Who knew what shape the 4th industrial revolution might take, and the exponential acceleration of blockchain and cryptocurrency technologies. Along with voice-AI developments like Amazon Alexa, I think we’re witnessing the beginning of the transformation of banking.
While the Banks and people in finance warn of the Bitcoin bubble, Millennials are opting in like nothing before. Thus, CME (December 18th), NASDAQ and all of Wall Street must following offering Bitcoin futures.
Let’s face it, the decentralized structure and nature of Bitcoin completely eliminates the necessity of central entities and authorities within the network to settle transactions between two parties. Think about how fucking scary that must be to banks.
Even the Turkish Central bank has basically admitted that Bitcoin is a threat to the global banking system. Russia is creating Global ICO ratings standard with 30 countries. There’s a new kind of regulation occurring, as central bank themselves scramble to bring their national fiat currency on to a cryptocurrency, on a blockchain, but of course not decentralized.
US Commodity Futures Trading Commission will allow bitcoin futures to be traded on some public exchanges. The commission reached agreement with CME Group Inc. and Cboe Global Markets Inc. on how to provide oversight for futures trades in the cryptocurrency. The move comes before US regulators have even agreed what exactly Bitcoin is. (Source: LinkedIn).
Basically what this means the Cryptocurrency Singularity is racing along faster than banks and regulators can adjust to. In an age where even NAFTA doesn’t have provisions for digital businesses like Netflix, regulating the next iteration of AI and blockchain is going to be interesting.
The Russian Association of Blockchain and Cryptocurrency (RACIB), announcing that they will be developing a uniform ratings standard for ICOs shows that with the speed of new ICOs and altcoins launching, and with occasional fraudulent activities, not to mention Cryptocurrency Exchange flash losses, perhaps Wall Street can create some structure and no doubt try to profit from it as well. That’s why they will use Bitcoin Futures to ‘Elevate Cryptocurrencies Into an Emerging Asset Class’, and try to piggy-back on its mainstream adoption. In other words, the banks and financial service powerhouses, want their cut.
But no amount of regulation can really control this; ICOs are being used to crowdfund startups and to decentralize innovation itself and that’s something Venture Capital should also be scared of, not just banks and Wall Street. Millennials are showing they care more about alternative methods that could one day tap out banks, VC and very centralized power of outdated institutions.
Meanwhile as Amazon rolls out new innovations of “Alexa Skills”, many of those will be in finance and banking. At first they will be for the banks themselves, but Amazon will eventually cut out the banks from the equation, as it evolves into Health and banking, in addition to its food, entertainment, retail and artificial intelligence push. The most seamless banking is done via voice, and with Alexa skills going to the workplace, can you imagine how this could facilitate cryptocurrency exchanges?
By 2025 or earlier, we’ll literally be doing everything by Voice-AI.
We’ll be houndifying all of our devices and our entire lives. The conversational interface will be king, not the smart phone — and it will be everywhere including at banks, you guessed it, replacing banks altogether. In the future, it turns out, you don’t need a cashier, a teller or a financial (sales) representative. What cryptocurrencies and the gig-economy teamed up in the IoT mesh of the future?
Millennials want instantaneous on-demand interactions, that are secure, private and don’t require a 3rd party. Why would we give all of these hidden fees and cuts to banks, if we had the choice? Altcoins and Alexa both give us hints about how the future is done.
Hey Alexa, what’s the price of Bitcoin? You don’t need Google to visit the future, and you certainly don’t’ need Wall Street.
Is Bitcoin a threat to the global banking system? Probably not. Yet the blockchain, ICOs, cryptocurrencies and the a new ecosystem of trust that young people are desperate for prefers secure and decentralization transactions and that means institutions like profit hoarding banks, manipulative Wall Street, Venture Capital centralized in Silicon Valley and corrupt nation states who seek to control their populations, may in fact, be disrupted soon.
Correct me if I’m wrong?