https://www.youtube.com/watch?v=Z4z5uuALAbo&feature=youtu.be
The system was originally designed to help with its secure transfer and storage in the pre-digital age. The existing arbiters of money profit from the inefficient system, creating what we term the fiat-industrial complex. What is an industrial complex?
<aside> 📕 An Industrial Complex is said to pursue its own financial interests regardless of, and often at the expense of, the best interests of society and individuals. Businesses within an industrial complex may have been created to advance a social or political goal, but mostly profit when the goal is not reached. Wikipedia
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These problems have been identified in the crypto space. We believe that 10 years of the crypto movement have diagnosed the problem correctly, but have yet to come up with the right cure. Here, we will review what "the problem with fiat" is, then we will go on to describe the problem with crypto solutions thus far.
<aside> 📕 Fiat money is a currency without intrinsic value that has been established as money, often by government regulation. Wikipedia
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A "fiat" is a declaration, literally just means "someone said it is so." It is ironic and frustrating how often crypto people have to explain this to people who complain "Cryptocurrency isn't real!" given that fiat money has been created out of thin air.
Do you have money problems?
Inflation is the gradual loss of value that occurs over time in fiat money. "Creeping inflation" as seen in strong currencies like the Euro, GBP, or USD leads to a slow loss of value, while higher inflation rates can cause systemic problems across a country. See our section on Inflation for a deep dive and personal stories of how inflation pain hurts people.
The US government can seize amounts exceeding $10,000 at a border crossing unless the carrier can convince the government they should keep the money. This costs travelers millions.
The Danish government seizes jewelry and other valuables from asylum seekers supposedly to "fund their stay."
The Swiss government has a similar policy, and any valuables over $1,000 can be seized.
The German and Dutch governments have similar policies.
The sad part of this story is that many asylum seekers have a high chance of theft and seizure by the governments they are fleeing. Any valuables in physical form have a high risk of loss, theft, or confiscation for a refugee or asylum seeker.
