Bitcoin Scares Banks with Kosh Eek (video/podcast)
A few years ago, Kosh Eek of the Decentralized Podcast realised that Bitcoin was a disruptive technology that he could personally use to withdraw his power from central banks - the entities which enable so much war and suffering in this world. Kosh saw that crypto assets could change the finance industry in a similar way to how Napster and BitTorrent changed the film and music industries, how Uber changed the taxi industry. Kosh saw a chance to make the world better in his own small way, and by an interesting coincidence, he was rewarded for it.
You can listen to the interview below and hear Kosh mention a few key ways that crypto assets will change banks and society - which were the main reasons he got involved.
No need to trust a bank
Cryptocurrency offers a way for people to store their wealth securely without using banks. Even though exchanges had been hacked, the Bitcoin protocol had never been broken, so Kosh saw a chance to get his money out of the banks, withdrawing his power from central banks which use dollars to fund war, and commercial banks which inflate the money supply through fractional reserve banking, funding unknown projects.
Kosh refers to Bitcoin as a "stable" option, which sounds unusual some, because obviously the price varies a lot. What he meant was, the supply is known ahead of time, unlike with dollars and other fiat which can be increased on the whim of bankers.
Take a punt
Even though Kosh knew that Bitcoin wasn't 100% proven as money, in comparison to gold or silver, he was willing to take a risk on something he felt had a bright future. He was young, and so he was willing to take on a higher level of risk, much like what I described in the earlier episode of Cryptonomics - Bitcoin Is Like Poker. Who dares wins.
The social changes
Crypto assets are likely to disrupt the banking system, giving everyone the means to control their own money - perhaps preventing governments from seizing it unfairly, such as the many cases of asset forfeiture in the US. Having the keys to one's wealth enables greater responsibility, allowing people to invest in new projects earlier, building wealth quickly in ways which were previously only available to millionaires.
Banks are scared
Kosh attends a lot of events related to finance, and he hears a lot of rumours, hearing the words of bankers and people who talk to the Council of Foreign Relations - a Rockefeller-founded group which holds power over the policy of the US. The word on the grape vine is, "if this technology was developed by a country or a nation state, there would have been missiles launched by now."
Integrity is rewarded
Many people who got into Bitcoin early also decided to sell early, taking their profits as soon as they had the chance. Kosh didn't, because he was happy to support something which would improve the world, and so he persevered despite the ups and downs. He stuck with it because he had purpose, and a vision for a better world, and in the end that was made the difference.
The Episode
You can listen to the episode on Anchor and other podcasting services here: Cryptonomics - Bitcoin Scares Banks with Kosh Eek. Or watch on YouTube below:
Disintermediation.
My new favourite word :)
Just another step, towards the decentralisation of power.
Karma is real :)
Peace.
As a gold bug, Bitcoin offers many of the same advantages of gold. It took me time to come around to learning about Bitcoin to see this. I'm glad I did and would like to buy more as price dips. Will always own gold and silver along with Bitcoin and Litecoin.
It's great that you came around. Kosh and I had a similar experience, learning about gold and silver and then moving into bitcoin. In hindsight, I would have done things the other way around.
Good luck with your investments.
cryptocurrency can not take the place of fiat currency. truth is total manipulation in crypto market is controled by Bank and different financial organizations. If you say no then my question, how could be XRP a hundred billion coin become 3$ when its actual high could be maximum 0.50$.
They try to prove XRP(non-mineable coin) more profitable then BTC. Cause bitcoin is mother currency and mineable . If they can control bitcoin then total market will be in their hand . End of 2017 what happened it was totally according to their plane and the succeed. Remember bank will not setup mining farm but they can take away all of your mineable coin.
they can take away my mine-able coin? explain... XRP is for the unaware manipulated people (and possibly some institutions), I wouldn't waste brain cells contemplating it. Good marketin + sales team + hype, anything can be sold at any price.
not talking about buy or sell . Can cryptocurrency take the place of fiat?
wait, you said the banks could "take away" my mineable coin, you need to explain that first. Bitcoin can easily take the place of FIAT cash. It has all the properties of currency. Why do you think it's called Crypto currency? What exactly do you think FIAT is and want does it do? maybe we need to establish that first.. please reply.
Thy have already taken a huge portion of BTC from market . What I have told quoted again "bank will not setup mining farm but they can take away all of your mineable coin."
If that is true, why do you think they have done that?
have done and will do again just preparing new trap
Yes and no. Yes is only replacing part of the Fiat currency. No is most of the service and goods value is based on Fiat currency. Some times a few penny is easier to buy candy compare 1btc. It's depends on now much money you have. Crypto is better in term on spending on high value goods or services.
I don't understand this question... can you rephrase it?
I have no doubt there's a lot of manipulation in the market. A lot of exchanges have to direct the market to clear their books.
But you started with the point that crypto can't replace fiat. Maybe that's true, but nothing you've said really supports that point, because there's so much manipulation in fiat currency, as well as basically every market on Earth. So why do you think that crypto can't replace fiat?
Venus Project.
I'm familiar with the Venus Project, but can you tell us why you're bringing it up here?
I see Crypto as a means of transitioning toward a society not unlike the Venus Project. That is one of my primary reasons for being interested in Crypto. Anything that takes a crap on the Banks is a friend of mine. :)
Answer is simple end of the profit takers of cryptos go to Bank to cash out the profit . cause they trust more on fiat not crypto. That's why TMC fall 795B to 196B. And Bank compelled people to believe fiat is much safer than cryptos . They prove it by their weapon XRP.
It's safer in some respects, it's less safe in other respects.
Still, that doesn't follow. People do take money out of crypto and put it into fiat, but that's what's happening today. It's still rather early for this technology, and people need to find ways to make crypto more stable. Even so, for many people in Venezuela and Zimbabwe, crypto is much more stable, and that's why we can see adoption of Dash in those countries.
You're looking at things today and extrapolating that in the future it will be the same... It won't. I don't know if crypto will replace fiat, or run in parallel, but there's more to it than what's going on today.
What happen in future I don't know. I just treat crypto as trading instruments .
I'm trying to get clarification myself, this person also said that banks can take away my mineable bitcoin.. trying to find out how..
Crypto is certainly future of money transfer. It will definately replace current banking system.
I think it will in some way, but it's hard for us to imagine exactly how. Thanks for your comment
Most of the banks dont believe in bitcoins
That's probably their public message, but as Kosh said in the interview, what they say publicly isn't always what they really believe. They might not think it will be successful, but they can still see it as a threat. Imagine if your industry had an open source replacement, with thousands of project attempting to replace your infrastructure. For some that would be exciting, but I don't think that's how these bankers are feeling.
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STOPHad me at the title. Enjoyed reading this article.