Gm Good Contributors! 👋
This week has been wild rumors and talks about the bank system taking a tumble. The risk of it all going belly up could be epic and affect us all, so we gotta stay on our toes.
Could we even survive without banks?🤔
Let´s see.
DeFi vs TradFi 💱
MYTH: crypto is unsafe.
Fact: the transparency of blockchain is a feature, not a bug. Trusted crypto services and platforms already have comparable, or better, security/KYC/AML than tradfi.
Drawbacks of Banking Systems:
Accessibility
Financial Inclusion
Security Issues
Extra Fees and Slow Transactions
Can Be Biased
How cryptocurrencies can offer more than banking systems:
Decentralized Nature
Security Concerns
Smart Contracts
Financial Inclusion
Accessibility
Instant Remittances
Diversification
Blockchain’s ledger technology has the ability to quickly and cost-effectively process banking payments, act as an anti-money laundering monitoring tool and even offer alternative options to measure creditworthiness.
The banking system was undergoing changes for years, and it's not just me saying it; JP Morgan agrees.
Several companies and banks are already using blockchain technologies to improve their financial operations. Also, check ISO20022.
Crypto can improve service for people who already use banks…
And to the unbanked!
Although crypto may not fully replace FIAT yet, it has the potential to bring exciting changes and advancements to the traditional financial system.
As someone who's been following the #gobankless movement for over two years, I encourage you to join in and explore the exciting possibilities that crypto offers.
A Transparent and Decentralized Future for Finance?
Have you ever thought about what it would be like if banks were run by their clients instead of a group of bankers? While this idea is not entirely new – cooperative or decentralized banks have been around for some time – the advent of blockchain technology presents a novel approach.
So, what might a DAO for a financial institution or bank look like? Essentially, it would offer a transparent, secure, and efficient way of organizing business and governance models without the need for a central authority. This can reduce costs and increase efficiency, and the DAO could be organized around specific products or services or constructed geographically with teams located in different parts of the world.
When you realize that blockchain technology allows each individual to act as their own bank and that DAOs are essentially groups of people, it only makes sense to anticipate the rise of “bank DAOs” in the near future.
As I'm not an economist, I may not be the most qualified person to discuss interest rates, liquidity, and other complex economic topics. However, it's worth asking if we want those who have perpetuated this ”failed system” to be the ones in charge of shaping the economy of the future.
Read📚
This week, I'm not suggesting just one article for you to read, I'm suggesting over 200!
Visualize👀
Do you have some time? I recommend this documentary to gain a conceptual understanding of what DAOs can truly become.
Latest DAO News📰
➢Arbitrum to Airdrop New Token and Transition to DAO
➢Unlockd launched The Lockeys DAO
➢Krause House is associated with Karate Combat.
➢BanklessDAO in Spanish won a grant from Nouns Amigos.
➢NounsDAO teams up with Atrium on Feature-length NFT film
➢Aragon is partnering with the Ukrainian government to advance DAO education in Ukraine
➢MakerDAO mulls over an emergency proposal to lower exposure to USDC
Follow Your Vision to Mindful Wealth🌿
These are tumultuous times, and it isn't easy to know what to do with your money.
Despite this noise and uncertainty, I've tried to stay focused on being a Good Contributor to the DAO Ecosystem.
✔I conducted an interview with Ferry Guy
✔I wrote an article that explores the question of whether there is still hope for Crawley Town.
✔As part of my research into the NFT art, I investigated PUNK6529
✔I've also been collecting NFTs from various communities that I support.
✔Meta-charlas, in which I participate, is continuing to grow.
No one knows for certain what will happen in the coming years. While some view crypto as a threat, they're mistaken. The real threat lies with people and their actions.
Meme of the Week😁
GN Good Contributors!👋