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What's Our Crypto đź’°Financialđź’° Future?

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This is The Block. The newest House rollback of banking regulations, which include loosening of Dodd-
 

The Block

May 23 · Issue #45 · View online
Weekly curated #cryptocurrency news and commentary.

This is The Block. The newest House rollback of banking regulations, which include loosening of Dodd-Frank restrictions for smaller “community” banks, brings to mind a key question in the minds of crypto-enthusiasts, namely: what is crypto’s role in a nation’s economic future? Is it the replacement of fiat? Is it a co-mingling of banking and blockchain? Or is it something that we have not yet seen and can’t yet conceive?

This tweet sums up a lot of frustration that crypto people have with current landscape.
Ross Gerber
Bitcoin people should be happy to see the US Congress weakening banking laws. This is why #crypto exists. It’s an alternative system for when the crooked bankers sink America again. Trust me they will, if the government lets them.
It’s a landscape littered with failed banking practices and a government that’s done too much or too little, which has led to the destruction of the lower and middle class while strengthening the hold the upper classes have on every aspect of society. It’s the essence of the Golden Rule: he who holds the gold makes the rules.
Cryptocurrency advocates are looking for ways to upend this system, but at the same time, some of us question whether the vision has been co-opted by those very same interests now holding all of society in secret bondage.
What the future holds is unknown, as Bitcoin and alt-currencies continue to chart uncertain waters, and naysayers envision a future in which the unrealistic and bubble-like dreams of cryptocurrency die on the vine and the status quo is maintained.
This brings to mind an image I ran across recently:
If the tech is going to take all of society anywhere, it will be a combination of emergent thinking, disruption, and downsides like fertility rate reduction and job loss from technology. This will include the financial sector. As fertility rates drop, births decline, leading to a future in which social security is no longer viable because not enough people are paying into the system to pay for the present retirees. We are quite literally at risk of a future we can’t afford.
But at the same time, new industries will arise, opening up new pathways and opportunities for innovation. As I’ve mentioned previously, even if Bitcoin and the current generation of alts are destroyed or diminished, other cryptocurrencies will arise, and blockchain technology is clearly not going away any time soon.
Hope remains for cryptocurrency’s continuing slow infection and takeover of traditional monetary power structures. But the end result may look very, very different than we can envision from here, with fewer people, less stratification between the middle and lower classes, and an upper class that has to play more closely to the rules the rest of us must live by.
A Tale of Propagation
This is pretty cool. Sorry I’m not able to extract the video to show it natively, but click through to the tweets to see a neat visualization of Bitcoin node propagation from three years to today.
Jameson Lopp
Tracking the propagation of a Bitcoin block on January 8, 2015. Compare this with the next tweet showing block propagation in 2018. https://t.co/Aw0i04RBrh
Jameson Lopp
Tracking the propagation of a Bitcoin block on January 2, 2018. The hard work Bitcoin developers have put into improving network propagation is quite clear! https://t.co/JcuvlK0Xuj
Shortcuts
Bitcoin slumps below $8,000, taking the total value of all cryptocurrencies below $350 billion for the first time since April 19.
Political blue-on-blue attacks with a Bitcoin twist.
Tuesday, May 22 was Bitcoin Pizza Day.
A London mosque became the world’s first to accept Bitcoin after it was declared halal.
Links of Note
Bitcoin explained by AI will melt your brain
Why a collapse in bitcoin won't kill blockchain
Will Bitcoin Use as Much Electricity as All of Austria by the End of the Year?
Small Banks Looking to Capitalize on Cryptocurrency Customers
Japanese Bank Ready to Develop a Blockchain Technology Service for 2020
Bloomberg Bitcoin Reporters The Latest Tools Of Crypto Scammers -- But Not The Last
Blockchain helps us take green power into our own hands
Dr. Dre, Jimmy Iovine and Cryptocurrency
That’s all from me for this week. Thank you all for reading!
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