The End Of Banking

in LeoFinance3 months ago

Sometimes the hen cannot help but to invite the wolf into the henhouse.

Mega-tech is changing the world. We are seeing industry after industry changed by companies out of Silicon Valley. This is putting every existing company at risk, no matter what the size.

For banking, the problem is the Internet came to money.

When the Internet enters any industry, it does two things:

A) It creates abundance
B) It destroys whatever is standing there.

We saw this happen in a number of industries throughout the first couple decades. Record companies, long distance phone carriers, and video rental outlets all felt the power of this medium. We presently are watching retail organizations suffer the same fate.

It is one thing to be obtuse and get run over from the outside. However, it is another if you open the door and invite the predator in.


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We see news that Alphabet is now "partnering" with 11 banks to expand its Google Pay platform. Headlining this is Citigroup, one of the largest banking institutions in the world.

The agreement will enable Google to use existing accounts as opposed to having to get people to open account on their platform. On the surface this seems like a good step for the financial world, however, there is always a catch.

What does Google really want? Like all tech companies, there is one thing they value: data. One they have access to said data, they no longer need the other entities. And there is little that is more valuable than financial data. It tells a great deal about a person or a household.

Here is how Citigroup described the partnership:

It promotes the ability to “do it all from one location,” meaning “there’s no need to use a third-party app or have your financial information in multiple places.” Citigroup also highlights that “your money is protected using advanced technology to protect against fraud.”

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In reading this, doesn't one start to think that this spells out why NOT to give the data over to tech companies like Google? If there is no need for a 3rd party app or financial information in multiple places, what need is there for these banks? Google can serve as the place where it all resides.

At the same time, we have the Great Reset that was talked about on a few occasions.

Debt-forgiveness is a topic of conversation. In the United States, the big topic of discussion is forgiving the student loans. Does anyone believe this is not going to come with strings attached?

Of course, this is all in the model of where we will get to a point where we will "own nothing". While technology allows for this progression, the way it is being implemented means things get turned around.

The reaction to COVID-19 has wiped out hundreds of thousands of small businesses. With a second lockdown on the way, hundreds of thousands more will follow. We see the market share of large corporations increasing as the competition is washed away.

Look at the retail and restaurant sectors. Small stores are dropping like flies as Amazon, Costco, and Walmart clean up. At the same time, the restaurant chains are better able to transition to mobile sales whereas the local eatery is crushed.

Without small business, there is no need for small business lending. Here is another area of banking that is rapidly declining.

Robinhood made a lot of noise with the introduction of its application. With its popularity among the younger generation, stock and cryptocurrency purchases went wild among this group. It reached a segment of the market that previously was not part of the system.

Of course, if we expand this concept even further, with development and growth, what will be the impact on major brokerage firms? Who need a Schwab when there is an application on your phone which already has all your financial information (Google?)? Stock trading could simply be added to the application and allow one to trade from one place.

The first prediction: You will own nothing and you will be happy

This is put out by the World Economic Forum. It is their own words. We see the future they are looking to create.

When it comes to banking, here is the problem. If people own nothing, there is no reason for debt. The forgiveness that was just mentioned with the strong ties to it means people will also give up their property. After all, if you are in debt, they will get rid of it in return for your 401K or IRA balance. Think if Social Security on steroids.

We see some of the seeds of this already. Consider the entire transportation sector and how that is likely to change. With autonomous vehicles, the idea of getting from one point to another completely changes. So does the idea of ownership.

With the introduction of the "Robotaxi" concept, we will see vehicle ownership plummet. This is one of the largest purchases people make, mostly via debt. Banks can look forward to a time when that particular aspect of their business is wiped out. Sure, there might be a few entrepreneurial people who buy a few vehicles for a business. However, like most things, this will be dominated by large companies that can buy the vehicles in fleet. Who knows, perhaps the likes of Tesla and Waymo (Google) end up with their own international fleet that they operate.

Hang on kids, the process is just getting started. Most of the world is asleep to what is taking place. The next decade will see major corporations collapsing as entire industries implode.

The World Economic Forum, Governments, and Big Tech are all teaming up to make this reality come to fruition. Let us not forget, at the top of the list for debt forgiveness is governments themselves.

Of course, they are a part of the equation until the technology companies decide to make them obsolete.


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A very disturbing vision of the future.
Google and Facebook need to be broken up like the Robber Barons of old.

It makes you wonder if the whole COVID hysteria was drummed up by Big Tech manipulation of people's feeds in order to destroy competition.

It makes you wonder if the whole COVID hysteria was drummed up by Big Tech manipulation of people's feeds in order to destroy competition.

