From Gold to Bitcoin- The Evolution of Wealth Management to DeFi

Decentralised News

Welcome to today's enlightening discussion on the transformation of wealth management in a digital world! If you've ever wondered how the concept of wealth has evolved from the days of gold bars and coins to the digital currencies of today, this video is for you.

Transcript

00:00what's up guys welcome back to the channel in today's video we're going to be doing one of

00:06those live in the wild episodes i haven't done one in a while please give us a like

00:12and a subscribe to the channel if you knew this is the home for decentralized finance

00:17it's decentralized news okay so today i just want to really touch on a simple topic really

00:22somebody asked me to make a convincing case for bitcoin and defi as far as looking at the human

00:32history across kind of generations and one of the constants being that we have a desire for acquiring

00:44wealth and security but mainly you know acquiring wealth is kind of seen as now just a half of the

00:50battle right because as we traverse into this modern age of digital currencies and decentralized

00:57finance etc there is a pertinent question that still is top of a lot of people's mind and that's

01:04how can we ensure that we remain custodians of our own wealth and energy in an ever growing sort of

01:13tense and unpredictable economic environment globally so if we look at the historical perspective

01:20of all of this right let's talk about currencies so in their essence um you know they've always been

01:27somewhat a medium of exchange right a store of value sometimes a unit of account and when we look at

01:35the ancient world and the butter systems are actually dominated um these were then replaced by what we

01:43saw as more tangible forms of wealth right such as metals gold and silver and then these metals

01:50inherently uh held value or assigned a value due to their rarity and also their utility right so they

01:58became these default currencies across a lot of our empires and civilizations but then we entered the

02:0520th century when gold bagged sort of our currencies began transitioning to fiat currencies no longer were

02:12there any sort of a banknotes uh redeemable for a specific weight in gold and uh obviously this

02:19shift from the gold standard was a pivotal moment and uh currency was now merely backed by the trust and

02:26confidence of the government and the people that actually trusted to use this sort of currency so

02:32the fiat era itself ended up being somewhat of a double-edged sword in the sense that you know the

02:39advantages of fiat currencies uh even though they are there you know a lot of people don't like to

02:44actually acknowledge these but governments did actually end up gaining flexibility to actually

02:49manage economic downturns influencing the supply of money and also interest rates right this money

02:58monetary policy mechanism in effect facilitated that economic growth helping nations navigate through

03:05uh recession sometimes and even financial crises but then this newfound power also did come at a price

03:13and the move away from these commodity bagged uh currencies handed governments unchecked uh sort of ability to

03:21print money leading to a lot of inflation and uh just the erosion of uh people's savings for ordinary

03:30sort of citizens as well as just being uh having this financial uh centralized control uh governments

03:37actually could exit uh or exit significant uh influence through taxation and capital controls as well

03:44so the fragility of centralized financing started to become a real issue and uh the reliance on the trust

03:52and interconnectedness of our global economies also making them very susceptible to systemic shocks

03:57the 2008 crisis was uh kind of a glaring reminder of that fragility where a liquidity crisis in the u.s

04:05housing market actually triggered a global recession right so at the end of the day centralized systems

04:11individuals uh and their hard-end money sometimes have to come to some kind of a conflict because at the end

04:20of the day there could be collateral damage that could be as a result of political whims or other decisions

04:26uh it could be through inflation or just monetary manipulations by governments these all can

04:33inadvertently at the end of the day erode your wealth right so the rise of defi and all of this stuff

04:39came with the birth of bitcoin in 2008 or just after right after that crisis as a solution a

04:46decentralized peer-to-peer nature coupled with its uh infinite or finite rather uh supply of the currency

04:5421 million uh that became more or less a hedge against these centralized financial systems

05:01in a sense uh at the end of the day you could look at bitcoin being more of a store of value much like

05:07gold but just in a digital form so a much much better form of it and the implications of bitcoin

05:13actually go beyond it being just merely digital gold right it does embody the spirit of decentralized

05:18finance and through blockchain technology uh peer-to-peer exchanges without intermediaries

05:24are made possible and this directly challenges traditional financial norms placing back power

05:30in the hands of the people and when you look at balancing the scales or at the end of the day

05:34while defi and bitcoin do advocate for financial sovereignty it's essential to recognize the merits

05:40of centralized systems as well to a degree uh the stability that they have you know we can argue

05:47about that they've been able to offer the governance structures that you know people could follow or

05:52companies could try to follow uh to make uh sort of a growth in a world where now seven billion people

05:58do reside possible so defi isn't just an alternative it's also a complementary system i'm not for the idea

06:05that you i think like ultimately will end up with uh sort of a only a decentralized financial world

06:14i feel like uh people inherently have these uh characteristics of wanting to uh give up their

06:22power to to to those that are willing to take it right so i don't think that uh characteristic or

06:29if you want to call it a human weakness will ever go away so we'll always have these systems of control

06:34uh or central systems of control and sometimes these like i said i make things administratively just

06:40a little bit easier when we're dealing with the way we've structured our society so as we sort of

06:47stand on this gusp of uh this new global sort of renaissance and things like that the imperative is

06:54just not to become uh wealthy but to be able to actually use or store that wealth in uh sort of uh

07:03outside or systems that are a hedge to uh the trust systems that we know to date right you

07:10don't want to have a billion dollars and it's locked up in uh either company stock or real estate or in a

07:18bank account that you know that either a government or war or some other existential threats can uh

07:26literally wipe that wealth away even though the probability is you know sometimes very uh small

07:33to a large degree right but as we've seen over the course of uh different millenniums um you know

07:40the world history tells us that uh you know people need to always keep evolving and i think it's time

07:46for us to still evolve uh into a new system a decentralized future uh we we also alternatively

07:55aside from dealing with centralized and interfacing with centralized parties and intermediaries that we

08:01are happy to pay a fee to make things a bit more accessible easier for us to do what we want to do

08:07for us to leverage those things then we also have to have alternatives where we can have insurance in

08:14terms of having our assets being in our own power us being the controllers of our own world having

08:20decentralized systems that are kind of trustless right so this is the power of uh defy and i just thought

08:28i'd touch on that while i was on my hike today because someone did ask me to make a good case

08:34for why uh i should uh or they should rather uh really start thinking more deeply about d5 if you

08:42want to learn more definitely head on over to my website d5-millionaire.com you can get my book for

08:49free it's a free download the link is in the description you can also check out some of the

08:54decentralized platforms that i like to use all the links are also in the description join

08:58our telegram our discord and all other social media platforms links all in the description check

09:03out my books tokenized trillions of blockchain applied man love peace happiness

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