In my last article I pointed out how Max Wright, Jim Rickards, and a host of feckless doomsayers claim that the global economy will not be allowed to collapse under its own decaying weight. Those tin foil hat conspiracy theorists are betting that the global elite will destroy the whole thing, on purpose, at a time of their choosing -- just to bring in a New World Order in which all economic traffic flows on a their private cashless Yellow Brick Road designed to give them absolute power.
Route 666.
Some believe they don’t even care how much of our personal wealth is destroyed in the process as long as they control everything that’s left. The world’s population needs to be capped at ½ billion people anyway.
Well, of course, this is ridiculous. Nobody that evil has such power!
But, yet, what is the fundamental raison d'etre! of digital currencies in general and Bitcoin in particular? Aren’t we building a new frictionless peer-to-peer economic superhighway because we are fed up with the quality of service we have been getting from those banks?
Think of the things you don’t like about your current bank...
The arbitrary limits they place on you
How long it takes them to wire money or send checks somewhere.
How much personal info you have to give them.
Low or even negative interest rates.
High fees and short banker's hours
Closing accounts on a whim without notice.
Taking reckless risks with depositors money and sticking them with the bail-in haircuts.
Banks add friction and delays every step of the way.
And every few years another part of that system collapses somewhere.
We may well be due for The Big One.
I’m sure putting an alternative level playing field in place for the whole world is why Bitcoin’s developers and miners struggled all year (before saying “fork it!”). Why else would they feel the need boost Bitcoin from 7 to 14 transactions per second? Maybe they just wanted to catch up to Ethereum’s 25 TPS? It’s obvious! They need to get ready to handle Visa’s current 4000 transactions per second and all the other 40,000+ transactions humming along on the crumbling financial highway before something bad happens! At this rate, they’ll be able to do it too… by 2041. That’s plenty of time to save us from the nefarious elite goal of enslavement, war, plagues, famine and, um, triggering work spaces.
But, I’m not at all worried. I know that the digital currency industry will be ready when the current bridge is blown in 2018.
You see, unnoticed by any other busy bridge builders, BitShares has constructed a real-time industrial grade financial superhighway capable of handling all the world’s traffic. It’s been up for three years and already crunches as many transactions per second as VISA and all the leading digital currencies combined. And it will scale to millions when it upgrades to EOS next spring. All we have to do is make sure everyone knows how to use it by then.
How hard could that be?