Skip to content
October 4, 2023
  • Facebook
  • Twitter
  • YouTube
  • Instagram
  • Reddit
  • Telegram
  • TikTok
  • LinkedIn
  • Discord
Orinoco Tribune – News and opinion pieces about Venezuela and beyond

Orinoco Tribune – News and opinion pieces about Venezuela and beyond

From Venezuela and made by Venezuelan Chavistas

Primary Menu
  • News
  • Opinion
  • About us
    • About us
    • Who we are – Becoming a Volunteer
    • Editorial guidelines for contributors
    • Our Sources
      • Venezuelan Sources
      • International Sources
    • Contact us
  • Categories
    • Politics
    • Economy
    • Security and Defense
    • International
      • Africa
      • Asia
      • Europe
      • Oceania
      • US/Canada
    • Latin America and ALBA-TCP
      • South America
      • Central America and the Caribbean (+Mexico)
    • Ideology-Commune-Labor
    • Health-Education-Sport-Culture-Technology
    • Solidarity and Social Movements
    • OT Specials
  • Support Us
Light/Dark Button
YouTube Channel
  • Home
  • Opinion
  • A Fork to the History of Banking
  • Health-Education-Sport-Culture-Technology
  • Opinion

A Fork to the History of Banking

March 4, 2019

By G.A. Mercado

The logic behind the current banking system has remained pretty much the same since the mid 14th century when the early financing institutions, established at the Renaissance-leading city-states such as Florence, Venice and Genoa, were catapulted throughout the rest of Europe thanks to the rising of the new Holy Roman Empire.

In essence, a few powerful families involved in sea-trading activities, offered interests and issued notes for protecting and holding gold and other assets of the less powerful, or less resourceful, merchants, craftsmen, farmers, livestock farmers, organized looters, sorry, I meant, world explorers, adventurers and raiders. Oops, sorry again.

The commercial activity of safeguarding the assets of others relied on the “physical” ability to protect or store value, and such power was also exercised by these few powerful families to use such “protected assets” to invest them on additional mercantile activities of their interests, and it pretty much has remained the same for seven centuries.

It is about time, thanks of course to the industrial revolution, but more importantly, to the digital revolution which is now reaching its seventh decade, that our luck, and I mean the luck for the rest of us who do not belong to the few powerful families, is finally changing: the middlemen´s ability to store and protect value is not longer exclusive.

Investors of all sizes and from all places can now screen and select by themselves which men and women they can trust their funds with, to materialize projects closer to their personal interests, and of course to get a much more satisfying reward beyond the 1%–2% relative annual yields for their saving deposits.

The Blockchain ledger and the Smart Contracts running on decentralized networks, which allow to store and safely exchange value peer to peer, and safeguarding the terms in which parties convene into an agreement, are changing the course of the banking institution forever. I am not certain if JP Morgan´s CEO is getting the point, but some of the rest of us do.

It takes time and courage from both sides of the equation, investors and entrepreneurs, to seriously leverage this opportunity, to facilitate awareness and drive mass adoption. It’s hard work and implies commitment and involvement. This fork will also change the history of the world economy.

Source URL: The Medium

Don't want to be a victim of the Algorithm?

SIGN UP TO RECEIVE OUR WEEKLY DIGEST WITH ALL YOU NEED TO KNOW ABOUT VENEZUELA AND BEYOND

We don’t spam! Read our privacy policy for more info.

orinocotribune
Website | + posts
  • orinocotribune
    https://orinocotribune.com/author/orinocotribune/
    Projection screen at a National Primaries Commission press conference in a room with empty chairs. Photo: Miguel Gutiérrez/EFE/File photo.
    October 2, 2023
    Venezuela: Opposition Primary Commission Refuses to Modify Election Date
  • orinocotribune
    https://orinocotribune.com/author/orinocotribune/
    Venezuelan President Hugo Chavez (left) and then student leader Robert Serra (right), during a political rally. Photo: AFP/File photo.
    October 2, 2023
    Venezuela's Youth Commemorate 9th Anniversary of Robert Serra's Assassination
  • orinocotribune
    https://orinocotribune.com/author/orinocotribune/
    Poster for Orinoco Tribune's special interview with US academic Steve Ellner. Photo: Orinoco Tribune.
    October 1, 2023
    US Academic Steve Ellner: Venezuela Needs More Checks and Balances to Fight Corruption and Abuse of Power
  • orinocotribune
    https://orinocotribune.com/author/orinocotribune/
    Palestinian President Mahmud Abbas (left) receiving the credentials of Nayef al-Sudairi(right), Saudi Arabia's non-resident ambassador to Palestine. Photo: Thaer Ghanaim/PPO/AFP.
    October 1, 2023
    Saudi Arabia is Trying to Pacify Palestinians While Opening the Gates of Normalization With Israel
Tags: banking blockchain Imperialism

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Telegram (Opens in new window)
  • Click to email a link to a friend (Opens in new window)

Continue Reading

Previous Previous post:

Argentinian and Chilean Citizens Show How Things Really Are in Venezuela

Next Next post:

Guiado Enters Venezuela Without Red Carpet and Protocol

Subscribe to Weekly Digest

We keep your data private and share your data only with third parties that make this service possible. Read our Privacy Policy.

Check your inbox or spam folder to confirm your subscription.

NEWS: MOST POPULAR

Calendar

October 2023
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031  
« Sep    

Categories

OPINION: MOST POPULAR

We are on Telegram


Receive our news directly in your cell phone or PC, join us on our TELEGRAM channel.

 

We are on Discord


Join our Discord server to check our content without algorithms and to interact directly with our team.

The original content by Orinoco Tribune is free to share and it is licensed under CC BY 4.0

We are on Reddit

If you are more into REDDIT, join our Orinoco Tribune subreddit.

  • Facebook
  • Twitter
  • YouTube
  • Instagram
  • Reddit
  • Telegram
  • TikTok
  • LinkedIn
  • Discord
Copyleft, No rights reserved.

W E    N E E D    Y O U R    S U P P O R T

Orinoco Tribune operates without any advertising. We are not funded by any governments, think tanks, or large institutions. Our operations are entirely funded by readers like you. Our most generous donors have been targeted by the US for supporting socialist causes or are financially struggling. As a result, their accounts have been frozen, cutting off a significant revenue stream and severely threatening the sustainability of Orinoco Tribune.

We urge our readers and supporters, especially those not currently doing so, to help us with small donation (such as US $5 or $10/month) via Patreon, via Paypal/Credit-Card/crypto or via paper checks. Readers and supporters like you will allow us to continue bringing you progressive and hard-hitting news from Latin America, the Global South, and the world.

Help us reach our goal of $650 in monthly Patreon donations. We are counting on you as our only source of financial support!