From Baby Boomers to Bitcoin: A Friendly Conversation on Financial Technology and Sovereignty
My colleagues are posting controversial topics in our Facebook group chat. I could not relate to those posts. Out of the blue, I asked them this question:
What is common among these three: Christine Lagarde, Hilary Clinton, and Elizabeth Warren.
One friend responded:
They are senior citizens aged 68, 74, and 76; economists, and politicians and they favor divorce and remarriage.
My answer to my question:
They are all Baby Boomers who are wary of financial technology that they thought they knew. On second thought, if they knew, I wish they were correct. Watch this tweet. I think the other two agree with Hilary on this.
Then my friend responded:
Interesting and exotic efforts to undermine the currencies of nations and states and their potential for destabilization. Friend, how much have you already cashed out from your Bitcoin?
My response:
That's a typical misunderstanding my friend that many think cryptocurrency is all about Bitcoin. Since 2013 when Ethereum introduced new technologies such as smart contracts and decentralized applications on top of Bitcoin technology, that’s the time the number of cryptocurrencies multiplied. The last time I counted it’s more than 10,000 and still growing. As of now, you can own 0.1 Bitcoin if you have 400,000.00 PHP.
His response:
I cannot understand the world of cryptocurrencies. How come Bitcoin is more expensive than fiat currency? Perhaps we need cryptocurrency if there is no more war. The way I see it war is growing, Islam against Islam and Communists against Democratic.
My reply this time is extended:
At first, many didn’t understand Bitcoin. However, when technicians and investors realized that Bitcoin is a digital monetary system that is peer-to-peer, secure, transparent, and decentralized, that’s the time the problem of the existing monetary system, the Managed Fiat Currency Standard. was exposed.
And by the way, wars are thriving because of funds, which come from fiat currency controlled by governments and giant financial institutions. One of the ethos in cryptocurrency is monetary sovereignty, meaning the transfer of sovereignty to the people from governments and giant financial institutions like Wall Street and central banks. That’s the reason why they are suing crypto companies in the US. The problem is that security laws cannot be applied to cryptocurrency, so they are now busy creating a unified legal framework that applies to all nations in regulating cryptocurrencies.
Our conversation here on Facebook, we will all be incentivized if we do this in a Web3 platform. Of course, at first, the incentive is so small but as time passed, growth compounds and it can serve for our retirement years. And there is this possibility that our monetary problem can be solved.
Here in our group chat, only Facebook is earning. We are making Web2 platforms rich because data is the source of wealth in the digital world.
Note: Before I published this article, I asked for the consent of my friend.
My colleagues are posting controversial topics in our Facebook group chat. I could not relate to those posts. Out of the blue, I asked them this question:
Ano ang common sa tatlong ito: Christine Lagarde, Hilary Clinton, and Elizabeth Warren.
One friend responded:
Mga senior citizens edad 68, 74, at 76; mga economists and politicians and they favor divorce and remarriage.
Sagot ko sa tanong ko:
Mga Baby Boomers na anti-fintech that they thought they knew. On second thought, if they knew, I wish they were correct. Watch this tweet. I think the other two agree with Hilary on this.
Then my friend responded:
Interesting and exotic efforts to undermine the currencies of the nation-states and their potential for destabilization. Pre, gaano na ang pinakamalaking encash mo ng bitcoins?
My response:
That's a typical misunderstanding sa crypto pre na akala ay bitcoin lang. Since 2013 when Ethereum introduced new technologies such as smart contracts and decentralized applications on top of Bitcoin technology, diyan na nagsimulang dumami ang cryptocurrencies. My last count was more than 10,000 na and still growing. Sa ngayon, you can own 0.1 Bitcoin kung may 400,000.00 pesos ka.
His response:
Di ko talaga magets ang daigdig ng bitcoins na mas mahal pala kaysa sa anumang currency. Maaaring crytocurrency na kapag wala nang giyera. Mukhang dadami pa giyera ng Islam sa kapwa Islam. Communists laban sa Democratic.
Medyo mahaba ang naging katugunan ko:
Noong una hindi talaga maintidihan ng marami si Bitcoin. Pero ng marealize ng mga technicians at mga investors na ito ay isang digital monetary system na peer-to-peer, secure, transparent at decentralized, na expose ang kapalpakan ng kasalukuyang monetary system na Managed Fiat Currency Standard.
Ang giyera naman nabubuhay dahil may pondo at ang pondong yan ay nanggagaling sa fiat currency na kontrolado ng mga gobyerno at mga higanteng financial institutions. Isa sa ethos ng cryptocurrency ay monetary sovereignty na ibig sabihin nalipat sa mga tao ang sovereignty mula sa mga gobyerno at mga higanteng financial institutions tulad ng Wall Street at mga Central Banks. That's the reason why they are suing crypto companies in the US. Ang problema lang yong mga batas sa securities ay hindi applicable sa cryptocurrency kaya busy ang mga malalaking financial institutions sa ngayon at mga gobyerno sa paggawa ng isang unified legal framework na applicable sa lahat ng mga bansa in regulating cryptocurrencies.
Actually, itong conversation natin kung sa Web3 natin ginagawa ito, pare-pareho tayong kikita. Of course, sa una maliit pero katagalan dahil compounding yong growth pwedeng maging pang retirement. At may posibilidad na matugunan yong suliranin sa pera ng mga pastor pag nagretire na tayo.
Dito, si Facebook lang ang kumikita sa atin. In fact, tayo ang nagpapayaman sa mga web2 platforms dahil ang bagong source of wealth sa digital world ay data.
Note: Bago pinablish ang conversation na ito, hiningi ko ang pahintulot ng aking kaibigan.
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