2008 was the biggest, most hardcore, in your face, "gangsta style" robbery in human history.
ALL images from reddit.
There are other depressions, sure, but none as "in your face" as 2008.
Banks became super greedy and handed mortgage loans to everybody. Literally everybody... including people with 530 credit scores.
The result was, it maxed out the limit for housing loans at that time (1.5 trillion, I think it was) and the loans ended. People weren’t able to loan anymore, No more "home buyers.”
So what happens when there are no more buyers? Crash.
Obviously there is more to this, but I am trying to oversimplify stuff, so I won’t touch words like “housing-backed mortgage bonds, derivatives, subprimes, CDOs etc etc” since it’s hard to explain in layman’s terms. Oversimplification is the goal here.
Also, There are countries, like Iceland, who jailed the bankers and nationalized banks. Smart country :) Which freed its people from debt. (But for some reason, Iceland has since welcomed central banks again, but I won’t touch that topic right now.)
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BUT the US banks went straight up gangsta instead. The blackmail was, “bail us out, or else we will shut everything down, and it will create chaos unlike anything seen before.”
Basically if they shut all banks, ATMS, or any access to money in the country---imagine all the riots that would come from it.
That’s straight up gangsta blackmail.
Personally, I’d rather they’d do an “Iceland” and jail the bankers and nationalized the banks. But that was a blessing in disguise instead, since Bitcoin would never have been born had this “not” happen.
Not matter how ingenius Satoshi’s creation was, it would never had gained public acceptance had the banks "not" fucked the people over. Pardon my French.
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A search for an alternative for fiat (debt money) entered the consciousness of the humanity...
And blockchain was the born.
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Now, like Ford’s mass produced cars, which eventually replaced horse carriages…
Or Uber/Lyft eventually replacing taxis…
Or Internet replacing long distance calls…
Or Amazon replacing brick and mortar bookstores, or most shopping stores nowadays…
Blockchain will replace fiat money.
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from wallpaperseries
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Fiat money is stupid anyway.
But wait, there’s more!
“Decentralized blockchain” will replace ALL centralized systems in the future!
You can see now in forums or groups, people will point out, “but but but… that is still a centralized system...”
People are now quick to point out centralized systems…. Imagine that.
Our key to freedom are decentralized systems.
Decentralized systems are impossible to control. Im talking about “true” decentralized blockchains here. Not some BS bank controlled, permission-based blockchain. That’s BS.
Or "ahem" segwit "ahem"...
But true decentralized systems will free the people.
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Upvote and follow me please…. It will inspire me to write more :) :)