Childhood Diseases of Web 3 or How to Grow Up with TNS

Created: 05-06-2024

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The global financial crisis of 2008 undermined trust in global banks and regulators. This crisis of trust gave birth to Bitcoin — the first digital means of transferring value on the internet, free from manipulation and regulation, using blockchain technology. A crucial aspect of this technology was the ability to conduct transactions anonymously and freely, outside the control of banks and beyond the influence of credit risks.

The control over financial transactions, which has been continuously tightened worldwide since the "war on terrorism" began on September 11, 2001, seems excessive to most financial service consumers and does not protect them from various kinds of abuse, including from the banks themselves (for instance, an interstate money transfer can take up to two weeks without explanation). Global banks have become so powerful that they have corrupted regulators and rating agencies. As a result, the common person is effectively held hostage. Formally, being ordinary creditors of banks, people holding their money in bank accounts find themselves in a situation where banks almost do them a favor by servicing them, arbitrarily setting compliance rules for them. At the same time, banks increasingly control people without providing an adequate level of financial security in return.

Paraphrasing George Washington's famous truth, those who allowed banks to gradually take away their freedom under the pretext of enhancing security eventually lost both. But there were others who resisted and designed Bitcoin.