My guess @apshamilton, is that it is drummed up by governments at the urging of the billionaire elite like Soros and Gates. I think the new mega tech guys are simply playing the game, benefitting, but not the instigators.

Governments are useful idiots along with all the government supporters. In this article I try to show how even the bankers are unaware of what is being created.

With the vision of the future by these types of companies, there is no place for banks either.

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The thing is that even governments that are totally opposed to Soros and Gates like Israel's have fallen for the hysteria.
Australia also has a conservative government that is no fan of Soros.

Only Sweden, a more left wing country that Soros would have more influence over, has stood against the tide of suicidal stupidity.

The solution is decentralised systems that are capable of replacing the pernicious Big Tech companies, creating stable money and limiting the resources and thus power of governments.

I'm working to take down big tech. Got a Court hearing tonight.

Also doing my little bit for decentralisation with my Hive witness and showing the way for regular people to run one on a fairly regular PC.

Consider a vote for it. :-)

https://peakd.com/witness/@apshamilton/witness-update-first-block-signed-and-tweaks-for-windows-home-witnessing

The thing is that even governments that are totally opposed to Soros and Gates like Israel's have fallen for the hysteria.
Australia also has a conservative government that is no fan of Soros.

I do not think "fallen" is the right word. Personally, I think the word "bribed" is more appropriate.

Just like Helmut Kohl in the past, there are billions of dollars being spread among these politicians. How else can you explain the sudden turn by Boris Johnson? Simply, he was paid off. Same with Merkel and a host of other leaders around the world.

Trump, ironically, for all his blowhole tactics, was a guy they couldnt pay off. The reason is be benefits too much under the existing system. His businesses, pre-COVID, were doing just fine. Now, with Biden, he is just a lapdog.

This is where we see the East rise up. China is not part of this, they will reject the narrative of the West. While they will be hurt due to the global economy being crushed, they will be hurt less, meaning they actually gain on the West (the US in particular). This is how they will surpass that country and become the largest economy in the world in spite of their shortcomings.

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I wouldn't mind not owing consumer items like a car. Not owning anything at all is a horrible prospect because it means being at the mercy of those who own everything.

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it means being at the mercy of those who own everything

Exactly.

Sure, technology driving change means that not owning a car, just like we dont own music or videos, is appealing. It is also freeing because it drives the cost of transportation down.

However, what the WEF and Schwab are proposing is something completely different. To start, they are not having it driven by technology but, rather, government. This means that we are beholden to them to even a greater degree.

In my view, this is not healthy for anyone other than those at the very top.

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It certainly would be a disaster to let politicians to set conditions to UBI. But what is the alternative? Crypto? Crypto is nothing like UBI. You either earn it or buy it.

With a bunch of Nations in debt, I wonder how debt forgiveness will play out and what the repercussions will be. Watching!

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It is simple trickle down economics but in reverse of prosperity.

Sovereign debt will become worthless, hence the nations will not be able to sell it to fund their budgets. This means they will end up defaulting, further necessitating the need to find alternate forms of capital.

Since not only are nations in debt, but individuals, the governments will turn around and start the debt forgiveness at that level. There is one exception: to get it, they will take assets.

So as mentioned, to get rid of, say, student loans, suddenly people will be forfeiting their 401K. Sure they will receive a future promise of payments, just like Social Security. However, as anyone who tries to live on that knows, it is a meager existence.

Most importantly, now the government has control over the assets acquired. They will provide "universal" whatever, aka "free", but there is a cost to it. This is what people miss.

Ironically, this is not economic or financial. Instead, it is political; all about control. COVID added an enormous layer of control to the equation and it is only going to get worse.

Everything is accelerated.

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A lot of food for thought in this content.

Greed is ruling the world, people are running around trying to be so PC they no longer see the trees for the woods.

Google has been allowed to become too big a player, taking with them all the information we opened ourselves to, we do not have to agree with what is happening, somehow we have to try stop it.

Only people can stop this onslaught it depends how many stand together before the banking, technology, future is owned by a handful of people.

@tipu curate

Without a doubt. It is why I am such an advocate for decentralization and what is being constructed in the industry. We need cryptocurrency and decentralized blockchains to combat this.

Governments are not going to stop the Googles of the world. Instead, it is up to us to start pulling the bricks out. Each time someone avoids one of their platforms, which is not easy, it is a win.

Crypto offers an alternative to traditional banking. Hopefully more join in the crusade.

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Backlash of moving with technology is evident in our region (South Africa), many are not on formal banking structure, not educated, unable to find traditional "old fashioned places of employment".

Along come driverless cars where would the taxi trade go, massive industry in Africa, with no public transport to speak of, manufacturing is going robotic where do people go... crime!

