Say NO to Wall Street

Say NO To Wall Street

Most crypto currency holders are eager to bring Wall Street on board. They think trillions of dollars, euro's or whatever FIAT currency is out there will send prices "to the moon". The first stab at this is Barry Silbert's BIT (Bitcoin Investment Trust) where investors can participate in the price of bitcoin without actually holding any bitcoin. This is how Wall Street works - they never actually own any of the underlying assets. They create a virtual representation and then sell those units to investors.

What's Wrong With This Approach?

Once the holding of the underlying asset is moved to a third party like Grayscale, the trust in the blockchain moves to the third party. Suddenly more "shares" in the underlying asset can be sold than are actually being held. This is called fractional reserve and it's what got the monetary system into the state that it's currently in - a mess. It's like holding gold certificates rather than the physical gold.

When we don't take responsibility for being our own bank we aren't participating in the internet of money. Only by using crypto currencies like bitcoin to buy goods and services are we regaining our control over our financial well being.

Exchanges

The crypto currency exchanges facilitate the trade between the seller and the buyer. The seller and the buyer determine the price and when there is agreement the exchange settles the transaction. This works much like eBay. There already are large blocks of crypto currency trades not taking place on exchanges because they don't want to "move" the price in extreme ways. The same happens on Wall Street with their "dark pools". The sooner we get away from comparing the value of bitcoins to FIAT the better. People and businesses must use crypto currencies to transact directly for goods and services.

Be Your Own Bank

Wall Street and Central Banks have control over our financial well being through their FIAT currencies. They control the creation of what we use to transact. Money comes into existence through debt and therefore people are debt slaves. Crypto currencies allow us to be our own bank. Yes that requires taking responsibility for our financial well being. We must learn how to transact with and store these digital assets safely. Are you ready for financial freedom?

Unless Wall Street starts holding crypto currencies directly - just say NO to Wall Street.