Cryptocurrency is taking over
In 2008, the U.S. economy plunged into the “Great Recession.” It was the worst financial event since the Great Depression of the 1930s. But how did it all happen?
I recently watched 'The Big Short' in which a few wily opportunists predict the collapse of the housing and credit bubble in the U.S. They're being laughed at when they want to buy some sort of shares, called shorts, of banks—like Bear, Goldmann Sachs, and some other big names—to make profits of a crashing economy that no one thinks is coming. It's hard to believe that even the ones that were supposed to know how it works were blinded because it benefited them—so no questions asked—or they were too scared to play against the big boys, like the rating bureaus (who had to watch the quality of the loans, but did not for they'd lose their clients). Watching this movie makes me realize this is what happens when people don't live and act according to their values—which is tough when you have bills to pay. As you may know, nothing has really changed in the industry, maybe some window dressing, but still a lot of bubbles are waiting to burst in the U.S. and Europe. The trust in the banking system by the majority of people has dropped immensely. As would be expected, an alternative has risen: Cryptocurrency. Digital money, like Bitcoin, Ethereum, Ripple Coin, DasCoin, has found a way into the mainstream economy. It's a kind of digital currency that can be exchanged in a relatively safe
manner online, called a blockchain. There is no central point of data housing and an anonymous exchange for outsiders. It's perfect for 'smaller' amounts of money (under $100.000), while for larger amounts, you'll need to exercise due diligence.
In my opinion, this system has the potential to create a more equal global economy. Sure it's not 100% safe from crooks, but are you safe with a bank?
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