I listened to what Eric Trump said recently about banks and crypto, and honestly, I'm getting where he’s coming from. I’m not someone who’s deeply involved in politics or finance at all, but hearing his story made me reflect on how unfair some systems can be when they hold too much power.
He talked about being "canceled" by major banks just because of his political views and the fact that his Dad is the president of the United States whom who all know has some serious opinions. Well sadly, that kind of thing happens more than we realize, and not just to famous people, but to regular people even more. Just imagine having your accounts closed or access to your money blocked simply because someone disagrees with your beliefs. This is why I love crypto and Blockchain technology because unless they have your keys, they can't do nothing about it even if they hate you.
Only tricky thing I have learned recently is systems like the hive Blockchain. You can't get cancelled alright, nobody can ever take you down just because they don't agree with you, but sadly if you earn a living from it, a higher staker can frustrate that. But anyways the point here is you still control what you say, only that others and especially those with high stakes control the reward pool. If you don't care about the rewards, it's a free land. Plus I see lots of developers here and I know as time goes on some genius might develop something to control that in moments of misunderstanding between an author and a high staker. I'm new here so this is just an opinion from an overview.
Anyways that’s why I understand why Eric turned to crypto. It's basically digital money that isn’t controlled by one government or bank and it allows people to move their money around without the usual middlemen.
Eric’s company recently launched something called USD1, which is a type of digital coin backed by the U.S. dollar. That simply makes it a stable coin so it's not as volatile as Bitcoin and most altcoins. Stable there meaning it's pegged to the dollar so technically it's a 1:1 ratio to the dollar. It’s meant to help people in countries where money loses value quickly compared to the dollar or other currency, or even the government controls your finances in a way that's limiting.
I guess people turn their pains into purpose. He got cancelled and now he is building something for others so they can't get cancelled. I need to add that stablecoins is not something new he invented Incase you're new to the term.
There are people who claim he is just taking advantage of crypto to make money, which I don't know much about that whether it's true or not, but the point here is, everyone deserves the right to control their own money and if banks are going to shut people out because of personal opinions, then maybe it's time people start looking for other options.