2018 has been a harsh period for cryptocurrencies prices in general. Prices, in general, have been falling from late January until now, with the usual ups and downs. Nevertheless, as prices and technology rarely come hand-to-hand, during this period we’ve seen some conceptual improvements started being implemented, such as Ethereum side-chains and plasma or Bitcoin’s
Respected economist Professor Steve Hanke has chanted down central banks. While Hanke doesn’t tout cryptocurrency as an alternative, he does say that the world needs fewer central banks because these government-controlled entities are messing up economies and abusing monetary policy, while fueling inflation and loss of wealth.
Central Banks Have Crashed Economies Through Reckless Money Printing
Central banks have come under fire for aiding struggling economies to crash through reckless money creation, thereby fueling inflation. Prominent economist and currency expert Steve Hanke, who played a key role in establishing new currency in Argentina, Estonia, Bulgaria and Ecuador, says the world needs fewer state banks to prevent economic and cash crises.
To Mark Pascall, co-founder of BlockchainLabs New Zealand (NZ) and president of the Blockchain Association NZ, the blockchain space is more than just a new technology layer, it’s a “fundamentally different way for organizations and societies to operate.”
It represents a historical reversal of the movement toward an evermore centralized society.
“The major problem is that without mass decentralization, we get a bigger and bigger wealth disparity between the rich and the poor,” Pascall said in an interview with Bitcoin Magazine.
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As chairman of the board of the Nighthawk Group, an international barter and trade organization involved in other luxury assets, James Bolin possesses a deep knowledge of global markets and commerce. Operating in several countries, Nighthawk and its partners has amassed a global presence that holds major strategic influence on the world monetary stage.
Credit Suisse’s latest estimates indicate that for the first time the richest 1% own 50.1% of all global wealth, a proportion that’s likely to move to the richest 1% owning two-thirds of global wealth by 2030.
World’s Rich Getting Richer
Global wealth inequality had improved between 2000 and the financial crisis of 2007-2008 but the trend since has seen global wealth statistics shifting. The top 1% of individuals have gained a greater proportion of the world’s total wealth.
Projections in a report by the UK Parliament suggest that the world’s wealthiest individuals, the top 1%, will own 64% of global wealth by 2030.
The Court of Amsterdam has found that bitcoin possesses “properties of wealth” following a civil rights case. Dutch repossession laws have been invoked to mandate the repayment of 0.591 BTC obliged by a contract between two individuals relating to bitcoin mining.
Dutch Court Publishing Findings Regarding Bitcoin Mining Contract
Earlier this week, the Court of Amsterdam published its findings in relation to a civil rights dispute between an individual and a private mining company.