I've been closely monitoring the 90-day Bitcoin chart, and my focus keeps returning to that massive bull flag we see for BTC on this timeframe. It's possible that Bitcoin is following Larry Fink's prediction, the CEO of BlackRock, about evolving into a "rush to quality." Or perhaps it's just the typical pre-halving behavior of a bull market. Friedrich Hayek's words come to mind...
For centuries, if not millennia, "money has remained in its original form, and governments haven't allowed us to develop money." The reason we are still dealing with archaic forms of currency is simple – if they let us experiment with money, they'd lose the control they wield over us through currency.
And if anyone believes the opposite, they need to provide a logical explanation for the rampant global inflation we're experiencing. The fact that inflation has soared well above 10% is a result of a deliberate design, not due to any genuine need. None of the so-called fiscal measures imposed since COVID were necessary, which makes the meager inflation/CPI numbers appear entirely manipulated.
Returning to Friedrich Hayek, his solution to evolving money wasn't to create an alternative currency to the dollar or any other fiat currency. Instead, he proposed "opening accounts in something" approved by the community and using these accounts. It might sound more like Hive than Bitcoin, but for the sake of the argument, let's consider Bitcoin as a network of accounts rather than an alternative currency.
What is your Bitcoin address? It's a destination on the blockchain, disconnected from any owner's identity. It has no name or personal details attached to it and belongs to whoever holds the keys to access it.
In reality, your Bitcoin wallet address isn't exactly "yours." While you're the owner of your bank account, as it's registered in your name and address, Bitcoin presents a different dynamic. When it comes to Bitcoin, you are more of a user than an owner.
Now, this might seem contradictory to what I've previously written about crypto and Bitcoin. Let me explain my perspective.
If someone pilfers your card details and empties your bank account, you can report the theft to your bank. If the theft is verified, the bank will reimburse you. However, if someone gains access to your Bitcoin wallet keys and starts draining your crypto holdings, there's little you can do.
There's no central authority or headquarters for Bitcoin that you can contact about your situation. You've been hacked or robbed, and that's the end of the story. However, safety concerns often serve the elite's interests, providing them with more power and control over us. The COVID pandemic is a prime example of this.
So, does this mean that traditional banking systems are superior to Bitcoin? Well, it depends on the type of person you are. If you're a compliant individual who trusts governments, law enforcement, economists, and lawyers, then you might as well ignore crypto, including Bitcoin and a few other projects.
But if you have at least two functioning brain cells and a streak of rebellion in your blood, you're likely to see glaring flaws in the current financial system. As Friedrich Hayek pointed out, when it comes to revolutionizing how we interact with and develop money, we don't necessarily need to create alternative currencies. Printing your own money is illegal, and you'll end up in jail if you attempt it.
Instead, we can open what Hayek called "community accounts" and begin building new economies for ourselves, ultimately developing what we now call money. In this context, money is merely an account, a blockchain address within a decentralized community.
This concept closely aligns with what Hive is accomplishing. While we began as a blockchain-based social media platform, our evolution has taken us far beyond our initial purpose. We've ventured into gaming, DeFi (CUB, HBD savings, etc.), and various other applications of these community accounts, creating a new world known as Hive.
Can we use HIVE or HBD for everyday purchases, like groceries? At the moment, not so much. There's a bar in Guatemala, as showcased by @alex-rourke, that accepts Bitcoin as payment via the Lightning network. Thanks to @brianoflondon, the creator of the v4v app, HIVE can be converted directly to Bitcoin within the app for Lightning network payments. But apart from such exceptions, you'd have to sell HIVE on the market, convert it to USDT, and then use a crypto card to make daily cryptocurrency transactions.
The race for the next-generation currency is underway, with JP Morgan having already facilitated over $1 billion in overseas transactions over the past year. For the banking establishment, this marks a significant leap forward. I assume that JPM coin offers round-the-clock transactions at higher speeds and potentially lower costs compared to traditional cash transactions.
Yet, do we really need JPM coin? Do we even need USDT, considering it's also part of the established financial system? Instead, what we need is the adoption of HBD and the expansion of these "community accounts," as Hayek referred to them, which represent the money of the future.
Recall what I mentioned in my previous @leofinance post: "Believe the unbelievable." If we can't envision a better world for ourselves, it won't become a reality...
So, what happens if we do?
Thanks for your attention,
Adrian