Episode Highlights:
- 00:01 – Cryptocurrency And Social Order
- 00:19 – The Use Of Crytocurrency
- 01:05 – The Elimination Of Third -Party Companies
- 02:01 – The Purpose Of Central Banks
- 02:40 – What Happens If We Don’t Use The Dollar
- 03:09 – What Happens When Social Order Is Disrupted?
- 05:12 – Ways People Use Crypto-Currency
- 06:23 – Partnering With Iota Coin
- 06:38 – The Future Of Bitcoin
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Transcription:
00:01 Cryptocurrency And Social Order
Hey what’s up guys its Dan from crypto camacho here and I was just thinking how cryptocurrency is going to change it or disrupt the social order of things to come.
00:19 The Use Of Crytocurrency
And why do I say that because what’s going to happen is people will start using crypto currencies for different things. There are now like 1200 crypto currencies, in a couple years there will probably be a hundred thousand, tens of thousands of different crypto-currencies at least. And people are gonna start using these crypto currencies these peer-to-peer enablers if you will to complete transactions all different kinds of transactions, transactions financially buying something buying and selling lending, loaning something gaining, something gifting something doing something in business all different types of transactions.
01:05 The Elimination Of Third -Party Companies
And certain institutions and companies are not going to be needed anymore title, companies to show that you have ownership for something any type of title company where you show ownership for something or they keep track of that ownership won’t be needed anymore because that’ll happen all within the blockchain it’ll happen all within whatever technology we have at the time.
And today we have blockchain we have tangle which is a new technologies similar to blockchain but very different approach and some say it’s much much better more scalable than blockchain and there’s more that it’s going to come and people are going to start doing these transactions through these crypto currencies through these different protocols and different systems and it will essentially eliminate the need for any of these third-party institutions such as title companies such as central banks.
02:01 The Purpose Of Central Banks
The central bank monitors regulates us fiat currency the US dollar right that’s what the Federal Reserve regulates right now, they print dollars, they make more money.
02:15
Over time they set tax rates or they helped influence setting tax rates they set monetary policy which basically means how much we can lend to people how much banks can hold in terms of cash how many how much you know the of that cash they could lend out they change it’s interest rates they buy houses to get loans they do all kinds of different things like that and we aren’t going to need them anymore.
2:40 What Happens If We Don’t Use The Dollar
Because if we don’t use the dollar if people just stop using the dollar or any currency any fiat currency for that matter and started using crypto currencies instead there would be no need for fiat currency. If there’s no need for a flat currency there’s no need for a Federal Reserve if there’s no need for a Federal Reserve how you maintain a government in a very very different way. Today a government is maintained by keeping social order.
03:09 What Happens When Social Order Is Disrupted?
Social order is preserved governments are fine they do whatever they want to do once social order breaks down and is disrupted then all of a sudden the government’s the powers that be can’t just do what they want to do because public is having an issue with it, they have to get the military to say okay go and fix that issue over there settle it down they establish social order again.
That’s how it works and that’s how governments work and part of social order is making sure everybody has enough food and water and whatever to eat and the way you get food and water and something eat is by buying it, with dollars with fiat currency.
03:46
And so if you don’t need fiat currency but you can still buy food and water you can still buy a house you can still buy and do whatever you want to do on a daily basis you don’t really need this other stuff. So imagine a world where that actually happens where people start transacting in these crypto-currencies whether it’s a Bitcoin or something else in the future they’re going to start transacting with these currencies. They’re going to transact on their phones they’re going to transact on their computers they’re going to transact wherever with whatever devices they have machine to machines they’re going to transact and even when this happens it’s going to start lessening the need for fiat currency slowly it’s going to be very slow at first right slowly people are going to stop it start adopting these crypto currencies and they’re going to start seeing the power of them they’re going to start seeing really why they’re so disruptive and why they can be used for so many different applications and they’re going to start moving from dollars to cryptocurrencies or whatever other fiat currency they may use in their country and they’re going to start using crypto currencies and the more and more applications are developed the more and more people adopt cryptocurrency the more and more people are going to want to spend or transact with that cryptocurrency.
5:12 Ways People Use Crypto-Currency
And so the more and more business opportunities are going to pop up over time right this isn’t because people in the business world are going to say man all these people want to use their crypto currencies to do X Y or Z, things we haven’t even thought of. I’m going to build a software that leverages these cryptocurrency technologies to make that application possible for that person and that’s going to happen, all these business people are going to create all these different types of applications and ways to use your cryptocurrency, the ways to spend it, ways to transact with it, ways to preserve information with it, ways to monetize the data on it ,like all of these different business models and ways of monetizing and in using crypto currencies is going to start happening.
