Cryptocurrency Is The New Eurodollar System
This is a bit of a long one but we go through the basics of the Eurodollar system and how we are about to remake that system.
Blockchain is very powerful in that it handles the settlements near instantly. This is a foundation upon which to build. We can see how innovation is going to change money again. Nevertheless, we know that ledgers are at the core of this.
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The crypto world will grow as a new leg of the global economy and will probably create its own wealth effects. I'm just wondering about the time frame, timing is everything.
I agree with you, there will be wealth effects generated in ways we cannot even imagine right now. However, there is a model we can follow and which worked very well. It is always good to have a starting point.
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Let's put in the practice and see where it goes.
MONEY has been changing but now most people use r money like crypto or digital cash
I think it would be possible but I think we are still kind of far from it. I do agree that the foundation is there but there just isn't enough attention and people to make it so.
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I will be happy to see how the heads of regulators spin in finding a way to regulate something unregulatable similar to those attempts to regulate the Eurodollar market.
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That is true. Hopefully that is coupled by the massive advancement of development and innovation so it is to the point they cant even understand it.
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I love it when regulators attempting foolishly something that they don't understand.
money does not change, it is transformed over time and we are the ones who must be attentive to all the innovations that this entails
Digital assets is what is driving the world now because most people use it
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Crypto is a beginning of a new era.
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Summary:
The video discusses a paper from the Bureau of International Settlements that had mixed opinions about cryptocurrencies. It highlights the evolution of the banking system and the impact of the euro dollar system on global finance. The video emphasizes the significance of blockchain technology in handling accounting and communication, drawing parallels between blockchain and traditional banking systems. It also explores the potential of cryptocurrencies in revolutionizing financial systems by enabling various financial instruments like NFTs, tokens, bonds, interest rate swaps, and futures.
Detailed Article:
The video delves into a paper by the Bureau of International Settlements, which presented a somewhat critical stance on cryptocurrencies while acknowledging their technological value for efficient systems like ACBDC. Despite the traditional banking system's resistance to cryptocurrencies, the video notes their potential for innovation in the financial landscape.
The discussion expands to the evolution of the banking system, emphasizing the organic and rapid development of the international banking system over the past decades. The emergence of the euro dollar system is highlighted as a transformative force, reshaping global finance. It is noted that the system has influenced global trade, financial activities, and economic growth significantly.
The role of blockchain technology is a focal point in the video, drawing parallels between blockchain operations and traditional banking functions. Blockchain's ability to handle accounting and communication efficiently is compared to the processes within the banking system, emphasizing decentralization and distribution of ledgers in various cryptocurrencies like Bitcoin, Ethereum, and Litecoin.
Furthermore, the video predicts a shift towards cryptocurrencies as the global funding mechanism, potentially disrupting traditional banking systems. It discusses the ability of cryptocurrencies to create diverse financial instruments like NFTs, tokens, bonds, interest rate swaps, and futures. The video underscores the potential for cryptocurrencies to offer an alternative to traditional financial systems, particularly in global financial transactions and lending practices.
In conclusion, the video expresses optimism about blockchain technology and cryptocurrencies, highlighting their potential to revolutionize financial systems on a global scale. The decentralized nature of cryptocurrencies and their ability to create innovative financial instruments signify a significant shift in the financial paradigm, offering a new avenue for financial transactions and investments.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.