Between 40 - 80 major banks worldwide are experimenting with blockchain technology as we speak - among these are ..
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So What, What's the Big Deal!?
Well, first of all .. they could quite literally kill Bitcoin, DEAD!
Impossible you say!? Well .. first and foremost, Bitcoin has only been a MASSIVE success amongst crypto-currency enthusiasts, and tech savvy adventurers - it is far from reaching wide adoption - all things remaining the same, on the current trajectory, this of course would happen .. with no hostile intent exhibited by governments, as yet.. Usefulness is the key to it's future - speed, "anonymity perhaps", although the entire industry is being forced away from this by creeping regulation, and demand does not really exist for anonymous transactions, not by the majority of Internet users who have no idea there is such a thing as the "Dark Web".
Consider a network of major international banks, issuing a crypto "coin" with a 1:1 exchange value with their home nation's currency. Further consider the consequences of these banks building this on top of Ethereum, with smart contracts that provide instant exchange between these coins 'in-transit' .. transit times being greatly reduced from that of Bitcoin. I for example waited 3+ hours for a Bitcoin transaction just the other day - gave me enough time to wonder if there wasn't a better way!?
Putting other questions aside, like securing the blockchain, signing blocks, pre-mine vs proof of work creation .. lol .. this is not just fantasy, there has been very serious efforts made, by very serious institutions ..
CAD-COIN
CREDIT: Forbes.com JUN 16, 2016 @ 01:57 AM - Canada Has Been Experimenting With A Digital Fiat Currency Called CAD-COIN
Above is a screenshot of "CAD-COIN" created as a proof of concept, which was tested by Canada's largest banks, as a means by which transfers "between banks" could take advantage of the speed and accuracy of the shared-ledger, provided by this blockchain. Some may say this is far far faaarrr from a plan to introduce a "digital fiat currency" .. but is it? The efficiences, security, absence of counterfeit ... on and on .. perhaps an inevitable end of brick-n-mortar banking, would result in profits that no bank would ignore. Given the competition between them, the minute one moves the others also must - and with the Central Bank involved, you can be sure that beneficial regulation and seeking an end to "unofficial" competing "currencies" will follow.
WHAT ABOUT STEEM!?
Can STEEM continue to exist in a world without Bitcoin, surrounded by digital fiat "coins" issued by central banks!? SURE AS HELL CAN!
In fact, Bitcoin is an impediment to STEEM more than a benefit. Consider the fact that we must exchange 'everything' via Bitcoin (or Ethereum) to get to STEEM, and then back again to get to 'widely-spendable' cash monaaay! This is a pain in the ass, is it not? But why is STEEM "safe" as compared to something like Bitcoin? Because we have what no other crypto-currency has, a self-contained, self-sustaining economy! We, by our very activity, our work done creating content and curating it, gives STEEM value - the more people doing these things, the greater the value. "We" give it value, which is quite separate of the outside, wider-economy. Demand only value, along with limited supply, are the only things that give Bitcoin it's, let's fact it .. rather arbitrary value.
This again, is the genius of STEEM's creators - whether they considered the above scenario or not, they have insulated us from it as a result of their amazing design. We can continue to exist, in our self-contained, self-sustaining universe, and shunt off when "we choose" to exchange our dollar-pegged crytpo-currency for fiat - if the central banks want to deploy this technology, and pass the savings on to the consumer somehow, great! They feel threatened and this may be the only way they can survive us .. if they do this, then we will simply have a faster, more efficient means to exchange STEEM for whatever currency we wish, seamlessly and instantaneously.
DISCLAIMER: F*** the banks! I would much rather they allow us to kill them off than see them enter the crypto-landscape, but if it is inevitable .. then, so be it! We are not going anywhere but Upward and Outward!
