How The Next Digital Currency Revolution Will Decimate Child Poverty

But it wasn’t until 2008 when Satoshi Nakamoto applied the idea to distributed ledger technology, called blockchain, that’s when a true global digital …

Cathy Anthony, Director of Innovation at Shatki Coin

One of the most endemic problems of our society is child poverty. Out of the 7.8 billion people in the world, there are 2 billion living meal-to-meal. Those of us who are challenged to accept the statement of ‘’living meal-to-meal’’ as a fact only need to skip one square meal and observe their mind.

Child poverty is one of the leading issues across the globe. According to the World Bank, more than 385 million children live in poverty. Those children are seven times more likely to drop out of school than those from families with higher incomes. It is clear for all of us that we must work to end child poverty once and for all and pull those 2 billion people into the economic fold. We need to do this now.

To decimate child poverty once and for all, we need to start from the fundamental tool that can allow children to grow into thoughtful and capable adults — and that is education.

If I didn’t go to school to get an education, I wouldn’t be able to communicate to you right now. While in Western countries, this may seem obvious, it’s not so much so throughout the world, where people are dealing with generations of poverty. Today’s society requires know-how for nearly everything. What if we were to incentivize parents’ efforts to have their children attend school, would that decimate poverty one day successfully? That could make an impact in the fight against child poverty.

Many hands make light lifting. Today we have 7.8 billion people inhabiting the planet. By 2050 that will grow to almost 10 billion. That’s a lot of hands. But how many of them will actually be lifting, hence contributing to society in a meaningful way? The prerequisite for this is inclusion in the educational and financial systems. But today it is estimated that 2 billion people are not involved in either. Those who are uneducated and unbanked can’t lift very much at all.

This contributes to the circle of poverty that keeps generations of parents and children from developing the talents they were born with and contributing to society at their potential. It also contributes to a growing sense of alienation, resentment, and divisions. Those feelings, starting in childhood, also provide barriers to meaningful contribution to society and the cycle of violence.

Fiat money is not practical. Bills and coins were an innovative solution to problems that faced society centuries ago, but they no longer serve today’s lifestyle. Traditional money is hard to keep securely, and it’s expensive to send and risky to transact over the internet, especially across international borders. Additionally, for many, it’s restrictively challenging to borrow or lend, especially in small amounts. What if money could be sent around the world instantly, peer-to-peer, for a near zero cost? What if lending or borrowing even small amounts were fast and straightforward enough to do over a smartphone? What if we didn’t have to worry about exchange rates? What if money were more secure and easier to save, spend, or invest or trace when it is used for a financial crime against humanity?

Of course, the concept of universal digital money has been around since the early 1980s. But it wasn’t until 2008 when Satoshi Nakamoto applied the idea to distributed ledger technology, called blockchain, that’s when a true global digital money seemed plausible. Now that we have the ability to create that smart money, it just seems dumb not to. Blockchain can remove friction points from a free flow of financial inclusion in the same way that the internet removed friction points from business and social interactions two decades ago. As with the internet, eliminating costs, efforts, and time constraints associated with money can have positive and transformative effects for all people and society.

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Coinsilium, StartupToken and IOV Labs Join Forces to Accelerate Southeast Asian Adoption of …

Coinsilium, StartupToken and IOV Labs Join Forces to Accelerate Southeast Asian Adoption of RSK Smart Contract and RIF OS Blockchain Solutions.

Coinsilium’s Gibraltar Subsidiary to Lead New Advisory Efforts with Startuptoken and IOV Labs

Coinsilium Group Limited , the blockchain venture builder, advisor, and investor that finances and manages the development of early-stage blockchain technology companies, is pleased to announce that Coinsilium (Gibraltar) Limited, the Company’s wholly owned Gibraltar registered advisory services provider, together with StartupToken Limited (‘StartupToken’), a hyper accelerator in which the Company holds a 27.8% equity position, and IOV Labs Limited (formerly known as RIF Labs), an organisation dedicated to the development of the RSK Smart Contract Network and the RSK Infrastructure Framework (RIF OS), have signed a strategic advisory agreement (the ‘Agreement’) to support and promote RSK and RIF OS blockchain solutions in Singapore and Southeast Asia enterprise markets.

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Notably, the partnership will involve the establishment and ongoing operational support of the recently announced RSK Adoption Hub opening in Singapore – with Coinsilium and StartupToken providing counsel on investment and commercial development strategy in the region. The new hub will be focused on developing open, secure, and easy-to-use blockchain technology applications in collaboration with local businesses and start-up projects. IOV Labs Head of Business Development, Henry Sraigman, will be managing the new Singapore office upon his relocation in the Autumn.

