MasterCard has already made the announcements around its new program. It is a program that offers access to the crypto world. Crypto Source has been created with financial institutions in mind so that they in turn offer products and services to their customers. Now, with this technology, it will be possible to buy, sell and hold cryptocurrencies. The offer also includes security and identity elements. And, of course, all the regulations and revisions are being taken into account when it comes to cybersecurity, anti-money laundering laws, regulations of the “Know your customer” (KYC) and others. In other words, capitalism adapts.
It is not uncommon to hear the prophets of the crypto space speak of the eventual and inevitable death of banks and (centralized) financial institutions. “Dad, what is a bank? Asks a child in 2030.” That joke can be read from a frequently published meme by a well-known Spanish-speaking media outlet specializing in cryptocurrencies and blockchain technology. This meme reveals the naivety and the great ideological bias of some currents living within the crypto community. Apparently the banks are our enemies. They are “dinosaurs”. They are evil, obtuse, and oppressive. They are “conspirators of evil.” But, From the ashes of resistance, thanks to Satoshi, cryptocurrencies and blockchain technology have risen to save us all.
Following the thread of this worldview… The world is divided into two: The people and the enemies of the people. Who are the enemies of the people? Governments, corporations, the media, central banks, private banks, the rich and all those who do not support the cause of the people. The people have been oppressed by the enemies. Therefore, revolution is the only solution. What is the revolution? The revolution is the war of the people against their enemies. Who will win this war? The town, of course. With the victory of the people, utopia will come. In this case, a libertarian, technological, cryptographic and totally decentralized utopia. And, of course, this utopia has no banks.
The people are always innocent. The enemy is always guilty. And banks, in particular, are perfect prey for those on the lookout for an enemy. We have the character Shylock in William Shakespeare’s play The Merchant of Venice as an example of the archetype. For the people, it is very easy to perceive the banker/lender as the embodiment of greed and evil. Nevertheless, are accepted as a necessary evil. Of course, now, finally! With blockchain technology, it is possible to emancipate ourselves from these “parasites”.
Historically, it is accepted that farmers, industrialists, and proletarians work very hard to produce the goods and services necessary for life. Meanwhile, bankers are sitting on their butts all day, writing letters and calculating numbers from their luxurious offices. This has been true since the invention of banking. Financing is not easy. If you are very generous with the debtor, you reduce your earnings. And if you are very soft, the debtor may interpret that as weakness and take advantage of the opportunity not to pay the debt. So, when it comes to asking for a loan, the lender is a necessary evil. But, when it comes to paying our debts, the lender is the villain of the movie. Hate is simply too easy in this context.
The relationship between lenders and their debtors has always been quite toxic. What could be the solution? Many extremists have historically proposed autarkic paranoia as a solution. In other words, the total and radical abolition of the banks. The mattress as a final and total solution: Self-custody and self-financing.
What happens in the crypto space is that many have come here from the political world. Basically, they are idiosyncratic investors coming from libertarianism, anarcho-capitalism and economic conservatism. So their agendas are more political than financial. That means that the world is generally perceived as one big battlefield. The good guys (us) and the bad guys (them).
MasterCard: Friend or Foe? Enemy. We must remember that we are living in times of political extremism. And everything is weighed in absolute terms. These extreme and theoretical views thrive a lot on social networks, because saying nonsense is very easy and cheap on social networks. There the fans play at being heroes.
Of course, not everyone in the crypto space comes from politics and ideology. And not all of them, of course, are right-wing extremists. Many come from the financial world. And they don’t think in terms of utopias and revolutions. They think in terms of profit and loss. Here the mission is not to save the world. Here the mission is to make money. So, pragmatism is chosen over ideology and dogma.
According to this worldview, technological changes emerge slowly over time as different products, services, and capabilities integrate and merge. In this context, Bitcoin, crypto and blockchain technology are fruits of the fintech trend. And fintech unites the old and the new to create practical, mixed and plural solutions for Tyrians and Trojans.
Why did MasterCard decide to enter the crypto world? Well, you don’t have to be a genius to know. he did it for the money. The company has realized that there is an opportunity here to make money. Without a doubt, the program has been created with the aim of increasing the company’s income. As simple as that. Customers go to banks asking for cryptocurrency-related products and services. Then the banks go to Mastercard asking for a solution. MasterCard adapts.
Now, not all of us are in a permanent war. I mean, not all of us go through life looking for enemies. In contrast, there are many people who identify as citizens of the world. In other words, not everyone divides the world into good and bad. Many see a single human family living on the same planet. A humanity with flaws and vulnerabilities. But, also, a humanity with the ability to correct its mistakes and with a great capacity for adaptation. It is possible to improve from knowledge, creativity, integration and cooperation.
Of course we live in times of much hate and resentment. Rage is very easy with the dehumanization of the other. And, to dehumanize the other, you have to create distance. In the distance, it is easier to demonize the opponent. So, we have social networks. And the figure of troll. A troll it is someone who builds an identity entering into conflict with the other. He believes himself to be a war hero for blindly defending the tribe’s sectarian thinking of him. Fanatics, extremists, and radicals are very loud on social media. In fact, they seem like a lot. Nevertheless, it could be said that the moderates and centrists are the real majority. What happens is that the moderates do not work as much. They are quieter. Well, let’s hope the sanity is greater than the folly.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
It may interest you: