Will Crypto replace the Banking system? And When?

This question worries many of us, perhaps many cryptocurrency owners, creators of crypto startups, and people simply passionate about new technologies who aspire and dream of this.

In this article, we will examine whether cryptocurrency can replace the banking system in the future and whether this future is as far away as many people think. And the most important thing is what it can lead to.

Will crypto replace the banking system? And when?
As we have already described in previous articles, cryptocurrencies' evolution and penetration into all areas. This unrestrained movement can be compared to a powerful whirlpool, accelerating towards the middle of the funnel and turning into a black spiral of a roaring powerful stream that goes into the dark depths. A stream of tickers sparkling multiple digital currencies, coins, tokens, bridges, and hashes of the great blockchain technology. The digital revolution of investing in the development of crypto projects, started by investment funds, then began to suck numerous companies in the defense sector into this whirlpool and, closer to the inside of the already roaring whirlpool, began to involve the banking sector.

Did the banking sector have a chance not to get involved in the crypto maelstrom? There may have been, but the fire of war that continues to flare up has attracted huge funding and the recommendation of already fully immersed in crypto funds, along with the burdensome costs of the coronavirus years that slowed down any business, did not leave them a chance, and the banking industry began to dive into crypto, not realizing that it would only accelerate their fall. The bright star of crypto as a means of payment shortly may replace the entire banking system of all countries of the world, replacing the old generation of traditional means of payment with a new, innovative means that combines the functions of money and shares.

But wait, something is wrong. Something worries me and does not allow me to continue these rainbow dreams. Reality looks completely different. And that's why.

There are several differences between the modern digital currency system and the banking system. The first difference is that if the verification of users more or less provides some kind of security, then the remote verification of companies without the personal provision of documents does not hold water. But this is not the main thing and only the beginning of a sad chain of differences.

The next item is the process of listing crypto projects. What's wrong with him? At the moment, everything is. I will not say what I do not know, so only the facts. Support Binance employees refuse to list new projects. Why? Probably because scammers offer listing services in the general support chat. And so, quite unpretentiously and uncomplicatedly, the free listing service turns into a good additional income for the support staff. Does the compliance department of the company know about this? According to the assurances of the scammer, he is not afraid of either the compliance department or the fact that he has a wallet on the same Binance exchange.

On the company app chat, my multi-day attempts to get a security contact got me no further than the fifth or sixth employee conflict team. Well, what can you do, they steal everywhere, the reader of this article will say with a sad sigh and be mistaken. This is just the beginning.

So, next, what's wrong with the listing? My attempt to understand what was happening led me to the fact that I paid a scammer who provided his services in the company's support chat. Of course, after receiving the payment, he immediately said that this amount was not enough, he had to pay the same amount. Well, what else can you expect from a scammer who was waiting for me in the company's official support chat? My appeals for support only led to the fact that my Twitter was blocked. But we digress from the topic, what is wrong?

After I sent the money to the scammer, I checked his blockchain address and realized that being a scammer is a good business, the address showed that he had about one and a half million dollars in his account. But the most important thing happened when I checked the same address two weeks later, trying to appeal to the conscience of a fraudster. The immutable blockchain showed me several tens of thousands of dollars, which is the entire amount that passed through this address. Perhaps the reader will be able to independently build a connection between the friendship of the fraudster with the support of the company and the change in the amount on his account, in the same Binance company. The same scammer confirmed that the FTX exchange offered the easiest listing, which may have been the reason for its bankruptcy.

It would seem that this is all. But there is one more obvious and one not obvious consequence of this stormy activity of these successful businessmen. Only fake projects are published on the exchange today. Perhaps there is 1 or 2 percent of real projects, but after analyzing the projects for several months, I did not find any. It is not surprising if no one publishes projects for free, and after payment, they are published regardless of what kind of project it is, no one goes into it. And judging by the education of the employees, there is no one to delve into it. But what remains a mystery to me is whether the company's management knows what is going on. One can only guess whether all the projects that are added by the company's staff for ransom are published on the site. I don't know.

