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The Almighty "Golden" Dollar
Following the world at war, gold-backed currency became unrealistic for many countries. The United States had simply amassed so much gold for its supply of weapons and stuff. With the Dollar (at the time) itself pegged to gold, the stage was set for a global reserve currency.
Leadership comes at a cost. It certainly did for the U.S. as it continued to fight foreign wars and engage in international affairs. The result was a decoupling of the USD. Other nations began to trade USD back for gold. By 1971, President Nixon had de-pegged the the Dollar from gold. He cited concerns over speculation. Many factors were certainly at play, including a increasingly innovative, modern world that found itself in an aviation economy.
The Modern Dollar
For decades, Americans were accustomed to going to the bank and trading a dollar for a brand new one. Seems silly, but that's what was done with a post 1971 Dollar.
Things are different now, well sort of. Now we go to the bank and trade a dollar for credits on our debit cards. It's both simpler and allows for more powerful transactions.
Enter the Internet Age
Computer science far outpaces traditional operations in many industries. From daily human interactions to distant financial transactions, computers have changed lives immeasurably. Well, immeasurably by traditional means of accounting.
New applications took root alongside more applicable philosophies. Take for example the 'like' (or 'favorite') button. This didn't exist in human consciousness during the Golden Dollar. It's akin to receiving a gold star on your school paper, a medal in the military, or maybe a blue ribbon at a fair. Now instead of a reward from a sole administration, everyone with an internet connection is empowered to distribute an opinion reward.
Valued Digital Transactions
Consider the emotions tied to that little like button. A family photo of a friend you haven't seen in a while shares the image of a new baby. Your heart goes out in clicking that like button. Political expression, support of your local church, business interests, and hobbies can all be valued (and engineered) by social media companies and the advertisers they cater to.
Clearly there's value in digital expression. We might even consider that the digital credits harbored by your bank on your debit card are merely digital expressions. This becomes easier to see when transactions are settled in groups rather than in the moment- what made the P2P Golden Dollar so valuable.
Unfortunately those that make money off the value expressed on the internet remain disassociated from average users. Here is where crypto comes in.
Crypto Returns the World to a Peer-based 'Golden' Dollar-type Standard
Crypto offers a real way to re-empower people with the value they place on digital interactions. It's a re-empowering because value was first expressed by liking something. Algorithms are already widespread that mine expressed value on the internet. Users rarely benefit from the value they create.
Consider a branding agency empowered by a social media platform. All the people befriending to an individual who expressed value for some arbitrary like are targets for things like brand loyalty. Imagine if the brand fell into trouble. Would it be farfetched for this new group to rise up in support of the brand; and even called to fix the problem. Now, not only would one targeted for spending, but would be working for the brand as well. Talk about getting someone to work your fence.
Closer to God
I sent you to reap what you have not worked for. Others have done the hard work, and you have reaped the benefits of their labor.” - John 4:38
Do not be deceived: God cannot be mocked. A man reaps what he sows. - Galatians 6:7
Crypto is like that gold-backed dollar that can be traded by peers over the internet (see Galatians 6:7). Smart contracts are not set in stone. They are multifaceted and can evolve. Smart contracts are like profiting from being open and aware to developments (See John 4:38).
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God and Crypto is NOT a comparison. It's about how crypto improves daily life in an intellectual way. It's about inspired living that allows us to spend more time loving each other.
For more about blockchain tech, check out some of my other stuff here.
Originally posted here.
I agree with you, IT far exceeds traditional operations in many industries, specifically the sector those industry processing computer parts intended for cryptocurrency mining.
Best regards, be well.
Indeed, crypto has pushed innovation in a very deliberate way. I believe the majority of coders miss this.
enjoy
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