Welcome to my blog on publish0x and I hope everyone out there is doing great in the crypto world and health especially during a declared pandemic by WHO and during global lockdown as well.

COVID19 Impacts on Global Stock index Jan 22, 2020

So, let's talk about the global economic crises and it impacts the crypto currency's future. I think we're already on the verge of big economic crises. The situation that's happening in Asia with the spread of COVID-19 is going to precipitate an economic crisis at least by damaging supply chains even it doesn't turn into a pandemic. So that's going to be blamed as the reason for the economic crises but the global economic crises have been coming for 10 years and none of the problems that happened in 2008 were fixed well I am not an economic expert as I am just giving my opinion and expressing my views to best of my knowledge. 

How does that impact on cryptocurrency?

There is a tendency within the cryptocurrency space to look at this as to test cryptocurrency as a lifeboat as a safe haven and I think that's a terrible attitude to have towards an economic crisis because I think there's just as much chance that a slowdown in economic activity especially in the tech sector will reduce the amounts of investments in the crypto space as well which is part of the tech sector and will cause a lot of people who are currently speculating to reach retrench and avoid investments that they see as perhaps also risky. So, if it cuts both ways and we shouldn't be gleefully expecting to test the security of the lifeboats by sinking the ship. We are not ready for that kind of test and cryptocurrency is not capable of supporting the scale of millions or billions of people who might use it during an economic crisis. 

The future of finance worldwide will be with much more decentralization based on open protocols and open system that could reach everyone with a reduction in the needs to authorize and vet participants and instead build security mechanisms that do not depend on threatening but depend in the kind of game theory that we see in proof of work PoW and proof of stake PoS systems and another consent algorithm that might emerge.  The future of finance is open decentralized finance and it will help bring the whole of humanity into an economic system that everyone can access and I think that's going to happen under NWO. It may take several decades, however, to emerge that way, not because of this technology but because geopolitics surrounding it the ability of governments controlled money gives them enormous power and they are going to fight tooth and nail to preserve that power even at the expense of their own people but the open financial system is inevitable. 

Open financial systems are more efficient as they are more equitable and they are more transparent and they solve all of the scaling problems we have in the effectively industrial age financial system we have today. Which is based on hierarchical systems in control that do not scale to solve global problems and do scale to include more than half of the human population that is automatically excluded from these systems? A system that excludes more than half of the human population is not a system that can survive in the future, we have to do better and I think open finance will do that. 

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