are surely endless possibilities for this and one should believe that this financial revolution has already began.
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August 08, 2018, 08:42:09 PM
 #12

I definitely agree with this statement. Cryptocurrency will blow up the world economy

There is actually a possibility that bitcoins and other altcoins will blow up the economy if most of the people will stop working on the corporate and they will just focus on trading in the market.
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August 09, 2018, 01:27:17 PM
 #13

I really liked the story OP, and don't worry, your English is good enough.
What strikes me, as it used to be this way and still is: The rulers change, but they always want the same thing,. Their main goal is to make the people work and die for them. That's why the new dynasty forced men to join the army and fight the Chinese, dig trenches and build fortifications, while they were giving the orders and living in luxury. People were and still are nothing but slaves to the governments. They are only giving us a little more freedom, allowing us to vote, like that would change anything. Voting is like choosing between various people who will ultimately jump onto your shoulders and ask to be carried around town. Sure, you can choose a smaller and lighter person, but it will still be a burden in the end.


Thank you very much for your kindly encouraging comment.
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August 09, 2018, 02:04:51 PM
 #14

Its a great history and it seems to have a related situatuion with the currenct cryptocurrency. I could have agreed all that you have said but not that part when you tell that money can be printed  unlimited. And that the basis of what is gold for the money had been lost due to this innovation. While it is good to hear about this but I think you miss the point about printing the paper money. It is not  just actually printing endlessly. Printed Money has to be monitored and paired with the actual and available resources otherwise there would be economic imbalance. The government has to control its creation. 
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August 09, 2018, 02:15:08 PM
 #15

In the next year the examination of the cfa will include cryptocurrencies in the examination. I believe that cryptoccurencys are a financial system 2.0.
https://www.coindesk.com/the-cfa-exam-is-getting-a-crypto-section-next-year/
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August 09, 2018, 02:30:39 PM
 #16

Crypto currency is a revolution and an evolution world wide.It is entirely a new form of economy with the strong net work systems and can be operated world wide.. Bitcoin is one of the major crypto currency which are connected with the modern technology and which is against the current form of economical concepts through out the world.It has the specific features so that its usefulness is very wide and its popularity has increased globally

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August 09, 2018, 02:32:02 PM
 #17


--------------

Anyway, what did I think through that history lesson ?

1/ The out-of-dates will always resist the new change. No matter the new is innovated and revolutionized, it will be always denied by the older generations.

2/ The people's power is the answer for the final result of the history. Ho Dynasty did have a powerful military and talented scholars. But they did not have the support of the people. So they lost.

3/ Revolution and evolution, which is better than the old time, soon or later will win the struggle. It can fail in short-term, but it is a certainty of new change in long-term.

----------------


Here is why bitcoin is such a strong concept that will always have a role in the future of finance. Despite all of the "wise and intelligent" elite members of society sitting up there and posturing about bitcoin being doomed to fail, it will still be a major part of the economy. They know that they can't stop it, so they're saying whatever they can to cause it to lose traction.

People always make decisions. Every event in history has been engineered by the people. That's why elites have engaged in guerrilla warfare tactics by infiltrating our ranks and sparking off revolutions (think Ukraine). They know they can't change things from the top.

By the way, your English is good.
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August 10, 2018, 09:21:09 AM
 #18

Thank you all.

The history story above is illustrated excellently in this animation. Very epic and dramatic.

https://www.youtube.com/watch?v=_8IJ9bvnitY
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August 10, 2018, 09:54:23 AM
 #19

I think that is true. The development of electronic money has led to many positive developments for the world economy. Developing countries are already putting bitcoin into a payment gateway for their people. But undeveloped countries do not accept bitcoins and they are looking for ways to destroy bitcoin. In Southeast Asia, there are countries that have not yet included bitcoin as one of the public services, and they have limited bitcoin circulation in their home country. I think that is a mistake in the economic control of those countries.
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August 10, 2018, 10:01:49 AM
 #20

In the next year the examination of the cfa will include cryptocurrencies in the examination. I believe that cryptoccurencys are a financial system 2.0.
https://www.coindesk.com/the-cfa-exam-is-getting-a-crypto-section-next-year/

Maybe that's true but it will not be easy to insert cryptocurrency in a established curriculum. High authorities will look forward to include cryptocurrency in the curriculum but maybe not next year because it needs a thorough process for it to be included.

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