Coinsilium CEO, Eddy Travia, commented: “We are delighted to announce this strategic collaboration between Coinsilium, IOV Labs and StartupToken. Singapore’s role as an emerging blockchain hub in Asia is well known, hosting many of the leading blockchain companies in the space and boasting a spirit of collaboration between the public and private sectors in the country. We are confident that RSK and RIF OS blockchain solutions, with the help of StartupToken will quickly gain traction as businesses in Asia eagerly explore how they can utilise blockchain technology to solve real-world problems. We look forward to providing further updates to the market in due course”

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IOV Labs Head of Adoption, Ruben Altman, commented: “Southeast Asia is one of the key regions in the world where we expect blockchain technologies to make a significant, positive impact. Partnering with Coinsilium and StartupToken to support our growth in the region will enable RSK to boost its ecosystem in the region, accelerating progress toward our shared goal of increased blockchain technology in the region and beyond.”

StartupToken CEO, Yacine Terai, commented: “As supporters of the emerging decentralised and shared economy we are thrilled to be engaging in this partnership with Coinsilium and IOV Labs with whom we share the common goal of empowering a new generation of disruptive entrepreneurs, thanks to blockchain technology.”

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Donald Trump Is ‘Not a Fan of Bitcoin’… or Facebook’s Libra

Dr. Craig Wright, who many people (and especially those in BSV) recognize as Bitcoin creator Satoshi Nakamoto, has railed against cryptocurrencies’ …

Donald Trump Is ‘Not a Fan of Bitcoin’… or Facebook’s Libra

July 12, 2019 by Jon Southurst0 Comment1299 Views

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We might wonder “what took him so long?” but a few hours ago President Donald Trump set his Twitter sights on bitcoin. Echoing criticisms by fellow government representatives over the years, Trump described himself as “not a fan” of bitcoin and other cryptocurrencies due to their volatile values and facilitation of illegal activity.

Also read: Satoshi Awards to Honor ‘Ethical Innovation on the Blockchain’

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Trump: Bitcoin Is ‘Not Money’ and too Volatile

Here’s the Presidential tweet in all its glory:

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….

— Donald J. Trump (@realDonaldTrump) July 12, 2019

The tweet was the first in a series of three, which went on to drop some hints as to why Trump chose today to add his voice to the governmental “bitcoin is not real money” choir.

“Similarly, Facebook Libra’s ‘virtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”

Facebook’s proposed Libra cryptocurrency is one that could pose an actual threat to the international financial order. The social media behemoth’s user base and influence over their lives — as well as its corporate partners — could force mass adoption of the kind Bitcoiners only dream.

Several high-level officials have spoken out against Libra over the past week, including Federal Reserve Chairman Jerome Powell. Powell’s comments (which didn’t even mention Bitcoin) may have caused BTC and other crypto prices to drop over 12 percent.

Rep. Maxine Waters (D-CA), who heads the House Financial Services Committee, said that by introducing its own currency Facebook was “continuing its unchecked expansion and extending its reach into the lives of its users”. She recently called on Facebook to halt its plans to launch Libra, prompting a personal written defense from project head David Marcus.

The President may well be talking more about Libra than bitcoin, and his tweet more strategic than personal feelings of the moment.

Fiat Value, Technically, Is Also Based on Thin Air

It’s hardly surprising that the U.S. head of state would rush to defend USD supremacy, given it’s still the world’s reserve currency and that status is vital in maintaining U.S. hegemony.

Celebrity economist and goldbug Peter Schiff agreed with Trump on some points:

I’m not a fan of Bitcoin either, but not because it’s unregulated. That is actually one aspect that I like. But you hit the nail on the head with your observation that it has no real value. It’s a confidence game, and those who put their faith in it have been conned.

— Peter Schiff (@PeterSchiff) July 12, 2019

Several responses to the tweets pointed out that bitcoin derives its value from thin air no more than the USD and other fiat currencies do:

Mr. President, one could say the same of unregulated fiat currencies, like the privately operated US dollar. The advantage of cryptocurrencies is that they are predictable and transparent. Regulated or not, useful tools can be used for good and evil. Don’t let the US fall behind.

— Jesse Powell (@jespow) July 12, 2019

Bitcoin SV Crowd: Hey, We Agree (Mostly)

Members of the Bitcoin SV (BSV) community noted the President shared many of their own Bitcoin criticisms. Dr. Craig Wright, who many people (and especially those in BSV) recognize as Bitcoin creator Satoshi Nakamoto, has railed against cryptocurrencies’ use in illegal activities and corruption.

“perfectly enforceable regulation.” — only in BitCoinSV. BTC and Lightning networks keeps no records. No way to prove you didn’t launder money. Coin mixers and coin anonymizers such as Blockstream’s confidential transactions helps facilitate crime.

— David Jerry (@digitsu) July 12, 2019

BSV supporters call for a more accountable network that plays friendly with regulators. It’s a stance that hasn’t won them many friends in other sectors of the cryptocurrency community, but one they say is only being realistic if bitcoin wants to gain mainstream legitimacy.

They frequently point out that since blockchain transaction records are immutable and public, that such cryptocurrencies are indeed more transparent than fiat currencies. They decry most attempts by other projects to anonymize or mask transactions, saying this is the aspect of bitcoin that would facilitate most bad behavior.

