- Nolonwabo Mahanjana
It was a moment of change, a fundamental shift in history.
Once again in 2017, the 15th of December will mark another historical moment for Bitcoin, Blockchain, Crypto and the world.
Let’s look at a few of these and compare ‘use cases,’ intrinsic value and bubbles. In the 1400’s Gutenberg invented the printing press, and this changed the course of history, pulling the world out of the Dark Ages and into the age of the Renaissance. Before the printing press, all knowledge was controlled by the Church and the Monarchs and then with the printing press, it enabled the democratisation of knowledge. This enlightenment led to the French Revolution, the Bill of Rights in America, the Statue of Liberty and ultimately the political freedom most people enjoy today. Clearly, the printing press had a valuable use case, intrinsic value which was understood and used by all.
Then came the steam engine leading to the Industrial Age and a move of wealth from the Monarchs and the Church to Industrialists and even the Middle Class. With it came the advent of education for all and further democracy, which led to the rise of the Middle Class, equal rights for women and people of all races. People like Henry Ford in 1908 made the automobile available to all, changing the mobility landscape of American cities and furthermore, the world. This democratised transportation and evidently had a use case, intrinsic value that everyone understood and used.
In contravention to this, there have been bubbles where people got caught up in the hype of the “new thing”. Whether it was Tulip Manor in Europe in the 1700’s, the Roaring Twenties of the Stock Market or the Dot.com boom/bust, it can be put down to one fundamental law of nature - intrinsic value and use case vs hype.
While Tulip Manor might have had a use case at the time, they had no intrinsic value, hence the inevitable crash which never recovered. The Stock Market had a use case as more and more people got involved in the 1920’s, but the prices got inflated to a point where there was no intrinsic value left resulting in the crash which took more than a decade to recover. The internet clearly had a use case, but again many of the valuations of the dot.com companies had no intrinsic value, with no revenue and/or business model. Thus, the crash and only the companies where the fundamentals were favourable, one’s with a use case that had intrinsic value, like Google, Ebay, Alibaba, Sales force, Amazon, etc., not only survived but went on to thrive.
What can we learn from history and why is the 15th of December 2017 so important?
Bitcoin, and many other crypto’s; are built on the Blockchain, a technology which is going to lead to the solution to solve the greatest challenge on the planet – The Wealth Gap.
With the Wealth Gap widening every year and 80 people having more wealth than the poorest 3,5 billion people on the planet, something must change. In addition to this, 49% of the world’s wealth is held in real estate and yet only 12,9% of the world’s population has access to real estate which is problematic. In the western world, of this 12,9% who have access, less than 1% of people will retire wealthy at the age of 65. These alarming statistics call for action.
Is Bitcoin going to solve this? No. It does not have intrinsic value. It might have a use case, but there is a lack of understanding and trust from people worldwide. This can be illustrated through comparison with real estate and its intrinsic value which is understood by a rice farmer in China, rickshaw driver in India, a goat herder in Africa or an investment banker in New York.
Blockchain, on the other hand, will ultimately democratise wealth for all. The defining moment being the December 15th, 2017 launch of WealthETM Coin.
The WealthETM Coin is a crypto currency, built on the Blockchain and based on real estate. This innovation marries together the fundamentals of use case, intrinsic value, and comprehension. History has shown that these fundamentals are essential for mass market sustainable success!
Like in 1791, as the Bill of Rights was ratified into the USA Constitution, making this day a defining moment for political democratisation, the launch of the WealthETM Coin will be a defining moment in history for the democratisation of wealth for all.
Be part of history and help solve the greatest challenge on the planet – The Wealth Gap. Let’s empower the 99% of the world’s population with the same access to wealth as the top 1%. Visit www.wealthe.io for more information and be part of the solution.
Create the future you want to be part of.
About the author
Nolonwabo Mahanjana a front-end software engineer at Wealth Migrate. Her passion is to give back to the community spending her Saturdays helping ex-mine workers to claim their unpaid benefits.