Do politics and political concerns, affect Cryptocurrency ecosystem?
My old friend, @nima.montazeri, has recently joined STEEM blockchain and steemit social media. He has always been a talent since our childhood and I believe cryptocurrency needs adopters like him. He asked me a question, I'm gonna comment on here:
does any political issues influence on the rate of it or not?
FIRST - this is not cryptocurrency which will affect governments and politics mainly, it's BLOCKCHAIN.
blockchain technology, started by BITCOIN will make many power sources, decentralized and accordingly, will make them out of reach of governors for further manipulation and control.
image source
Let's go back to early decades after the world war II.
The Capitalism was effectively control:
- banking
- media
The interactive websites on internet, which many call them web 2.0, started the process of decentralization of media. look how twitter, youtube, blogger and many other social media websites, diluted the power of CNN and ABCNews in the America. there are personal channels with more audiences than the orthodox media and there are many new celebrities, with money and power to influence, which did not came out of Hollywood studios.
welcome to PewDiePie era! a Scandinavian young youtuber, playing games on his computer, making videos of himself and has more influence on teenagers than Justin Timberlake!
Now Banking segment seems to be compromised from being totally under control by governments. with the blockchain innovation, people may trust each other more than they used to trust central banks and financial regulators. the algorithm seems flawless and less fragile to security threats than banks' software and atm machines!
So the Crypto and Blockchain will have certain impacts on the political lobbies and governments. what about the other side?
Everybody tries to keep the power he/she has achieved. it's like the Game of Thrones and Lannisters and Targaryens are fighting for the iron throne. In some countries we have individuals, like Erdogan in Turkey or there might be Lobbies like NRA, Koch brothers etc in United States, who try to save their power and wealth by manipulating the whole economic and political ecosystems.
So when something like Social Media spread in the community, they will try to do whatever they can: like banning, censorship, regulating etc to keep their power of manipulation in the society.
They may even invest in some of these new trends, like the Internet Toilet, also called FACEBOOK!
Same goes here on Crypto. Governors have tried to ban them, regulate them, manipulation and even investing in some.
So your answer is YES! They affect the Cryptocurrency ecosystem, prices etc. but the next possible question might be:
will they defeat the new social trend?
NO! I believe people are going to win this war. the war over a world with less control and more financial freedom. exactly as it happened in Media.
Will it be a better place to live? I don't know!
Same again on social media and the loads of bullsh!t spread by some people in to the decentralized media-sphere, crypto ecosystem can become toxic to fake and scam ICOs, creating many disgusting scenes.
Cryptocurrency adoption is indeed affected by politics and political concerns every other day due to the government regulations and restrictions on it in the different nations which oftenly discourages very many people from investing in crypto and some that had earlier on invested often times panic and pull out their investment an act that causes the prices of crypto to be crippled and go down.
The new version of social media that is built on blockchain technology is indeed unstoppable and unregulated. It really give people a sense of liberty in expressing their views and opinions.
One great thing about blockchain techology is that it excludes the governement control being that it upholds decentralisation mechanism.
There is a brand new trading exchange called "Digitex" a revolutionary transaction free exchange that runs on blockchain technology and has its own native crypto DGTX. This is a game changer in the future crypto market and it will encourage more participation in crypto trading. Its launching its first beta test version at the end of this year.
I just published a blog post about. Please check it out below for more details to it. Perharps it might be some thing very valuable to your future crypto trading.
https://steemit.com/digitex/@yohan2on/vkgphlg-digitex-a-commission-free-futures-trading-platform
Questions or any furture discussions are most welcome.
Otherwise thanks @honarparvar for sharing and helping your friend who is new on the blockchain to understand this.
thanks for your comment and intro. i will check it out
okay! thanks too for your time to respond. Hope it turns out to be something valuable to you.
I think crypto actually augments the existing financial system, instead of challenging it. It's another asset that is a great hedge against the existing financial system.
true, and it adds more power to people rather than another financial instrument for governing powers 😎
thanks for your comment
the bank will play along with it.
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What if somebody started handing out coupons for Bitcoins. It's just a piece of paper, with security measures and all, saying "If you give this back to me, I will give you 0.001 Bitcoin". If that trend catches on, then we'd effectively have a normal currency, that is backed by something no government can just print arbitrarily, just like all currencies were back when we had the gold standard, whereby money was literally just a voucher for gold.
Now, that does present a tremendous difference to today's economic system, where currencies aren't backed by anything other than the government which have the sole power to print them and of course their economies. Those currencies can then be traded freely among each other. If for some reason the dollar was worth 1000€ tomorrow, then all American investors would buy Euros to invest in things with in Europe, which would greatly increase the value of Euros again and soon the Euro is worth as much as it "truly" is. So if a country's economy is doing poorly, that drives down its currency's value, which then attracts investors from abroad who boost the economy again.
Now, if the entire world only used Bitcoin or gold, Bitcoin is really just a fancy digital version of that, then we wouldn't have that natural equilibrium. Everyone having a single currency leads to poor economies doing poorer, if you don't believe me look at what the Euro has done to Greece, Spain and Portugal, their GDPs are dropping for years.
I made this into a post now https://steemit.com/politics/@politikhos/bitcoin-would-be-a-new-gold-standard-and-maybe-that-s-a-bad-thing
Your first example is basically the merging of crypto with the existing financial system. Middlemen issue certificates for bitcoin like middlemen issue certificates for gold.
Eventually ppl will realize dealing with crypto really doesn't need middlemen, especially when ppl get more technically savvy.
got your point and it's right, I do agree with you.
the question was something else, but thanks for your comment
Take a look at the case of Alex Jones and Inforwars and how the social media networks controlled by the American Government censored him forever.
Couldn't say it better. Definitely a toilet with all that Facebook is, happens around it and transforms people lives into. I quit it over a year ago and I regret haven't done that earlier.
thanks buddy, how do you do with HF20? :D
Now it's all love and joy :) I have my credits to almost 98% and mana over 90% so I'm fully functional. Looks like the upgrade is not gonna keep me from posting after all.
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Crypto will help keep the world stable. The banks have run up too much debt but hopefully with crypto we are able to separate ourselves from the banks and government just enough to help heal our world economies and bring forth a better tomorrow.
exactly. we are fed up with centralized, manipulated, government and lobbyist controlled, financial system! let's get rid of'em!
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