Who do you agree with? Tell us what you think in the comments or on social media.


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President Trump Blasts Bitcoin and Crypto, Says Facebook’s Libra Will Have ‘Little Standing or …

Bitcoin’s anonymous creator, who used the pseudonym Satoshi Nakamoto, has not been heard from in years. Leaders in the crypto community are …

US President Donald Trump ripped Bitcoin and cryptocurrency at large on Thursday, saying he’s “not a fan” of the emerging technology.

In a series of tweets, Trump said cryptocurrencies are based on thin air and must be regulated to prevent criminals from using them.

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….

— Donald J. Trump (@realDonaldTrump) July 12, 2019

As for Facebook’s digital asset Libra, Trump says the company must be subject to all US banking regulations if it wants to use it in America.

“Similarly, Facebook Libra’s ‘virtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International.

We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”

Trump’s stance on Libra is in line with a number of vocal members in Congress who are calling for intense scrutiny of Facebook’s digital asset. Democratic Rep. Maxine Waters, who chairs the House Financial Services Committee, wrote a letter to Facebook asking the social media giant to pause the project while Congress gets a better grasp of what the tech giant is planning to do.

“We write to request that Facebook and its partners immediately agree to a moratorium on any movement forward on Libra – its proposed cryptocurrency and Calibra – its proposed digital wallet. It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar. This raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook’s over 2 billion users, but also for investors, consumers, and the broader global economy.”

On Wednesday, Federal Reserve Chairman Jerome Powell said Facebook’s cryptocurrency “cannot go forward” until the company has addressed questions about the project.

“It’s something that doesn’t fit neatly or easily within our regulatory scheme but it does have potentially systemic scale. It needs a careful look, so I strongly believe we all need to be taking our time with this.”

Facebook’s head of blockchain David Marcus says he will to testify and explain Libra to Congress next week, but so far Facebook has not indicated any plans to stop the project.

As for Bitcoin, Congress is unable to single out any person or organization responsible for the leading cryptocurrency. The digital asset is decentralized and borderless, powered by a network of computers that verify transactions and mint new coins. Bitcoin’s anonymous creator, who used the pseudonym Satoshi Nakamoto, has not been heard from in years.

Leaders in the crypto community are referencing the banking industry’s own track record.

Writes Anthony Pompliano, CEO of Morgan Creek Digital,

“The Chairman of the Federal Reserve says Facebook shouldn’t be allowed to move forward unless it solves anti-money laundering. Remember, criminals laundered $2 trillion last year of the currency that the Chairman oversees. Maybe he should figure out anti-money laundering first?”

According to a report by Bloomberg, banks (not Bitcoin) run the global money-laundering industry, funneling over a trillion dollars through the traditional financial system every year.

Cryptocurrencies, a form of digital money, are developed by computer scientists as opposed to traditional economists and bankers.

In an interview with author Ben Mezrich last month, CNBC anchor Andrew Ross Sorkin said he imagined governments attempting to press a ‘major pause’ on Bitcoin and all of its crypto cousins.

You saw the reaction to Libra almost instantaneously in Washington – people saying okay, we’ve got to press the pause button on this. Governments have a monopoly on fiat currency. It’s one of the last things they have a monopoly and an ability to control things with.”

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President Trump dislikes cryptocurrencies, warns Facebook about Libra

Given his fame and infamy, Trump’s tweets about one of the most confusing developments in financial technology come almost as a shock. It doesn’t …

Cryptocurrencies have always been regarded with skepticism and suspicion ever since Bitcoin started hitting mainstream news. It has gained more momentum and support around the world but, unsurprisingly, governments are more cautious about officially acknowledging the technology. The latest to join those voices is none other than US president Donald Trump who, in a series of tweets, expressed his dislike of Bitcoin and its kin and also took the opportunity to bring up Facebook’s new Libra “virtual currency”.

Politicians often carry a stereotype of being clueless about modern technologies that it often comes as a surprise when one does speak about them. Given his fame and infamy, Trump’s tweets about one of the most confusing developments in financial technology come almost as a shock. It doesn’t help that it came pretty much out of the blue and unprovoked by any recent event.

A not so recent event, however, was Facebook’s announcement of Libra, it’s own attempt at cryptocurrency. Trump warned that if Facebook wants to become a bank, it has to play by standard and non-virtual banking regulations and apply for a banking charter. The alternative would be to update banking laws to make provisions for the new breed of cryptocurrencies.

Trump’s seemingly unprovoked statements may have been “inspired” by the recent White House meeting on social media that didn’t include the biggest social media networks in the world. Undoubtedly, Facebook’s name came up along with its latest big news and how it could disrupt the market. Trump also took the opportunity to emphasize the real US dollar that’s stronger and more dominant than ever.

Ironically, it seems that Trump may have offended some camps that would normally cheer for his utterances. Cryptocurrencies have become the refuge of certain groups who have been banned from more established networks and sites for white supremacist and neo-Nazist sentiments.

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