Right now it’s already being done, the insurance companies are using blockchain. They’re starting to test with it banks are starting to test it right smart contracts with aetherium are being used at different companies, Microsoft, Bosh Microsoft a couple of Volkswagen a couple of other big name companies Cisco are now starting to partner with the iota guys.
06:23 Partnering With Iota Coin
Iota coin they’re starting to partner with them to use and adopt their tangle technology to make it available on their marketplaces because they know people want to use it because they see value in it. They see value in potentially creating business opportunities on top of it so this is going to happen, people are going to start using this.
06:38 The Future Of Bitcoin
And then they’re gonna realize look I don’t even need to be part of this other system I don’t even need to be part of the fiat currency system like I don’t even need to participate in it. I could just opt out of participating in it. I mean imagine if you can buy everything with Bitcoin, if you can buy bread, if you could buy a car, if you can buy a house if you could buy entertainment travel whatever. If you could just do that with Bitcoin or any cryptocurrency you wouldn’t need dollars anymore you would not need dollars.
So you would not need to pay taxes on dollars because you wouldn’t need dollars you wouldn’t use them you would be using this digital system that is just literally numbers going back between different parties and you could completely opt out of the the Fiat or the Fiat system or whatever government you’re in, you could just kind of opt-out of that system. Say you want to buy a house right now you can’t easily buy a house with Bitcoin or other all coins or other cryptocurrencies in the future. You will be able to, you will be able to go to a person and you will be able to make a transaction with that person over Bitcoin over some sort of cryptocurrency.
And all the information around that transaction, who owns the house, who it was transferred from to the fees and everything associated with the contract you entered all of that type of information will be encoded in a blockchain it will be taken away from like a title company.
08:00
From whatever type of insurance company from all these like closing companies and closing houses it’s going to take all of that away and that we aren’t going to need them anymore and so if we don’t need them anymore, we completely opt out of that system as well and so you’re going to start to see in the years to come. I don’t know when this is going to happen but in new years to come you’ll start to see people opting out of using these different institutions because they will start to see the potential and the ability to achieve the same goal using crypto currencies and blockchain technologies.
If you can go and store something on a blockchain that’s decentralized and spread over thousands or millions of computers you know it’s not going to go away that contract encoded in that blockchain that’s stored decentrally across thousands or millions of computers isn’t going to go away, if one computer goes away and the copy gets lost the contracts on another million computers so that’s the power of this stuff. All that contractual information can be encoded into the blockchain so you don’t need a title company to say yes this transaction happened on this date and here’s the parties involved and here’s how much money was transacted. You don’t need that you can just go back to the blockchain and you could use a tool an application of software to interpret what’s on that blockchain write what the contract says and you can completely opt out of using a title company.
You completely taught opt out of using a lender you completely opt out of using a real estate agent you completely opt out of using a bank because you transact in Bitcoin and you can maybe get a loan from another decentralized cryptocurrency somewhere else where millions of people are funding that loan so the sky is really the limit on this stuff guys and I really want you to think about how Bitcoin and not just Bitcoin how cryptocurrencies, this new technology blockchain tangle how it’s going to change the world I mean it’s really going to change the world.
It’s going to change how society is structured right it’s going to change institutions that we have trusted, believed in and held close to us for a very long time maybe some of them we’ve hated but it’s going to change the dynamic of those institutions. It’s going to change the function of what they do it’s going to change whether or not they exist or not right it’s going to put a lot of them out of business frankly. I don’t think they’re going to all go away I think a lot of them will adapt into the landscape they’ll adapt in one form or another maybe a title company will then become a software company that provides a blockchain type of cryptocurrency that you can store your information on and maybe you want to use that blockchain and maybe you do and maybe they charge a fee to use it per transaction there’s a fee or something like that right and that’s what’s gonna happen so it’s going to completely take out these institutions or the is the need to rely on them so to say.
And it’s going to let you rely on whatever you want it’s gonna give you freedom to rely whenever you want right whatever trusted blockchain or whatever you feel is the right approach I don’t know how it’s all going to play out but it’s certainly going to be an interesting ride let me know your thoughts really curious to know how you think about this and if you think it’s going to create social change, social disruption or anything else and I’ll leave you with a thought social disruption is a term used in sociology to describe the attention or breakdown of social life often in a community setting. For example closing a community grocery store might cause social disruption in a community by removing a meeting ground or community members to develop interpersonal relationships and community solidarity. Well social breakdown is going to happen on a different level right it’s not going to be a grocery store closing, it’s going to be a bank closing, it’s going to be a title company closing it’s going to be institutions that we rely on because we are forced to preserve trust between transactions that happen between different parties of people we’re not going to need that, that’s going to happen on the watch.
I’m Dan from cryptocamacho.com I will see you next video and don’t forget subscribe now red button click it subscribe talk to you next time guys later.