Another consequence of the activities of these scammers, who have settled in the very heart of the company, may not be clear to everyone, but it is also important. In recent years, many war-related sanctions have been introduced. Restrictions have been introduced on servicing companies whose owners are located outside the EU or the USA. But after reading all of the above, answer honestly, do these sanctions work if, for several tens of thousands or hundreds of thousands of dollars, you can very quickly resolve the issue with support regarding the publication of a company on the stock exchange? Do the employees of the company understand what damage they cause not only to the reputation of their company but also to the country? Hardly. However they clearly understand that the imposition of sanctions damages the banking system, and this gives a new influx of cryptocurrency customers. Considering that support staff is editing data on the amount of money paid, is the current crypto market capitalization of $1.2 trillion real or not? And how much money has already been withdrawn to who knows where by scammers? I don't know.

But how is it, why has no one written about all this except the author of the article? And who could or who wanted to do it? I have been trying to get funding from foundations for a year and a half. But nobody was interested in my projects. No, that would not be true. Out of tens of thousands of sent emails, no one answered me at all. Strange. Then, for five months, I tried to get at least some answer from crypto exchanges, from those companies that had just placed their projects on the exchange. And they all kept completely absolute silent. Strange, isn't it? Someone might think that the author of the article is offended by the lack of an answer and therefore described everything that happens in a light that is favorable to me. But all of the above are real facts, I add screenshots of part of the correspondence at the bottom of the article. But that's not all. Who else had to tell about it? Adult scammers who, posing as children, place projects on the stock exchange and collect hundreds of millions of dollars during the day? Or, on the contrary, are real children who maintain social media accounts or create news sites? One of these 20-year-old journalists, in response to a request to post my article about fraud, told me that this is an advertisement, pay for placement.

Therefore, will crypto become a replacement for the banking system? The answer is no. After all, the destruction of the old system is impossible without shocks for a huge number of people. But whether crypto has its place in the world or will disappear under the pressure of fraud and deceit - can be decided by everyone who is in love with crypto. Also, the danger of crypto as a replacement for company stocks is that, unlike traditional stocks, crypto has no natural limits. In traditional stocks, there is always a broker who, in case of fraud, is liable for his own money. In the case of crypto, there is no such natural regulator. If we consider small and new exchanges as such a broker, then they do not bear any responsibility at all for the published projects in terms of the organization of their work due to the lack of legislative regulation.

And one more, not very pleasant question with which I want to end this article. As mentioned above, many companies associated with the production of weapons have come into crypto financing. Was crypto the initiator of the war? Of course not. Has it become a tool for fomenting war, a tool for financing companies producing means to kill, a tool for paying bloggers and influencers covering the war? I don't know, I can only guess from circumstantial evidence. But what I know for sure is that crypto can stop the war, stop the fraud that has already ruined its reputation, hopefully not irreparably. How exactly can crypto end the war and eliminate the scammers?

Each of us, people, not companies or scammers, can swap any crypto on the Ae.cash website for the single digital currency of the advertising market backed by investment to real estate AeCash. This currency will be invested in the creation of a mobile application for everything that will return this money to people, revive the economy, and correct the situation with digital currencies. A full description of the application and its benefits are set out on the Aething.app website. But this can only work if each of us sends this letter to our friends and acquaintances, and we collect all the money invested in crypto by people. The remaining money belonging to companies and scammers can be burned.

The second option is to offer them to invest in the same application but with a 15% discount. To be honest, I prefer the first option. However, given that many owners of this money were not aware of what was happening and did not know about such an “investment” of their savings, it is still worth choosing the second option. I am also attaching this file in PDF format, which you can save on your computer and send to friends.

Let's stop the war and restore crypto's reputation as the world's best single digital currency!

CEO Aething Inc.
Ihar Kul
May 05 / 2023
Text author: Ihar Kul

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