All Things Graft – The Value of Cryptocurrencies
Graft is a global, open-sourced, blockchain-based, decentralized payment gateway and processing platform that anyone can use.
In this video, I attempt to explain the true value of cryptocurrencies and how they could potentially free us from our current slave based monetary system. Many people today believe that cryptocurrencies are just another asset to speculate on. Like a stock or commodity that can be traded to make money. Now, although this is true, cryptocurrencies are actually a lot more then that. In order understand their real value, however, we need to understand the history of money and how our current monetary system works. In the USA (America) and in almost every other country in the world, new money comes from two places – banks and the countries central bank. Banks create and add money to the money supply every time they give out a loan. Because of fractional reserve banking banks have the power to lend out more money then they actually have in deposits. Banks lend out money in order to make money by charging interest. The Federal Reserve (the US central bank) creates money in the exact same way but only give out loans to its member banks. The only difference between the Federal Reserve and regular banks is that the Federal Reserve doesn’t actually require any money in it’s accounts to lend money out. The Federal Reserve can actually just issue money whenever it wants. They don’t work for their money like we do. They just create it out of thin air. People believe the Federal Reserve is part of the federal government but it isn’t. It’s a private bank with shareholders that hold stock and earn interest. They’re objective is to generate profit. They’re just like any other business but with the power to create money at will without ever being audited. And who do you think they make that money from? From you and I in the form of the income tax. The income tax and the Federal Reserve both started in the same year – 1913. This is not by coincidence. And, of course, if you refuse to pay your income tax you’ll go to jail. Does this sound like a fair system to you? Our monetary system is a huge scam on the American people. The income tax was actually unconstitutional, that is, until the Federal Reserve was founded. So, how did this all happen and how does it relate to cryptocurrencies? Well, to understand this we’ll need to look into the history of money. In our early history people used to use simple things as money like beads, feathers, or seashells but eventually moved on to using gold. After people started accumulating lots of gold people started needing a place to store it and began storing it in goldsmiths vaults. The goldsmith would issue receipts for the gold which could be used to withdraw it at any time. Eventually, people started trading these receipts as they would gold and thus it became the first form of paper money. Goldsmiths then came up with the idea of lending out the gold in the form of these receipts since very few people ever really came to withdraw their gold. This made the goldsmith into the very first bank providing loans. Eventually the goldsmith became greedy and started lending out more receipts than he had gold to back them up. People began to realize this and started withdrawing their gold from the goldsmith vault. This was the very first bank run and led the goldsmith out of business. This idea became very popular and governments began using it but made sure to regulate it so that the same thing that happened to the goldsmith wouldn’t happen again. Despite regulations all countries that implement this banking strategy end up failing in the long term because they all go through the exact same cycle the goldsmith went through. This is exactly what is happening to America now. People are now using worthless paper money unbacked by anything. Just like the people using the receipts in the goldsmith story. This system is destined to fail but thankfully we now have a new system of money and it’s called cryptocurrencies. Cryptocurrencies are revolutionary. They are what will set us free from this slave based monetary system where only the very few at the top own pretty much everything. Cryptocurrencies are computer programs that run on millions of computers around the world recording transactions without ever being altered. Cryptocurrencies are decentralized, therefore, there is no central point of control and cannot be shut down or hacked. Bitcoin was the first but there have been many others including Graft.
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Disclaimer: I am not a legal, financial, or investment professional. This video is for educational purposes ONLY and SHOULD NOT be used for or interpreted as legal or financial advice. Please do your own research prior to making any legal or financial decisions and always remember to comply with all laws at all times.