Topic: Why not just replace the bank infrastructure with something better (Read 353 times)

banks are dependent on the population trusting them,

i repeat,

banks are today either

A: racists

or

B: communists,

the people dont wont either.

i prefer replacing them with institutions that constructively interact with their environment

thats it,

just look at the currency the saudis created.

just because the banksters are valuing it, the entire population becomes the money earning cattle under it

banks enrich themselves at the expense of all others anyway, and have huge massive costs. just so people think they are important.

regards

yes banks as just custodians is not where banks profit.
they profit from creating cash X via signed promissory notes(bonds, mortgage agreements and credit cards) where people then pay them x+y.

they create X and get back at a later date X+Y. and the person who signed the agreement spends X and then has to work to earn X+Y to ensure they dont end up losing out on what they spend X on

banks never lose because the initial X is a zero cost game to them.
the only cost banks have is people and systems that feed off the latter X+Y when it returns back to them. which they now want blockchains to manage so that they can sack lots of staff, cut down on servers needed and let their blockchains do the auditing so that the X+Y they get back is pure profit.
thus no upfront cost and no latter cost

current system isnt really interested giving people a long term generative foundation, thats its problem, its all about privatisation of income sources, so i want to create an opposing force that gives away sources, instead of scamming all and privatising everything and using them as money earning cattle.

current old system just needs a competitive network that is serious about interacting with the real world and the economy and not with digital markets!!!

I think the biggest reason here is we don't own them. Banks are owned by billionaires asking them to change their infrastructure even nicely won't even change the thing. The only way we can change it is if the banks themselves see that their business is in trouble and the only way to do it is to adapt to the situation. But even that could not work as of course their main business which is lending money is always not affected by the demand as they always find a lot of people who is willing to loan out cash from them.

Though it's a good thing to ponder about, i think we're not yet primed for changes like that. I mean, we've all grown so used to the current system that many of us would think nothing else would work. We need to have open minds for that.

People are used to the fact that they are comfortable, they are afraid of the new and unknown, I think that it would be necessary that it took some time that people began to trust the crypto currency and use it on a par with traditional currencies around the world !

im not talking about current education system of butts on seats, shut up and listen to teacher schooling.
im talking about practical work skills education system.

EG teenagers WORK is education
adults WORK in on the job training and upskilling for promotion/payrise

take nurses and doctors. spending 3-10 years training to specialise in their medical profession earn enough credit to give them a good salary. where the funds unlock if their shown as employed

this would take out the whole debt/banking issues. and innovate the education/work skills area.
people will then want to work harder and get promotions which means retraining/upskilling themselves to accumulate more scholastic credit to earn a promotion and get to unlock their spendable credit

im thinking more about improving civilisation where each and everyone has a chance to earn,.. if they put effort into it

oh boy we surely will get a cash free society this way.

people work for money that

1. others value and use
2. think its good for them to work for, in the long term.

for bitcoin only 1st is partially the case, people dont want to use it.

kingscorpio:
here is a novel concept..

imagine instead of banks creating money by getting loan applicants to sign a promissory note to magic up new credit as fresh cash..(PoS)

imagine instead of farmers creating money by mining the ground for assets to sell as fresh cash..(PoW)

imagine a world where the education system creates money by students studying real work skills and their grades(scholastic credit) became the cash that they could spend.
EG the better you study/better grade you got the more cash you get.

thus then removes a whole education sector out of needing a government tax treasury. because the education sector becomes self funding.

mature adult bitcoiners dont say it.
is the teenagers who read old posts that they can get near free bitcoin using their desktop computer who then find out they read an outdated article because now bitcoin needs specialist machines.

in short its teenagers that are butt hurt because their moms complain about the electricity bill
funny part is. if bitcoin went back to CPU mining. todays 32xahasn would need trillions. yep i said it trillions of CPU's

people dont realise that an asic is multiple million times more efficient than a CPU

in bitcoin world-> mining bitcoin is most secury asset business -> surplus of miners

in engineering foundation world -> carbon fixed orienation (wheat, corn) is most secure business -> surplus of food producation

I never ever understood why this electricity power hungry carbon dumping argument ever got traction (I found it online even on old slides shown by economists in 2013/14). There's a lot of intangible benefit and plenty of tangible ones too to securing a network - which is one problem when talking about mining and generating new coins, that people forget miners are there firstly to secure the entire thing.

We're wasting infinitely more power playing games, leaving TVs on standby, watching cat videos... but nothing's a waste if it brings something that people want.

Why not replace the bank's infrastructure with something better, because banks can only borrow and save our money, they cannot make money without making a business or producing goods or services that our money can save in the bank, another case with bitcoin that can indeed make money in the form of coins by following a bounty.