Governments will not stop this they are taking handouts under the table left, right and center, the big players with this so called pandemic have now destroyed the lives, livelihood and much else trying to force change.

Decentralized means building equal to what Google offers, where gmail has taken majority of people with free email we need to be able to offer equivalent, just thinking outside the box....

Bitcoin is trading high closest Fear/Greed Factor currently running rampant 94 compared to last year 95 showing people are willing to try new, whales are there too rocking the boat, small fish on side lines as always usually great numbers, stats never lie. Yes "One Brick At A Time"

Decentralized means building equal to what Google offers, where gmail has taken majority of people with free email we need to be able to offer equivalent, just thinking outside the box....

This is without a doubt the task that is before all of us. We need to create platforms that offer people options. It will then enable us to operate outside whomever is in control of the existing system. For now it is the bankers and government, it soon will likely be mega tech and government, and, finally, just mega tech.

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Biggest attraction would be privacy protection, biggest obstacle is teaching people to look after their own keys.

Car ownership is a great example. Ever since I moved to a bigger city I simply have no need for a car. Right now, I'm using a car sharing service and it feels like every week, there are more shared cars on the street and less individual owned ones.

This is only the beginning, though. With the emergence of autonomous taxis, this will be taken to the next level. Eventually, human driven cars will be banned from at least the downtown area, basically making it a burden to own a car in the first place.

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Without a doubt the idea of EVs and autonomous transportation could be a windfall. However, as always, it has to be driven by the technology and not mandate.

Some will have an easier time giving up the ownership, others a more difficult.

Cars depreciate in value, hence are just an expense. People are going to be very willing to get rid of that cost.

The idea of giving up your assets to get debt forgiveness, that might something else entirely.

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The first prediction: You will own nothing and you will be happy
This is put out by the World Economic Forum. It is their own words. We see the future they are looking to create.

in a future like this i will definitely be sad and i won't be the only one. To own something means you have the say. Imagine if someone has the say literally in everything then what's left? they completely own us as well...

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To own something means you have the say. Imagine if someone has the say literally in everything then what's left? they completely own us as well...

This is a very viable outlook of things. Ownership means power and control over something and if everything is in the hands of others, there goes the say over it.

You hit the nail on the head. Who is going to own everything and have say over it? Decentralization means, nobody. Centralization means those at the top can reign over the many.

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The banks, aware of the threatening advent of crypto, are creating CBDC digital currencies ...

It is evident that they think we are stupid, being centralized digital currencies, the concept on which the blockchain is born comes up: freedom!

The end of the banks is getting closer and closer

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It is evident that they think we are stupid, being centralized digital currencies, the concept on which the blockchain is born comes up: freedom!

The masses simply are..they dont understand the difference between a CBDC and Bitcoin. Therefore, they will be "sold" on the idea of how this is much better for them.

We see the agenda system of propaganda is very strong. We will see Twitter, Facebook, and Google as allies in this initiative...right up to the point where they bring out their own currencies.

Then the narrative on social media will change.

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I wouldn't say, end of banking, but end of traditional banking of privacy invasion, corruption and extortion. Now we'll have a refined banking system that treats every customer with decorum despite the amount held.

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Now we'll have a refined banking system that treats every customer with decorum despite the amount held.

And you believe that the liked of Google and Facebook will do that? Based upon what?

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Pride won't let them at the moment but at some point they'll see how much userbase they'll be missing. We just have the "big" task of educating the masses. Every crypto community should dedicate part of the team's funds to sponsor such initiative.

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Pride won't let them at the moment but at some point they'll see how much userbase they'll be missing.

Facebook already has the largest userbase on Earth. For them to make the leap from social media controller to financial controller is not that difficult. Google also have a huge presence in the global online world.

These entities are not going to do anything for the masses, it is not in their structure.

To believe that Facebook and Google are "for the people" I think is misguided. It simply is not their interest. People are pawns meant to provide them with more power and control.

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Google is like a leech that sucks data and preys on on anywhere they're likely to get data and I'm not surprised they decided to agree to that partnership since they'll get access to the data of existing customers. It's kinda crazy how coperate entities want to expand their reach, robotise jobs and make it difficult for people to benefit, it's becoming crazier

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They are basically committing suicide. Get in bed with a rattlesnake and you will get bit.

Google has a history of using data in ways that the average CEO cannot even fathom.

They will do the same thing here which means that banks will end up holding nothing. Data is the real value, the rest is basically just a lot of expense.

This is why the major tech companies can operate at such huge margins. Google is not looking to set up branches all over the world. They prefer to have an app that is downloaded.

They will have millions of branches open...every smartphone the app is on is a branch in their eyes.

