The surest way to win the game is to change the rules in your favor. However, it is not easy for your teammate to agree. You have to behave with great mastery or be favored by the circumstances. Natural disasters, wars, pandemics and technology have always been the main levers that strengthened social change.
As people's lives tend to become even more digital, we are witnessing a rapid transition to a cashless society . Citizens who have used them have begun to prefer cards. Banknotes may be the big victim of the pandemic. The World Health Organization has warned that they are spreading the infection, as the virus can stick to the surface for several days. The cash has been accused of being used by drug traffickers, terrorists, tax evaders. They are now a deadly disease carrier.
Big brother is closer than we think
Absolutely digital money is the -not so hidden- desire of the banking elite. He believes that in this way the banking crises will be definitively addressed, as the risk of bank run will disappear forever. It will be impossible to withdraw your money from the banking system. But now they realize that they can do more than that. It will give them the ultimate economic advantage . Digital money is easily monitored, controlled, manipulated.
In a world without banknotes, depositors will not be able to withdraw them from the banking system and thus will be able to set as much negative interest rate as they want. Depositors, whether small or large, have no way to protect themselves. Even if -10% impose negative interest rates, how can depositors defend themselves? The answer is simple and scary at the same time: They can't! Not being able to hide them in the "mattress", their only way out is to invest them or consume them. Where to; But of course where the authorities want. For the "common good". They know better!
The difference between today's and new digital currencies is that they are "smart" money. If you go to a supermarket today and pay by card, it records your name, the store, the time and the amount you spent. With the new digital money they will learn what you bought.
Violation of privacy is not only annoying, it is dangerous. The problem is not whether you prefer AIM to Colgate for toothpaste. Consumer habits reveal much more to you than what you say. You don't have to be a traitor to find out if you're buying an opposition newspaper or a book by an unpopular government writer in an authoritarian state. No matter how much you tell your colleagues at work that you support the government, your consumer behavior betrays you.
Electronic payments provide convenience, but they open the door for the big brother to record our lives. Do you think this is a very distant future? In China, they already have a social score on citizens who detect, control, punish and reward. Depending on your behavior you earn a discount on rent or your children can attend public university. If the score is negative, you are not allowed to board a plane.
China is already piloting e-RMB : Shenzhen, Suzhou and Chengdu, Xiongan in four cities , according to the official state news agency Xinhau. New technological possibilities favor designs. Mu Changchun, head of research at the Central Bank of China's digital currencies, said the technology allows the exchange of digital currency without internet connection.
The reason to the Nobel laureates
The George Akerlof in 2001 was awarded the Nobel Memorial Prize in Economic Sciences together with Michael Spence and Joseph Stiglitz for his work on the problems arising from asymmetric information. Akerlof is best known for his article in The Market for Lemons: Quality Uncertainty and the Market Mechanism published in 1970:
There are two types of used cars. Lemons and peaches. Lemons are of poor quality. They are the ones who are not taken care of by their owners. Whoever makes the mistake of buying them, will leave him on the street immediately. Peaches, on the other hand, are well-groomed cars. Their previous owners changed oils frequently, maintaining them according to factory instructions. Everything you need to sell it in good condition.
Sellers know if they are selling lemons or peaches. The buyer does not (asymmetric information). Before they sell it, it shines. The sellers have taken care to freshen up the paint. So the buyer is easily fooled by his ignorance. At the same time, however, he is aware of his inability to buy lemon and lose his money. So what does it do? It always offers a lower price than the one that sells peach.
If you sell lemon, this price is satisfactory. You're lucky the sucker found more money than your car really deserved. If you sell peach, you are unhappy. You did more work, it cost you more than it cost the lemon, and that's not appreciated. As a result, peach sellers are discouraged, offended. So what do many do? They leave the market or take advantage of the incentive to sell lemons.
At some point, buyers realize that lemons are more. As a result, they further reduce their supply, resulting in even more peach sellers leaving the market. The vicious cycle continues, with the result that prices and quality are constantly declining until only lemons remain. Peaches realize that the quality they offer is not going to be fair.
What does this have to do with bitcoin?
The new digital currencies are "lemons", while bitcoin is "peaches". Why; Because even if you are the most peaceful or consciously disciplined citizen, you realize that the new technologically advanced currencies of the Central Banks are dangerous. If, for example, you are an innocent shopkeeper, you may receive suspicious money from a criminal. Money will have a history behind it.
It's like receiving a bill that shows the amount on one side and a list of people who have used it in the past. This list may be invisible to you, but not to the government. Until the prosecuting authorities find out that you are just an innocent person who accidentally received money and sold real and not virtual goods, you will be a suspect. If they finally find out. The suspect is one step ahead of the prisoner by mistake.
So as a recipient of the coin with history, you will be reluctant to receive it because you will be scared. You are in the position of the buyer of a used car. You know that someone you know has trampled on her like that. Friend, neighbor, colleague.
What bankers have in mind when it comes to digital money is a better and more efficient way to trade . However, as in the case of the Trojan Horse, the consequences of this gift will cause painful surprises. New players, new economic and monetary models promoting privacy have emerged from the digitalization process.
The highly predictable winner of this type is Bitcoin, which may not be anonymous, but at least it is pseudonymous. There are other cryptocurrencies, such as Monero , that are completely anonymous.
When someone exchanges money with someone else directly, those who are in charge of controlling money, controlling our privacy, have difficulty in their work. When left without a job, the land will be a better place to live.
The market today
Another attempt to break up the triangular accumulation formation failed last night. What we know from experience is that as efforts are made, the chances of the next one growing are higher. If the price of bitcoin finally manages to break the green line, it is only unlikely that the scenario will see a sharp rise.
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