1. i want a financial system that gives/adds/edit socioeconomic generativity to the economy.

like it is the case on any urban planet, we will have an open one

Then what do you propose for a system that will completely replace the banks? I don't like the banks either but I'm forced to use them since I have to finance my business/house etc., but for the common people they work well and gets the job done, and we do know that the people of this current generation don't want to overcomplicate things as long as they are working, so the change wouldn't be accepted immediately. I'm pretty sure, bitcoin was created for the civilization before speculation and capitalists arrived in the economy, and in the end you should blame the capitalists and not bitcoin itself for ruining a tool that could help liberate people from their financial woes from the banks and the governments.

i think you dont understand what communist really means

communist is centralist.
capitalist is where rich aristocratics get the hands on communist money
socialist is where the civilians get the hands on the communist money

libertarian is decentralist
capitalist is where the rich benefit the most from lack of central control
socialist is where the civilians benefit the most from the lack of central control

so break it down
1. your capitalist aristocratic, one brand one currency. sounds like you want a communist:capitalist organisation running things
2. your civilisation of fair, non racist, open, no barrier system sounds like you want a libertarian:socialist open world running things

answer simply 1 or 2 which is your preference more aligned with

jes but banks are nationalists/racists/communists

enginering foundations aren't

the currencies of banks are just thank yous,

currencies of engineering foundations are even two dimensional as i said technically socio economic sources.

the population earns the generativity of its environment,

the engineering foundations have the challenge, to find workers for whatever task they set themselves wherever they are.

they cant overspend they must follow a evaluation estimation that is based on organic calories,

this way the creation of organic calories will become the most secure economic sector and there will be food security everywhere, not like its currently with bitcoin where bitcoin mining is most secure business in the financial system

there already is a capitalist/aristocratic systems.
they are called banks

you say bitcoin was not made for a civilisation but for a market.
im sorry to inform you but bitcoins 2009-2013 ethos was for a civilisation, where socialist/libertarian groups wanted something that was different than the capitalist/aristocratic banks.

yet 2013+ bitcoin lost its socialist/libertarian civilisation ideologies and and became the capitalist market mindset

asking for a capitalist/aristocratic thing is exactly what your getting with bitcoin. recently. and guess what, its not making bitcoin better. its slowed things down. by being "conservative" (delaying innovation) and twisting bitcoin by telling the public that blockchains dont work and that the only options are locked up funds in co-signed addresses that are unaudited by the community.

here is what bitcoin community really needs to do to stop being so market driven and get back to a change in civilisation.

1. stop saying bitcoin is a waste of electricity as it is like saying breathing is a waste of oxygen. bitcoin is digital. meaning electric. if you want something that doesnt 'waste' electric then go make paper and complain that its a waste of trees. or make a physical labour barter system and complain that its a waste of sweat.
bitcoin does not waste electricity. it has been proven that even if you believe 50% of mining is in china. screw it lets just call it 100% to really exaggerate things.. the 100% of mining is using up under 10% of the UNUSED electric production that is above demand/consumption of just china
at bitcoins peak. 40twh is bitcoins usage a year.
china alone consumes 5600twh. but produces 6500twh. that 900twh goes to waste unused.
bitcoin at max of 40twh world wide buys the waste electric and uses it. think of it like vegetables that dont get sold, that would end up going to landfill. a bitcoin grocer buys that excess veg and feeds on it. thus less veg go to landfill
out of china alone bitcoin at its peak was only using 40tw of 5600 consumption. which is less than 1% of only china.
to give you prospective
you will actually find that cocacola alone uses more electric than bitcoin just to keep bottles and cans of cola chilled.. should you do the research

2. stop thinking bitcoin just needs one dev team heading up the rule decision process, because that mindset is centralist mindset. vetting rule proposals and vetoing anyone that opposes that single teams vision is not a way to grow a civilisation, but a way of growing an tyrannical government should that team become political, which i think your suggesting that a crypto become political.

3. its more reliable then other payment systems. other payment systems have chargebacks. require ID to authorise payments. require bank managers to authorise payments over $500, limit spending amounts, requires people to manually process and observe transactions. bitcoin is a clear open self audit system that does not take 3-5 days to settle. and does not still have risks of chargebacks after settlement.
yes its not perceived as being "quick". but that could have been sorted with a few lines of code to ensure that transactions are not open to a free market of letting pools capitalise on which transactions to let in. but instead have a transaction priority of a first come first serve bases

trying to assume a capitalist / aristocracy model works is like saying lets just make banks be banks, because they already are a capitalist/aristocratic system.
if you just want to evolve the old banking system to being crypto. then go research hyperledger

meanwhile we should concentrate on bring bitcoin back out of the 2014+ agenda of being capitalist/aristocratic and make it more civilised open community of no barrier of entry, no centralist, no permissioned(co-signed) mindset it once was pre 2014

The idea is good but what will effectively replace the banking infrastructure and be accepted everywhere?? Tbh Only option we have is  Crypto and if you ask me this is still a work in progress and can't be used now because it still has flaws