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And that downloaded app will then serve as a tool to gather these datas which they basically put out for sale, a Google branch? I don't think I've ever heard of that, it's all one single powerful entity aimed at controlling from the top

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They can sell it but, more likely, they will use the data to further target people. Just like they draw up algorithms to censor people, manipulate search results or remove content, they can do the same here. Except, this time, they have financial data which is a lot more revealing than just search history.

After all, our financial transactions tell most everything about us.

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Sadly so, it's really surprising to see how deep these people have eaten deep into our private lives, these datas represents us and us to the fullest and they just manipulate and control it

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It's true, these big techs monitors people's lives through and through. I made a search on Google about days ago concerning the price of Samsung galaxy M31s and up untill now Facebook wouldn't stop showing me Samsung ads

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Sadly, they control all that we view. If they did not want you to have a favorable impression of that device, they would have simply highlighted a vast amount of sites blasting it.

Now they will bombard you with Samsumg related ads because you are pegged as a person with that interest now.

Expect 6 months ads.

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It's crazy, including online service providers like Jumia, their ads are everywhere it's like the search on Google Awakened everything and everytime I log into any site with AD sense it's Samsung I see and the algorithm for these is really potent. The web just needs Decentralisation away from Google and the cohorts

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Privacy is now gone. We havent had it in a long time. Everything we do is monitored.

We truly live in the surveillance state. Unfortunately, it isnt only the governments that are monitoring us. Big tech is now surpassing the government entities and trying to reach even further.

It is a reason I keep harping upon decentralization issue; I feel it critically important.

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Well, I think that at the speed that we move, this will be being carried out and executed at a dizzying speed, the question is what the Central Banks will do if their main purpose is the monetary issue and regulation of the financial sector, but if there is no one to regulate then either They will have a reason to be but hey, we hope you are there to see your small big changes that we are about to participate in.

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but if there is no one to regulate then either They will have a reason to be

Yep.

There is no reason the believe that the likes of Google or Facebook have any more use for central banks than they do traditional commercial banks. In the end, they are tool to use on the path to more power and will be discarded when not needed.

This was evident in the blowback against Facebook's Libra. That drew a line in the sand and basically announced that mega tech was coming for the financial sector. The troops rallied to stop it...for a while. But let us not believe for a second it is off the road map. We will see this idea come again.

Google is "playing within the system" before it obliterates said system. While on one hand, getting rid of corrupt bankers is a good thing, it is replacing it with something potentially much worse.

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Wow! This is a wake-up call! You are right, most people are not aware of this and it might take them by surprise when it finally blows up. My bank account is currently from Citibanamex, which was a Mexican bank (Banamex) but it was bought by Citigroup some years ago.

It's interesting that for some it is not needed to own a car, maybe in the future we will not even need to own houses or rent using traditional methods. These changes might be crazy but looking forward to seeing what will happen.

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maybe in the future we will not even need to own houses

Most people do not own their own homes. They have notes on them meaning the bank (or whomever is holding the paper) technically owns them.

People say I own my home yet if they miss a couple mortgage payments, they quickly learn they own nothing.

The same is true for cars, at least in the US. Most are financed meaning people do not buy cars, the just buy payments.

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Most people do not own their own homes.

You are right!

For what I've seen most people in Mexico either rent or they actually own their house. If they are buying a new house they can get a credit, and they will pay from 10 to 20 years to actually own it.

In Mexico there is a very big store called Elektra, they are famous for selling many things using credit: refrigerators, stoves, motorcycles, furniture, electronics, game consoles, etc. The payments are weekly but low, ranging from 20 to 200 pesos (1 dollar to 10 dollars). Of course, you end up paying more and when you finally finish paying, the thing that you bought breaks or stops working properly and you'll have to start the progress again...

A lot of people can't keep up with the payments, and they start accumulating debts, then they are bothered weekly by people hired by the store that wants them to pay.

So they really don't own their things.

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So they really don't own their things.

Yes so not owning consumer things is nothing new.

The problem is going to be when you do not own, for example, your retirement account and all payments go to the government. When it is yours, the money is there. With the government, it is just a chit. As with the US Social Security system, all payments go to fund present expenditures. Hence it is a glorified ponzi scheme.

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Wow! That will have serious repercussions. Thank you for the information!

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I can't say I like this version of the future, I won't be around another 20 years probably, I feel sorry for my kids and grandkids.

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That is a problem that many overlook. The decisions being made today will screw humanity for generations to come. It is sad but this is where we are.

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Damn, interesting.

Once cryptocurrencies come up the common people has the chance to go bankless. And now with DeFi all the financial instruments are at our disposal, thus banks are getting smaller pieces from the pie and this will decrease in time. It will take time for DeFi to expand in the entire world, but for sure that is the way we are moving towards.

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Wow