All of us are at war with the system in one way without dispute, and that is a war of debt - compounded interest working for you, and against you.
“Compounded interest is the eighth wonder of the world, but, he who understands it, earns it. He who doesn't, pays it...”― Albert Einstein
Are we not all bound by money in some way, the wealthy especially? We are hit in many ways, government taxes which are high, transaction (txn, gas, gwei) fees, and most importantly as human beings we are hypnotized and caught in a cyclical trap intended for a consumer demographic.
What is the opportunity cost for all our time and devotion to our lifestyles? Does the established order (government and major corporations) respectfully indulge us with a fair share to compensate for this loss in our autonomy, or do they make us pay for it at an overpriced rate?
Unfortunately, traditional financial institutions are in the way of using compounded interest against you. Banks, credit cards, loans, etc. The system is jerry-rigged to keep poor people poor, and the wealthy, wealthy.
Cryptocurrencies, more and more are geared in the manner of granting you compounded interest, a notable example from the old days that still holds strong is with Tezos (XTZ), a PoS (Proof of Stake) currency that pays out dividends for staked (collateralized) coins.
Many coins have followed suit with staking ability as well as websites that offer staking, liquidity providing, and freezers such as CakeDeFi that offer excellent rates in APR/APY (Annual percentage return/yield).
I hope that Bitcoin (BTC), Ethereum (ETH), and other altcoins such as DeFi (DFI) eventually break free from correlation with fiat and stock markets, although it's worth noting that crypto soared through the beginning of the covid pandemic while stocks suffered immensely, and the United States has reached a new ATH (All-Time High) for its debt ceiling.
My question to you, knowing this, is why could you possibly want to use traditional financial institutions for anything but cashing out of crypto for fiat?
Of course, you’d most likely only do that because most things in life cannot yet be paid for in cryptocurrencies such as rent or food, or products on Amazon - although I will note crypto debit cards with crypto-back are a good alternative to credit cards on such sites.
NFT projects offer staking and other forms of passive income through utility, one part of their true future outside jpeg’s that has already seen fruition; I believe through gaming utility gaming NFTs will be the most substantially used form of NFTs over time.
In this life, we are at war with traditional financial institutions and their jaded version of financial slavery. With some knowledge, you can turn the tables against traditional financial institutions through crypto and DeFi (Decentralized Finance).
In a prior article, I discussed how easy it is to collateralize crypto for 12.7% APY, and the rates are increasing - especially in DeFi. This beats the S&P 500 stock index instantly and no bank can offer anywhere near these rates in their savings accounts while you can't hold the keys.
Would you rather pay to live… or profit to breathe?
I made my decision and went in the way of financial freedom through decentralized finance. Cryptocurrency and blockchain offer the capability to break free.
The only chains I want are the ones I profit from.
As always, comments & suggestions are highly encouraged.
Stay smart & Stay safe.
-Thomas Wolf
Pronouns: He/Him/His
DISCLAIMER
I am not a certified financial, tax, or legal advisor, analyst, or planner. The above information should not be considered advice but as an opinion intended to share information and ideas for entertainment and independent research purposes. I am not responsible for any losses or damages incurred due to misinterpreting my personal opinions for professional advice.
This article was originally published on Read.cash